CGT Old Tyme Soda produces one flavor of a popular local soft drink. It had no work-in-process on October 31 in its only inventory account During November, Old Tyme started 10,100 barrels. Work-in-process on November 30 is 1,250 barrels. The production supervisor estimates that the ending work in process inventory is 20 percent complete. An examination of Old Tyme's accounting records shows direct material costs of $16,410 and conversion costs of $20.900 for November All production is sold as it is produced, Required: a. Compute cost of goods sold for November b. What is the value of work-in-process inventory on November 30? c. The president tells the controller that stock analysts expect higher income for the month and asks the controller to change the production manager's estimate about the ending work-in-process inventory. (1) if the controller wanted to comply with the president's request, would he raise or lower the estimated percentage complete from the 20 percent estimate of the production supervisor? (2) What should the controller do? Complete this question by entering your answers in the tabs below. REGA Reg 02 Red B Regci Compute cost of goods sold for November (Do not round Intermediate calculations) s expect higher income for the m dgers estimate about the ending work-in-process inventory (1) If the controller wanted to comply with the president's request, would he raise or lo 20 percent estimate of the production supervisor? (2) What should the controller do? Complete this question by entering your answers in the tabs below. Req A Red B Req C1 Reg C2 Compute cost of goods sold for November. (Do not round intermediate calculations.) Cost of goods sold ReqB > diysts expect higher income for syers estimate about the ending work-in-process inventory. (1) If the controller wanted to comply with the president's request, would he rais 20 percent estimate of the production supervisor? (2) What should the controller do? ed Complete this question by entering your answers in the tabs below. k ces Req A Req B Reg C1 Reg C2 What is the value of work-in-process inventory on November 30? (Do not round in Work-in-process inventory (2) What should the controller do? Complete this question by entering your answers in the tabs below. Reg A ReqB Reg Ci Reg C2 The president tells the controller that stock analysts expect higher income for the month and asks the controller to change the production manager's estimate about the ending work-in-process inventory What should the controller do? the estimates The controller should
