Inventories January 1 January 31 Materials $180,000 $145,500 Work in process 334,600 290,700 Finished goods 675,000 715,000 Direct labor $2,260,000 Materials purchased during January Factory overhead 1,375,000 incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55,000 Supplies 13,500 Property taxes 10,000 Miscellaneous costs 33,100

Inventories January 1 January 31 Materials $180,000 $145,500 Work in process 334,600 290,700 Finished goods 675,000 715,000 Direct labor $2,260,000 Materials purchased during January Factory overhead 1,375,000 incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55,000 Supplies 13,500 Property taxes 10,000 Miscellaneous costs 33,100

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

Hello, I need help solving this accounting problem.
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production $ 31,000 $ 4,570 Direct labor $ 59,000 Manufacturing overhead applied to work in process Underapplied overhead $ 88,200 $ 4,150 Inventories Beginning Raw materials $ 11,300 Ending $ 18,200 Work in process $ 54,200 $ 65,000 Finished goods $ 33,200 $ 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. 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 Direct materials: Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added…
Prepare the Income Statement for the month ended 31 December 2021 using the variable costing method.
Use the information given in the image to prepare the Income Statement for March 2022 according to theabsorption costing method.
Please do not give solution in image format thanku
Income Statements under Absorption Costing and Variable Costing Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (70,400 units) during the first month, creating an ending inventory of 6,400 units. During February, the company produced 64,000 units during the month but sold 70,400 units at $90 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Manufacturing costs in February 1 beginning inventory: Variable Fixed Total Manufacturing costs in February: Variable Fixed Total Selling and administrative expenses in February: Variable Fixed Total Number of Units Cost of goods sold: 6,400 $36.00 6,400 14.00 64,000 64,000 Unit Cost 70,400 70,400 Total Cost $230,400 89,600 $50.00 $320,000 $36.00 $2,304,000 15.40 985,600 $51.40 $3,289,600 $18.20 $1,281,280 7.00 492,800 $25.20 $1,774,080 a. Prepare an income statement according to the absorption…
Accounting The following information is given for process I for B Ltd. The average method of pricing work-in-progress is used. Work-in-progress in January: Materials on 500 units Labour on 500 units Factory overheads on 500 units Total Production costs for January: Materials Labour Factory overheads Cost for January Rs 7,800 9,150 6,125 23,075 Rs 900 1,000 400 2,300 Production completed during January: 500 units from 1 January, work-in-progress 2,000 units from products received during January 2,500 total units completed Work-in-progress on 31 January: 400 units, 25% completed as to material, labour and overhead. Calculate process I account for January. Pls be fast
Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showingtotal manufacturing cost & total manufacturing costs to account for.
(a) Develop a physical flow schedule for the mixing department for the month of May. (b) Calculate the equivalent units of production for materials and conversion of the mixing department for the month of May. (c) Calculate the unit cost for materials and conversion of the mixing department for the month of May. (d) Calculate the costs of units transferred out and the cost of EWIP for the mixing department for the month of May. (e) Develop a cost reconciliation for the mixing department for the month of May.
a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement.
Question Consider the following costs that were incurred during the current year and determine whether the cost is a product cost or a period cost.a) Advertising costs. ________b) Cost of Material used. ________c) CEO’s salary. ________d) Sales Commissions. ________
please provide handwritten solutions