Morrow Corporation had only one job in process during May-Job X32Z-and had no finished goods inventory on May 1. Job was started in April and finished during May, Data concerning that job appear below: Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of may Units sold during May Job X32Z $ 17,000 $ 14,000 $ 4,400 $ 32,800 220 0 100 The company's total manufacturing overhead applied always equals its total actual manufacturing overhead.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Morrow Corporation had only one job in process during May-Job X32Z-and had no finished goods inventory on May 1. Job X32Z
was started in April and finished during May, Data concerning that job appear below:
Beginning balance
Charged to the job during May
Direct materials
Direct labor
Manufacturing overhead applied
Units completed
Units in process at the end of may
Units sold during May
Job X32Z
$ 17,000
$ 14,000
$ 4,400
$ 32,800
220
0
100
The company's total manufacturing overhead applied always equals its total actual manufacturing overhead.
Required:
1. What is the cost of goods sold for May?
2. What is the total value of the finished goods inventory at the end of May?
3. What is the total value of the work in process inventory at the end of May?
1. Cost of goods sold
2. Ending finished goods inventory
3. Ending work in process inventory
Transcribed Image Text:Morrow Corporation had only one job in process during May-Job X32Z-and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May, Data concerning that job appear below: Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of may Units sold during May Job X32Z $ 17,000 $ 14,000 $ 4,400 $ 32,800 220 0 100 The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory
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