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Category > Accounting Posted 12 Aug 2017 My Price 11.00

Edison Company

Problem 20-1A Production cost flow and measurement; journal entries L.O. P1, P2, P3, P4

[The following information applies to the questions displayed below.]

Edison Company manufactures wool 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 $ 69,000   $ 55,000  
Goods in process inventory   401,000     542,500  
Finished goods inventory   634,000     536,001  

 

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)   1,894,000  
Other overhead cost (Other Accounts credited)   98,000  
Materials used      
Direct $ 217,000  
Indirect   72,000  
Labor used      
Direct $ 1,104,000  
Indirect   790,000  
Overhead rate as a percent of direct labor   115 %
Sales (on credit) $ 4,000,000  
The predetermined overhead rate was computed at the beginning of the year as 115% of direct labor cost.


rev: 11_02_2011

references

 

1. value:
2.00 points

Problem 20-1A Part 1

Required:
1(a)

Compute the cost of products transferred from production to finished goods. (Omit the "$" sign in your response.)
Cost of products transferred $
1(b)

Compute the cost of goods sold. (Omit the "$" sign in your response.)
Cost of goods sold $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 AM My Price 11.00

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