HiTech Housing uses job-order costing. At the end of the month, the following data were gathered:
HiTech Housing's selling price is cost plus 50% for each of its houses.
$\begin{array}{lrrr}
\text { Job \# } & \text { Total Cost } & \text { Complete? } & \text { Sold? } \
529 & \$ 409 & \text { no } & \text { no } \
530 & \$ 513 & \text { yes } & \text { no }\
531 & \$ 115 & \text { no } & \text { no } \
532 & \$ 790 & \text { yes } & \text { yes } \
533 & \$ 650 & \text { yes } & \text { no } \
534 & \$ 540 & \text { no } & \text { no } \
535 & \$ 90 & \text { no } & \text { no } \
536 & \$ 970 & \text { yes } & \text { yes } \
537 & \$ 179 & \text { no } & \text { no } \
538 & \$ 400 & \text { no } & \text { no }
\end{array}$
-Refer to the Figure.What is the cost of goods sold for the month?

Question

HiTech Housing uses job-order costing. At the end of the month, the following data were gathered:
HiTech Housing's selling price is cost plus 50% for each of its houses.
 $\begin{array}{lrrr}
\text { Job \# } & \text { Total Cost } & \text { Complete? } & \text { Sold? } \
529 & \$ 409 & \text { no } & \text { no } \
530 & \$ 513 & \text { yes } & \text { no }\
531 & \$ 115 & \text { no } & \text { no } \
532 & \$ 790 & \text { yes } & \text { yes } \
533 & \$ 650 & \text { yes } & \text { no } \
534 & \$ 540 & \text { no } & \text { no } \
535 & \$ 90 & \text { no } & \text { no } \
536 & \$ 970 & \text { yes } & \text { yes } \
537 & \$ 179 & \text { no } & \text { no } \
538 & \$ 400 & \text { no } & \text { no }
\end{array}$
-Refer to the Figure.What is the cost of goods sold for the month?

Quizplus · Accepted Answer

The cost of goods sold is the cost of the houses that were completed and sold during the month. From the table, we can see that jobs 532 and 536 were completed and sold. The total cost of these two jobs is $790 + $970 = $1,760. Therefore, the cost of goods sold for the month is $1,760.

HiTech Housing Uses Job-Order Costing -Refer to the Figure