The following accounts are from last year's books at Sharp Manufacturing:Raw MaterialsWork In ProcessBale (b)166,000(a)154,800Bale (f)513,200(b)(c)(e)132,40011, 200168,800212, еөөFinished GoodsManufacturing OverheadBale| (g)513,200464, еее(b)(c)22,400 | (e)212,000(f)26,40049, 200(d156,8006,400Cost of Goods Sold(g)464, 000Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for theyear?

Given : Last year’s books at Sharp Manufacturing : Cost of goods sold (g)…

Answered: The following accounts are from last…

The following accounts are from last year's books at Sharp Manufacturing: Raw Materials Bal Work In Process e (b) 166,000 (a) 154,800 Вal e (f) 513,200 (b) (c) (e) 132,400 11, 200 168,800 212,000

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 $ 30,000 Indirect materials used in production $ 4,580 Direct labor $ 59,700 Manufacturing overhead applied to work in process $ 88,000 Underapplied overhead $ 4,200 Inventories Beginning Ending Raw materials $ 11,800 $ 19,200 Work in process $ 55,500 $ 66,300 Finished goods $ 33,600 $ 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.