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Construct an income statement for KKB for the month of May

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Reference no: EM132699871

Problem - Kennedy Kitchen and Bath (KKB) Company designs and installs upscale kitchens and bathrooms. On May 1, there were three jobs in process, Jobs 77, 78, and 79. During May, two more jobs were started, Jobs 80 and 81. By May 31, Jobs 77, 78, and 80 were completed. The following data were gathered: Overhead is applied at the rate of 150% of direct labor cost. Jobs are sold at cost plus 30%. Operating expenses for May totaled $2,700.

Required -

Prepare job-order cost sheets for each job as of May 31.

Calculate the ending balance in Work in Process (as of May 31) and Cost of Goods Sold for May.

Construct an income statement for KKB for the month of May.

Reference no: EM132699871

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