Quicker company uses a job order costing system. On May 1, Quicker Company's Work In Process Inventory

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Quicker company uses a job order costing system. On May 1, Quicker Company's Work In Process Inventory account shows a beginning balance of $161,000. Production activity for May was as follows: Materials costing $91,000, along with operating supplies of $18,000 were requisitioned into production. Quicker Company's total payroll was $122,000 of which $73,000 was indirect labor. Overhead is applied at a rate of 110% of the direct labor cost. Quickers Cost of Goods Sold for the month of May was $682,000. Finished goods Inventory was $77,500 on May 1 and $80,000 on May 31.
Calculate Quickers cost of goods completed for May
Calculate Quickers work in process ending inventory May 31
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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Managerial Accounting

ISBN: 978-1259307416

16th edition

Authors: Ray Garrison, Eric Noreen, Peter Brewer

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