In the Monroe Company, the following Job cards were totaled at the end of the month:
Job 243 $5,750
Job 244 $4,980
Job 245 $3,675
Job 246 $4,250
Job 247 $5,100
Job 248 $3,800
Jobs 243 and 244 were in Finished Goods Inventory at the beginning of the month. Jobs 245 and 246 were in Work-in-process at the beginning of the month. Jobs 247 and 248 were started during the month. At the end of the month, Jobs 243 and 247 were sent to customers; jobs 245, 247, and 248 were completed and sent to finished goods.
What is the cost of goods sold for the month?

Question

Quizplus · Accepted Answer

To calculate cost of goods sold, we need to add up the costs of the jobs that were completed and sent to finished goods during the month.

Job 245: $3,675 
Job 246: $4,250 
Job 247: $5,100 
Job 248: $3,800

Total Cost of Goods Manufactured: $16,825

To calculate cost of goods sold:

Cost of Goods Manufactured: $16,825 
Add: Beginning Finished Goods Inventory (Job 243 and 244): $5,750 + $4,980 = $10,730 
Less: Ending Finished Goods Inventory (Job 243, 247, and 248): $5,750 + $5,100 + $3,800 = $14,650

Cost of Goods Sold: $10,850

In the Monroe Company, the Following Job Cards Were Totaled