Reference no: EM133189095
Question - As hurricane season approaches Tropical Alpha, Inc is ramping up production on its specialty building protection system. Since each system they install is unique, they use a job-order costing system to accumulate costs. Manufacturing overhead is applied to production based on a predetermined rate of 75% of direct material cost. Any over-or underapplied overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows:
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Cost Added in November
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Balance
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Direct
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Direct
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Job Name
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4/30/2022
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Materials
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Labor
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Alex
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$9,800
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$1,930
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$900
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Bonnie
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6,780
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5,600
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2,100
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Colin
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9,300
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2,780
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1,870
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Danielle
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5,670
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7,100
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1,560
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Earl
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0
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5,000
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1,370
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Fiona
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0
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2,800
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1,800
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Actual Manufacturing OH for May was $31,450.
At the end of May Jobs: Alex, Bonnie, Colin and Earl were finished. Jobs: Alex, Bonnie, and Colin had been delivered to the customer.
Required -
1. What is the ending balance in Work in process for May 31?
2. What is the ending balance in Finished Goods for May 31?
3. What is the total cost of goods manufactured in May 31?
4. How much is over or underapplied OH?
5. What is the amount of Cost of Goods Sold reported for May after closing the month?
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