Asked by Bridger Johnson on May 17, 2024
Verified
Sardin Company begins the month of March with $17000 of work in process costs from Job 324. Information from job cost sheets shows the following additional costs assigned during March April and May of 2013: \quad \quad \quad \quad Manufacturing Costs Assigned \text { Manufacturing Costs Assigned } Manufacturing Costs Assigned
Job No. March April May324$26,00032520,000$28,000$15,00032641,00011,00032716,00039,00032834,00051,000\begin{array}{cccc}\text { Job No. }&\text { March}&\text { April } & \text { May}\\324 & \$ 26,000 & & \\325 & 20,000 & \$ 28,000 & \$ 15,000 \\326 & 41,000 & 11,000 & \\327 & & 16,000 & 39,000 \\328 & & 34,000 & 51,000\end{array} Job No. 324325326327328 March$26,00020,00041,000 April $28,00011,00016,00034,000 May$15,00039,00051,000 Job 324 was completed in March. Jobs 325 and 327 were completed in May and Job 326 was completed in April. Jobs are sold during the month after completion. Total revenue for jobs sold during the 3-month period is $145000.
Instructions
Calculate the balances of the work in process and finished goods inventory accounts at the end of May.
Work in Process Costs
Costs assigned to goods that are in the process of being manufactured but are not yet complete.
Manufacturing Costs Assigned
The allocation of manufacturing costs to individual products or job orders based on direct materials, direct labor, and applied overhead.
Job Cost Sheets
Documents used to record and track the materials, labor, and overhead costs associated with a specific job.
- Evaluate the cost of goods sold, considering adjustments for overapplied or underapplied overhead expenses.
Verified Answer
Finished goods Job 325$20,000+$28,000+$15,000=$63,000 Job 327$16,000+$39,000=55,000$118,000\begin{array}{llr}\text { Finished goods }\\\text { Job } 325 & \$ 20,000+\$ 28,000+\$ 15,000= & \$ 63,000 \\\text { Job } 327 & \$ 16,000+\$ 39,000= & 55,000\\&&\$118,000\end{array} Finished goods Job 325 Job 327$20,000+$28,000+$15,000=$16,000+$39,000=$63,00055,000$118,000
Learning Objectives
- Evaluate the cost of goods sold, considering adjustments for overapplied or underapplied overhead expenses.
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