The following information pertains to Flaxman Manufacturing Company forMarch 2015. Assume actual overhead equaled applied overhead.March 1Inventory balances$123,800119,50077,200Raw materialsWork in processFinished goodsMarch 31Inventory balancesRaw materials$ 85,500146,70081,300Work in processFinished goodsDuring MarchCosts of raw materialspurchasedCosts of direct labor118,200101,700Costs of manufacturing62,200overheadSales revenues350,000Required:a. Prepare a schedule of cost of goods manufactured and sold.COMPANYSchedule of Cost of GoodsManufactured and SoldFor March 2015Raw materials available for0useDirect raw materials used0Total manufacturing costs0Total work in processinventoryCost of goods manufacturedCost of goods available forsale0Cost of goods sold$b. Calculate the amount of gross margin on the income statement.Grossmargin

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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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GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor Manufacturing overhead, actual Interest expense Raw materials used Administrative expenses $ 156,300 280,000 41,900 163,800 497,000 116, 200 During the month, 19,200 units of product were manufactured and 11,100 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,047,000 and the company's effective income tax rate was 35%.
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $17,792 Direct labor 28,982 Factory overhead 39,947 Work in process inventory, March. 1 17,999 Work in process inventory, March 31 18,186 Finished goods inventory, March 1 20,960 Finished goods inventory, March 31 24,711 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.
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 Raw materials Work in process Finished goods During Aprii Costs of raw materials purchased Costs of direct labor Costs of manufacturing overhead Sales revenues $124, 000 118, 500 77, 300 $ 85,000 145, 000 80, 500 $119, 800 100, 700 61, 700 354, 000 Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement.
The following information pertains to Acme Manufacturing Company for June. Assume actual overhead equaled applied overhead. June 1 June 30 Inventory Balances Raw Materials $100,000 $60,000 Work in Process 120,000 145,000 Finished Goods 78,000 80,000 Activity during June: Raw materials purchased $120,000 Direct labor costs 100,000 Manufactured overhead 63,000 Complete the following Schedule of Cost of Goods Manufactured and Sold
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 $132,800 159,400 59,800 81,000 73,000
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 Raw materials Work in process Finished goods $123,700 118,700 77,400 $ 85,700 146,600 80,900 Costs of raw materials $119,200 purchased Costs of direct labor 101,300 Costs of manufacturing 62,600 overhead Sales revenues 352,000 During April Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Required Required A B Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For April Raw materials available for use Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods…
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $18,402 Direct labor 26,329 Factory overhead 37,074 Work in process inventory, March 1 21,356 Work in process inventory, March 31 21,741 Finished goods inventory, March 1 23,290 Finished goods inventory, March 31 27,776 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,307 Direct labor 24,952 Factory overhead 31,690 Work in process inventory, March 1 15,426 Work in process inventory, March 31 19,882 Finished goods inventory, March 1 23,292 Finished goods inventory, March 31 28,467 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. %24 %24
Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Direct labor used Job 4 $ 1,500 2,100 Job 5 $1,000 200 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 2,500 2,300 4,800 4,800 4,800
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 $ 11,500 $ 54,800 $ 33,480 Ending $ 18,600 $ 66,400 $ 42,200 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. Primare Corporation Schedule of Cost of Goods Sold $ 31,000 $ 4,530 $ 59,900 $ 88,600 $ 4,190 Required 1 Required 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. Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods…
For October, prime cost incurred was
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased Indirect materials issued to production Total materials issued to production Beginning materials inventory $ 91,900 11,900 134,000 54,000 The amount of direct materials issued is:

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