Primare Corporation has provided the following data concerning last month's manufacturing operations.Purchases of raw materialsIndirect materials used in productionDirect laborManufacturing overhead applied to work in processUnderapplied overhead$ 30,000$ 5,000$ 58,000$ 87,000$ 4,000InventoriesBeginningEndingRaw materials$ 12,000$ 18,000Work in process$ 56,000$ 65,000Finished goods$ 35,000$ 42,000Required: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 ofGoods Sold.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare a schedule of cost of goods manufactured for the month.Direct materials:Primare CorporationSchedule of Cost of Goods ManufacturedTotal raw materials availableRaw materials used in productionDirect materials used in productionTotal manufacturing costs added to productionTotal manufacturing costs to account forCost of goods manufactured

Answered: Primare Corporation has provided the…

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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The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process - Assembly Department Transaction Debit amount Transaction Credit amount Bal., 30, 000 units, 40% completed 1,075,500 To Finished Goods, 406, 000 units ? Direct materials, 400, 000 units @ $11.25 4,500,000 Direct labor 4,012, 000 Factory overhead 20,060,000 Bal., ? units, 30% completed ? Cost per equivalent units of $11.25 for Direct Materials and $60.00 for Conversion Costs.
b) Greer Company provides architectural services for mall development companies. The following data are available for 2016. Expected Use of Activity Cost Pool Secretarial support Direct labor fringe benefits Printing and copying Computer support Liability insurance Estimated Overhead RM 220,000 Cost Driver per Activity 25,000 professional hours RM 500,000 direct labor cost 20,000 pages 50,000 minutes RM 2,800,000 billed revenue 200,000 30,000 250,000 140,000 Required: Compute the activity-based overhead rates.
Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2014. Costs and Production Data Actual Standard Raw materials unit cost $2.25 $2.10 Raw materials units used 10,600 10,000 Direct labor payroll $120,960 $120,000 Direct labor hours worked 14,400 15,000 Manufacturing overhead incurred $189,500 Manufacturing overhead applied $193,500 Machine hours expected to be used at normal capacity 42,500 Budgeted fixed overhead for June $55,250 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $1.30 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used. Instructions (a) Compute all of the variances for (1) direct…
The following costs were incurred in May: Direct materials 41,000 Direct labor $13,000 Manufacturing overhead $ 46,000 Selling expenses 18,000 Administrative expenses $15,000 What is the total conversion cost? $133,000 $54,000 $87,000 O $59,000 %24 %24
Acme Incorporated incurs the following costs during July: $ 12,600 27,100 Sales expense Direct labor Factory supplies Advertising 3,600 3,900 19,100 Raw material used *80% of this amount relates to the factory. Required: Calculate Acme's total manufacturing costs for July. Total manufacturing cost Administrative expense Plant depreciation Indirect labor Utilities $ 55,300 $ 22,600 7,300 9,100 11,100-
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The following are Margin Company's production costs for December: Direct Materials $ 105,000 Direct Labor 95,000 Factory Overhead 9,000 What amount of costs should be traced to specific products in the production process?
Carbon Company provides the following information about resources. Unused Resources Capacity Cost Driver Volume Resources used Materials $ 2,500 10,000 pounds Energy 5,750 360 machine-hours Setups 0 89 setups Purchasing 4,000 90 purchase orders Customer service 7,900 70 returns Long-term labor 4,150 350 labor-hours Administrative 4,880 440 labor-hours Resources supplied Materials $ 122,500 Energy 21,950 Setups 24,920 Purchasing 26,500 Customer service 20,500 Long-term labor 29,700 Administrative 28,200 Sales revenue for Carbon Company is $590,000. Required: a. Prepare a traditional income statement.b. Prepare an activity-based income statement.
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,570 Direct labor $ 58,600 Manufacturing overhead applied to work in process $ 88,700 Underapplied overhead $ 4,100 Inventories Beginning Ending Raw materials $ 10,700 $ 19,400 Work in process $ 54,700 $ 65,200 Finished goods $ 33,200 $ 42,900 Can you please help me with the following (also see attached image) Prepare a schedule of cost of goods manufactured and cost of goods sold for the month. ***Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold***
Information from the records of Conundrum Company for September was as follows: Sales $307,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labor 75,000 Variable factory overhead 50,000 Factory overhead 51,250 Inventories Sept. 1 Sept 30 Direct materials $ 8,000 $10,500 Work in process 18,750 21,000 Finished goods 17,250 14,250 Conundrum Company produced 20,000 units.What is the total product cost per unit (rounded to the nearest cent)? a.$12.24 b.$14.74 c.$12.11 d.$12.18

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