Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,890 Direct labor $ 59,700 $ 88,600 $4,100 Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,800 $ 55,700 $ 33,500 Ending $ 19,100 $ 65,100 $ 42,100 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cos

Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,890 Direct labor $ 59,700 $ 88,600 $4,100 Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,800 $ 55,700 $ 33,500 Ending $ 19,100 $ 65,100 $ 42,100 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cos

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEB: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
Question Content Area Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: Inventories March 1 March 31 Materials $217,500 $184,880 Work in process 147,900 125,720 Finished goods 113,100 123,870 Direct labor $391,500 Materials purchased during March 417,600 Factory overhead incurred during March: Indirect labor 41,760 Machinery depreciation 25,230 Heat, light, and power 8,700 Supplies 6,960 Property taxes 6,090 Miscellaneous costs 11,310
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: March 31 Materials $131,500 $118,350 Work in process Finished goods Inventories March 1 89,420 80,480 68,380 80,480 Direct labor Materials purchased during March Direct materials: $236,700 Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs a. Prepare a cost of goods manufactured statement for March. Firetree Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Costs Type Factory overhead: 252,480 25,250 15,250 5,260 4,210 3,680 6,840 Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Cost of goods manufactured b. Determine the cost of goods sold for March. Amount Amount Amount 1000000 llo 0
ak ces Acme Incorporated incurs the following costs during July: $ 12,600 27,100 3,600 3,900 Raw material used 19,100 *80% of this amount relates to the factory. Sales expense Direct labor Factory supplies. Advertising Total manufacturing cost Administrative expense Required: Calculate Acme's total manufacturing costs for July, $ 67,780 Plant depreciation Indirect labor Utilities $ 22,600 7,300 9,100 11,100
Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 11,800 $ 54,600 $ 34,300 Ending $ 18,400 $ 66,000 $ 42,900 $ 32,000 $ 4,700 $ 59,600 $ 88,000 $ 4,060 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
Practice Problem 4: All-About-Us, Inc. has collected the following information for February: Purchases of direct materials Direct labor Indirect labor Depreciation on machinery Sales Selling expenses Rent on the factory building Direct materials and administrative $54,00 0 BB = = 31,200 15,000 9,000 165,00 0 18,900 21,000 $24,00 0 BB = 6,300 BB = 15,000 Work-in-Process Finished Goods Q1: Cost of Goods Manufactured for February = Q2: Cost of Goods Sold for February = Q3: Operating Income for February = EB= EB= EB $26,100 9,600 17,100
Question 1Part IAdvent Corporationhas provided the following data for its activities for the month of May.Beginning Raw Materials Inventory$75,000Ending Raw Materials Inventory$45,000Purchases of Raw Materials$550,000Direct Labour Incurred$120,000Manufacturing Overheads Incurred$250,000Beginning Work in Process$60,000Ending Work in Process$140,000Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May.
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1. Direct Materials Inventory S 8,700 Work in Process Inventory 76,500 Finished Goods Inventory 53,000 Manufacturing Overhead During the month of January, all of the following occurred. Direct labor costs were $42,000 for 1,800 hours worked. Direct materials costing $30,000 and indirect materials costing $3,900 were purchased. Sales commissions of $17,000 were earned by the sales force. Direct materials of $22,000 were used in production. Miscellaneous selling and administrative costs of S6,300 were incurred. Factory supervisors earned salaries of S11,482. Other Indirect labor costs for the month were $3,000. Monthly depreciation on factory equipment was $4,500. Monthly utilities expenses of $5,621 were incurred in the factory. Completed units with manufacturing costs of S69.000 were transferred to finished goods. Monthly…
Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories   Raw materials inventory $ 6,200 $ 7,900 Work in process inventory 12,400 9,200 Finished goods inventory 8,900 5,700 Activity during current year Raw materials purchased $ 123,900 Direct labor 94,200 Factory overhead 39,600 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $39,600 consists of Indirect labor of $20,200, Depreciation expense—Factory of $15,200, and Factory utilities of $4,200. Compute total manufacturing costs. Prepare a schedule of cost of goods manufactured. Do not give answer in image
Subject: Cost management & accounting QUESTION – 9**Following transactions were recorded in the books of Wahid Electronics Est., for the month of April 1989.Beginning Inventories: Rs. Ending Inventories: RsMaterials 19,000 Materials 8,900Work – In – Process 7,500 Work – In – Process 15,700Finished Goods 26,000 Finished Goods 21,750Transactions for the months were:Material Purchased 275,000 Consumable & supplies (Indir. Mat.) 54,000Utilites 60,000 Wages 90,000 (Factory 60%, Office 40%) (Factory 70%, Office 30%)   Salaries – Office Staff 30,000 Salaries – Sales Staff 10,000Travelling Expenses – Sales 25,500 Factory Overheads…
EstimatedFixedCost EstimatedVariableCost(perunitsold) Production costs: Direct materials $19 Direct labor 13 Factory overhead $261,300 10 Selling expenses: Sales salaries and commissions 54,300 4 Advertising 18,400 Travel 4,100 Miscellaneous selling expense 4,500 4 Administrative expenses: Office and officers' salaries 53,100 Supplies 6,500 2 Miscellaneous administrative expense 6,040 2 Total $408,240 $54 It is expected that 8,640 units will be sold at a price of $135 a unit. Maximum sales within the relevant range are 11,000 units. Required: Question Content Area 1.   Prepare an estimated income statement for 20Y7. Belmain Co.Estimated Income StatementFor the Year Ended December 31, 20Y7 $- Select - Cost of goods sold: $- Select - - Select - - Select -…