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1. Cost of goods manul rad; prime and converslon costs. Mat Company purchases of materials during March totaled $110,000, and the cost of goods sold for March was $345,000. Factory overhead was 50% of direct labor cost. Other information pertaining to Mat Company's inventories and production for March is as follows: Inventories: Beginning $102,000 40,000 20,000 Finished goods. Work in process. Ending $105,000 36,000 Materials... 26 000 Required: (1) Prepare a schedule of cost of goods manutactured for March. (2) Compute the prime cost charged to work in process during March. (3) Compute the conversion cost charged to work in process during March. 2, Income statement. Hansford Inc. submits the following data for September: Diract labor cost, $30,000. Cost of goods sold, $111,000, before adjusting for over- or underapplied overhea Factory overhead is applied at the. rate of 150% of direct labor cost. Over- underapplled factory overhead is closed to the cost of goods sold account. Inventory accounts showed these beginning and ending balances: September 1 September 30

1. Cost of goods manul rad; prime and converslon costs. Mat Company purchases of materials during March totaled $110,000, and the cost of goods sold for March was $345,000. Factory overhead was 50% of direct labor cost. Other information pertaining to Mat Company's inventories and production for March is as follows: Inventories: Beginning $102,000 40,000 20,000 Finished goods. Work in process. Ending $105,000 36,000 Materials... 26 000 Required: (1) Prepare a schedule of cost of goods manutactured for March. (2) Compute the prime cost charged to work in process during March. (3) Compute the conversion cost charged to work in process during March. 2, Income statement. Hansford Inc. submits the following data for September: Diract labor cost, $30,000. Cost of goods sold, $111,000, before adjusting for over- or underapplied overhea Factory overhead is applied at the. rate of 150% of direct labor cost. Over- underapplled factory overhead is closed to the cost of goods sold account. Inventory accounts showed these beginning and ending balances: September 1 September 30

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. Cost of goods manul.wad; prime and converslon costs. Mat Company purchases of materials during March totaled $110,000, and the cost of goods sold for March was $345,000. Factory overhead was 50% of direct labor cost. Other information pertaining to Mat Company's inventories and production tor March is as folluws: Inventories: Finished goods. Work in process.. Materials. Beginning $102,000 40,000 Ending $105,000 36,000 20,000 26 000 Required: (1) Prepare a schedule of cost of goods manutactured for March. (2) Compute the prime cost charged to work in process during March. (3) Compute the conversion cost charged to work in process during March. 2, Income statement. Hansford Inc. submits the following data for September: Diract labor cost, $30,000. Cost of goods sold, $111,000, before adjusting for over- or underapplied overhea Factory overhead is applied at the. rate of 150% of direct labor cost. Over- underapplied factory overhead is closed to the cost of goods sold account. Inventory accounts showed these beginning and ending balances: September 1 September 30 $15.000 $17 500
Transcribed Image Text:1. Cost of goods manul.wad; prime and converslon costs. Mat Company purchases of materials during March totaled $110,000, and the cost of goods sold for March was $345,000. Factory overhead was 50% of direct labor cost. Other information pertaining to Mat Company's inventories and production tor March is as folluws: Inventories: Finished goods. Work in process.. Materials. Beginning $102,000 40,000 Ending $105,000 36,000 20,000 26 000 Required: (1) Prepare a schedule of cost of goods manutactured for March. (2) Compute the prime cost charged to work in process during March. (3) Compute the conversion cost charged to work in process during March. 2, Income statement. Hansford Inc. submits the following data for September: Diract labor cost, $30,000. Cost of goods sold, $111,000, before adjusting for over- or underapplied overhea Factory overhead is applied at the. rate of 150% of direct labor cost. Over- underapplied factory overhead is closed to the cost of goods sold account. Inventory accounts showed these beginning and ending balances: September 1 September 30 $15.000 $17 500
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