Primare Corporation provided the following data for last month's manufacturing operations.Purchases of raw materialsIndirect materials used in productionDirect labor$ 30,000$4,930$ 60,000$7,500$ 4,130Manufacturing overhead applied to work in processUnderapplied overheadRav materialsWork in processFinished goodsBeginning$ 11,900$ 54,100$34,900Required: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.Complete this question by entering your answers in the tabs below.Direct materialsRequired 1Required 2Prepare a schedule of cost of goods manufactured.Inding$19,500$ 67,000$ 43,200Total raw materials availablePamare CorporationSchedule of Cost of Goods ManufacturedRaw materials used in productionDirect materials used in production Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare a schedule of cost of goods manufactured.Direct materialsTotal raw materials availablePrimare CorporationSchedule of Cost of Goods ManufacturedRaw materials used in productionDirect materials used in productionTotal manufacturing costs added to productionTotal manufacturing costs to account forCost of goods manufacturedRequired 2 >< Prev3 or 5Next >

Direct material cost is the cost of raw material produced or purchased to produce the final…

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 Raw materials Work in process Finished goods Required 1 Beginning $11,900 $ 54,100 $ 34,900 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. Complete this question by entering your answers in the tabs below. Required 2 Prepare a schedule of cost of goods manufactured. Direct materials Total raw materials available Inding $ 19,500 $ 67,000 $43,200 Pamare Corporation Schedule of Cost of Goods Manufactured Raw maturas used in production Direct materials used in production $ 30,000 $4,930 $ 60,000 $ 87,500 $ 4,130

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 Raw materials Work in process Finished goods Required 1 Beginning $11,900 $ 54,100 $ 34,900 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. Complete this question by entering your answers in the tabs below. Required 2 Prepare a schedule of cost of goods manufactured. Direct materials Total raw materials available Inding $ 19,500 $ 67,000 $43,200 Pamare Corporation Schedule of Cost of Goods Manufactured Raw maturas used in production Direct materials used in production $ 30,000 $4,930 $ 60,000 $ 87,500 $ 4,130

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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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. $17,517 24,466 32,234 15,678 18,439 24,791 22,979
Required Information [The following information applies to the questions displayed below.] The following Information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 35,000 $ 39,000 9,980 56,000 Required 134 Required 2 and 5 20,900 33,500 Cost of direct labor used $ 183,000 200,000 1. In the Raw Materials Inventory T-account, Insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, Insert amounts for…
Prepare a schedule of cost of good manufactured.
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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. $17,282 29,395 33,789 16,813 18,863 20,514 25,262
The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Work in Process Inventory Debit Credit Beginning WIP 4,500 Direct materials 47,100 Direct labor 29,600 Applied overhead 15,800 To finished goods ? Ending WIP 8,900 The cost of jobs transferred to finished goods is:
Please 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)…
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The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods During Aprii Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $124, 000 118, 500 77, 300 $ 85,000 145, 000 80, 500 $119, 800 100, 700 61, 700 354, 000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.
Under Lamar Company's job costing system, manufacturing overhead is applied to Work-in-Process Inventory using a predetermined overhead rate. During June, Lamar's transactions included the following: Direct materials issued to production $ 91,700 Indirect materials issued to production 9,700 Manufacturing overhead cost incurred 126,700 Manufacturing overhead cost applied 114,700 Direct labor cost incurred 108,700 Lamar Company had no beginning or ending inventories. What was the cost of goods manufactured for June? (CMA adapted)