?! The controller at Emporia Precision Parta asks for your help in sorting out some coat information. She is called to a meeting, but hands you the following information for June:Prime costs, June$188,000Total manufacturing costs, June298,000Cost of goods manufactured, June300,000Cost of goods sold, June269,000Direct material inventory, June 3036,000Work-in-process inventory, June 145,000Finished goods inventory, June 30110,000Direct materials purchased, JuneDirect labor costs, June125,00095,000Compute for the month of June:a. Direct materials used, June.b. Direct material inventory, June 1..

Step 1: Direct materials used Direct materials used = Prime costs - Direct labor costsDirect…

Answered: The controller at Emporia Precision…

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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Compute for the month of June
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Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following information is available regarding its June inventories: Beginning Inventory $ 170,000 395,000 690,000 1,336,000 The following additional information describes the company's manufacturing activities for June: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Raw materials purchases (on credit) Other actual overhead cost (paid in cash) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) $ 615,000 174,000 $ 266,000 123,000 172,000 $ 1,250,000 430,000 1,500,000 90% 160% $ 4,900,000 Ending Inventory $ 213,000 370,000 745,000 1,346,000
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000 Required: Prepare (a) a statement of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) the inventory section of the balance sheet. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Plus” will automatically appear if it is required. You will not need to enter colons (:) on the financial statements. Prepare a statement of cost of goods manufactured.…
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What is the amount of cost of goods sold?
[The following information applies to the questions displayed below.] Pro-Weave manufactures stadium blankets by passing the products through a weaving department and then a sewing department. The following information is available regarding its June inventories: Beginning Inventory $ 172,000 315,000 Work in process inventory-Sewing 620,000 Finished goods inventory 1,366,000 The following additional information describes the company's manufacturing activities for June: Raw materials purchases (on credit) Other actual overhead cost (paid in cash) Materials used Raw materials inventory Work in process inventory-Weaving Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) $ 555,000 184,000 $ 250,000 138,000 166,000 $ 1,375,000 395,000 1,575,000 80% 150% Ending Inventory $ 185,000 400,000 850,000 1,226,000 $ 4,250,000 Required: 1. Compute the (a) cost of products transferred from…
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000 Required: Prepare a statement of cost of goods manufactured. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Plus” will automatically appear if it is required. You will not need to enter colons (:) on the statement of cost of goods manufactured. Enter amounts as positive numbers. Zoe Corporation Statement of Cost of Goods Manufactured 1 2 3 4 5…
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory Ending Inventory Raw materials $ 29,700 $ 26,600 Work in process 22,400 45,300 Finished goods 79,600 68,600 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required: $ 40,500 1,800 63,300 35,800 24,200 236,400 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on the above information, prepare a cost of goods manufactured report. Stor Smart Company Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production 4 Prov 3 of 5 Novt
Hello, I need some assistance with required question 3 at bottom of the first document. I'm having trouble with the Schedule of Cost of Goods Sold. I attached the Journal Entry I did if it helps.
From the data given below, prepare a statement of cost of goods manufactured for the Blanche Manufacturing Company for the month of June, 20--. The wording for the statement is given, you must enter the numbers. Account Balances Finished Goods Work in Process Materials June 1 June 30 $20,000 $23,000 $2,000 $7,000 $ 19,000 $ 21,000 June Transactions (a) Purchased materials at a cost of $56,000. (b) Issued indirect materials to the factory, cost $3,000. (c) Total salaries and wages earned for the month were $38,000, of which $6,000 was for indirect factory labor and $4,000 was for office salaries. (d) Factory overhead for the month, other than indirect materials and indirect labor, was $16,000.

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