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 goodsBeginning$ 10,700$ 55,700$ 33,100Ending$ 18,000$ 65,400$ 43,200$ 32,000$ 4,950$ 59,600$ 88,700$ 4,170Required: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.

To prepare the schedule of cost of goods manufactured (CoGM) and the schedule of cost of goods sold…

Answered: Primare Corporation has provided the…

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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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 $41,700
Acme Incorporated incurs the following costs during July: $ 12,600 27,100 Sales expense Direct labor Factory supplies Advertising 3,600 3,900 19,100 Raw material used *80% of this amount relates to the factory. Required: Calculate Acme's total manufacturing costs for July. Total manufacturing cost Administrative expense Plant depreciation Indirect labor Utilities $ 55,300 $ 22,600 7,300 9,100 11,100-
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The following costs were incurred in May: Direct materials $44,600 Direct labor $28,900 $18,400 Manufacturing overhead Selling expenses Administrative expense $23,200 $35,000 Prime costs during the month totaled: Multiple Choice $150,100 O $91,900 $47,300 $73,500
Using the attached Prepare a schedule of cost of goods manufactured.
The related data of Ivian Company: Ending Beginning Raw materials P100,200 P200,300 Work in process 300,400 355,500 Finished goods 285,700 312,700 The Cost of goods sold is P1,317,200. Direct materials used are P625,700 while factory overhead is applied at 50% of the direct materials used. What has the amount of the direct labor cost?
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 $ 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.
Please solve this MCQs The following costs were incurred in May: Direct materials $ 43,100 Direct labor $ 24,800 Manufacturing overhead $ 18,100 Selling expenses $ 20,300 Administrative expense $ 28,700 Prime costs during the month totaled: $135,000 $86,000 $42,900 $67,900
Primare 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.
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