Managerial Accounting
16th Edition
ISBN: 9781259995484
Author: Ray Garrison
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Textbook Question
Chapter 3, Problem 3E
EXERCISE 3-3 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.
Required:
- Prepare a schedule of cost of goods manufactured for the month.
- Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied
overhead is closed to Cost of Goods Sold.
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Students have asked these similar questions
Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):
Selling expenses
$ 214,000
Purchases of raw materials
$ 268,000
Direct labor
?
Administrative expenses
$ 159,000
Manufacturing overhead applied to work in process
$ 373,000
Actual manufacturing overhead cost
$ 355,000
Inventory balances at the beginning and end of the year were as follows:
Beginning
Ending
Raw materials
$ 54,000
$ 40,000
Work in process
?
$ 24,000
Finished goods
$ 39,000
?
The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $33,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.…
Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]
The following data from the just completed year are taken from the accounting records of Mason Company:
Sales
$ 524,000
Direct labor cost
$ 70,000
Raw material purchases
$ 118,000
Selling expenses
$ 140,000
Administrative expenses
$ 63,000
Manufacturing overhead applied to work in process
$ 90,000
Actual manufacturing overhead costs
$ 80,000
Inventories
Beginning
Ending
Raw materials
$ 7,000
$ 15,000
Work in process
$ 10,000
$ 5,000
Finished goods
$ 20,000
$ 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.
Problem 2. Statement of Costs of Goods Manufactured and Income statement.
The following information are gathered from the accounting records of Genet Inc. for the current month:
Inventory information
Beginning balance $
Ending balance $
Raw materials inventory
$46,800
$43,600
Work-in-Process inventory
$33,400
$35,700
Finished goods inventory
$42,500
$31,800
Other information
$
Revenue
$800,000
Purchase of raw materials
$72,100
Indirect materials costs
$5,600
Indirect labor costs
$20,000
Office staff salaries
$28,000
Office equipment depreciation
$2,000
Factory machinery maintenance costs
$5,000
Environmental compliance costs - factory
$1,200
Direct labor - Wages of production line workers
$32,000
Sales staff salaries
$12,000
Advertising costs
$8,000
Miscellaneous manufacturing overhead costs
$11,000
Required:
a.…
Chapter 3 Solutions
Managerial Accounting
Ch. 3.A - EXERCISE 3A-1 Transaction Analysis LO3-5 Carmen...Ch. 3.A - EXERCISE 3A-2 Transaction Analysis LO3-5 Adams...Ch. 3.A - EXERCISE 3A-3 Transaction Analysis LO3-5 Dixon...Ch. 3.A - PROBLEM 3A-4 Transaction Analysis LO3-5 Morrison...Ch. 3.A - PROBLEM 3A-5 Transaction Analysis LO3-5 Star...Ch. 3.A -
PROBLEM 3A-6 Transaction Analysis LO3-5
Brooks...Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - What is underapplied overhead Overapplied...Ch. 3 - 3-4 Provide two reasons why overhead might be...
Ch. 3 - Prob. 5QCh. 3 - How do you compute the raw materials used in...Ch. 3 - Prob. 7QCh. 3 - How do you compute the cost of goods manufactured?Ch. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 1AECh. 3 - Prob. 2AECh. 3 - Prob. 3AECh. 3 - Prob. 4AECh. 3 - Prob. 1F15Ch. 3 - Prob. 2F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 4F15Ch. 3 - Prob. 5F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 7F15Ch. 3 - Prob. 8F15Ch. 3 - Prob. 9F15Ch. 3 - Prob. 10F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 12F15Ch. 3 - Prob. 13F15Ch. 3 - Prob. 14F15Ch. 3 - Prob. 15F15Ch. 3 - EXERCISE 3-1 Prepare Journal Entries LO3-1 Lamed...Ch. 3 - Prob. 2ECh. 3 - EXERCISE 3-3 Schedules of Cost of Goods...Ch. 3 - EXERCISE 3-4 Underapplied and Overapplied Overhead...Ch. 3 - Prob. 5ECh. 3 - EXERCISE 3-6 Schedules of Cost of Goods...Ch. 3 - (
$
15,000...Ch. 3 - EXERCISE 3-8 Applying Overhead: Journal Entries;...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 -
PROBLEM 3-11: T-Account Analysis of Cost Flows...Ch. 3 - Prob. 12PCh. 3 - PROBLEM 3-13 Schedules of Cost of Goods...Ch. 3 - Prob. 14PCh. 3 -
PROBLEM 3-15 Journal Entries; T-Accounts;...Ch. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18C
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