Question

Question 39 

The job order cost sheets used by Greene Company revealed the following:

Job. No.	Bal., May 1	May Production Costs
134	$1,700	$0
135	1,200	300
136	0	900

Job No. 135 was completed during May and Jobs No. 134 and 135 were shipped to customers in May. What was the company's cost of goods sold for May and the Work in Process inventory on May 31?

Question 38 

The Fabricating Department started the current month with a beginning Work in Process inventory of $10,000. During the month, it was assigned the following costs: direct materials, $76,000, direct labor, $24,000; and factory overhead, 50% of direct labor cost. Also, inventory with a cost of $109,000 was transferred out of the department to the next phase in the process. The ending balance of the Work in Process Inventory account for the Fabricating Department is: 

Answer 1

Question 39

Correct answer--------$3200: $900

Working

	Cost of goods sold		Work in process
	Job 134	Job 135	Job 136
Beginning cost	$    1,700.00	$      1,200.00
Cost added during may		$          300.00	$ 900.00
Total cost	$    1,700.00	$      1,500.00	$ 900.00
Total cost of goods sold (1700+1500= $3200)

Question 38

Correct answer--------$13000

Working

Beginning work in process		$    10,000.00
Cost during period
Material	$    76,000.00
Direct labor	$    24,000.00
Overhead applied	$    12,000.00
Total cost added		$ 112,000.00
Total work in process		$ 122,000.00
Less: Cost of goods manufactured		$ 109,000.00
Ending inventory		$    13,000.00