Russo Corporation had only one job in process during June-Job G431-and had no finished goods inventory on
Question:
......................................................Job G431
Beginning balance ............................................ $8,000
Charged to the job during June:
Direct materials ........................................... $12,000
Direct labor ................................................... $5,000
Manufacturing overhead applied .................. $8,000
Units completed ................................................... 200
Units in process at the end of June .......................... 0
Units sold during June ........................................... 80
In June, overhead was under applied by $600. The company adjusts its cost of goods sold every month for the amount of the overhead that was under applied or over applied.
Required:
1. Using the direct method, what is the cost of goods sold for June?
2. What is the total value of the finished goods inventory at the end of June?
3. What is the total value of the work in process inventory at the end of June?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Managerial Accounting for Managers
ISBN: 978-0073527130
2nd edition
Authors: Eric Noreen, Peter Brewer, Ray Garrison
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