Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Lee Corporation uses a job - order costing system. The following data were recorded for June: Job Number June 1 Work in Process Inventory

The Lee Corporation uses a job-order costing system. The following data were recorded for June:
Job Number
June 1 Work in Process Inventory
Added During June
Direct Materials
Direct Labor
235
$ 2,500
$ 600
$ 400
236
$ 1,500
$ 800
$ 1,000
237
$ 1,000
$ 1,200
$ 1,750
238
$ 800
$ 1,500
$ 2,250
Overhead is charged to production at 80% of direct materials cost. Jobs 235,237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers. Actual manufacturing overhead was equal to manufacturing overhead applied. There were no Finished Goods inventories at the beginning of June.
Lee's Finished Goods inventory balance on June 30 was:
(Ch 3-LO 2)
Question 1 options:
$5,350
$6,110
$4,910
$3,950

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

Accounting

Authors: Carl s. warren, James m. reeve, Philip e. fess

21st Edition

978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004

More Books

Students also viewed these Accounting questions

Question

Why does inventory flow so quickly through a Frito-Lay plant?

Answered: 1 week ago