Managerial Accounting: P4-23 Techuxia Corporation worked on four jobs
Important Reminder!!! There might be other versions of this problem - amounts and dates have been changed - so please make sure you review and compare this tutorial to the problem in your homework. Managerial Accounting P4-23 Direct Method of Determining Cost of Goods Sold 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 Beginning Balance 1,200 500 - - Costs added to jobs during October: Direct Materials 2,600 3,500 1,400 3,500 Direct Labor 800 1,000 600 400 Manufacturing overhead applied 1,200 1,500 900 600 Units completed 100 - 200 - Units in process at the end of October - 400 - 500 Units sold during October 80 - 40 - Jobs A256 and A258 were completed in October. The other 2 jobs had not yet been completed by the end of October. There was no finished goods inventory on October 1. In October, overhead applied was $800. The company adjusts its cost of goods sold every month for the amount of the underapplied or overapplied overhead. Required: 1. Using the direct method, what is the cost of goods sold for October? (Round your intermediate calculations to 2 decimal places.) 2. What is the total value of the finished goods inventory at the end of October? (Round your intermediate calculations to 2 decimal places.) 3. What is the total value of the work in process inventory at the end of October?
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