Please do not give solution in image format thanku Exercise 11-13A (Algo) Cost of goods manufactured and sold LO 11-3The following information pertains to Zachary Manufacturing Company for March Year 3. Assume actual overhead equaled appliedoverheadMarch 1Inventory balancesRaw materialsWork in processFinished goodsMarch 31Inventory balancesRaw materialsWork in processFinished goodsDuring MarchCosts of raw materials purchased iCosts of direct laborCosts of manufacturing overheadSales revenuesRequired$123,300119,10077,500$ 86,000146,90081,500$118,500101,90061,200352,0004 Prepare a schedule of cost of goods manufactured and sold.ZACHARY MANUFACTURING COMPANYSchedule of Cost of Goods Manufactured and SoldFor March Year 3Raw materials available for useDirect raw materials usedTotal manufacturing costsTotal work in process inventoryCost of goods manufacturedCost of goods available for saleDirect raw materials usedTotal manufacturing costsTotal work in process inventoryCost of goods manufacturedCost of goods available for saleCost of goods soldRequireaa. Prepare a schedule of cost of goods manufactured and sold.b. Calculate the amount of gross margin on the income statement.< Required AComplete this question by entering your answers in the tabs below.Required A Required BCalculate the amount of gross margin on the income statement.Gross margin< Required ARequired twwwRequired B₁ >D

SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

ts Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold Requirea a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Required A Required A Required B Gross margin Calculate the amount of gross margin on the income statement. < Required A Required H Required B₁ > D

ts Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods available for sale Cost of goods sold Requirea a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Required A Required A Required B Gross margin Calculate the amount of gross margin on the income statement. < Required A Required H Required B₁ > D

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

See similar textbooks

Similar questions

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 $ 10,100 $ 55,600 $ 34,100 Ending $ 18,500 $ 66,700 $ 43,200 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 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: $32,000 $ 4,690 $ 59,900 $ 87,300 $ 4,070 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used…
Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Rundle Company and Rooney Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Rundle Actual manufacturing overhead Aatual direet labor hours Underapplied overhead Overapplied overhead Сoпpany $119,150 21,000 Rooney Company $262,250 25,000 11,000 $ 21,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Rundle Compamy Rooney Company Predetermined overhead rate Required A Required B>
Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Required A Required B Compute total manufacturing costs. QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $44100 consists of Indirect labor of $21,700, Depreciation expense-Factory of $16,700, and Factory utilities of $5,700. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured. Raw materials inventory Beginning of Year Direct materials used $ 7.700 15,400 11,900 $ 126,900 95,700 44,100 Complete this question by entering your answers in the tabs below. Total manufacturing costs End of Year $ $ 10,900 10,700 7,200
Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Fanning Company and Finch Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Required Fanning Company $ 170,900 26,000 $ 21,500 Finch Company $ 238,400 24,000 14,000 a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Required A Required B Complete this question by entering your answers in the tabs below. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Adjusting Entry for Fanning Company: < Prev 2…
TB MC Qu. 4-49 Boesenhofer, Inc., manufactures and sells... Boesenhofer, Inc., manufactures and sells two products: Product N6 and Product N7. The company has an activity-based costing system with the following activity cost pools, activity measures, and expected activity Estimated Expected Activity Activity Overhead Activity Cost Pools Measures Cost Product N6 Product N7 Labor-related DLHS Total $345,060 128,534 107,598 2,100 600 4,100 Machine setups 5,000 800 3,800 setups 7,100 Order size MHs 1,400 7,900 $581,192 The activity rate for the Machine Setups activity cost pool is closest to: Multiple Cholce $73.57 per setup $91.81 per setup Prev of 36 Next > 10:54 AM 66°F Mostly cloudy 目。 21 10/20/2021 pe here to search DELL Home End Delete PgUp PgDn F12 PrtScr Insert F10 F11 F8 F9 F7 F4 F5 F6 F3 Num Lock Backspace & %23 %24
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 $ 11,800 $ 54,600 $ 34,300 Ending $ 18,400 $ 66,000 $ 42,900 $ 32,000 $ 4,700 $ 59,600 $ 88,000 $ 4,060 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.
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
1.1 Overhead allocation rate (expressed to the nearest cent) of each of the two productiondepartments. 1.2 Overheads applied to each unit of the product - The secondary apportionment of Service Department M takes place according to machine hours.- Overhead allocation rates are based on labour hours.- The product spends 10 labour hours in the Department X and 5 labour hours in the Department Y
Question Content Area Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 269,610 Aug. 31 Goods finished 176,760 31 Direct materials X 31 Direct labor 36,300 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 109,360 Aug. 1 Balance 12,070 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $199,160, what was the amount debited to Work in Process for direct materials in August? a.$59,120 b.$328,310 c.$505,070 d.$106,750
Question 6Many firms use two overhead accounts: Factor overhead control and factory overhead applied. During the period,which account receives numerous debits and credits?A. Factor overhead appliedB. Factor overhead controlC. BothD. Neither 7.In cost terminology, conversion costs consist of:A. Indirect labor and variable factory overheadB. Direct labor and factory overheadC. Direct and indirect laborD. Direct labor and direct materials 8.Which of the following items is not included in or not charged to factory overhead?A. Costs of marketing departmentB. Factory depreciation and suppliesC. Costs of service departmentD. Costs of maintenance department
Exercise 16.4 (Algo) Flow of Costs through Manufacturing Accounts (LO16-4) The following information was taken from the accounting records of Light Tool Corporation. Work in process inventory, beginning of the year Cost of direct materials used Direct labor cost applied to production Cost of finished goods manufactured 50,000 270,000 145,000 916,750 Overhead assigned to production was $500,000. Compute the amount of the work in process inventory on hand at year-end. Ending work in process inventory %24
services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page