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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Production Process and Flow Costs Template
Solve Problems 1 and 2, based on the information in the following tables.
Conglomco CompanyAc€?cs inventory records indicate the following information:
|
Conglomco Company Inventories (as of May 31) |
||
|
Inventory |
Beginning Inventory ($) |
Ending Inventory ($) |
|
Raw materials |
14,000. |
12,750. |
|
Goods in process |
110,375. |
126,000. |
|
Finished goods |
159,500. |
138,500. |
|
Production Activities for May (in $) |
||
|
Raw materials (credit purchases) |
67,500. |
|
|
Company payroll cost (cash) |
395,500. |
|
|
Miscellaneous overhead cost (other accounts credited) |
21,500. |
|
|
Materials |
Direct |
46,750. |
|
Indirect |
15,500. |
|
|
Labor |
Direct |
176,000. |
|
Indirect |
219,750. |
|
|
Overhead rate as a percent of direct labor |
55% |
|
|
Sales on credit |
750,000. |
|
Problem 1. Compute the cost of goods transferred from production to finished goods, then compute the cost of goods sold.
|
Cost of Goods Transferred and Cost of Goods Sold ($) |
|
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| Â | Â |
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| Â | Â |
| Â | Â |
| Â | Â |
| Â | Â |
| Â | Â |
| Â | Â |
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