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University Of Tennessee Operations And Supply Chain Management Assignment Help - Problem 20-1A Production


Question - 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 $ 69,000 $ 55,000
Goods in process inventory 401,000 542,500
Finished goods inventory 634,000 536,001


The following additional information describes the company's production activities for May.
Raw materials purchases (on credit) $ 280,000
Factory payroll cost (paid in cash) 1,894,000
Other overhead cost (Other Accounts credit ...Read More

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