Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kuvomi Corporation worked on four jobs during October: Job F346, Job F347, Job F348, and Job F349. At the end of October, the job cost

Kuvomi Corporation worked on four jobs during October: Job F346, Job F347, Job F348, and Job F349. At the end of October, the job cost sheets for these jobs contained the following data: Job F346 Job F347 Job F348 Job F349 Beginning balance $ 1,090 $ 590 $ 0 $ 0 Charged to the jobs during October: Direct materials $ 2,840 $ 4,070 $ 1,550 $ 3,720 Direct labor $ 1,170 $ 890 $ 590 $ 470 Manufacturing overhead applied $ 4,710 $ 1,840 $ 2,858 $ 500 Units completed 218 0 102 0 Units in process at the end of October 0 317 0 255 Units sold during October 151 0 64 0 Jobs F346 and F348 were completed during October. The other two jobs had not yet been completed at the end of October. There was no finished goods inventory on October 1. In October, overhead was underapplied by $1,340. The company adjusts its cost of goods sold every month for the amount of the underapplied or overapplied overhead. Requirement 1: Using the direct method, what is the cost of goods sold for October? (Omit the "$" sign in your response.) Cost of goods sold $ Requirement 2: What is the total value of the finished goods inventory at the end of October? (Omit the "$" sign in your response.) Total value of the finished goods $ Requirement 3: What is the total value of the work in process inventory at the end of October? (Omit the "$" sign in your response.) Total value of the work in process $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Write a Python program to check an input number is prime or not.

Answered: 1 week ago