ACT 305 Module 2 Assignment Choice 1: Classification of Costs
Assignment Choice #1: Classification of Costs
Hoover, Inc., uses a job-order coding system. The company’s inventory balances on February 1, the start of its fiscal year, were as follows:
|Raw Materials Inventory||$69,325|
|Work in Process Inventory||$55,100|
|Finished Goods Inventory||$81,256|
During the year, the following transactions were completed:
$98,750; and selling and administrative salaries, $72,340.
related to selling and administrative activities).
and administrative assets).
the finished goods warehouse.
these goods according to their job cost sheets was $725,825.
Submit your assignment as an Excel spreadsheet with each tab labeled by item number. Demonstrate the following:
inventory, manufacturing overhead, and cost of goods sold. Don’t forget to enter the beginning balances in the inventory accounts.
close this balance to cost of goods sold.
Provide your answers in a clearly organized Excel spreadsheet. Check spelling and formatting for
readability. Where applicable, written comments must be in accordance with the CSU-Global Guide to
Writing and APA Requirements. Be sure to review the Module 2 Critical Thinking grading rubric, which
may be accessed through the Course Information page.
Your assignment should meet the following requirements:
Document your sources