The MLC Corporation produces electronic microwave ovens and uses a perpetual inventory system. Its job costing records yield the following information. Job No. 1
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.
Step by Step Solution
3.43 Rating (153 Votes )
There are 3 Steps involved in it
Step: 1
To compute MLCs cost of finished goods inventory at October 31 and November 30 we need to analyze th...See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started