FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- i need the answer quicklyarrow_forwardPrimare 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.arrow_forwardK Inc. has provided the following data for the month of May: Inventories: Beginning Ending $ 31,000 $26,000 $ 60,000 $64,000 Work in process Finished goods Additional information: Direct materials $ 71,000 $101,000 $ 77,000 $ 75,000 Direct labor cost 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 cost of goods manufactured for May is: Multiple Choice $254,000 $252,000 $247,000 $249,000arrow_forward
- Bledsoe Corporation has provided the following data for the month of November: Beginning $ 25,700 Ending $ 21,700 $ 17,700 $ 48,700 Inventories Raw materials Work in process Finished Goods Additional information: Raw materials purchases Direct labor cost $ 10,700 $56,700 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. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Complete this question by entering your answers in the table below. Schedule of Schedule of COGS COGM $ 72,700 $ 92,700 $ 42,770 $ 4,070 $41,700arrow_forwardPrimare 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 $ 10,700 $ 55,700 $ 33,100 Ending $ 18,000 $ 65,400 $ 43,200 $ 32,000 $ 4,950 $ 59,600 $ 88,700 $ 4,170 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.arrow_forwardplease step by step solution.arrow_forward
- Help fill outarrow_forwardGive me answerarrow_forwardHow can i resolve this problem? Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,990 Direct labor $ 59,000 Manufacturing overhead applied to work in process $ 88,200 Underapplied overhead $ 4,130 Inventories Beginning Ending Raw materials $ 11,700 $ 18,600 Work in process $ 55,800 $ 67,300 Finished goods $ 33,400 $ 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.arrow_forward
- Using the attached Prepare a schedule of cost of goods manufactured.arrow_forwardPrimare 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, 200 $ 55,700 $ 33,700 Ending $ 19,900 $ 65,800 $ 42,800 $ 31,000 $ 4,940 $ 59,300 $ 87,600 $ 4,080 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.arrow_forwardPrimare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,860 Direct labor $ 59,700 Manufacturing overhead applied to work in process $ 88,100 Underapplied overhead $ 4,120 Inventories Beginning Ending Raw materials $ 11,500 $ 18,600 Work in process $ 54,000 $ 65,900 Finished goods $ 33,600 $ 42,400 Required: Prepare a schedule of cost of goods manufactured for the month. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.arrow_forward
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