(Answered) BUS-FP4061 - Managerial Accounting Principles Assessment 4: Production Process and Flow Costs Worksheet Problem 1 Solve the given problem based on...

BUS-FP4061 - Managerial Accounting Principles Assessment 4: Production Process and Flow Costs Worksheet Problem 1 Solve the given problem based on...

I am having trouble with these answers.  I need help please.BUS-FP4061 - Managerial Accounting Principles

 

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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