Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 9.00

Conglomco Company

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 ($)

   
   
   
   
   
   
   
   
   

 

Answers

(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 9.00

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