Statement of Cost of Goods Manufactured for a Manufacturing CompanyCost data for Firetree Manufacturing Company for the month ended March 31 are as follows:InventoriesMarch 31MaterialsWork in processFinished goodsMarch 1$215,250142,070109,780$185,120122,180124,030Direct laborMaterials purchased during MarchFactory overhead incurred during March:Indirect laborMachinery depreciationHeat, light, and powerSuppliesProperty taxesMiscellaneous costsCosts Type$387,450413,28041,33024,9708,6106,8906,03011,190a. Prepare a cost of goods manufactured statement for March.Firetree Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended March 31Amount Amount Amount a. Prepare a cost of goods manufactured statement for March.Firetree Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended March 31Costs TypeDirect materials:Factory overhead:Total factory overheadAmount Amount Amount000000000

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: Inventories March 31 Materials Work in process Finished goods March 1 $215,250 142,070 109,780 $185,120 122,180 124,030 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Statomont of Co $387,450 413,280 41,330 24,970 8,610 6,890 6,030 11,190 a. Prepare a cost of goods manufactured statement for March. Firetree Manufacturing Company

Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: Inventories March 31 Materials Work in process Finished goods March 1 $215,250 142,070 109,780 $185,120 122,180 124,030 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Statomont of Co $387,450 413,280 41,330 24,970 8,610 6,890 6,030 11,190 a. Prepare a cost of goods manufactured statement for March. Firetree Manufacturing Company

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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An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,880 $15,510 Beginning 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities. $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials. ROBERTS COMPANY Cost of Goods Manufactured Schedule ROBERTS COMPANY (Partial) Balance Sheet
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $105,600 Direct labor 126,700 47,500 64,400 58,100 Work in process inventory, July 1 Work in process inventory, July 31 Total factory overhead Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended July 31 Add manufacturing costs incurred during July: Total manufacturing costs incurred Total manufacturing costs Cost of goods manufactured
ces The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50,750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) 3-b. If the balance in the Manufacturing Overhead account is closed…
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31
Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Additional information: Raw materials purchases Direct labor cost Beginning Ending $45,000 $39,000 $25,000 $35,000 $41,000 $56,000 $75,000 $100,000 $68,000 Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is: $11,600 $67,000
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Lastly: Determine the costs of goods sold for January:
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 59,000 ? $ 31,000 Ending $ 38,000 $ 25,000 ? $ 215,000 $ 261,000 ? $ 154,000 $ 376,000 $ 358,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $32,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods…
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 60,000 ? $ 40,000 Income Statement Ending $ 37,000 $ 32,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. COGS Schedule Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.…
The following information is available from Gabe's LOL Co. for the month ending September 30, 20XX. Gabe's LOL Co. Information Direct materials used in production 215,500 Direct Labor 199,200 84,400 97,500 114,700 Work-in-Process, Sept. 1 Work-in-Process, Sept. 30 Total Factory Overhead Determine Gabe's LOL Co. cost of goods manufactured for the month ending September 30, 20XX. Gabe's LOL Co. Schedule of Cost of Goods Manufactured For Month Ending Sept. 30, 20xx
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From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460