Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 223 $ 260 $ 240 $ 267 270 Cost of goods sold for May Finished goods inventory at the end of May Work in process inventory at the end of May Job 820 $ 240 $ 240 $ 250 $ 280 0 e Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? Note: Round your intermediate calculations to 2 decimal places. Job C30 $ 226 $ 290 $ 155 $ 119 125 125 Job D40 $ 204 $ 185 $ 270 $ 216 e e Job E50 $ 260 $ 370 $ 300 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actual manufacturing overhead. $ 270 300 250

Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter5: Product And Service Costing: Job-order System
Section: Chapter Questions
Problem 17E: During August, Skyler Company worked on three jobs. Data relating to these three jobs follow:...
icon
Related questions
icon
Concept explainers
Topic Video
Question
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for
these five jobs contained the following data:
Beginning balance
Charged to the jobs during May:
Direct materials
Direct labor
Manufacturing overhead applied
Units completed
Units sold during May
Job A10
$ 223
$260
$ 240
$ 267
270
0
Cost of goods sold for May
Finished goods inventory at the end of May 1
Work in process inventory at the end of May.
Job 820
$ 240
$ 240
$ 250
$ 280
0
0
Required:
1. What is the cost of goods sold for May?
2. What is the total value of the finished goods inventory at the end of May?
3. What is the total value of the work in process inventory at the end of May?
Note: Round your intermediate calculations to 2 decimal places.
Job C30
$ 226
$ 290
$ 155
$ 119
125
125
Job D40
$ 204
$ 185
$ 270
$216
0
Job E50
$ 260
Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished.
goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actual manufacturing
overhead.
$ 370
$ 300
$ 270
300
250
Transcribed Image Text:Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 223 $260 $ 240 $ 267 270 0 Cost of goods sold for May Finished goods inventory at the end of May 1 Work in process inventory at the end of May. Job 820 $ 240 $ 240 $ 250 $ 280 0 0 Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? Note: Round your intermediate calculations to 2 decimal places. Job C30 $ 226 $ 290 $ 155 $ 119 125 125 Job D40 $ 204 $ 185 $ 270 $216 0 Job E50 $ 260 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished. goods inventory on May 1, and the company's total manufacturing overhead applied always equals its total actual manufacturing overhead. $ 370 $ 300 $ 270 300 250
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning