Indirect method of determining cost of goods sold

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Reference no: EM13911897

Indirect Method of Determining Cost of Goods Sold

Uxmaiz Corporation had only one job in process during May—Job X32Z—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below:

Beginning balance $ 5,000

Charged to the job during May

Direct materials $ 8,000

Direct labor $ 2,000

Manufacturing overhead applied $ 4,000

Units completed 100

Units in process at the end of May 0

Units sold during May 40

In May, overhead was overapplied by $300. The company adjusts its cost of goods sold every month for the amount of the overhead that was underapplied or overapplied.

Required:

Using the indirect method, determine the cost of goods sold for May.

Reference no: EM13911897

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