Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Direct labor $ 30,000 Indirect materials used in production $ 4,800 $ 59,500 Manufacturing overhead applied to work in process Underapplied overhead $ 88,000 $ 4,060 Inventories Beginning Raw materials $ 10,100 Ending $ 19,000 Work in process $ 54,300 $ 69,900 Finished goods $ 33,300 $ 43,400 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.
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- SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…EstimatedFixedCost EstimatedVariableCost(perunitsold) Production costs: Direct materials $19 Direct labor 13 Factory overhead $261,300 10 Selling expenses: Sales salaries and commissions 54,300 4 Advertising 18,400 Travel 4,100 Miscellaneous selling expense 4,500 4 Administrative expenses: Office and officers' salaries 53,100 Supplies 6,500 2 Miscellaneous administrative expense 6,040 2 Total $408,240 $54 It is expected that 8,640 units will be sold at a price of $135 a unit. Maximum sales within the relevant range are 11,000 units. Required: Question Content Area 1. Prepare an estimated income statement for 20Y7. Belmain Co.Estimated Income StatementFor the Year Ended December 31, 20Y7 $- Select - Cost of goods sold: $- Select - - Select - - Select -…
- Question 1Part IAdvent Corporationhas provided the following data for its activities for the month of May.Beginning Raw Materials Inventory$75,000Ending Raw Materials Inventory$45,000Purchases of Raw Materials$550,000Direct Labour Incurred$120,000Manufacturing Overheads Incurred$250,000Beginning Work in Process$60,000Ending Work in Process$140,000Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May.Practice Problem 4: All-About-Us, Inc. has collected the following information for February: Purchases of direct materials Direct labor Indirect labor Depreciation on machinery Sales Selling expenses Rent on the factory building Direct materials and administrative $54,00 0 BB = = 31,200 15,000 9,000 165,00 0 18,900 21,000 $24,00 0 BB = 6,300 BB = 15,000 Work-in-Process Finished Goods Q1: Cost of Goods Manufactured for February = Q2: Cost of Goods Sold for February = Q3: Operating Income for February = EB= EB= EB $26,100 9,600 17,100ak ces Acme Incorporated incurs the following costs during July: $ 12,600 27,100 3,600 3,900 Raw material used 19,100 *80% of this amount relates to the factory. Sales expense Direct labor Factory supplies. Advertising Total manufacturing cost Administrative expense Required: Calculate Acme's total manufacturing costs for July, $ 67,780 Plant depreciation Indirect labor Utilities $ 22,600 7,300 9,100 11,100
- Exercise 3-3 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3] Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $ 32,000 Indirect materials used in production $ 4,870 Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning Ending $ 10,600 $ 18,000 $ 55,100 $ 68,200 $ 34,900 $ 43,500 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 $ 59,100 $ 87,200 $ 4,010 Beginning work in process inventory Direct materials:…Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of Kenton Company:Sales$ 975,000Direct labor cost $ Selling expense $ Manufacturing overhead applied to work in process $Inventories:Work in process $165,000 48,750 180,000Beginning 20,000 $Ending 14,750Raw material purchases$ 229,000Administrative expenses$ 146,250Actual manufacturing overhead costs$ 175,050Raw materials$ 18,000$ 17,500Finished goods$ 9,000$ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.3. Prepare an income statement.Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30, 20X1 Raw Materials ₱18,000 ₱15,000 Work-in-Process ₱09,000 ₱06,000 Finished Goods ₱27,000 ₱36,000 Additional Information: Direct materials purchased ₱42,000 Direct labor payroll ₱30,000 Direct labor rate per hour ₱ 07.50 Factory overhead rate per direct labor hours ₱ 10.00 What is the cost of goods sold for April? Group of answer choices ₱115,000 ₱109,000 ₱118,000 ₱106,000
- Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1. Direct Materials Inventory S 8,700 Work in Process Inventory 76,500 Finished Goods Inventory 53,000 Manufacturing Overhead During the month of January, all of the following occurred. Direct labor costs were $42,000 for 1,800 hours worked. Direct materials costing $30,000 and indirect materials costing $3,900 were purchased. Sales commissions of $17,000 were earned by the sales force. Direct materials of $22,000 were used in production. Miscellaneous selling and administrative costs of S6,300 were incurred. Factory supervisors earned salaries of S11,482. Other Indirect labor costs for the month were $3,000. Monthly depreciation on factory equipment was $4,500. Monthly utilities expenses of $5,621 were incurred in the factory. Completed units with manufacturing costs of S69.000 were transferred to finished goods. Monthly…Exercise 16.6 (Algo) Flow of Costs through Manufacturing Accounts (LO16-3, LO16-4, LO16-5) Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 During the month of January, all of the following occurred: 1. Direct labor costs were $48,000 for 1,800 hours worked. 2. Direct materials costing $29,000 and indirect materials costing $4,500 were purchased. 3. Sales commissions of $15.500 were earned by the sales force. 4. Direct materials of $21,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $10,807. 7. Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $7,268 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to…Subject: Cost management & accounting QUESTION – 9**Following transactions were recorded in the books of Wahid Electronics Est., for the month of April 1989.Beginning Inventories: Rs. Ending Inventories: RsMaterials 19,000 Materials 8,900Work – In – Process 7,500 Work – In – Process 15,700Finished Goods 26,000 Finished Goods 21,750Transactions for the months were:Material Purchased 275,000 Consumable & supplies (Indir. Mat.) 54,000Utilites 60,000 Wages 90,000 (Factory 60%, Office 40%) (Factory 70%, Office 30%) Salaries – Office Staff 30,000 Salaries – Sales Staff 10,000Travelling Expenses – Sales 25,500 Factory Overheads…