Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need answer to (c) please Determine the company's total cost of goods completed and COGS in December. Total cost of goods completed and COGS $

Need answer to (c) please

image text in transcribedimage text in transcribed Determine the company's total cost of goods completed and COGS in December. Total cost of goods completed and COGS $ eTextbook and Media Assistance Used eTextbook Attempts: 0 of 2 used Maria's Holiday Styles has been busy in the month of November! It seems Maria's marketing efforts have paid off, as she has answered many calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative items in its store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30 , the company carries the following balances in its inventory accounts. During December, the following events occurred. 1. Purchased direct materials costing $14,700 on account. 2. Used $19,300 of direct materials for jobs. 3. Paid direct labor wages for 127 hours of labor ( $25/hr). 4. Applied MOH cost to jobs. 5. Actually incurred $2,100 in MOH costs. 6. Completed all jobs by the end of the month. 7. Billed clients $42,800 for jobs completed. 8. Closed under- or overapplied MOH using the direct write-off method

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

Auditing A Practical Manual For Auditors

Authors: Lawrence Robert Dicksee

1st Edition

1360462546, 978-1360462547

More Books

Students also viewed these Accounting questions