Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job

Question

Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data Job A256 Job A257 Job A258 Job A260 $ 970 S 640 $0 $0 Beginning balance Charged to the jobs during October: Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of October Units sold during October $ 2,830 S 4,080 S 1,550 3,770 $1,130 S 950 S 570 $ 430 $ 4,530 S 1,890 $3,100 $ 460 220 116 308 268 141 57 Jobs A256 and A258 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 overapplied by $1,210. The company adjusts its cost of goods sold every month for the amount of the underapplied or overapplied overhead quired: 1. Using the direct method, what is the cost of goods sold for October? t of goods sold 2. What is the total value of the finished goods inventory at the end of October? Total value of the finished goods 3. What is the total value of the work in process inventory at the end of October? Total value of the work in process

Explanation / Answer

Job A256 Job A257 Job A258 Job A260 Beg. Balance 970 640 Current costs: Direct materials 2830 4080 1550 3770 Direct labor 1130 950 570 430 Manufacturing overhead 4530 1890 3100 460 Total costs 9460 7560 5220 4660 1 Cost of goods sold = (9460/220*141)+(5220/116*57)-1210= $7418 2 Total value of finished goods = (9460/220*79)+(5220/116*59)= $6052 3 Total value of work in Process = 7560+4660= $12220

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