ACC 3302 Chapter 2 Homework O ezto.mheducation.com/hm.tpx?-0.2988318342885665 15

Question

ACC 3302 Chapter 2 Homework O ezto.mheducation.com/hm.tpx?-0.2988318342885665 1536508186 Most Visited Getting Started The following information comes from the accounting records for Chelsea, Inc., for May Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 Direct materials purchased during May Direct labor costs, May Manufacturing overhead, May S 17,500 15,000 9,700 5,600 54,500 71,500 85,000 59,100 80,000 Required: a. Compute the total prime costs for the month of May b. Compute the total conversion costs for the month of May c. Compute the total manufacturing costs for the month of May Totál manufacturng costs

Explanation / Answer

a Direct materials used 87500 =17500+85000-15000 Direct labor 59100 Total prime costs 146600 b Direct labor 59100 Manufacturing overhead 80000 Total conversion costs 139100 c Direct materials used 87500 Direct labor 59100 Manufacturing overhead 80000 Total manufacturing costs 226600 d Total manufacturing costs 226600 Add: Beginning work in process inventory May 1 9700 236300 Deduct: Ending work in process inventory May 31 5600 Cost of goods manufactured 230700 e Finished goods inventory, beginning May 1 54500 Add: Cost of goods manufactured 230700 285200 Deduct: Finished goods inventory, ending May 31 71500 Cost of goods sold 213700

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