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Hitman42 [59]
3 years ago
8

Morrow Corporation had only one job in process during May—Job X32Z—and had no finished goods inventory on May 1. Job X32Z was st

arted in April and finished during May. Data concerning that job appear below: Job X32Z Beginning balance $ 5,800 Charged to the job during May Direct materials $ 9,100 Direct labor $ 2,800 Manufacturing overhead applied $ 4,800 Units completed 180 Units in process at the end of May 0 Units sold during May 80 In May, overhead was overapplied by $380. The company adjusts its cost of goods sold every month for the amount of the overhead that was underapplied or overapplied. Required: 1. Using the direct method, what is the cost of goods sold for May?
Business
1 answer:
olga2289 [7]3 years ago
4 0

Answer:

Cost of goods sold is $9,620

Explanation:

<em>First step prepare the Cost of Goods Manufactured Account</em>

Direct materials                               $ 9,100

Direct labor                                     $ 2,800

Manufacturing overhead applied  $ 4,800

Total Manufacturing Costs             $16,700

Add Opening Work In Process      $ 5,800

Less Closing Work In Process        $ 0

Cost of Goods Manufactured        $22,500

<em>Next we need to calculate the cost of goods sold as follows :</em>

Opening Finished Goods Inventory                $0

Add Cost of Goods Manufactured             $22,500

Less Closing Finished Goods Inventory    ($12,500)

Cost of goods sold                                       $10,000

Less Over-applied Overheads                         ($380)

Adjusted Cost of goods sold                        $9,620

Finished Goods Inventory = $22,500 × 100/180

                                           = $12,500

Thus Cost of goods sold is $9,620

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Answer:

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Explanation:

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Therefore, at a tax rate of 50% in Germany, a $2.5 million charge on depreciation on the investment of $5 million will result in 2013.

To calculate the real value of the dollar at an inflation of 5% yearly in 2013

When the tax rate in German is 50%, then charges of depreciation of $5 million will equal4$2.5 million in 2013 dollars. When the dollar's real value of this write-off is declining due to the inflation at 5% annually, the real value in 2013 will be calculated as:

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8 0
3 years ago
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Sati [7]

Answer:

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Explanation:

5 0
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In its statement of cash flows issued for the year ending September 30, Berne Company reported a net cash inflow from operating
Dafna1 [17]

Answer:

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Explanation:

The cashflow from operating activities is calculated as below:

Cashflow from operating activities = Net income + Depreciation - Working capital investment

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Putting all the number together, we have:

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Answer:

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Profit = Revenue -Cost = 8 - 4 = $ 4

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3 years ago
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