Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Upton Company Inc. uses a job-order costing system. In Upton's system if there is any underapplied or overapplied overhead it is closed to cost of
Upton Company Inc. uses a job-order costing system. In Upton's system if there is any underapplied or overapplied overhead it is closed to cost of goods sold at month end. In September the company completed job F21X that consisted of 18,900 units f one f the company's standard products. No other jobs were process during the month. The job cost sheet for job F21X shows the following costs: $66.150 Beginning balance Direct materials $623.700 $245.700 Direct labor cost $359,100 Manufacturing overhead cost aapplied During the month, the actual manufacturing overhead cost incurred was $355,320 and 12,600 completed units from job F21X were sold. No other products were sold during the month. The unadjusted cost of goods sold (in other words, the cost of goods sold BEFORE adjustment for any underapplied or overapplied overhead) for July is closest to: O $1,294,650 O $1,228.500 O $860,300 O $863.100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
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