Statement of Cost of Goods Manufactured for a Manufacturing CompanyCost data for Firetree Manufacturing Company for the month ended March 31 are as follows:March31Materials $131,500 $118,350Work inprocessFinishedgoodsInventories March 189,420 80,48068,380 80,480Direct laborMaterials purchased duringMarchDirect materials:$236,700Factory overhead incurred duringMarch:Indirect laborMachinery depreciationHeat, light, and powerSuppliesProperty taxesMiscellaneous costsa. Prepare a cost of goods manufactured statement for March.Firetree Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended March 31Costs TypeFactory overhead:252,48025,25015,2505,2604,2103,6806,840Total factory overheadTotal manufacturing costs incurred during MarchTotal manufacturing costsCost of goods manufacturedb. Determine the cost of goods sold for March.Amount Amount Amount1000000 llo0

Cost of goods manufactured:— It is the total cost of completed finished goods transferred from work…

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: March 31 Materials $131,500 $118,350 Work in process Finished goods Inventories March 1 89,420 80,480 68,380 80,480 Direct labor Materials purchased during March $236,700 Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Direct materials: 252,480 Factory overhead: Supplies Property taxes Miscellaneous costs a. Prepare a cost of goods manufactured statement for March. Firetree Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Costs Type 25,250 15,250 5,260 4,210 3,680 6,840 Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Cost of goods manufactured b. Determine the cost of goods sold for March. Amount Amount Amount 1000000 10000 0000

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: March 31 Materials $131,500 $118,350 Work in process Finished goods Inventories March 1 89,420 80,480 68,380 80,480 Direct labor Materials purchased during March $236,700 Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Direct materials: 252,480 Factory overhead: Supplies Property taxes Miscellaneous costs a. Prepare a cost of goods manufactured statement for March. Firetree Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 Costs Type 25,250 15,250 5,260 4,210 3,680 6,840 Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs Cost of goods manufactured b. Determine the cost of goods sold for March. Amount Amount Amount 1000000 10000 0000

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 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.
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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: Beginning $ 218,000 $ 261,000 ? $ 155,000 $ 374,000 $ 360,000 Raw materials Work in process Finished goods Ending $ 59,000 $ 39,000 ? $ 24,000 $ 39,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $39,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods…
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,852 Direct labor 23,816 Factory overhead 39,444 Work in process inventory, March 1 20,490 Work in process inventory, March 31 21,368 Finished goods inventory, March 1 23,826 Finished goods inventory, March 31 25,639 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $105,600 Direct labor 126,700 47,500 64,400 58,100 Work in process inventory, July 1 Work in process inventory, July 31 Total factory overhead Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended July 31 Add manufacturing costs incurred during July: Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending October 31 Cost of direct materials used in production Direct labor Work in process inventory, October 1 Work in process inventory, October 31 Total factory overhead Determine Fuller Manufacturing's cost of goods manufactured for the month ended October 31. Fuller Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended October 31 Manufacturing costs incurred during October: $155,300 186,400 69,900 94,700 85,400 Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured
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 $ 11, 200 $ 55,700 $ 33,700 Ending $ 19,900 $ 65,800 $ 42,800 $ 31,000 $ 4,940 $ 59,300 $ 87,600 $ 4,080 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.
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
ces The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50,750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) 3-b. If the balance in the Manufacturing Overhead account is closed…
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 $123,500 118,600 76,400 $ 85,900 146,900 81,000 Raw materials Work in process Finished goods During April Costs of raw materials purchased Costs of direct labor $118,700 101,000 62,300 360,000 Costs of manufacturing overhead Sales revenues Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31