Solution-What is the cost of goods sold for october

What is the cost of goods sold for october

Reference no: EM131873796

Problem - Kuvomi Corporation worked on four jobs during October: Job F346, Job F347, Job F348, and Job F349. At the end of October, the job cost sheets for these jobs contained the following data:

	Job F346	Job F347	Job F348	Job F349
Beginning balance	$1,090	$590	$0	$0
Charged to the jobs during October:
Direct materials	$2,840	$4,070	$1,550	$3,720
Direct labor	$1,170	$890	$590	$470
Manufacturing overhead applied	$4,710	$1,840	$2,858	$500
Units completed	218	0	102	0
Units in process at the end of October	0	317	0	255
Units sold during October	151	0	64	0

Jobs F346 and F348 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 underapplied by $1,340. The company adjusts its cost of goods sold every month for the amount of the underapplied or overapplied overhead.

Requirement 1: Using the direct method, what is the cost of goods sold for October?

Requirement 2: What is the total value of the finished goods inventory at the end of October?

Requirement 3: What is the total value of the work in process inventory at the end of October?

Reference no: EM131873796

Questions Cloud

Find the wacc of timco : Let Timco use a capital structure that is 40% debt and 60% equity, The firm can borrow at 6%. The tax rate is 40%.

What is the current share price for stock : Universal Laser, Inc., just paid a dividend of $3.15 on its stock. What is the current share price for the stock?

Determine whether the procedure falls within the rn scope : Discuss the process you would apply to determine whether the procedure falls within RN scope of practice and how you would go about introducing new procedure.

Discuss the different employment law requirements : Imagine that you are the HR Director at your current organization or an organization with which you are familiar.

What is the cost of goods sold for october : The other two jobs had not yet been completed at the end of October. Using the direct method, what is the cost of goods sold for October

What was its operating profit margin : If its return on start-of-year assets was 15%, what was its operating profit margin?

What is current stock price : The appropriate rate of return on the stock is 14 percent, compounded quarterly. What is the current stock price?

What are the core values of the profession : What are the core values of the profession? What types of trainings or certifications are needed to continue in the profession?

Conduct a search for hospitals or health systems : Conduct a search for hospitals or health systems that publish their data about readmissions within 30 days of discharge; then, identify which of those mention.

User Account

All Pages

What is the cost of goods sold for october

Reference no: EM131873796

Reference no: EM131873796

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

A business issued a 30-day 7 note for 36000 to a creditor

The note requires equal total payments each year

Account for the full-fare and half-fare tickets

What is supply chain management

The fashion shoe company operates a chain of womens shoe

The company instituted a share option plan

What is the company gross profit

The accountant for teresau2019s dress shop prepared the

Horizontal analysis of income statement and balance sheet

Information on canyon chemical direct materials

Discuss process inventory and finished good inventory

Wells company expects sales product w to be 60000 units in

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT