Primare Corporation has provided the following data concerning last month's manufacturing operations.Purchases of raw materialsIndirect materials used in productionDirect laborManufacturing overhead applied to work in processUnderapplied overheadInventoriesRaw materialsWork in processFinished goodsReginning$ 10,200$ 54,900$ 34,600Ending$18,700$66,400$ 43,700Required 1 Required 2Required: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 ofGoods Sold.Complete this question by entering your answers in the tabs below.$ 30,000$4,570$ 59,100$ 87,500$ 4,010Prepare a schedule of cost of goods manufactured for the month.Primare CorporationSchedule of Cost of Goods Manufactured

Name: Primare Corporation has provided the following data concerning last m
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Description: Primare Corporation has provided the following data concerning last month's manufacturing operations.Purchases of raw materialsIndirect materials used in productionDirect laborManufacturing overhead applied to work in processUnderapplied overheadInv

Total Manufacturing Cost :— It is the total cost incurred in the manufacturing of product during the…

Business

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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 $ 10,200 $ 54,900 $ 34,600 Required 1 Ending $18,700 $ 66,400 $43,700 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. Required 2 Complete this question by entering your answers in the tabs below. $ 30,000 $4,570 $ 59,100 $ 87,500 $ 4,010 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured

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 $ 10,200 $ 54,900 $ 34,600 Required 1 Ending $18,700 $ 66,400 $43,700 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. Required 2 Complete this question by entering your answers in the tabs below. $ 30,000 $4,570 $ 59,100 $ 87,500 $ 4,010 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured

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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Part 1.
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Weatherhead Incorporated has provided the following data for the month of March. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Process Finished Goods Cost of Goods Sold Total Direct materials $ 4,240 $14,740 $ 41,900 $ 60,880 Direct labor 10,480 29,480 83,880 123,840 Manufacturing overhead applied 5,860 12,100 35,060 53,020 Total $20,580 $56,320 $160,840 $237,740 Manufacturing overhead for the month was overapplied by $3,100.The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The work in process inventory at the end of March after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to: (Round…
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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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The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process-Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit May 1 Bal., 21,500 units, 65% completed 107,500 31 Direct materials, 105, 400 units 321,470 428,970 31 Direct labor 199, 300 628,270 31 Factory overhead 202, 500 830, 770 31 Goods transferred, 111,800 units 799, 370 31,400 31 Bal., ? units, 35% completed 31,400 a. Determine the number of units in work in process inventory at the end of the month. fill in the blank 1 of 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Line Item Description Units Whole units to be accounted for fill in the blank 1 of 3 units Whole units to be assigned costs fill in the blank 2 of 3 units Equivalent…
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Zoe Corporation has the following information for the month of March. Cost of materials used in production $15,122 Direct labor 28,511 Factory overhead 39,743 Work in process inventory, March 1 23,504 Work in process inventory, March 31 21,362 Finished goods inventory, March 1 21,380 Finished goods inventory, March 31 22,037 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2
Shirley Processing. Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Cost Beginning work-in-process Current period Total Physical 108,000 957,588 1,065,500 976,588 89,000 1,065,508 Total $ 188,570 1,891,498 $ 2,088,068 Equivalent units Percentage Complete Conversion 48% Materials 100% 100% 100% Required A Direct Materials $ 168,180 1,244,750 $ 1,412,938 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing, Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. 100% 28% Conversion $ 28,390 646,748 $ 667,138 Required…
< Zoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold. $16,971 25,726 36,875 18,297 18,757 21,733 25,034