# Preparing a Schedule of Cost of Goods Manufactured### Primare Corporation Schedule of Cost of Goods Manufactured#### Direct Materials:- (Fields for specific entries related to direct materials) - ________________ - ________________ - Total raw materials available: ________________ - ________________ - Raw materials used in production: ________________#### Direct Materials Used in Production:- ________________- ________________- ________________#### Manufacturing Costs:- Total manufacturing costs added to production: $0- Total manufacturing costs to account for: ________________- ________________#### Final Calculations:- Cost of goods manufactured: ________________### Explanation of the Diagram:The diagram shown is a tabular form used for calculating the Schedule of Cost of Goods Manufactured for Primare Corporation. This schedule includes several sections:1. **Direct Materials**: - This section records the details of raw materials used in production. - It includes spaces for specific entries related to the direct materials. - The 'Total raw materials available' is calculated before determining the 'Raw materials used in production.' 2. **Direct Materials Used in Production**: - This section calculates the cost of materials used during the production phase.3. **Manufacturing Costs**: - This records the total manufacturing costs added to production. - It includes a pre-set value of $0 for illustrative purposes and space for further entries. 4. **Final Calculations**: - The final section details the total manufacturing costs to account for and the final cost of goods manufactured. This structured table is designed to help systematically organize and determine the overall production costs involved in manufacturing for the given month. **Title: Understanding Cost of Goods Manufactured and Cost of Goods Sold****Introduction:**Primare Corporation has provided the following data concerning last month’s manufacturing operations. This data is essential for preparing a schedule of cost of goods manufactured and a schedule of cost of goods sold. **Data Provided:**1. **Purchases and Costs:** - Purchases of raw materials: $30,000 - Indirect materials used in production: $5,000 - Direct labor: $58,000 - Manufacturing overhead applied to work in process: $87,000 - Underapplied overhead: $4,0002. **Inventories:** - **Beginning Inventories:** - Raw materials: $12,000 - Work in process: $56,000 - Finished goods: $35,000 - **Ending Inventories:** - Raw materials: $18,000 - Work in process: $65,000 - Finished goods: $42,000**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.**Explanation on how to get the required results:****1. Schedule of Cost of Goods Manufactured:** - **Direct Materials Used:** - Beginning raw materials + Purchases of raw materials - Ending raw materials. - **Total Manufacturing Costs:** - Direct materials used + Direct labor + Manufacturing overhead applied to work in process. - **Total Cost of Work in Process:** - Total manufacturing costs + Beginning work in process inventory. - **Cost of Goods Manufactured:** - Total cost of work in process - Ending work in process inventory.**2. Schedule of Cost of Goods Sold:** - **Beginning Finished Goods Inventory:** - **Add: Cost of Goods Manufactured** - **Less: Ending Finished Goods Inventory** - **Adjust for Underapplied or Overapplied Overhead:** - Add underapplied overhead or subtract overapplied overhead.Understanding these concepts will help in evaluating manufacturing efficiency and financial performance of the company accurately.**Graphs and Diagrams:**There are no graphs or diagrams provided in this data set. The information is presented in tabular

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Description: # Preparing a Schedule of Cost of Goods Manufactured### Primare Corporation Schedule of Cost of Goods Manufactured#### Direct Materials:- (Fields for specific entries related to direct materials) - ________________ - ________________ - Total raw

SOLUTION- 1 PREPARE THE SCHEDULE OF COST OF GOOD MANUFACTURED FOR THE MONTH- PARTICULARS AMOUNT $…

Business

Accounting

Primare Corporation has provided the following data concerning last month's manufacturing operations. $30,000 $ 5,000 $58,000 $87,000 $ 4,000 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 $ 12,000 $ 18,000 $ 56,000 $ 65,000 $ 35,000 $ 42,000 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.

Primare Corporation has provided the following data concerning last month's manufacturing operations. $30,000 $ 5,000 $58,000 $87,000 $ 4,000 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 $ 12,000 $ 18,000 $ 56,000 $ 65,000 $ 35,000 $ 42,000 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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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.
K Inc. has provided the following data for the month of May: Inventories: Beginning Ending $ 31,000 $26,000 $ 60,000 $64,000 Work in process Finished goods Additional information: Direct materials $ 71,000 $101,000 $ 77,000 $ 75,000 Direct labor cost 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. The cost of goods manufactured for May is: Multiple Choice $254,000 $252,000 $247,000 $249,000
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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A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was a.$226,000 b.$218,000 c.$222,000 d.$190,000
How can i resolve this problem? Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,990 Direct labor $ 59,000 Manufacturing overhead applied to work in process $ 88,200 Underapplied overhead $ 4,130 Inventories Beginning Ending Raw materials $ 11,700 $ 18,600 Work in process $ 55,800 $ 67,300 Finished goods $ 33,400 $ 42,900 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 costs were incurred in May: Direct materials $44,600 Direct labor $28,900 $18,400 Manufacturing overhead Selling expenses Administrative expense $23,200 $35,000 Prime costs during the month totaled: Multiple Choice $150,100 O $91,900 $47,300 $73,500
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.
3 A company has incurred the following total costs for its very first month of operations: Raw materials purchased $67,000 Direct labor $81,000 Variable factory overhead $26,000 Fixed factory overhead ? Variable selling and administrative $6,000 Fixed selling and administrative $8,000 The company also reported the following information: Sales (1,600 units) Gross margin $192,000 $57,000 Ending inventories: Raw materials $10,000 Work-in-process Finished goods (in units) None 900 units How much fixed overhead cost is included in ending finished goods inventory under absorption costing?
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Mason Company provided the following data for this year: Sales $ 659,000 Direct labor cost $ 82,000 Raw material purchases $ 131,000 Selling expenses $ 101, 000 Administrative expenses $ 48,000 Manufacturing overhead applied to work in process $ 226,000 Actual manufacturing overhead costs $ 202, 000 Inventories Beginning Ending Raw materials $ 8,800 $ 10, 500 Work in process $ 5,100 $ 21,000 Finished goods $ 77,000 $25, 600 Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.