16 May Question acct 212 homework 4 chapter 20
Question
acct 212 homework 4 chapter 20
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 | $ | 54,000 | $ | 50,000 | ||
| Goods in process inventory | 436,500 | 516,000 | ||||
| Finished goods inventory | 620,000 | 172,001 | ||||
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| The following additional information describes the company’s production activities for May. |
| Raw materials purchases (on credit) | $ | 250,000 | |
| Factory payroll cost (paid in cash) | 2,060,000 | ||
| Other overhead cost (Other Accounts credited) | 100,000 | ||
| Materials used | |||
| Direct | $ | 209,500 | |
| Indirect | 54,000 | ||
| Labor used | |||
| Direct | $ | 1,230,000 | |
| Indirect | 830,000 | ||
| Overhead rate as a percent of direct labor | 125 | % | |
| Sales (on credit) |
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