Uxmaiz corporation had only one job in process during, Ask an Expert

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Uxmaiz Corporation had only one job in process during May-Job X32Z-and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below:


Beginning balance	$	5000
Charged to the job during May
Direct materials	$	8,000
Direct labor	$	2,000
Manufacturing overhead applied	$	4,000
Units completed		100
Units in process at the end of May		0
Units sold during May		40

In May, overhead was overapplied by $300. The company adjusts its cost of goods sold every month for the amount of the overhead that was underapplied or overapplied.

Required:

1. Using the indirect method, determine the cost of goods sold for May?

2. What is the total value of the finished goods inventory at the end of May?

3.	What is the total value of the work in process inventory at the end of May?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9955151

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