Greenwich value of WIP inventory; Graceland process costing amounts
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1. Greenwich Companycustom-produces specialty souvenir products. During 2009, the company completed the following transactions:
(a) Purchased $10,000 of raw materials, paying cash.
(b) Used direct materialsin production as follows:
(c) Paid direct labor costs as follows:
(d) Paid cash for various actual factory overhead costs, $20,000.
(e) Applied factory overhead to production using a predetermined overhead rate of $1.50 per direct labor dollar.
(f) Completed Job 1.
(g) Job 1 was sold for $25,000 cash.
(h) Paid $500 for selling and administrative expenses.
(i) Any over-or-under applied manufacturing overhead is closed to cost of goods sold.
Required:
Compute the value of the WIP ending inventory.
2. Graceland Company uses process costing. The following information was available for October:
During October, 1,000 units were started, and costs incurred during the month were $18,500. Ending inventory was 50% complete. Based on the information given, (A) above would be what amount?
Selected accounts from Madison Company are provided below:
Required:
Determine the following:
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The solution explains some questions relating to process costing
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