Minstrel manufacturing uses a job order costing system. during one month, minstrel purchased $225,600 of raw materials on credit; issued materials to production of $218,000 of which $36,900 were indirect. minstrel incurred a factory payroll of $163,800, of which $46,900 was indirect labor. minstrel uses a predetermined overhead application rate of 150% of direct labor cost. minstrel's beginning and ending work in process inventory are $17,800 and $31,600 respectively. compute the cost of product transferred to finished goods inventory:

The cost of product transferred to Finished Goods Inventory is $459,550

Explanation:

The computation of the cost of product transferred to Finished Goods Inventory is shown below:

= Beginning Work in Process Inventory + issued of raw materials - indirect material + factory payroll - indirect labor + overhead cost - ending Work in Process Inventory

= $17,800 +  $218,000 -  $36,900 + $163,800 -  $46,900  + $175,350 - $31,600

= $459,550

The overhead cost is computed below:

= (Factory payroll - indirect labor) × percentage of direct labor

= ($163,800 -  $46,900) × 150%

= $175,350

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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