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  • Determine The August 31 Balance in The Cost of Goods Sold Amount. No Adjustment Has Been Made For Overapplied or Underapplied Conversion Cost

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    Jess Siazon
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    Langka company manufactures jewelry and recently implemented a JIT costing system. In August, the company incurred $3,000 in utility costs, $17,000 in other factory overhead costs, and $44,200 in applied conversion costs including direct labor of $2,200. Raw materials of $9,000 were purchased and used for production which was completed for the month. To determine the cost of goods sold for August, you would total all costs which were $3,000 + $17,000 + $44,200 + $9,000 + $2,200 = $75,400.

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    Langka company manufactures jewelry and recently implemented a JIT costing system. In August, the company incurred $3,000 in utility costs, $17,000 in other factory overhead costs, and $44,200 in applied conversion costs including direct labor of $2,200. Raw materials of $9,000 were purchased and used for production which was completed for the month. To determine the cost of goods sold for August, you would total all costs which were $3,000 + $17,000 + $44,200 + $9,000 + $2,200 = $75,400.

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    © All Rights Reserved
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    20 views1 page

    Determine The August 31 Balance in The Cost of Goods Sold Amount. No Adjustment Has Been Made For Overapplied or Underapplied Conversion Cost

    Uploaded by

    Jess Siazon
    Langka company manufactures jewelry and recently implemented a JIT costing system. In August, the company incurred $3,000 in utility costs, $17,000 in other factory overhead costs, and $44,200 in applied conversion costs including direct labor of $2,200. Raw materials of $9,000 were purchased and used for production which was completed for the month. To determine the cost of goods sold for August, you would total all costs which were $3,000 + $17,000 + $44,200 + $9,000 + $2,200 = $75,400.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    2. Langka company manufacturer a different variation of jewelry.

    The company had


    recently decided to implement a JIT Costing System. Transactions during August were
    as follows:
    a. Utilities costs totaled P3,000.
    b. Other actual factory overhead costs amounted to P17,000.
    c. Applied conversion costs totaled P44,200. This includes the direct labor costs.
    d. Raw materials totaling P9,000 were purchased.
    e. All materials purchased were requisitioned for production.
    f. Direct labor costs of P2,200 were incurred.
    g. Indirect labor costs amounted to P24,000.
    h. All units were completed.
    Determine the August 31 balance in the cost of goods sold amount. No
    adjustment has been made for overapplied or underapplied conversion cost:

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