Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Direct labor used Job 4 $3,400 4,000 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Job 5 $ 2,900 390 ✓ S ✓ 333 6,300✔ 4,390 7,560 18,250 0 18,250 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 18,250 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. ✓ S 0x

Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Direct labor used Job 4 $3,400 4,000 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Job 5 $ 2,900 390 ✓ S ✓ 333 6,300✔ 4,390 7,560 18,250 0 18,250 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 18,250 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. ✓ S 0x

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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