Knowee
Questions
Features
Study Tools

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:  Job A256 Job A257 Job A258 Job A260Beginning balance $ 2,600 $ 1,200 $ 0 $ 0Charged to the jobs during October:        Direct materials $ 4,000 $ 4,900 $ 2,800 $ 4,900Direct labor $ 1,500 $ 2,400 $ 1,300 $ 1,100Manufacturing overhead applied $ 2,600 $ 2,900 $ 1,600 $ 2,000Units completed 100 0 900 0Units in process at the end of October 0 154 0 124Units sold during October 80 0 180 0Jobs 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:What is the cost of goods sold for October?Note: Round intermediate calculations to 2 decimal places and final answer to nearest dollar amount.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.What is the total value of the work in process inventory at the end of October?

Question

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:  Job A256 Job A257 Job A258 Job A260Beginning balance 2,600 2,600 1,200 0 0 0Charged to the jobs during October:        Direct materials 4,000 4,000 4,900 2,800 2,800 4,900Direct labor 1,500 1,500 2,400 1,300 1,300 1,100Manufacturing overhead applied 2,600 2,600 2,900 1,600 1,600 2,000Units completed 100 0 900 0Units in process at the end of October 0 154 0 124Units sold during October 80 0 180 0Jobs 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:What is the cost of goods sold for October?Note: Round intermediate calculations to 2 decimal places and final answer to nearest dollar amount.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.What is the total value of the work in process inventory at the end of October?

...expand
🧐 Not the exact question you are looking for?Go ask a question

Solution

To answer these questions, we first need to calculate the total cost for each job, then determine the cost of goods sold, the value of the finished goods inventory, and the value of the work in process inventory.

  1. Total cost for each job:

    • Job A256: 2,600(beginningbalance)+2,600 (beginning balance) + 4,000 (direct materials) + 1,500(directlabor)+1,500 (direct labor) + 2,600 (manufacturing overhead applied) = $10,700
    • Job A257: 1,200(beginningbalance)+1,200 (beginning balance) + 4,900 (direct materials) + 2,400(directlabor)+2,400 (direct labor) + 2,900 (manufacturing overhead applied) = $11,400
    • Job A258: 0(beginningbalance)+0 (beginning balance) + 2,800 (direct materials) + 1,300(directlabor)+1,300 (direct labor) + 1,600 (manufacturing overhead applied) = $5,700
    • Job A260: 0(beginningbalance)+0 (beginning balance) + 4,900 (direct materials) + 1,100(directlabor)+1,100 (direct labor) + 2,000 (manufacturing overhead applied) = $8,000

  2. Cost of goods sold for October:

    • Job A256: 80 units sold / 100 units completed * 10,700totalcost=10,700 total cost = 8,560
    • Job A258: 180 units sold / 900 units completed * 5,700totalcost=5,700 total cost = 1,140
    • Total cost of goods sold = 8,560(JobA256)+8,560 (Job A256) + 1,140 (Job A258) = $9,700

  3. Total value of the finished goods inventory at the end of October:

    • Job A256: 20 units not sold / 100 units completed * 10,700totalcost=10,700 total cost = 2,140
    • Job A258: 720 units not sold / 900 units completed * 5,700totalcost=5,700 total cost = 4,560
    • Total value of finished goods inventory = 2,140(JobA256)+2,140 (Job A256) + 4,560 (Job A258) = $6,700

  4. Total value of the work in process inventory at the end of October:

    • Job A257: 154 units in process / 154 units in process * 11,400totalcost=11,400 total cost = 11,400
    • Job A260: 124 units in process / 124 units in process * 8,000totalcost=8,000 total cost = 8,000
    • Total value of work in process inventory = 11,400(JobA257)+11,400 (Job A257) + 8,000 (Job A260) = $19,400

So, the cost of goods sold for October is 9,700,thetotalvalueofthefinishedgoodsinventoryattheendofOctoberis9,700, the total value of the finished goods inventory at the end of October is 6,700, and the total value of the work in process inventory at the end of October is $19,400.

This problem has been solved

Similar Questions

Company produces pipes for​ concert-quality organs. Each job is unique. In April 2021, it completed all outstanding​ orders, and​ then, in May 2021​, it worked on only two​ jobs, M1 and​ M2:Rafael Company, May 2021 Job M1 Job M2Direct materials $79,000 $56,000Direct manufacturing labour $277,000 $205,000Direct manufacturing labour is paid at the rate of $25 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $16 per direct manufacturing​ labour-hour. Only Job M1 was completed in May. Compute the total cost for Job M1.

Job 910 was recently completed. The following data have been recorded on its job cost sheet:Direct materials $ 2,429  Direct labor-hours 74 labor-hoursDirect labor wage rate $ 17 per labor-hourMachine-hours 135 machine-hoursThe Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $18 per machine-hour. The total cost that would be recorded on the job cost sheet for Job 910 would be:Multiple Choice$6,957$3,441$3,687$6,117

MMX Company produces pipes for​ concert-quality organs. Each job is unique. In April 2018, it completed all outstanding​ orders, and​ then, in May 2018​, it worked on only two​ jobs, M1 and​ M2:Rafael Company, May 2018 Job M1 Job M2Direct materials$79,000$56,000Direct manufacturing labour$277,000$205,000 Direct manufacturing labour is paid at the rate of $25 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $18 per direct manufacturing​ labour-hour. Only Job M1 was completed in May. What is the ending balance in the​ Work-in-Process Control​ account?

Company Eduard Manret made the following predictions for 2021:Factory overhead: $300,000Direct labor hours: 50,000Machine hours: 100,000Job A8 (started and completed in January) used 3,000 direct labor hours and 2,000 machine hours plus $57,000 of prime costs. If company overhead is applied based on machine hours, total cost for job A8 equals:Correct!

Following are ABC Company's production costs for January:Direct Materials $83,000Direct Labor $39,000Manufacturing Overhead $5,200Calculate the total cost that can be directly traced to specific products in the production process.

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.