M Manufacturing began business on January 1, 2015. During its first year of oper

Question

M Manufacturing began business on January 1, 2015. During its first year of operation, M worked on five jobs and reported the following information at year-end: Job 1 Job 2 Job 3 Job 4 Job 5 Direct Materials Direct Labor Applied Mfg. Overhead 2,000 6,000 3,000 7,000 Job completed Job sold: Revenues: 1,500 800 200 Oct 15 Nov 1 Not completed 1,000 7,000 4,000 5,000 12,000 20,000 13,000 12,000 Jun 30 Sep Jul 10 Sep 12 Not sold Not sold 25,000 39,000 N/A N/A N/A N/A What was the Cost of Goods Sold for the year? a) $48,000 b) $44,000 c) $40,000 d) $64,000

Explanation / Answer

Correct Answer-(a) $48000

job1 job2 job3 job4 job5 Direct materials 1,000 7,000 4,000 5,000 1,500 direct labor 12,000 20,000 13,000 12,000 800 Applied overhead 2,000 6,000 3,000 7,000 200 total cost 15,000 33,000 20,000 24,000 2,500 status COGS COGS finished Finished WIP inventory inventory inventory

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