Morgan Company, which uses a normal job order cost system, has recorded the following information in its
Question:
Morgan Company, which uses a normal job order cost system, has recorded the following information in its ledgers for several jobs during July 2022. Analyze the numbers given as well as the missing data.
Beginning work in process consisted of partial work on Jobs 330 and 331. Other overhead incurred (besides indirect materials and indirect labor) included factory insurance, utilities, depreciation, and rent. Job 330 was completed and sold. Job 331 was completed but not sold. Job 332 is still not completed.
a. What was actual overhead?
b. What was the cost of goods manufactured?
c. Give each of the product costs for Job 332.
d. What is the amount in cost of goods sold after adjusting for the difference between allocated and actual overhead?
Step by Step Answer:
Managerial Accounting
ISBN: 9780137689453
1st Edition
Authors: Jennifer Cainas, Celina J. Jozsi, Kelly Richmond Pope