For March, determine (a) the cost of goods manufactured and (b) the cost of goods sold.PE 18-5B Cost of goods sold, cost of goods manufacturedOBJ. 4Glenville Company has the following information for April:Cost of direct materials used in production$280,000Direct labor324,000Factory overheadWork in process inventory, April 1188,90072,30076,800Work in process inventory, April 30Finished goods inventory, April 1Finished goods inventory, April 3039,60041,200For April, determine (a) the cost of goods manufactured and (b) the cost of goods sold.

Cost of goods sold: Cost of goods sold is the accumulate total of all direct cost incurred in…

Answered: For March, determine (a) the cost of…

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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Prepare the schedule of cost of goods manufactured for Barton Company using the following Information for the year ended December 31. Direct materials used Direct labor Factory overhead Work in process inventory, beginning Work in process inventory, ending Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31 Direct materials used Direct labor Factory overhead $ 225,000 66, 508 25, 200 168, 490 160,000 Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ 0 0
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 Reginning $ 10,200 $ 54,900 $ 34,600 Ending $18,700 $66,400 $ 43,700 Required 1 Required 2 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. $ 30,000 $4,570 $ 59,100 $ 87,500 $ 4,010 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured
A9
Primare Corporation provided the following data for 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 Ending $ 19, 100 Beginning $ 11, 100 $ 55,500 $ 66,300 $ 34,000 $ 42, 600 $ 32,000 $ 4,910 $ 58,800 $ 88,400 $ 4,110 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
PSMO Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year Raw Materials: Inventory, Jan. 1 Issuance to production Purchases on account Factory Labor: Total Factory payroll Factory overhead: Plant depreciation Utilities Repair and Maintenance Indirect Materials Indirect Labor Other overhead costs Work in process: Jan. 1 Dec. 31 P 6,940,000 P 3,370,000 P 7,010,000 P600,000 3,600,000 4,350,000 P 186,000 2,700,000 How much is the total manufacturing costs assuming factory overhead is applied at 70% of direct labor costs 200,000 145,000 145,000 230,000 600,000 105,000 720,000 650,000
Bledsoe Corporation has provided the following data for the month of November: Ending $ 21,700 Beginning $ 25,700 $ 17,700 $ 48,700 $ 10,700 $ 56,700 Inventories Raw materials Work in process Finished Goods Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Prepare a Schedule of Cost of Goods Manufactured. Beginning work in process inventory Direct materials: Total raw materials available for use Raw materials used in production Direct materials used in production BLEDSOE CORPORATION Schedule of Cost of Goods Manufactured Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods…
Bledsoe Corporation has provided the following data for the month of November: Beginning $ 25,700 Ending $ 21,700 $ 17,700 $ 48,700 Inventories Raw materials Work in process Finished Goods Additional information: Raw materials purchases Direct labor cost $ 10,700 $56,700 Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Complete this question by entering your answers in the table below. Schedule of Schedule of COGS COGM $ 72,700 $ 92,700 $ 42,770 $ 4,070 $41,700
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 $ 10,700 $ 55,700 $ 33,100 Ending $ 18,000 $ 65,400 $ 43,200 $ 32,000 $ 4,950 $ 59,600 $ 88,700 $ 4,170 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.
The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials Work in process Finished goods March 31 Inventory balances Raw materials Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues Required A Required B Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. $ 124,100 118,300 76,300 Complete this question by entering your answers in the tabs below. $ 85,400 145,700 80,500 Raw materials available for use $ 118,500 100,800 61, 600 356,000 Prepare a schedule of cost of goods manufactured and sold. Direct raw materials used THORNTON MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For March Year 3 Total manufacturing costs 0 0 0
1
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,039 Direct labor 25,600 Factory overhead 30,572 Work in process inventory, March 1 18,340 Work in process inventory, March 31 20,102 Finished goods inventory, March 1 23,887 Finished goods inventory, March 31 23,750 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
please solve both parts with work like explanation , computation , formula and with steps answer in text

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