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Exercise 3-5 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO 3-5] Morrow Corporation...

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Accounting

Exercise 3-5 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO 3-5]

Morrow Corporation had only one job in process during MayJob X32Zand had no finished goods inventory on May 1. Job X32Z was started in April and finished during May, Data concerning that job appear below:

Job X32Z
Beginning balance $ 17,000
Charged to the job during May
Direct materials $ 14,000
Direct labor $ 4,400
Manufacturing overhead applied $ 32,800
Units completed 220
Units sold during May 100

The company's total manufacturing overhead applied always equals its total actual manufacturing overhead.

Required:

  1. What is 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?

  1. Cost of goods sold:
  2. Ending finished goods inventory:
  3. Ending wotk in process inventory:

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