34. LO.7 (CGM; CGS) The cost of goods sold in March 2010 for Targé Co. was$2,644,100. March 31 Work in Process Inventory was 25 percent of the March 1Work in Process Inventory. Overhead was 225 percent of direct labor cost. DuringMarch, $1,182,000 of direct material was purchased. Other March informationfollows:InventoriesDirect MaterialWork in ProcessFinished GoodsMarch 1$ 30,00090,000125,000March 31$ 42,000?18,400a. Prepare a schedule of the cost of goods sold for March.b. Prepare the March cost of goods manufactured schedule.c. What was the amount of prime cost incurred in March?d. What was the amount of conversion cost incurred in March?

Cost of goods manufactured are the production costs incurred to produce finished goods in a specific…

a. Prepare a schedule of the cost of goods sold for March. b. Prepare the March cost of goods manufactured schedule. c. What was the amount of prime cost incurred in March? d. What was the amount of conversion cost incurred in March?

a. Prepare a schedule of the cost of goods sold for March. b. Prepare the March cost of goods manufactured schedule. c. What was the amount of prime cost incurred in March? d. What was the amount of conversion cost incurred in March?

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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Question

34. LO.7 (CGM; CGS) The cost of goods sold in March 2010 for Targé Co. was
$2,644,100. March 31 Work in Process Inventory was 25 percent of the March 1
Work in Process Inventory. Overhead was 225 percent of direct labor cost. During
March, $1,182,000 of direct material was purchased. Other March information
follows:
Inventories
Direct Material
Work in Process
Finished Goods
March 1
$ 30,000
90,000
125,000
March 31
$ 42,000
?
18,400
a. Prepare a schedule of the cost of goods sold for March.
b. Prepare the March cost of goods manufactured schedule.
c. What was the amount of prime cost incurred in March?
d. What was the amount of conversion cost incurred in March?

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