Problem 3-23 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO3-5] Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data: Job A256 Beginning balance $ 1,800 Job A257 $ 800 Job A258 $ 0 Job A260 $ 0 Charged to the jobs during October: Direct materials $ 3,200 $ 4,100 $2,000 $4,100 Direct labor $ 1,100 $ 1,600 Manufacturing overhead applied $ 1,800 $ 2,100 $ 900 $ 1,200 $ 700 $ 1,200 Units completed 100 0 Units sold during October 80 0 0 0 500 100 Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was no finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for October? Note: Round intermediate calculations to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of October? Note: Round intermediate calculations to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of October? 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![Problem 3-23 (Algo) Calculating Ending Inventories and Cost of Goods Sold [LO3-5]
Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the
job cost sheets for these jobs contained the following data:
Job A256
Beginning balance
$ 1,800
Job A257
$ 800
Job A258
$ 0
Job A260
$ 0
Charged to the jobs during October:
bok
Direct materials
$ 3,200
$ 4,100
$ 2,000
$ 4,100
Direct labor
$ 1,100
$ 1,600
Manufacturing overhead applied
$ 1,800
$ 2,100
$ 900
$ 1,200
$ 700
$ 1,200
Units completed
nt
Units sold during October
100
80
500
100
0
0
ences
0
0
Jobs A256 and A258 were completed during October. The other two jobs were incomplete at the end of October. There was no
finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing
overhead.
Required:
1. What is the cost of goods sold for October?
Note: Round intermediate calculations to 2 decimal places and final answer to nearest dollar amount.
2. What is the total value of the finished goods inventory at the end of October?
Note: Round intermediate calculations to 2 decimal places and final answer to nearest dollar amount.
3. What is the total value of the work in process inventory at the end of October?
1. Cost of goods sold for October
2. Finished goods inventory at the end of October
3. Work in process inventory at the end of October](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff29a7232-af84-41ea-82ad-c3fbf1b8eff3%2F799c7247-53d2-453f-9516-ee41f861665d%2Fsbhk5wsd_processed.jpeg&w=3840&q=75)
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