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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:

4 0
2 years ago
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
musickatia [10]

Explanation:

                                       Primare Corporation

                                 Cost of Goods Manufactured

Beginning work-in-process inventory                                  $56,000

Manufacturing costs:

Direct materials:                                                  

Beginning inventory                                   $12,000

Purchases                                                    $30,000

Materials available                                      $42,000

Less:  Ending inventory                              -$18,000

Direct materials used                                                             $24,000

Less:Indirect materials included in manufacturing overhead -$5,000

Other manufacturing costs                                                  

Direct labor                                                                     $58,0000

Manufacturing overhead applied to work in process $87,000

Less:  Ending work-in-process                                                  $65,000

Cost of goods manufactured                                                    $155,000

b.                                     Primare Corporation

                                 Cost of Goods Sold

Beginning finished goods inventory                                        $35,000

Add: Cost of goods manufactured                                           $155,000

Finished goods available for sale                                             $190,000

Less:  Ending finished goods inventory                                   -$42,000

Unadjusted cost of goods sold                                                  $148,000

Add: Under applied overhead                                                    $4,000

Cost of goods sold                                                                      $152,000

5 0
2 years ago
Sam’s Auto Shop services and repairs a particular brand of foreign automobile. Sam uses oil filters throughout the year. The sho
Sindrei [870]

Answer:

The EOQ is 353 units

Explanation:

The economic order quantity or EOQ is the quantoty that minimized the holding and ordering cost for invetory.

The formula for EOQ is,

EOQ = √(2*D*O) / H

Where,

  • D is the annual demand in units
  • O is the ordering cost per order
  • H is the holding cost per unit per annum

The annual demand of oil filters by Sam is,

Annual demand = 52 * 150 = 7800 filters

The EOQ for Sam Auto Shop is,

EOQ = √(2*7800*16) / 2

EOQ = 353.27 Units rounded off to 353 units

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The dividends amounted to $1,044,000.
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