I cannot figure out how to do this assignment. The main problem I am having is on question 2, the summary journal entries. If anyone could help me with this assignment I would be greatly appreciated!

BUS-FP4061 - Managerial Accounting Principles Assessment 4: Production Process and Flow Costs Worksheet Problem 1 Solve the given problem based on the following information. Conglomco Company's inventory records indicate the following information: Conglomco Company Inventories (as of May 31) Inventory Beginning Inventory ($) Ending Inventory ($) Raw materials 7,500 12,750 Goods in process 110,375 126,000 Finished goods 159,500 138,500 Production activities for May (in $) Raw materials (credit purchases) Company payroll cost (cash) Miscellaneous overhead cost (other accounts credited) Material Direct ### Indirect ### Labor Direct ### Indirect ### Overhead rate as a percent of direct labor Sales on credit ### ### 67,500 395,750 21,500 46,750 15,500 176,000 219,750 110% 750,000 Compute the cost of goods transferred from production to finished goods, and compute the cost of goods sold. Cost of Goods Transferred and Cost of Goods Sold Input values Company name Date Conglomco 31-May Conglomco Company Inventories (as of May 31) Inventory Beginning Inventory ($) Ending Inventory ($) Raw materials 7,500 12,750 Goods in process 110,375 126,000 Finished goods 159,500 138,500 Production activities for May (in $) Raw materials (credit purchases) Company payroll cost (cash) Miscellaneous overhead cost (other accounts credited) Materials Direct Indirect Labor Direct Indirect Overhead rate as a percent of direct labor Sales on credit 67,500 395,750 21,500 46,750 15,500 176,000 219,750 110% 750,000 31) nding Inventory ($) 12,750 126,000 138,500 1 1 Problem 2 Solve the given problem based on the following information. Conglomco Company's inventory records indicate the following information: Conglomco Company Inventories (as of May 31) Inventory Beginning Inventory ($) Ending Inventory ($) Raw materials 7,500 12,750 Goods in process 110,375 126,000 Finished goods 159,500 138,500 Production activities for May (in $) Raw materials (credit purchases) 67,500 Company payroll cost (cash) 395,750 Miscellaneous overhead cost (other accounts credited) 21,500 Material Direct ### 46,750 Indirect ### 15,500 Labor Direct ### 176,000 Indirect ### 219,750 Overhead rate as a percent of direct labor 110% Sales on credit ### 750,000 ### Record production activities for May 31 in the Summary Journal Entries table below. Summary Journal Entries A. May 31 Raw Materials Inventory B. May 31 Goods in Process Inventory C. May 31 Factory Overhead D. May 31 Factory Payroll E. May 31 Goods in Process Inventory F. May 31 Factory Overhead G. May 31 Factory Overhead H. May 31 Goods in Process Inventory I. May 31 Finished Goods Inventory J. May 31 Accounts Receivable May 31 Finished Goods Inventory Input values Company name Date Conglomco 31-May Conglomco Company Inventories (as of May 31) Inventory Beginning Inventory ($) Ending Inventory ($) Raw materials 7,500 12,750 Goods in process 110,375 126,000 Finished goods 159,500 138,500 Production activities for May (in $) Raw materials (credit purchases) Company payroll cost (cash) Miscellaneous overhead cost (other accounts credited) Materials Direct Indirect Labor Direct Indirect Overhead rate as a percent of direct labor Sales on credit 67,500 395,750 21,500 46,750 15,500 176,000 219,750 110% 750,000 31) Ending Inventory ($) 12,750 126,000 138,500 1 1