Exercise 3-3 (Algo) 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. Purchases of raw materials Direct labor $ 30,000 Indirect materials used in production $ 4,800 $ 59,500 Manufacturing overhead applied to work in process Underapplied overhead $ 88,000 $ 4,060 Inventories Beginning Raw materials $ 10,100 Ending $ 19,000 Work in process $ 54,300 $ 69,900 Finished goods $ 33,300 $ 43,400 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.

Exercise 3-3 (Algo) 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. Purchases of raw materials Direct labor $ 30,000 Indirect materials used in production $ 4,800 $ 59,500 Manufacturing overhead applied to work in process Underapplied overhead $ 88,000 $ 4,060 Inventories Beginning Raw materials $ 10,100 Ending $ 19,000 Work in process $ 54,300 $ 69,900 Finished goods $ 33,300 $ 43,400 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to 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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a not for profit entity provides the following information for the year 2023. Unrestricted pledges received this year, due within 12 months $ 150,000 Contributions to the endowment received $25,000 percentage of unrestricted pledge expected to be received. 92% collections of pledge before the end of the year $ 90,000 pledge written off at year end $ 4,000 Required: prepare the journal entries for these transactions for the year 2023?
On 1 April 2019, Magnolia Ltd was incorporated and a prospectus was issued inviting applications for 100000 shares, at an issue price of $10, payable $5 on application, $2.50 on allotment and $1.25 on calls to be made after the date of allotment. By 30 April, applications were received for 120 000 shares. On 3 May, the directors allotted 100 000 ordinary shares to the applicants in proportion to the number of shares for which applications had been made. The surplus application money was offset against the amount payable on allotment. The balance of the allotment money was received by 10 May. Share issue costs of $800 were also paid on the same date. The calls were made on the dates stated in the prospectus, but the holders of 15 000 shares did not pay call. On 10 March 2017, as provided by the company’s constitution, the directors forfeited the 15 000 shares on which calls were unpaid. The constitution does not provide for refund of any balance in the forfeited shares account after…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @$13 per DLH Actual Results 62,100 pounds @ $8.10 per pound 26,000 hours @ $15.50 per hour $ 349,600 8,800 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH=Standard Hours AR = Actual Rate SR Standard Rate Actual Cost $ 0 $ 00 0 0 $ 0 Standard Cost
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour 8,900 units $ 325,700 Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH Actual Hours SH Standard Hours Standard Rate AR Actual Rate SR Actual Cost G < Prev 8 of 8 Next Standard Cost
Exercise 3-3 (Algo) 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. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,870 Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning Ending $ 10,600 $ 18,000 $ 55,100 $ 68,200 $ 34,900 $ 43,500 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured $ 59,100 $ 87,200 $ 4,010 Beginning work in process inventory Direct materials:…
Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 During the month of January, all of the following occurred: 1. Direct labor costs were $48,000 for 1,800 hours worked. 2. Direct materials costing $29,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15.500 were earned by the sales force. 4. Direct materials of $21,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $10,807. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $7,268 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to…
estions | bartleby G How many units must be in... My Home CengageNOWv2| Online te.. eВook During March, the following costs were charged to the manufacturing department: $13,520 for materials; $14,700 for labor; and $14,100 for manufacturing overhead. The records show that 31,400 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,800 equivalent units of materíal and 32,360 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory? When required, round cost per unit to two decimal places and the final answers to the nearest dollar. Cost of inventory transferred $ %24 Balance in work in process
answer 1,2,3 in detail
Required Information Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6) [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor During 20x2, manufacturing overhead of $180,000 was applied to production. Products costing $122,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Exercise 3-31 Part 1 Raw material Work in process Finished goods Beg. Bal. Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. End. Bal. Beg. Bal. Beg. Bal End. Bal. Beg. Bal End. Ball $ 173,000 321,000 End. Bal. $ 225,000 18,000 32,000 Raw-Material Inventory Wages Payable Finished-Goode Inventory Accounts Receivable Beg. Bal. Direct material Direct labor Manufacturing…
Inventories: Raw material April 1 $20,000 April 30 $17,000 8,000 Work in process Finished goods 12,000 30,000 39,000 Additional information for April: Raw material purchased Direct labor payroll Direct labor rate per hour Overhead rate per direct labor hour $45,000 $36,000 $ 8.00 $ 10.00 1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?