34. LO.7 (CGM; CGS) The cost of goods sold in March 2010 for Targé Co. was$2,644,100. March 31 Work in Process Inventory was 25 percent of the March 1Work in Process Inventory. Overhead was 225 percent of direct labor cost. DuringMarch, $1,182,000 of direct material was purchased. Other March informationfollows:InventoriesDirect MaterialWork in ProcessFinished GoodsMarch 1$ 30,00090,000125,000March 31$ 42,000?18,400a. Prepare a schedule of the cost of goods sold for March.b. Prepare the March cost of goods manufactured schedule.c. What was the amount of prime cost incurred in March?d. What was the amount of conversion cost incurred in March?

Cost of goods manufactured are the production costs incurred to produce finished goods in a specific…

a. Prepare a schedule of the cost of goods sold for March. b. Prepare the March cost of goods manufactured schedule. c. What was the amount of prime cost incurred in March? d. What was the amount of conversion cost incurred in March?

a. Prepare a schedule of the cost of goods sold for March. b. Prepare the March cost of goods manufactured schedule. c. What was the amount of prime cost incurred in March? d. What was the amount of conversion cost incurred in March?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...

See similar textbooks

Related questions

Q: alaries earned by employees and not yet paid amounted to $350,000 on Dec 31, 2021. Required:…

A: Adjusted Trial Balance - Adjusted Trial Balance includes ledgers after providing adjusting entries…

Q: The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari…

A: FIFO Method :— Under this method, equivalent units is calculated by adding equivalent units…

Q: Assume that you have audited accounts receivable as of 12/31/2020 and are confident that the ending…

A: The question deals with accounts receivable. The format of Accounts Receivable A/c is as follows:

Q: Question Content Area The balance sheets at the end of each of the first two years of operations…

A: ANSWER:- option b i.e., 10.90% EXPLANATION:- Formula: Return on stockholders equity = Net income…

Q: Developing an Equation from Average Costs Paradise Pub is a high-end dog hotel located in New York.…

A: Fixed costs are costs that remains constant and does not varies with the number of units produced.…

Q: How it is possible for a merchandising business to earn a GROSS PROFIT, but incur a NET LOSS within…

A: Merchandising business, is a business of displaying and selling items. In merchandising business,…

Q: With a 0.31 compounded semi annually, approximately how much money must be invested today in order…

A: The present value is the value of money today compared to what it will be worth in the future.…

Q: The liquidation of the partnership of Cheska, Darryl and Eunice resulted in a deficiency in Cheska’s…

A: Deficit partner refer to the partner who is having debit balances in the company after receiving…

Q: Relevant Costs for Equipment Replacement Decision Health Scan, Inc. paid $50,000 for X-ray equipment…

A: In Management accounting the term of Relevant cost is really matter. Relevant cost is the cost which…

Q: Nickleson Company had an unadjusted cash balance of $7,750 as of May 31. The company's bank…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: S QS 8-6 (Algo) Double-declining-balance method LO P1 A building is acquired on January 1 at a cost…

A: DEPRECIATION Depreciation is a Loss on monetary value of an asset decreases over time due to…

Q: price variance (usage basis) S price variance (purchase basis) S S S S terials terials terials…

A: Variance analysis is the process under which the difference between the actual cost and the budgeted…

Q: hy were two methods of depreciation used?

A: Introduction:- In this problem data given for two depreciation methods as follows under:- i)Double…

Q: P3-1A On April 1, DeDonder Travel Agency Inc. was established. These transactions were completed…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Q#1 - The accrued interest is $ ……………………………………. . Q#2 - The total invoice price is $…

A: Bonds are kind of debt and long term sources of finance for the company and it is very cheap as…

Q: What amount you need to deposit now into an account earning 4.5% every four months if you need to…

A: It has been provided: Time period = 8 years Future value = $45,000 Interest rate = 4.5%…

Q: On April 1 Sampson Corporation purchased $50,000 of Anston Company's 6% bonds at a purc. price of…

A: Solution: Face amount of bond = $50,000 Purchase price = $50,000* 92% = $46,000 Stated interest rate…

Q: When calculating diluted EPS, which of the following, if dilutive, would cause the weighted average…

A: Diluted earnings per share assumes that all convertible securities would be converted, since all…

Q: AB Ltd has a petty cash account that is set at $8,400. In month 1 the month end replenishment is for…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: [The following information applies to the questions displayed below.] At the beginning of the year,…

A: Depreciation shows the reduction in the value of fixed asset over its useful life. It reduces the…

Q: Don Juan, a single taxpayer, is the sole owner of DJ's Incorporated, an S Corporation. In 2022, DJ's…

A: Answer:- Business loss meaning:- When the company's expenses exceed its income during an accounting…

Q: Madison Company purchased a machine on February 1, 2018, for $200,000. On December 31, 2021, when…

A: Solution: Book value of machine on Dec 31, 2021 = $90,000 Expected future cash flows = $70,000 Fair…

Q: How did you calculate the note payable long term for xi

A: Notes Payable are defined as the long-term liabilities that represent the amount to be paid by the…

Q: On the 30 January 2020, a retailer received an invoice worth RM17 500 including transportation cost…

A: If a customer buys in bulk, the supplier will give them a trade discount. If the consumer pays the…

Q: P Limited obtained control with the acquisition of an 80% equity interest in the share capital of S…

A: Acquirer is the company which invest in the equity of the other company. It is also written as…

Q: Joe is trying to calculate the materials price variance for the month of November. He has received a…

A: Standard price of labor and standard quantity of labor are required to compute the labor variances,…

Q: .Dan and Lily, two audit staff associates are discussing audit sampling while working on the audit…

A: Audit sampling seems to be the practice of applying an audit technique to fewer than 100% of the…

Q: Schrand Services offers janitorial services on both a contract basis and an hourly basis. On January…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: The price/earnings ratio is commonly used by investors to OA. evaluate their ability to earn a…

A: The investor uses multiple financial ratios to evaluate the company and its performance. These…

Q: On January 1, 2021, Baltimore Company issued $400,000 face value, 5%, 5-year bonds at 103. Baltimore…

A: BOND Bond is a Financial Security which is Generally Issued by the Corporation's and…

Q: (Algo) Montague (age 15) is claimed as a dependent... Semon (age 15) is claimed as a dependent by…

A: In the taxation law, the government gives deductions to their taxpayers such as standard deductions,…

Q: What are the things we must remember in different kinds of obligation?

A: An obligation seems to be an ethical or legal path of conduct that somebody is compelled to follow.…

Q: In its 20X1 income statement, what amount should Kent report as the deferred portion of income tax…

A: The income tax expense is the charge against the net taxable income of the taxpayer. The income…

Q: Instead of investing the entire $1,068,000, Bogut invests $290,700 today and plans to make 9 equal…

A: Answer:- Future value meaning:- The whole sum of the current value at a later time is the future…

Q: heila’s mother purchased 100 shares of Apple stock in 1992. The original sale price was $26 per…

A: Income tax refers to the tax that is imposed on individuals, families, or business corporations on…

Q: LO 4-6 Exercise 4-13A Multistep income statement In Year 1, Kim Company sold land for $80,000 cash.…

A: Introduction: - Income statement shows company's income and expenses over a period of time.…

Q: Wyatt Company acquired 30% interest in the voting stock of Staples Inc. for $650,000. During the…

A: Net income = $240,000 Dividends paid = $60,000

Q: Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells the…

A: Every country has its tax law. Every person and firm company should follow the rules as per the law.…

Q: The Belvidere Pharmaceuticals Group is a group of companies with six divisions/branches within your…

A: Explanation - There are three statements of the organization which show different accounting…

Q: Sales volume Sales price Unit VC Input price for DL Input quantity per unit for DL 100 units $50 per…

A: Input price variance for DL measures the variance in the actual rate of direct labor versus the…

Q: Quick Construction Company builds bridges and uses the percentage of completion method. Data on its…

A: The calculation of balances of Accounts Receivables at the end of the first month, second month and…

Q: Barb Company has provided information on intangible assets as follows: A patent was purchased from…

A: Intangible Assets: The assets that are not physical in nature, and add value to business in the…

Q: LO 5-1 Exercise 5-8A Recording inventory transactions using the perpetual method: intermittent sales…

A: Every organization has some inventory for sale. The company should maintain records about the…

Q: Margin of Safety a. If Canace Company, with a break-even point at $492,000 of sales, has actual…

A: Margin of safety in dollars = Actual sales - Break even sales Margin of safety in % = Margin of…

Q: Aa.15. Josh Company has borrowed $4,000,000 from its neighborhood bank for business expansion.…

A: The notes payable indicate long-term borrowing. The company obtains funds from banks and other…

Q: Ending inventory for the year ended December 31, 2017, is understated by $15,000. How will this…

A: If the ending inventory of one year is overstated then the net income will be overstated of the…

Q: Exercise 15-19 (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI deduction of…

A: A qualified business is any trade or business that provides services or sells goods through a…

Q: f. Wayne lost $640 on the bets he made at the race track, but he won $128 playing Deductible for AGI…

A: AGI (Adjusted Gross Income) is defined as income that is arrived at by subtracting the value of…

Q: Please explain the calculation of Unit contribution

A: Unit Contribution margin is contribution margin earned per unit It is calculated in 2 ways Unit…

Q: Exercise 15-19 (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI deduction of…

A: Individuals operating a sole proprietorship, partnerships, trust, or any other kind of business are…

Question

34. LO.7 (CGM; CGS) The cost of goods sold in March 2010 for Targé Co. was
$2,644,100. March 31 Work in Process Inventory was 25 percent of the March 1
Work in Process Inventory. Overhead was 225 percent of direct labor cost. During
March, $1,182,000 of direct material was purchased. Other March information
follows:
Inventories
Direct Material
Work in Process
Finished Goods
March 1
$ 30,000
90,000
125,000
March 31
$ 42,000
?
18,400
a. Prepare a schedule of the cost of goods sold for March.
b. Prepare the March cost of goods manufactured schedule.
c. What was the amount of prime cost incurred in March?
d. What was the amount of conversion cost incurred in March?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Identify cost graphs The following cost graphs illustrate various types of cost behavior: For each of the following costs, identify the cost graph that best illustrates its cost behavior as the number of units produced increases. a. Direct material cost per unit. b. Fees for using a patent of $500,000 plus $0.25 for each unit produced. c. Salary of quality control supervisor. d. Straight-line depreciation per unit on factory equipment. e. Total direct materials cost.
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
Analyzing manufacturing cost accounts Summer Boards Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In addition, the following information is available: Materials and direct labor were applied to six jobs in May: b.Factory overhead is applied to each job at a rate of 120% of direct labor cost. c.The May 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in May were as follows: Instructions Determine the May 31 balances for each of the inventory accounts and factory overhead.
Analyzing manufacturing cost accounts Summer Boards Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for May: In addition, the following information is available: Materials and direct labor were applied to six jobs in May: b.Factory overhead is applied to each job at a rate of 120% of direct labor cost. c.The May 1 Work in Process balance consisted of two jobs, as follows: d. Customer jobs completed and units sold in May were as follows: Instructions Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings:
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)