For May, determine a) the cost of goods manufactured and b) the cost of goods sold
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Princeton 3 Company has the following information for May:
Cost of direct materials used in production $17,300
Direct labor 44,700
Factory
Work in process inventory, May 1 72,100
Work in process inventory, May 31 76,400
Finished goods inventory, May 1 30, 300
Finished goods inventory, May 31 34,600
For May, determine a) the cost of goods manufactured and b) the cost of goods sold
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- Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, June 1 Work in process inventory, June 30 Finished goods inventory, June 1 Finished goods inventory, June 30 a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall Company Statement of Cost of Goods Manufactured Costs Type Work in process inventory, June 1 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in June Total manufacturing costs Work in process inventory, June 30 Cost of goods manufactured ✓ $260,000 340,000 182,300 70,200 74,000 33,300 44,100 ✓ Amount $ Amount 260,000 XPlease answer the following subparts in regards to this same question: d. Direct labor usede. Indirect labor usedf. Other overhead costs paid in cash Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs)…Do not give answer in image
- 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…Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600 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 22653a05d041061_9 Total manufacturing costs $fill in the blank 22653a05d041061_10 - Select - Cost of goods manufactured $fill in the blank 22653a05d041061_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…The following information is available from Gabe's LOL Co. for the month ending September 30, 20XX. Gabe's LOL Co. Information Direct materials used in production 215,500 Direct Labor 199,200 84,400 97,500 114,700 Work-in-Process, Sept. 1 Work-in-Process, Sept. 30 Total Factory Overhead Determine Gabe's LOL Co. cost of goods manufactured for the month ending September 30, 20XX. Gabe's LOL Co. Schedule of Cost of Goods Manufactured For Month Ending Sept. 30, 20xx
- Nincada Inc Inc has provided the following data for the month of March. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work-in-Process Finished Goods Cost of Goods Sold Total Direct Materials ₱ 4,450 ₱ 5,800 ₱ 8,500 ₱ 18,750 Direct Labor ₱ 5,750 ₱ 5,374 ₱ 9,700 ₱ 20,824 Applied Overhead ₱ 6,200 ₱ 11,950 ₱ 7,876 ₱ 26,026 Total ₱ 16,400 ₱ 23,124 ₱ 26,076 ₱ 65,600 Manufacturing overhead for the month was OVERAPPLIED by ₱8,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the ending balances in those accounts. Nincada's Finished Goods after allocation of any underapplied or overapplied overhead for the month is closest to ₱_____________. Note: For interim calculations, use 5 decimal places; round-off final answer to…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 7,200Cost of Goods Sold, Cost of Goods Manifactured Glenville Company has the following information for April; Cost of direct materials used in production $41,000 Direct labor 55,000 Factory overhead 30, 000 Work in process inventory, April 1, 25,000 Work in process inventory, April 30, 41, 000 Finished goods mventory, April 1, 21,000 Finished goods inventory, Apnt 30, 17, 000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement of Cost of Goods Manufactured Total manufacturing costs incurred in April Total manufacturing costs
- Zoe Corporation has the following information for the month of March. Cost of direct materials used in production $15,231 Direct labor 28,865 Factory overhead 38,485 Work in process inventory, March 1 23,820 Work in process inventory, March 31 20,127 Finished goods inventory, March 1 21,652 Finished goods inventory, March 31 27,344 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2< Zoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold. $16,971 25,726 36,875 18,297 18,757 21,733 25,034
