utdoor Furniture Company has inventory balances at the end of August as follows:
|
Materials inventory |
$21,360 |
|
Work-in-Process inventory |
15,112 |
|
Finished goods inventory |
17,120 |
Job order cost cards for jobs in process at the company as of the end of September were as follows:
|
Job Number |
Direct Materials |
Direct Labor |
Mfg Overhead |
|
48A |
$1,596 |
$1,290 |
$1,677 |
|
48B |
$1,492 |
$1,380 |
$1,794 |
|
48C |
$1,984 |
$1,760 |
$2,288 |
|
48D |
$1,608 |
$1,540 |
$2,002 |
Materials purchased and received in September:
|
September 4 |
$33,120 |
|
September 16 |
$28,600 |
|
September 22 |
$31,920 |
Direct labor costs for September:
|
September 15 payroll |
$23,680 |
|
September 29 payroll |
$25,960 |
Predetermined overhead rate:
130% of direct labor costs
Direct material transferred to production during September:
|
September 6 |
$37,240 |
|
September 23 |
$38,960 |
Finished goods with a 75% markup over cost were sold during September for $230,000.
a. Compute the cost of units completed during the month.
b. What was the total cost of units sold during the month?
c. What are ending inventory balances?