Introduction To Managerial Accounting
8th Edition
ISBN: 9781259917066
Author: BREWER, Peter C., Garrison, Ray H., Noreen, Eric W.
Publisher: Mcgraw-hill Education,
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Chapter 3, Problem 13P
Schedules of Cost of Goods
L03-3
Superior Company provided the following data for the et2ded December 31 (all raw materials are in production as direct materials): 
The total manufacturing costs for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of gods sold totaled $660,000; and the net operating income was $30,000. The company's under applied or over appliedoverhead is closed to Cost of Goods Sold.
Required:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured)
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Cost of goods sold, profit margin, and net income for a manufacturingcompany
The following information is available for Bandera ManufacturingCompany for the month ending January 31:
cost of goods manufactured
$4,490,000
Selling expenses
530,000
Administrative expenses
340,000
Sales
6,600,000
Finished goods inventory, January 1
880,000
Finished goods inventory, January 31
7750,000
For the month ended January 31, determine Bandera's (a) cost of goodssold, (b) gross profit, and (c) net income.
The followung cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Fcatory overhead costs incurred during the year:
Property taxes- factory P1,600
Utilities- factory 2,600
Indirect labor 5,100
Depreciation- factory 13,000
Insurance- factory 2,500
Total ACtual FOH costs P24,800
Other costs incurred during the year:
Purchase of raw materials P15,000
Direct labor cost 22,000
Inventories:
Raw materials, beginning P5,000
Raw materials, ending 4,400
Work-in process,beginning 3,500
Work-in process, ending 4,500
The company uses a predetermined overhead rate to charge overhead cost to production. Th erate for the year just completed wa P4.00 per machine- hour; a total of 6,000 machine- hours were recorded for the year.…
Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory?
RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000
RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000
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RM Inventory, end – P25,000 ; WIP inventory, end –…
Chapter 3 Solutions
Introduction To Managerial Accounting
Ch. 3.A - Carmen Company is a manufacturer that completed...Ch. 3.A - Transaction Analysis L03-5 Adams Company is a...Ch. 3.A - Transaction Analysis L03-5 Dixon Company is a...Ch. 3.A - A Transaction Analysis L03-5 Morrison Company uses...Ch. 3.A - Prob. 5PCh. 3.A - Transaction Analysis Brooks Corporation uses a...Ch. 3 - What is the link that connect the schedule of cost...Ch. 3 - What account is credited when overhead cost is...Ch. 3 - What is under applied overhead? Over applied...Ch. 3 - Provide two reason why overhead might be under...
Ch. 3 - What adjustment is made for under applied overhead...Ch. 3 - How do you compute the raw materials used in...Ch. 3 - How do you compute the total manufacturing cost...Ch. 3 - How do you compute the cost of goods manufactured?Ch. 3 - How do you compute the unadjusted cost of goods...Ch. 3 - How do direct labor costs flows through a...Ch. 3 - The Excel work sheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - The Excel worksheet form that appears below is to...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Prob. 4F15Ch. 3 - Prob. 5F15Ch. 3 - Prob. 6F15Ch. 3 - Prob. 7F15Ch. 3 - Prob. 8F15Ch. 3 - Prob. 9F15Ch. 3 - Bunnell Corporation is a manufacturer tint uses...Ch. 3 - Prob. 11F15Ch. 3 - Prob. 12F15Ch. 3 - Prob. 13F15Ch. 3 - Prob. 14F15Ch. 3 - Prob. 15F15Ch. 3 - Prepare Journal Entries L03-1 Larned Corporation...Ch. 3 - Prepare Accounts L03-2, L03-4 Jurvin Enterprises...Ch. 3 - Schedules of Cost of Goods Manufactured and Cost...Ch. 3 - Under applied and Overapplied Overhead Osborn...Ch. 3 - Journal Entries and T-Accounts 103-1,103-2 The...Ch. 3 - EXERCISE 3-6 Schedules of Cost of Goods...Ch. 3 - Applying Overhead; Cost of Goods Manufactured...Ch. 3 - Applying Overhead; Journal Entries; Disposing of...Ch. 3 - Applying Overhead; T-Accounts; Journal Entries...Ch. 3 - Applying Overhead; Journal Entries; T-accounts...Ch. 3 - PROBLEM 3-11 T-Account Analysis of cost Flows...Ch. 3 - PROBLEM 3-12 Predetermined Overhead Rate;...Ch. 3 - Schedules of Cost of Goods Manufactured and Cost...Ch. 3 - Schedule of Cost of Goods Manufactured; Overhead...Ch. 3 - Journal Entries; T-Accounts; Financial Statements...Ch. 3 - Comprehensive problem L03-1, L03-2, L03-4 Gold...Ch. 3 - Cost Flows; T-Accounts; Income Statement L03-z...
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