Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 103 $ 140 $ 120 $147 150 0 1. Cost of goods sold for May 2. Finished goods inventory at the end of May 3. Work in process inventory at the end of May Job B20 $ 120 $ 120 $ 130 $ 160 0 0 Job C30 $ 178 $ 170 $95 $107 65 65 Job D40 $ 132 $ 125 $ 150 $ 168 0 0 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? Job E50 $ 200 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actual manufacturing overhead. $ 250 $ 180 $ 210 180 130
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 103 $ 140 $ 120 $147 150 0 1. Cost of goods sold for May 2. Finished goods inventory at the end of May 3. Work in process inventory at the end of May Job B20 $ 120 $ 120 $ 130 $ 160 0 0 Job C30 $ 178 $ 170 $95 $107 65 65 Job D40 $ 132 $ 125 $ 150 $ 168 0 0 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? Job E50 $ 200 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actual manufacturing overhead. $ 250 $ 180 $ 210 180 130
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Question
Transcribed Image Text:Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for
these five jobs contained the following data:
Beginning balance
Charged to the jobs during May:
Direct materials
Direct labor
Manufacturing overhead applied
Units completed
Units sold during May
Job A10
$ 103
$ 140
$ 120
$147
150
0
1. Cost of goods sold for May
2. Finished goods inventory at the end of May
3. Work in process inventory at the end of May
Job B20
$ 120
$ 120
$ 130
$ 160
0
0
Job C30
$ 178
$ 170
$95
$107
65
65
Job D40
$132
$ 125
$150
$168
0
Required:
1. What is the cost of goods sold for May?
Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount.
2. What is the total value of the finished goods inventory at the end of May?
Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount.
3. What is the total value of the work in process inventory at the end of May?
Job E50
$ 200
Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished
goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actual manufacturing
overhead.
$ 250
$ 180
$ 210
180
130
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