Reference no: EM1355833
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 materials inventory $28,000 $25,500
Goods in process inventory 220,750 252,000
Finished goods inventory 319,000 277,000
The following additional information describes the company's production activities for May.
Raw material purchases (on credit)......................$135,000
Factory payroll cost (paid in cash)........................791,500
Other overhead cost (Other accounts credited).....43,000
Materials used
Direct.........................$93,500
indirect.......................31,000
Labor used
Direct ........................352,000
indirect......................439,500
Overhead rate as a percent of direct labor ...............110%
Sales (on credit) .......1,500,000
Compute the cost of (a) products transferred from production to finished goods and (b) goods sold.
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: Edison Company manufactures wool blankets and accounts for production costs using process costing. The following information is available regarding its May inventories. Compute the cost of (a) products transferred from production to finished goods ..
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