Primare Corporation has provided the following data concerning last month's manufacturing operations.Purchases of raw materialsIndirect materials used in productionDirect laborManufacturing overhead applied to work in processUnderapplied overheadInventoriesRaw materialsWork in processFinished goodsRequired: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 ofGoods Sold.Complete this question by entering your answers in the tabs below.Direct materials:Required 1Prepare a schedule of cost of goods manufactured for the month.Primare CorporationSchedule of Cost of Goods ManufacturedRequired 2Beginning$ 10,300$ 55,300$ 33,400Total raw materials availableRaw materials used in productionDirect materials used in productionEnding$ 18,500$ 68,100$ 42,100Total manufacturing costs added to productionTotal manufacturing costs to account forCost of goods manufactured$ 30,000$4,890$ 60,000$ 87,000$ 4,050

SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Primare Corporation has provided the following data concerning last month's manufacturing operations. 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 Complete this question by entering your answers in the tabs below. Required 1 Beginning $ 10,300 $ 55,300 $ 33,400 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. Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Ending $ 18,500 $ 68,100 $ 42,100 Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured $ 30,000 $ 4,890 $ 60,000 $ 87,000 $ 4,050

Primare Corporation has provided the following data concerning last month's manufacturing operations. 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 Complete this question by entering your answers in the tabs below. Required 1 Beginning $ 10,300 $ 55,300 $ 33,400 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. Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Ending $ 18,500 $ 68,100 $ 42,100 Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured $ 30,000 $ 4,890 $ 60,000 $ 87,000 $ 4,050

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 3E: The following data appeared in the accounting records of Craig Manufacturing Inc., which uses the...

See similar textbooks

Similar questions

Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
Job cost sheets show the following information: What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?
The following is a list of manufacturing costs incurred by Denney Manufacturing Co. during July: Prepare the journal entries to: a. Charge the cost of materials to Work in Process and Factory Overhead. b. Charge the cost of labor to Work in Process and Factory Overhead. c. Record Factory Overhead costs. d. Record the transfer of Factory Overhead to Work in Process.
Prepare a cost of production report for the Cutting Department of Dalton Carpet Company for January. Assuming that direct materials are placed in process during production, use the weighted average method with the following data:
Bangor Products Co. obtained the following information from its records for April: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for April: a. The gross profit or loss for each job completed and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)
Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.
Premier Products Inc. has three departments and uses the process cost system of accounting. A portion of the departmental cost work sheet prepared by the cost accountant at the end of July is reproduced below. Using the data in P5-7: 1. Draft the necessary entries to charge the materials and labor costs to the appropriate work in process accounts, to apply factory overhead to work in process, and to record the transfer of costs from one department to another. 2. Prepare a statement of cost of goods manufactured for the month ended July 31.
Spokane Production Co. obtained the following information from its records for July: Required: 1. Prepare, in summary form, the journal entries that would have been made during the month to record issuing materials to production, the distribution of labor, and overhead costs; the completion of the jobs; and the sale of the jobs. 2. Prepare schedules computing the following for July: a. The gross profit or loss for each job completed and sold, and for the business as a whole. b. For each job, the gross profit or loss per unit. (Round to the nearest cent.)
Summary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?
Monterrey Products Co. uses the process cost system. A record of the factory operations for the month of October follows: Required: Prepare a cost of production summary, assuming that the production losses are considered to be normal.
The following information, taken from the books of Herman Brothers Manufacturing represents the operations for January: The job cost system is used, and the February cost sheet for Job M45 shows the following: The following actual information was accumulated during February: Required: 1. Using the January data, ascertain the predetermined factory overhead rates to be used during February, based on the following: a. Direct labor cost b. Direct labor hours c. Machine hours 2. Prepare a schedule showing the total production cost of Job M45 under each method of applying factory overhead. 3. Prepare the entries to record the following for February operations: a. The liability for total factory overhead. b. Distribution of factory overhead to the departments. c. Application of factory overhead to the work in process in each department, using direct labor hours. (Use the predetermined rate calculated in Requirement 1.) d. Closing of the applied factory overhead accounts. e. Recording under- and overapplied factory overhead and closing the actual factory overhead accounts.
Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Required: Prepare a cost of production summary for each department. (Hint: When preparing the Converting production summary, refer to the Rolling production summary for the costs transferred in during the month.)