Morrow Corporation had only one job in process during May Job X32Z-and had no fi

Question

Morrow 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 firished during May. Data conceming that job appear below: S 6.400 Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May $ 11,200 5 3,400 S 5,400 240 In May, overhead was overapplied by $440. The Required: Using the indirect method, determine the cost of goods sold for May company adjusts its cost of goods sold every month for the amount of the overhead that of s sold

Explanation / Answer

Calculation of Cost of goods sold for May Particulars Amount Beginning Balance $6,400 Direct Materials $11,200 Direct Labor $3,400 Manufacturing Overhead Applied $5,400 Total Cost $26,400 Tota no. of Units $240 Cost/Unit $110 Units Sold 110 Total Cost of Goods Sold $12,100

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