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 3E
Schedules of Cost of Goods Manufactured and Cost of Goods Sold L03-3
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
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
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Schedules of Cost of Goods Manufactured and Cost of Goods Sold
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
Required:
a. Prepare a schedule of cost of goods manufactured for the month.
b. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
The following information pertains to Thornton Manufacturing Company for March Year 3. Assume actual overhead equaled applied
overhead.
March 1
Inventory balances
Raw materials
Work in process
Finished goods
March 31
Inventory balances
Raw materials
Work in process
Finished goods
During March
Costs of raw materials purchased
Costs of direct labor
Costs of manufacturing overhead
Sales revenues
Required A Required B
Required
a. Prepare a schedule of cost of goods manufactured and sold.
b. Calculate the amount of gross margin on the income statement.
$ 124,100
118,300
76,300
Complete this question by entering your answers in the tabs below.
$ 85,400
145,700
80,500
Raw materials available for use
$ 118,500
100,800
61, 600
356,000
Prepare a schedule of cost of goods manufactured and sold.
Direct raw materials used
THORNTON MANUFACTURING COMPANY
Schedule of Cost of Goods Manufactured and Sold
For March Year 3
Total manufacturing costs
0
0
0
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement
The following data from the just completed year are taken from the accounting records of Mason Company:
Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
3. Prepare an income statement.
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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