Problem 3-23 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO3-5) Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data: Beginning balance Charged to the jobs during October: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during October Job A256 $ 3,100 $4,500 $1,750 $ 3,100 100 80 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October Job A257 Job A258 Job A260 $1,450 50 se $5,400 $3,300 $2,900 $1,550 $ 1,850 $3,400 1,150 230 0 0 $5,400 $1,350 $ 2,500 Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was no finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for October? Note: Round intermediate calculations 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 October? Note: Round intermediate calculations 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 October2
Problem 3-23 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO3-5) Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data: Beginning balance Charged to the jobs during October: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during October Job A256 $ 3,100 $4,500 $1,750 $ 3,100 100 80 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October Job A257 Job A258 Job A260 $1,450 50 se $5,400 $3,300 $2,900 $1,550 $ 1,850 $3,400 1,150 230 0 0 $5,400 $1,350 $ 2,500 Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was no finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for October? Note: Round intermediate calculations 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 October? Note: Round intermediate calculations 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 October2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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Transcribed Image Text:Problem 3-23 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO3-5)
Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the
job cost sheets for these jobs contained the following data:
Beginning balance
Charged to the jobs during October:
Direct materials
Direct labor
Manufacturing overhead applied
Units completed
Units sold during October
Job A256
$ 3,100
1. Cost of goods sold for October
2. Finished goods inventory at the end of October
3. Work in process inventory at the end of October
$4,500 $5,400
$1,750 $2,900
$ 3,100 $ 3,400
100
Job A257 Job A258 Job A260
$1,450 $0
se
80
0
0
$ 3,300
$1,550
$1,850
1,150
230
Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was no
finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing
overhead.
$ 5,400
$1,350
$ 2,500
Required:
1. What is the cost of goods sold for October?
Note: Round intermediate calculations 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 October?
Note: Round intermediate calculations 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 October2
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