Problem $1$

Solve the given problem based on the following information.

Jordan Company's inventory records indicate the following information:

Jordan Company Inventories $($as of May $31)$

Inventory Beginning Inventory $($$$)$ Ending Inventory $($$$)$

Raw materials $72,000110,000$

Goods in process $156,000250,000$

Finished goods $160,000198,000$

Production activities for May $($in $$)$

Raw materials $($credit purchases$)200,000$

Company payroll cost $($cash$)400,000$

Miscellaneous overhead cost $($other accounts credited$)170,500$

Materials Direct $21500120,000$

Indirect $4675042,000$

Labor Direct $15500350,000$

Indirect $17600050,000$

Overhead rate as a percent of direct labor $75\%$

Sales on credit $0\mathrm{.}551,000,000$

$750000$

Compute the cost of goods transferred from production to finished goods,

and compute the cost of goods sold.

Cost of Goods Transferred and Cost of Goods Sold

Problem $2$

Solve the given problem based on the following information.

Jordan Company's inventory records indicate the following information:

Jordan Company Inventories $($as of May $31)$

Inventory Beginning Inventory $($$$)$ Ending Inventory $($$$)$

Raw materials $57,60088,000$

Goods in process $124,800200,000$

Finished goods $128,000158,400$

Production activities for May $($in $$)$

Raw materials $($credit purchases$)160,000$

Company payroll cost $($cash$)320,000$

Miscellaneous overhead cost $($other accounts credited$)136,400$

Materials Direct $2150096,000$

Indirect $4675033,600$

Labor Direct $15500280,000$

Indirect $17600040,000$

Overhead rate as a percent of direct labor $75\%$

Sales on credit $0\mathrm{.}55800,000$

$750000$

Record production activities for May $31$ in the Summary Journal Entries table below.

Summary Journal Entries

A$.$

May $31$ Raw Materials Inventory

B$.$

May $31$ Goods in Process Inventory

C$.$

May $31$ Factory Overhead

D$.$

May $31$ Factory Payroll

E$.$

May $31$ Goods in Process Inventory

F$.$

May $31$ Factory Overhead

G$.$

May $31$ Factory Overhead

H$.$

May $31$ Goods in Process Inventory

I.

May $31$ Finished Goods Inventory

J$.$

May $31$ Accounts Receivable

May $31$

Finished Goods Inventory