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 A260 Beginning balance $ 970 $ 660 $ Charged to the jobs during October: Direct materials $2,820 $3,950 $1,440 $3,660 Direct labor $1,290 $ 950 $ 530 $ 360 Manufacturing overhead applied $4,616 $1,840 $3,366 $ 498 Units completed 202 116 Units in process at the end of October @ 317 @ 266 Units sold during October 141 61 e ces Jobs A256 and A258 were completed during October. The other two jobs had not yet been completed at the end of October. There was no finished goods inventory on October 1, In October, overhead was overapplied by $1,320. The company adjusts its cost of goods sold overy month for the amount of the underapplied or overapplied overhead Required: 1. Using the direct method, what is the cost of goods sold for October? Cout of goods sold 2. What is the total value of the finished goods inventory at the end of October? Total value of the finished goods

Answer 1

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Techuxia
Answer 1	Job A256	Job A258	Total
Beginning Balance	970.00	-
Direct Materials	2,820.00	1,440.00
Direct labor	1,290.00	530.00
Manufacturing overhead applied	4,616.00	3,366.00
Cost of goods finished	9,696.00	5,336.00
Number of units	202.00	116.00
Cost per unit	48.00	46.00
Number of units sold	141.00	61.00
Cost of goods sold- unadjusted	6,768.00	2,806.00	9,574.00
Less: Over applied overhead			1,320.00
Cost of goods sold			8,254.00
Answer 2	Job A256	Job A258	Total
Number of units	202.00	116.00
Number of units sold	141.00	61.00
Ending inventory	61.00	55.00
Cost per unit	48.00	46.00
Ending finished goods inventory	2,928.00	2,530.00	5,458.00
Answer 3	Job A257	Job A259	Total
Beginning Balance	660.00	-
Direct Materials	3,950.00	3,660.00
Direct labor	950.00	360.00
Manufacturing overhead applied	1,840.00	490.00
Total value of work in process	7,400.00	4,510.00	11,910.00