Ask Question
BusinessBusiness
6 August, 05:13

The job order cost sheets used by Greene Company revealed the following:

Job No. Bal., May 1 May Production Costs

134 $1,700 $0

135 1,200 300

136 0 900

Job No. 135 was completed during May and Jobs No. 134 and 135 were shipped to customers in May. What was the company's cost of goods sold for May and the Work in Process inventory on May 31?

A. 3200; 900

B. 2900; 1200

C. 1200; 2900

D. 1700; 1200

E. 4100; 0

+1
Answers (1)
  1. 6 August, 05:25
    0
    A. 3200; 900

    Explanation:

    The computation is shown below:

    For Cost of goods sold

    = Job no 134 + Job no 135

    = $1,700 + $1,200 + $300

    = $1,700 + $1,500

    = $3,200

    And, the work in process inventory is

    = Job no 136

    = $900

    Since the job no 136 is not completed and the same is to be transferred to the work in process account

    And, the job no 134 and the job no 135 reflected in the cost of goods sold
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The job order cost sheets used by Greene Company revealed the following: Job No. Bal., May 1 May Production Costs 134 $1,700 $0 135 1,200 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Italy and India are countries that trade with each other. If Italy has a comparative advantage in cell phones and India has a comparative advantage in hats , which of the following is a correct statement about the effects of trade between these
Answers (1)
Jessica is representing her small business at a tenants' meeting negotiating rent rates with her landlord. She does not believe that negotiations must be based on a fixed pie whereby the landlord loses at the tenants' gain or vice versa.
Answers (1)
You plan to invest $2,500 in a money market account which will pay an annual stated interest rate of 8.75 percent, but which compounds interest on a weekly basis.
Answers (1)
On January 1, 2018 when the effective interest rate was 12%, Philips Co. issued bonds with a maturity value of $200,000. The stated rate of interest is 12% and the bonds pay interest semi-annually. Philips Co.
Answers (2)
On September 1, 2020, Pina Corporation acquired Kingbird Enterprises for a cash payment of $690,000. At the time of purchase, Kingbird's balance sheet showed assets of $570,000, liabilities of $230,000, and owners' equity of $340,000.
Answers (1)
New Questions in Business
Courington Detailing's cost formula for its materials and supplies is $2,000 per month plus $5 per vehicle. For the month of August, the company planned for activity of 95 vehicles, but the actual level of activity was 55 vehicles.
Answers (1)
Is the wi-fi alliance a non-profit standards organization? what is their goal?
Answers (1)
Suppose a firm has 10 million shares of common stock outstanding and seven candidates are up for election to three seats on the board of directors.
Answers (1)
How is globalization affecting the hospitality industry? Give specific examples of some of the changes.
Answers (1)
A pure project organizational structure minimizes the duplication of resources.
Answers (1)
Home » Business » The job order cost sheets used by Greene Company revealed the following: Job No. Bal., May 1 May Production Costs 134 $1,700 $0 135 1,200 300 136 0 900 Job No. 135 was completed during May and Jobs No. 134 and 135 were shipped to customers in May.
Sign Up Forgot Password?