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1. Information about German Industries for the month ending March 31, 2024, is as follows: Sales Cost of goods sold Net operating income Beginning inventories: Direct materials Work in process Finished goods $900,000 600,000 100,000 60,000 40,000 70,000 Ending direct materials is 25 percent smaller than beginning direct materials. Ending work in process is 90 percent of the beginning work in process. Ending finished goods decreased by $10,000 during the year. Prime costs and conversion costs are 70 percent and 80 percent of total manufacturing costs added, respectively. Assume no income taxes or indirect materials. Required: Prepare a statement of cost of goods manufactured for March. Prepare an absorption income statement for March Calculate prime costs for March Calculate conversion costs for March

1. Information about German Industries for the month ending March 31, 2024, is as follows: Sales Cost of goods sold Net operating income Beginning inventories: Direct materials Work in process Finished goods $900,000 600,000 100,000 60,000 40,000 70,000 Ending direct materials is 25 percent smaller than beginning direct materials. Ending work in process is 90 percent of the beginning work in process. Ending finished goods decreased by $10,000 during the year. Prime costs and conversion costs are 70 percent and 80 percent of total manufacturing costs added, respectively. Assume no income taxes or indirect materials. Required: Prepare a statement of cost of goods manufactured for March. Prepare an absorption income statement for March Calculate prime costs for March Calculate conversion costs for March

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Information about German Industries for the month ending March 31, 2024, is as follows: Sales Cost of goods sold Net operating income Beginning inventories: Direct materials Work in process Finished goods $900,000 600,000 100,000 60,000 40,000 70,000 Ending direct materials is 25 percent smaller than beginning direct materials. Ending work in process is 90 percent of the beginning work in process. Ending finished goods decreased by $10,000 during the year. Prime costs and conversion costs are 70 percent and 80 percent of total manufacturing costs added, respectively. Assume no income taxes or indirect materials. Required: Prepare a statement of cost of goods manufactured for March. Prepare an absorption income statement for March Calculate prime costs for March Calculate conversion costs for March
Transcribed Image Text:1. Information about German Industries for the month ending March 31, 2024, is as follows: Sales Cost of goods sold Net operating income Beginning inventories: Direct materials Work in process Finished goods $900,000 600,000 100,000 60,000 40,000 70,000 Ending direct materials is 25 percent smaller than beginning direct materials. Ending work in process is 90 percent of the beginning work in process. Ending finished goods decreased by $10,000 during the year. Prime costs and conversion costs are 70 percent and 80 percent of total manufacturing costs added, respectively. Assume no income taxes or indirect materials. Required: Prepare a statement of cost of goods manufactured for March. Prepare an absorption income statement for March Calculate prime costs for March Calculate conversion costs for March
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