Managerial Accounting for Managers
4th Edition
ISBN: 9781259578540
Author: Eric Noreen, Peter C. Brewer Professor, Ray H Garrison
Publisher: McGraw-Hill Education
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Chapter 4, Problem 4.5E
Direct Method of Determining cost of Goods sold [LO4-5]
Morrow Corporation had only one job in process during May—Job X32Z—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below.
![Chapter 4, Problem 4.5E, Direct Method of Determining cost of Goods sold [LO4-5] Morrow Corporation had only one job in](http://dev-ingestion-image-output.s3-website-us-east-1.amazonaws.com/9781259578540/Chapter-4/images/html_q_78540-4-4.5e_1.png)
In May,
Required:
- Using the direct method; what is the cost of goods sold for May?
- What is the total value of the finished goods inventory at the end of May?
- What is the total value of the work in process inventory at the end of May?
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Students have asked these similar questions
Durian Company has the following data on April 30, 2008:
April manufacturing overhead P30, 101.80
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Materials P2, 430. 00
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Vogel Corporation’s cost of goods manufactured last month was $136,000. The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $48,000. Overhead was overapplied by $6,000. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?
Multiple Choice
A. $171,000
B. $117,000
C. $123,000
D. $136,000
Emigh Corporation’s cost of goods manufactured for the just completed month was $146,000 and its overhead was overapplied by $5,000. The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $37,000. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. How much was the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?
Multiple Choice
A. $144,000
B. $146,000
C. $181,000
D. $139,000
Chapter 4 Solutions
Managerial Accounting for Managers
Ch. 4 - Why arent actual manufacturing overhead costs...Ch. 4 - What is the purpose of the job cost sheet in a...Ch. 4 - Prob. 4.3QCh. 4 - Prob. 4.4QCh. 4 - Prob. 4.5QCh. 4 - Prob. 4.6QCh. 4 - Prob. 4.7QCh. 4 - Prob. 4.8QCh. 4 - Prob. 4.9QCh. 4 - Prob. 4.10Q
Ch. 4 - Prob. 4.11QCh. 4 - Prob. 4.12QCh. 4 - Prob. 4.13QCh. 4 - Prob. 4.14QCh. 4 - Compute the Predetermined Overhead Rate [LO4-1]...Ch. 4 - Prob. 4.2ECh. 4 - Prob. 4.3ECh. 4 - Prob. 4.4ECh. 4 - Direct Method of Determining cost of Goods sold...Ch. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Computing predetermined overhead Rates and 00b...Ch. 4 - Departmental Overhead Rates [LO4-1, LO4-2, LO4-3]...Ch. 4 - Prob. 4.10ECh. 4 - Prob. 4.11ECh. 4 - Applying overhead; cost of Goods Manufactured...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14E
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