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BUS-FP4061 - Managerial Accounting Principles Assessment 4: Production Process and Flow Costs Worksheet Problem 1 Solve the given problem based on...
Assessment 4: Production Process and Flow Costs Worksheet
Problem 1
Solve the given problem based on the following information.
Conglomco Company's inventory records indicate the following information:
Conglomco Company Inventories (as of May 31)
Inventory
Beginning Inventory ($)
Ending Inventory ($)
Raw materials
7,500
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)
395,750
Miscellaneous overhead cost (other accounts credited)
21,500
Materia
Direct
46,750
Indirect
15,500
Labor
Direct
176,000
Indirect
219,750
Overhead rate as a percent of direct labor
110%
Sales on credit
750,000
##
Compute the cost of goods transferred from production to finished goods,
and compute the cost of goods sold.
Cost of Goods Transferred and Cost of Goods Sold
Raw materials beginning inventory
$
7,500
Purchases
67,500
Raw materials ending
12,750
Direct raw materials
46,750
Direct Labor
176,000
Manufacturing overhead
428,850
Total Manufacturing Cost
651,600
Goods in process beginning
110,375
Total Goods placed in process
761,975
Goods in process end
126,000
Cost of goods transferred from prod to finished goods
635,975
Finished goods beginning
159,500
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