S Exercise 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 X32Z was started in April and finished during May, Data concerning that job appear below: Job X32Z Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May $ 11,000 $ 11,000 $ 3,200 $ 14,800 160 70 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
S Exercise 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 X32Z was started in April and finished during May, Data concerning that job appear below: Job X32Z Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May $ 11,000 $ 11,000 $ 3,200 $ 14,800 160 70 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 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 X32Z
was started in April and finished during May, Data concerning that job appear below:
Job X32Z
Beginning balance
Charged to the job during May
Direct materials
Direct labor
Manufacturing overhead applied
Units completed
Units sold during May
$ 11,000
$ 11,000
$ 3,200
$ 14,800
160
70
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb2c70f57-0947-4adf-968e-cf820a477d47%2F695669e6-667c-4bed-b8c3-1ec2f1f520b6%2F8ybu0i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:S
Exercise 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 X32Z
was started in April and finished during May, Data concerning that job appear below:
Job X32Z
Beginning balance
Charged to the job during May
Direct materials
Direct labor
Manufacturing overhead applied
Units completed
Units sold during May
$ 11,000
$ 11,000
$ 3,200
$ 14,800
160
70
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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