The cost of goods sold in March for Targé Co. was $3,701,740. The March 31 Work in Process Inventory was 25 percent of the March 1 Work in Process Inventory. Overhead was 225 percent of direct labor cost. During March, $1,654,800 of direct material was purchased.a. Prepare a cost of goods sold schedule for March.b. Prepare the March cost of goods manufactured schedule. c. What was the amount of prime cost incurred in March?d. What was the amount of conversion cost incurred in March? Inventories March 1 March 31Direct Material $42,000$58,800Work in Process 126,000?Finished Goods 175,00025,760a. Prepare a cost of goods sold schedule for March.Note: Do not use negative signs with your answers.Targé Co.Schedule of Cost of Goods SoldFor the Month Ended March 31Cost of goods manufacturedCost of goods available for sale$b. Prepare the March cost of goods manufactured schedule.Note: Do not use negatives signs with your answers. Targé Co.Cost of Goods Manufactured ScheduleFor the Month Ended March 31Beginning WIP inventoryDirect material:Beginning DM inventoryDirect material availableDirect material usedOverheadTotal cost to account for24Cost of goods manufacturedc. What was the amount of prime cost incurred in March? $ 0d. What was the amount of conversion cost incurred in March? $ 0%24

Prime cost is the cost which represents the sum of direct material and direct labor whereas cost of…

Answered: The cost of goods sold in March for…

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 cost of goods sold in March for Targé Co. was $3,701,740. The March 31 Work in Process Inventory was 25 percent of the March 1 Work in Process Inventory. Overhead was 225 percent of direct labor cost. During March, $1,654,800 of direct material was purchased.

a. Prepare a cost of goods sold schedule for March.

b. Prepare the March cost of goods manufactured schedule.

c. What was the amount of prime cost incurred in March?

d. What was the amount of conversion cost incurred in March?

Inventories March 1 March 31
Direct Material $42,000
$58,800
Work in Process 126,000
?
Finished Goods 175,000
25,760
a. Prepare a cost of goods sold schedule for March.
Note: Do not use negative signs with your answers.
Targé Co.
Schedule of Cost of Goods Sold
For the Month Ended March 31
Cost of goods manufactured
Cost of goods available for sale
$
b. Prepare the March cost of goods manufactured schedule.
Note: Do not use negatives signs with your answers.

Targé Co.
Cost of Goods Manufactured Schedule
For the Month Ended March 31
Beginning WIP inventory
Direct material:
Beginning DM inventory
Direct material available
Direct material used
Overhead
Total cost to account for
24
Cost of goods manufactured
c. What was the amount of prime cost incurred in March? $ 0
d. What was the amount of conversion cost incurred in March? $ 0
%24

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