{"id":77368,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/edison-company-cost-of-goods-manufactured-and-sold-14-nov-2012-3"},"modified":"2017-08-18T07:13:53","modified_gmt":"2017-08-18T07:13:53","slug":"edison-company-cost-of-goods-manufactured-and-sold-14-nov-2012-3","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/edison-company-cost-of-goods-manufactured-and-sold-14-nov-2012-3\/","title":{"rendered":"Edison Company \u2013 cost of goods manufactured and sold \u2013 14 Nov, 2012"},"content":{"rendered":"<p><a class=\"edison-company-cost-goods-manufactured-sold-14-nov-2012\/\"><\/a> <\/p>\n<p>Edison Company \u2013 cost of goods manufactured and sold \u2013 14 Nov, 2012<\/p>\n<p>Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories.<\/p>\n<p>Beginning Inventory Ending Inventory<\/p>\n<p>Raw materials inventory $28,000 $25,500<\/p>\n<p>Goods in process inventory 220,750 252,000<\/p>\n<p>Finished goods inventory 319,000 277,000<\/p>\n<p>The following additional information describes the company\u2019s production activities for May.<\/p>\n<p>Raw material purchases (on credit) $135,000<\/p>\n<p>Factory payroll cost (paid in cash) 791,500<\/p>\n<p>Other overhead cost (Other accounts credited) 43,000<\/p>\n<p>Materials used<\/p>\n<p>Direct $93,500<\/p>\n<p>Indirect 31,000<\/p>\n<p>Labor used<\/p>\n<p>Direct 352,000<\/p>\n<p>Indirect 439,500<\/p>\n<p>Overhead rate as a percent of direct labor 110%<\/p>\n<p>Sales (on credit) 1,500,000<\/p>\n<p>Questions:<\/p>\n<p>I figured out that the cost of goods sold is $843,450 and I\u2019m stuck on the rest of what it\u2019s asking me to do. Please help!<\/p>\n<p>1. Compute the cost of (a) products transferred from production to finished goods and (b) goods sold.<\/p>\n<p>2. Prepare summary journal entries dated May 31 to record the following production activities during May:<\/p>\n<p>a) raw materials purchase<br \/> b) direct materials usage<br \/> c) indirect materials usage<br \/> d) payroll costs<br \/> e) direct labor costs<br \/> f) indirect labor costs<br \/> g other overhead costs<br \/> h) overhead applied<br \/> i) goods transferred from production to finished goods<br \/> j) sale of finished goods.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Edison Company \u2013 cost of goods manufactured and sold \u2013 14 Nov, 2012 Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw <a href=\"https:\/\/www.benedictsol.com\/blogs\/edison-company-cost-of-goods-manufactured-and-sold-14-nov-2012-3\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-77368","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=77368"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77368\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=77368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=77368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=77368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}