SExercise 3-5 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO 3-5]Morrow Corporation had only one job in process during May-Job X32Z-and had no finished goods inventory on May 1. Job X32Zwas started in April and finished during May, Data concerning that job appear below:Job X32ZBeginning balanceCharged to the job during MayDirect materialsDirect laborManufacturing overhead appliedUnits completedUnits sold during May$ 11,000$ 11,000$ 3,200$ 14,80016070The 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 sold2. Ending finished goods inventory3. Ending work in process inventory

$17,500$22,500$0Explanation:Step 1: Total Costs IncurredThe total costs incurred for Job X322…

Answered: S Exercise 3-5 (Algo) Calculating…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please answer all sup parts I can't post last subpart separately I will definitely upvote thnku
manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Problem 15-2A (Static) Part 4 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 recording job costs; preparing schedule of cost of goods Total manufacturing costs Less Work in process inventory, beginning Total cost of work in process Cost of goods manufactured Job 306 $ $ 29,000 20,000 10,000 135,000 85,000 ? Finished (sold) a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000,…
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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 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory 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?
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Please do not give solution in image format thanku
company uses job order costing. At the beginning of February, two jobs were in process: Job 769 Job 772 Materials P4,000 P1,400 Direct Labor 2,000 600 Applied Factory Overhead 3,000 900 There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were started. Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is job 779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of the month, has a total cost of P4,000.
7
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2500 $1200 February not sold AA4 $4838 January february AA5 $3250 February march AA3 $3409 $2319 april not sold Total $7338 $7859 $2319 Required: a) Which job(s) are still in process at the end of January, and what is the cost of this job(s)? b) Which job(s) were completed at the end of February, and what is the cost of this completed job(s)? c) What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for March? d) How does job costing in a service organization differ from job costing in a manufacturing organization?
Gadubhai
The jenny Company uses job order costing. At the beginning of the May, two jobs were in process: Job 369 Job372 Materials $ 2,000 $ 700 Direct labor 1,000 300 Applied factory overhead 1,500 450 There was no inventory of finished goods on May1. During the month, Jobs 373, 374, 375, 376, 378, and 379 were started. Materials requisitions for May totaled $13,000, direct labor cost, $10,000, and actual factory overhead, $16,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of May is No. 379, with costs of $1,400 for materials and $900 for direct labor. Job 376, the only finished job on hand at the end of May, has a total cost of $2,000. How much is total cost of goods manufactured?

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