Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Our company began operations on August 1, 2023. During August, we only worked on three jobs: Job 100, Job 200, and Job 300. The

image text in transcribed

Our company began operations on August 1, 2023. During August, we only worked on three jobs: Job 100, Job 200, and Job 300. The costs charged to these jobs during August and other relevant information are given below. You will need this to answer the next five questions. a) Job 100 and Job 200 were finished in December, but Job 300 was not finished b) Job 100 consisted of 7,000 units and Job 200 consisted of 7,500 units. c) During August, the company sold 5,600 units of Job 100 at a selling price of $20 each. Also, during August, the company sold 6,500 units from Job 200 at a selling price of $13 each. d) During the month of August, the company purchased $15,000 worth of Direct Material. Description Job 100 Direct Material $5,000 Direct Labor $12,000 Overhead $18,000 Job 200 $7,500 $15,500 $7,750 Job 300 $1,600 $6,400 $9,600 REMEMBER: NO "$" AND NO COMMAS IN YOUR ANSWER. Question: Compute the Ending Materials Inventory for the month ending August 31, 2023.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions