Russo Corporation had only one job in process during June-Job G431-and had no finished goods inventory on July 1. Job G431 was started in May and finished during June. Data concerning that job appear below:
......................................................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?