COMM 305 Chapter Notes - Chapter 3: Finished Good, Income Statement, Gross Profit
24 Jan 2015
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,125, or (,925 + ,000 + ,200): last year 70%, or (,200 ,000); this year 75% (either ,375 . ,500 or ,000 ,000). (b) jan. 31 work in process inventory(6,600+2,000). In the may 31 balance sheet, the manufacturing inventories will be reported in current assets as follows: 12,120 (b) the koppel job is the only incomplete job, therefore, ,420. (c) actual overhead. Problem 3-27a (a),500,000 ,000 direct labour costs = 200% of direct labour costs (b) see solution to part (e) for job cost sheets (c) raw materials inventory Raw materials inventory (,000 + ,000 + ,000) Manufacturing overhead (,000 200% of direct labour costs) 114,000 (e) see next page for postings to job cost sheets. 218,000 cost of jobs 49 and 50 sold. The balance in this account consists of the cost of completed job no. 51 which has not yet been sold. (h) manufacturing overhead. The balance indicates that manufacturing overhead was over-applied by ,000.
