Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, May 1 Work in process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 $33,000 38,000 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Cost of goods manufactured 27,000 25,000 25,830 22,000 14,000 Total manufacturing costs incurred during May Total manufacturing costs Cost of goods sold b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold

Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, May 1 Work in process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 $33,000 38,000 a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 Company Statement of Cost of Goods Manufactured Cost of goods manufactured 27,000 25,000 25,830 22,000 14,000 Total manufacturing costs incurred during May Total manufacturing costs Cost of goods sold b. For May, using the data given, prepare a statement of Cost of Goods Sold. Princeton 3 Company Statement of Cost of Goods Sold

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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Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 47477f001f8204f_9 Total manufacturing costs $fill in the blank 47477f001f8204f_10 - Select - Cost of goods manufactured $fill in the blank 47477f001f8204f_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,313 Direct labor 24,500 Factory overhead 38,564 Work in process inventory, March 1 15,171 Work in process inventory, March 31 21,235 Finished goods inventory, March 1 24,430 Finished goods inventory, March 31 22,114 a. Determine the cost of goods manufactured.$ b. Determine the cost of goods sold.
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200
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Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: OnCompany OffCompany Materials inventory, December 1 $87,370 $114,450 Materials inventory, December 31 (a) 129,330 Materials purchased 221,920 (a) Cost of direct materials used in production 234,150 (b) Direct labor 329,380 257,510 Factory overhead 102,220 128,180 Total manufacturing costs incurred in December (b) 740,490 Total manufacturing costs 833,500 833,500 Work in process inventory, December 1 167,750 275,820 Work in process inventory, December 31 141,540 (c) Cost of goods manufactured (c) 733,620 Finished goods inventory, December 1 147,660 128,180 Finished goods inventory, December 31 154,640 (d) Sales 1,287,830 1,144,500 Cost of goods sold (d) 740,490 Gross…
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