Question:
Uxmaiz Corporation had only one job in process during May-Job X32Z-and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below:
|
|
|
Beginning balance
|
$
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5,000
|
|
Charged to the job during May
|
|
|
|
Direct materials
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$
|
8,000
|
|
Direct labor
|
$
|
2,000
|
|
Manufacturing overhead applied
|
$
|
4,000
|
|
Units completed
|
|
100
|
|
Units in process at the end of May
|
|
0
|
|
Units sold during May
|
|
40
|
|
In May, overhead was overapplied by $300. The company adjusts its cost of goods sold every month for the amount of the overhead that was underapplied or overapplied.
Required:
1. Using the indirect method, determine the cost of goods sold for May.