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Category > Accounting Posted 27 Sep 2017 My Price 8.00

Sierra Company

Sierra Company manufactures woven blankets and accounts for product costs using process costing. The following information is available regarding its May inventories.

   

  Beginning
Inventory		   Ending
Inventory		  
  Raw materials inventory $ 52,000   $ 106,000  
  Goods in process inventory   414,000     531,000  
  Finished goods inventory   602,000     469,001  
 

   

The following additional information describes the company's production activities for May.

   

        
  Raw materials purchases (on credit) $ 280,000  
  Factory payroll cost (paid in cash)   1,556,000  
  Other overhead cost (Other Accounts credited)   74,500  
  Materials used      
       Direct $ 158,000  
       Indirect   68,000  
  Labor used      
       Direct $ 790,000  
       Indirect   766,000  
  Overhead rate as a percent of direct labor   115 %
  Sales (on credit) $ 3,500,000

 

Compute the cost of products transferred from production to finished goods and cost of goods sold.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Sep 2017 09:09 PM My Price 8.00

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