Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,700 $ 5,600 $ 70,000 Ending $ 10,600 $ 20,200 $ 25,400 $ 650,000 $ 87,000 $ 135,000 $ 104,000 $ 46,000 $ 226,000 $ 205,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.

Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,700 $ 5,600 $ 70,000 Ending $ 10,600 $ 20,200 $ 25,400 $ 650,000 $ 87,000 $ 135,000 $ 104,000 $ 46,000 $ 226,000 $ 205,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.

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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EXERCISE 3-12 Applying Overhead; Cost of Goods Manufactured [LO3-2, L03-6, LO3-7] The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 15,000 130,000 8,000 70,000 240,000 10,000 $473,000 Manufacturing overhead costs incurred: Indirect materials ....... Indirect labor Property taxes, factory ...... Utilities, factory Depreciation, factory ....... Insurance, factory ......... ........... ......... Total actual manufacturing overhead costs incurred ........ Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost ... Inventories: Raw materials, beginning ....... Raw materials, ending ....... Work in process, beginning ...... Work in process, ending ...... $400,000 $60,000 $20,000 $30,000 $40,000 $70,000 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $25 per machine-hour. A total of 19,400 machine-hours was recorded for the year.…
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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 Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning Ending $ 11,600 $ 18,600 $ 54,600 $ 66,700 $ 33,300 $ 42,600 $ 30,000 $ 4,530 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. Required 1 Required 2 $ 59,100 $ 88,500 $ 4,080 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the month.
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:…
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Problem 3: Lederman Inc. has provided the following data for the month of April: Beginning $12,000 $27,000 Inventories Work in process... Finished goods.... Additional Information: Direct materials.. Direct labor costs.. Manufacturing overhead cost incurred...... Manufacturing overhead cost applied to WIP Required: a. Determine costs of goods manufactured for april b. Was the overhead underapplied or overapplied? By how much? $51,000 $91,000 Ending $16,000 $25,000 $60,000 $59,000
Subject : Accounting
Fit Apparel Company reports the following data for its first year of operation. Cost of goods manufactured $155,100 0 90,500 Work in process inventory, beginning Work in process inventory, ending Direct materials used Direct Labor 85,000 60,000 100,600 Manufacturing overhead Finished goods inventory, beginning Finished goods inventory, ending What is the cost of goods sold? O A. $155,100 O B. $340,700 O C. $160,600 O D. $85,100 0 70,000
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