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

## (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.Â  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

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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This question was answered on: Jan 02, 2020

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