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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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8 years ago
Connecticut Manufacturing began business on January 1. During its first year of operation, Connecticut worked on five industrial jobs and reported the following information at year-end:

   Job 1   Job 2   Job 3   Job 4   Job 5
Direct Materials   2,300   7,900   4,000   3,500   1,500
Direct Labor   14,000   23,000   13,000   12,000   800
Allocated Mfg. Overhead   1,600   6,500   2,500   7,500   200
Job completed:   Jun 30   Sep 1   Oct 15   Nov 1   Not completed
Job sold:   Jul 10   Sep 12   Not sold   Not sold   N/A
Revenues:   47,000   41,000   N/A   N/A   N/A

Connecticut's allocation of overhead costs left a debit balance of $1,400 in the Manufacturing Overhead account, which was adjusted to zero at year-end. What was the final balance in Cost of Goods Sold for the year ended December 31?
A) $53,900
B) $17,900
C) $55,300
D) $56,700
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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TanksTanks
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8 years ago
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H3Ko Author
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#2
8 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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