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South Bay Manufacturing began business on January 1. During its first year of operation, South Bay ...

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South Bay Manufacturing began business on January 1. During its first year of operation, South Bay ...

South Bay Manufacturing began business on January 1. During its first year of operation, South Bay 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   1,000   8,500   4,000   3,500   1,500
Direct Labor   12,000   20,100   13,000   12,000   800
Allocated Mfg. Overhead   1,700   6,600   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:   39,000   39,000   N/A   N/A   N/A

South Bay'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 amount of gross profit earned during the year?
A) $2,400
B) $22,900
C) $26,700
D) $28,100

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

Read 421 times

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H3Ko Author

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7 years ago

YES! Can't believe I got this one right. Appreciate the confirmation

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CON2187062

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3 years ago

thanks

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