The MLC Corporation produces electronic microwave ovens and uses a perpetual inventory system. Its job costing...
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The MLC Corporation produces electronic microwave ovens and uses a perpetual inventory system. Its job costing records yield the following information. Job No. 1 m 2 3 4 *5 6 7 Date Finished Sold 9/27 11/9 9/21 10/14 9/26 10/31 9/30 11/16 11/15 11/20 11/10 11/21 11/25 11/24 11/30, 12/10 Started 9/4 9/12 9/15 9/17 10/5 Total Cost of Job at September 30 $15,500 $19,000 $21,500 7,500 Total Manufacturing Cost Added in October/November $10,000 $14,000 $20,500 $27.500 REQUIRED: &a) Compute MLC's cost of finished goods inventory at October 31 and November 30. Soc b) Compute MLC's cost of goods sold for October and November. c) Compute the gross profit for Job 6 assuming that the company manage to sell it for $31,000. The MLC Corporation produces electronic microwave ovens and uses a perpetual inventory system. Its job costing records yield the following information. Job No. 1 m 2 3 4 *5 6 7 Date Finished Sold 9/27 11/9 9/21 10/14 9/26 10/31 9/30 11/16 11/15 11/20 11/10 11/21 11/25 11/24 11/30, 12/10 Started 9/4 9/12 9/15 9/17 10/5 Total Cost of Job at September 30 $15,500 $19,000 $21,500 7,500 Total Manufacturing Cost Added in October/November $10,000 $14,000 $20,500 $27.500 REQUIRED: &a) Compute MLC's cost of finished goods inventory at October 31 and November 30. Soc b) Compute MLC's cost of goods sold for October and November. c) Compute the gross profit for Job 6 assuming that the company manage to sell it for $31,000.
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