Question

The Milo Max Company uses a job-order cost system. The following data were recorded for October:...

The Milo Max Company uses a job-order cost system. The following data were recorded for October: -

Job Number

October 1 Work-in-Process

Direct Materials

Direct Labor

MM002………….

$4,550

$780

$520

MM003………….

0

$1,100

$1,300

MM004………….

$13,400

$1,560

$2,270

MM005………….

$ 1,040

$2,000

$2,920

Overhead is charged to production at 110% of direct labor cost. Jobs MM002, MM003 and MM005 were completed during October and transferred to finished goods. Jobs MM002 and MM003 have been delivered to customers.

Required:-

What was Cost of Goods Manufactured?

What was Cost of Goods Sold?

What was the balance in Work-in-Process?

What was the balance in Finished Goods?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1


0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Jenkins Company uses a job order cost system with overhead applied to jobs on the basis...
Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was...
Hildreth Company uses a job order cost system. The following data summarize the operations related to...
Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,120. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,820 $2,040 102 2,220 2,750 103 1,470 1,350 104 4,990 5,060 105 3,170 3,860 106 2,310 2,450 For general factory use 620 3,020 Factory overhead costs incurred on account, $3,480. Depreciation of machinery and equipment, $1,450. The factory overhead...
The Lee Corporation uses a job-order costing system. The following data were recorded for June: June...
The Lee Corporation uses a job-order costing system. The following data were recorded for June: June 1 Added During June Job Number Work in Process Inventory Direct Materials Direct Labor 235 $2,600 $640 $430 236 $1,600 $860 $1,070 237 $1,090 $1,280 $1,870 238 $850 $1,640 $2,410 Overhead is charged to production at 65% of direct materials cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers....
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $211,000. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $7 per machine-hour. A total of 76,300 machine-hours...
Entries and Schedules for Unfinished Jobs and Completed Jobs Mellow Company uses a job order cost...
Entries and Schedules for Unfinished Jobs and Completed Jobs Mellow Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $3,170. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $3,030 $3,160 102 3,700 4,270 103 2,450 2,090 104 8,300 7,840 105 5,270 5,970 106 3,850 3,790 For general factory use 1,030 4,680 Factory overhead costs incurred on account, $5,790....
Findlay Company uses a job-order costing system. The following data relate to the month of October,...
Findlay Company uses a job-order costing system. The following data relate to the month of October, the first month of the company’s fiscal year:             10/1    Raw materials purchased on account, $ 210,000.             10/7    Raw materials issued to production, $ 190,000. ( 80% direct and 20%                        indirect)             10/8    Direct labor cost issued to production, $49,000; and indirect labor cost incurred                        $21,000)             10/22 The company applies manufacturing overhead cost to production on the                        ...
Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related...
Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $29,800. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $ 2,960 $2,775 302 3,620 3,750 303 2,400 1,875 304 8,100 6,860 305 5,100 5,250 306 3,750 3,340 For general factory use 1,080 4,100 c. Factory overhead costs incurred on account, $5,500. d. Depreciation of machinery and...
Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related...
Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $29,800. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $ 2,960 $2,775 302 3,620 3,750 303 2,400 1,875 304 8,100 6,860 305 5,100 5,250 306 3,750 3,340 For general factory use 1,080 4,100 c. Factory overhead costs incurred on account, $5,500. d. Depreciation of machinery and...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of March, Mendez Company had two jobs in process, Job 86 and Job 87, with the following accumulated cost information: Job 86 Job 87 Direct materials $4,800 $1,600 Direct labor 1,200 3,000 Applied overhead 888 2,220 Balance, March 1 $6,888 $6,820 During March, two more jobs (88 and 89) were started. The following direct materials and direct labor costs were added to...
Johnson Company uses a job-order costing system and started the month of March with three jobs...
Johnson Company uses a job-order costing system and started the month of March with three jobs in process. The cost of beginning work in process plus the costs added during March are shown below: Job #1 Job #2 Job #3 beginning work in process ..... $4,930 $4,970 $2,840 COSTS ADDED DURING MARCH: direct materials .............. $3,400 $4,200 $4,600 direct labor .................. $5,000 $4,000 ? Johnson applies overhead to jobs based on a percentage of direct materials used. During March, Johnson...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT