StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end ofMarch:Beginning Inventory$ 28,90022,30079,900Additional information for the month of March follows:Raw materialsWork in processFinished goodsRaw materials purchasesIndirect materials usedDirect laborEndingInventory$ 26,60045,60068,400Manufacturing overhead appliedSelling, general, and administrative expensesSales revenueRequired 1 Required 21Required:1. Based on the above information, prepare a cost of goods manufactured report.2. Based on the above information, prepare an income statement for the month of March.Complete this question by entering your answers in the tabs below.$ 40,1001,20063,00035,20024,900237,100

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

StorSmart Company makes plastic organizing bins. The company has the following inventory balances March: Beginning Inventory $ 28,900 22,300 79,900 Additional information for the month of March follows: Raw materials Work in process Finished goods Ending Inventory $ 26,600 45,600 68,400 Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,100 1,200 63,000 35,200 24,900 237,100 Required: 1. Based on the above information, prepare a cost of goods manufactured report.

StorSmart Company makes plastic organizing bins. The company has the following inventory balances March: Beginning Inventory $ 28,900 22,300 79,900 Additional information for the month of March follows: Raw materials Work in process Finished goods Ending Inventory $ 26,600 45,600 68,400 Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue $ 40,100 1,200 63,000 35,200 24,900 237,100 Required: 1. Based on the above information, prepare a cost of goods manufactured report.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 15E: LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the...

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Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
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
LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant: During June, direct labor cost was 143,000, direct materials purchases were 346,000, and the total overhead cost was 375,800. The inventories at the end of June were: Required: 1. Prepare a cost of goods manufactured statement for June. 2. Prepare a cost of goods sold schedule for June.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and 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 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
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