Outdoor 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?