a) Compute for the cost of syrup completed and the cost of the syrup still in process at the end of June. All syrup produced are transferred to wholesalers at a price of $40. Desire GPR is 40%. Support with a PCR. B.Will the price achieve the required GPR? Give the gross profit rate. c.Give the journal entries assuming 7,000 goods were shipped to the customers.
Sweet Corporation produces syrup which it sells to candy factories. On June 1 it started production of 10,000 gallons of syrup and completed production for 8,000 gallons. The costs of the resources used by Sweet Corporation consist of the following: Materials $85,000 and direct labor $90,600 and applied overhead of $37,000. It is estimated that the work in process is still 60% incomplete although materials have been all applied at the start of the process.
Required: a) Compute for the cost of syrup completed and the cost of the syrup still in process at the end of June. All syrup produced are transferred to wholesalers at a price of $40. Desire GPR is 40%. Support with a PCR. B.Will the price achieve the required GPR? Give the gross profit rate.
c.Give the
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