The following accounts are from last year's books at Sharp Manufacturing: Raw Materials Work In Process Bal e (b) 157, 200 Bal e (f) 522,800 (a) 172,000 (b) (c) (e) 133,600 14,800 171, 200 218,000 Finished Goods Manufacturing Overhead Bal e (g) 476,000 23,600 | (е) (b) (c) (d) 218,000 (f) 522,800 27,600 46,800 159, 200 7,600 Cost of Goods Sold (g) 476, 000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overapplied or underapplied for the year?

The following accounts are from last year's books at Sharp Manufacturing: Raw Materials Work In Process Bal e (b) 157, 200 Bal e (f) 522,800 (a) 172,000 (b) (c) (e) 133,600 14,800 171, 200 218,000 Finished Goods Manufacturing Overhead Bal e (g) 476,000 23,600 | (е) (b) (c) (d) 218,000 (f) 522,800 27,600 46,800 159, 200 7,600 Cost of Goods Sold (g) 476, 000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overapplied or underapplied for the year?

Name: The following accounts are from last year's books at Sharp Manufactur
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: The following accounts are from last year's books at Sharp Manufacturing:Raw MaterialsWork In ProcessBale (b)157, 200 Bale (f)522,800(a)172,000(b)(c)(e)133,60014,800171, 200218,e00Finished GoodsManufacturing OverheadBale (g)476,000(b)23,600(e)218,00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Statement of cost of goods manufactured and income statement for a manufacturing companyThe following information is available for Robstown Corporation for 20Y8:Inventories January 1 December 31Materials $ 44,250 $ 31,700Work in process 63,900 80,000Finished goods 101,200 99,800Advertising expense $ 400,000Depreciation expense—office equipment 30,000Depreciation expense—factory equipment 80,000Direct labor 1,100,000Heat, light, and power—factory 53,300Indirect labor 115,000Materials purchased 556,600Office salaries expense 318,000Property taxes—factory 40,000Property taxes—office building 25,000Rent expense—factory 27,000Sales 3,850,000Sales salaries expense 200,000Supplies—factory 9,500Miscellaneous costs—factory 11,400 Instructions1. Prepare the 20Y8 statement of cost of goods manufactured.2. Prepare the 20Y8 income statement.
The following accounts are from last year’s books at Sharp Manufacturing: Raw Materials Bal 0 (b) 157,800 (a) 173,500 15,700 Work In Process Bal 0 (f) 525,200 (b) 133,900 (c) 171,800 (e) 219,500 0 Finished Goods Bal 0 (g) 479,000 (f) 525,200 46,200 Manufacturing Overhead (b) 23,900 (e) 219,500 (c) 27,900 (d) 159,800 7,900 Cost of Goods Sold (g) 479,000 Sharp 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 the year? Multiple Choice A. $258,650 B. $471,100 C. $525,200 D. $479,000
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 Inventories Raw materials Work in process Finished goods Ending $ 19, 100 Beginning $ 11, 100 $ 55,500 $ 66,300 $ 34,000 $ 42, 600 $ 32,000 $ 4,910 $ 58,800 $ 88,400 $ 4,110 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.
Primare Corporation has provided the following data concerning last month's manufacturing operations. $30,000 $ 5,000 $58,000 $87,000 $ 4,000 Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Beginning Ending $ 12,000 $ 18,000 $ 56,000 $ 65,000 $ 35,000 $ 42,000 Inventories Raw materials Work in process Finished goods 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.
Under absorption costing, what is the cost of goods sold? (Round cost per unit to 2 decimal places, eg. 2.52 and final answer to 0 decimal place, e.g. 2,152.) Cost of goods sold $ eTextbook and Medi Save for Later Attempts: 0 of 3 used Submit Answer
Selected T-accounts of Moore Company are given below for the just completed year: Balance 1/1 Debits Balance 12/31 Debits Debit Debits Debit Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debits Debit Debit Debit Balance 1/1 Debits Balance 12/31 Debit Raw Materials 15,000 Credits 120,000 25,000 Manufacturing Overhead 230,000 Credits Work in Process 20,000 Credits 90,000 150,000 240,000 ? Factory Wages Payable 185,000 Balance 1/1 Credits Finished Goods 40,000 Credits ? Credit 60,000 Cost of Goods Sold Credit Balance 12/31 Credit Credit Credit Credit ? ? 470,000 9,000 180,000 4,000 ? Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor?
The following costs were incurred by ABC Company in January: Direct materials Direct labor Manufacturing overhead Selling expense Administrative salaries Determine ABC's total product cost. Oa. $272,000 Ob. $282,000 Oc. $252,000 Od. $302,000 $100,000 79,000 73,000 25,000 5,000
20.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 $106,000 Direct labor 127,200 Work in process inventory, October 1 47,700 Work in process inventory, October 31 64,700 Total factory overhead 58,300 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: $ Total manufacturing costs incurred Total manufacturing costs $ Cost of goods manufactured
Primare Corporation has provided the following data concerning last month's manufacturing operations. $31,000 $ 4,550 $59,800 $88,400 $ 4,170 Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Ending $ 18,600 $ 69,800 $ 43, 200 Inventories Raw materials Work in process Finished goods Beginning $ 11,100 $ 55,700 $ 33,700 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Manufacturing overhead cost Direct materials: Total raw materials available Raw materials used in production Direct materials used in production Total…
info in images
Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $ 12,910,000 Gross profit 5,424,800 Indirect labor 427,700 Indirect materials 187,800 Other factory overhead 845,000 Materials purchased 4,303,300 Total manufacturing costs for the period 8,220,700 Materials inventory, end of period 302,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Please help me