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

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Oct 2017 My Price 9.00

Edison Company

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

 

Beginning                                            Ending

Inventory                                            Inventory

Raw materials inventory . . . . . . . . . . . .                                   $ 28,000                                               $ 25,500

Goods in process inventory . . . . . . . . .                                     220,750                                                252,000

Finished goods inventory . . . . . . . . . . .                                    319,000                                                277,000

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

Raw materials purchases (on credit) . . . . . . . . . . . . . . . . . . . $ 135,000

Factory payroll cost (paid in cash) . . . . . . . . . . . . . . . . . . . . . 791,500

Other overhead cost (Other Accounts credited) . . . . . . . . . 43,000

Materials used

Direct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 93,500

Indirect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,000

Labor used Direct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 352,000

Indirect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439,500

Overhead rate as a percent of direct labor . . . . . . . . . . . . . . 110%

Sales (on credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500,000

Required

1. Compute the cost of (a) products transferred from production to finished goods, and (b) goods sold.

2. Prepare summary journal entries dated May 31 to record the following production activities during May: (a) raw materials purchases, (b) direct materials usage, (c) indirect materials usage, (d) payroll costs, (e) direct labor costs, (f) indirect labor costs, (g) other overhead costs, (h) overhead applied, (i) goods transferred from production to finished goods, and (j) sale of finished goods.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Oct 2017 07:10 PM My Price 9.00

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