Jupiter Manufacturing began business on January 1. During its first year of oper
ID: 2525123 • Letter: J
Question
Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end:
Job 1
Job 2
Job 3
Job 4
Job 5
Direct Materials
$1,000
$7,500
$4,000
$3,500
$1800
Direct Labor
12,000
20,000
13,000
12,000
900
Allocated Mfg. Overhead
1,500
6,000
2,500
7,500
200
Job completed:
Jun 30
Sep 1
Oct 15
Nov 1
Not completed
Job sold:
Jul 10
Sep 12
Not sold
Not sold
N/A
Revenues:
$25,000
$39,000
N/A
N/A
N/A
What was the balance in Work-in-Process Inventory at year-end?
What was the balance in Finished Goods Inventory at year-end?
What was Cost of Goods Sold for the year?
Job 1
Job 2
Job 3
Job 4
Job 5
Direct Materials
$1,000
$7,500
$4,000
$3,500
$1800
Direct Labor
12,000
20,000
13,000
12,000
900
Allocated Mfg. Overhead
1,500
6,000
2,500
7,500
200
Job completed:
Jun 30
Sep 1
Oct 15
Nov 1
Not completed
Job sold:
Jul 10
Sep 12
Not sold
Not sold
N/A
Revenues:
$25,000
$39,000
N/A
N/A
N/A
Explanation / Answer
Calculate Total manufacturing cost :
Balance in work in process = 2900
Balance in finished goods inventory = (19500+23000) = 42500
Balance of cost of goods sold = (14500+33500) = 48000
Job 1 Job 2 Job 3 Job 4 Job 5 Direct material 1000 7500 4000 3500 1800 Direct labour 12000 20000 13000 12000 900 Allocated mfg overhead 1500 6000 2500 7500 200 Total manufacturing cost 14500 33500 19500 23000 2900Related Questions
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