Managerial Accounting
16th Edition
ISBN: 9781259995484
Author: Ray Garrison
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Textbook Question
Chapter 3, Problem 3E
EXERCISE 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold LO3-3
Primare Corporation has provided the following data concerning last month's manufacturing operations.
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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Students have asked these similar questions
Problem 3: Lederman Inc. has provided the following data for the month of April:
Beginning
$12,000
$27,000
Inventories
Work in process...
Finished goods....
Additional Information:
Direct materials..
Direct labor costs..
Manufacturing overhead cost incurred......
Manufacturing overhead cost applied to WIP
Required:
a. Determine costs of goods manufactured for april
b. Was the overhead underapplied or overapplied? By how much?
$51,000
$91,000
Ending
$16,000
$25,000
$60,000
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Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
Statement of Cost of Goods Manufactured for a Manufacturing Company
Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows:
Inventories
March 31
Materials
Work in process
Finished goods
March 1
$215,250
142,070
109,780
$185,120
122,180
124,030
Direct labor
Materials purchased during March
Factory overhead incurred during March:
Indirect labor
Machinery depreciation
Heat, light, and power
Supplies
Property taxes
Miscellaneous costs
Costs Type
$387,450
413,280
41,330
24,970
8,610
6,890
6,030
11,190
a. Prepare a cost of goods manufactured statement for March.
Firetree Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended March 31
Amount Amount Amount
Chapter 3 Solutions
Managerial Accounting
Ch. 3.A - EXERCISE 3A-1 Transaction Analysis LO3-5 Carmen...Ch. 3.A - EXERCISE 3A-2 Transaction Analysis LO3-5 Adams...Ch. 3.A - EXERCISE 3A-3 Transaction Analysis LO3-5 Dixon...Ch. 3.A - PROBLEM 3A-4 Transaction Analysis LO3-5 Morrison...Ch. 3.A - PROBLEM 3A-5 Transaction Analysis LO3-5 Star...Ch. 3.A -
PROBLEM 3A-6 Transaction Analysis LO3-5
Brooks...Ch. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - What is underapplied overhead Overapplied...Ch. 3 - 3-4 Provide two reasons why overhead might be...
Ch. 3 - Prob. 5QCh. 3 - How do you compute the raw materials used in...Ch. 3 - Prob. 7QCh. 3 - How do you compute the cost of goods manufactured?Ch. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 1AECh. 3 - Prob. 2AECh. 3 - Prob. 3AECh. 3 - Prob. 4AECh. 3 - Prob. 1F15Ch. 3 - Prob. 2F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 4F15Ch. 3 - Prob. 5F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 7F15Ch. 3 - Prob. 8F15Ch. 3 - Prob. 9F15Ch. 3 - Prob. 10F15Ch. 3 - Bunnell Corporation is a manufacturer that uses...Ch. 3 - Prob. 12F15Ch. 3 - Prob. 13F15Ch. 3 - Prob. 14F15Ch. 3 - Prob. 15F15Ch. 3 - EXERCISE 3-1 Prepare Journal Entries LO3-1 Lamed...Ch. 3 - Prob. 2ECh. 3 - EXERCISE 3-3 Schedules of Cost of Goods...Ch. 3 - EXERCISE 3-4 Underapplied and Overapplied Overhead...Ch. 3 - Prob. 5ECh. 3 - EXERCISE 3-6 Schedules of Cost of Goods...Ch. 3 - (
$
15,000...Ch. 3 - EXERCISE 3-8 Applying Overhead: Journal Entries;...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 -
PROBLEM 3-11: T-Account Analysis of Cost Flows...Ch. 3 - Prob. 12PCh. 3 - PROBLEM 3-13 Schedules of Cost of Goods...Ch. 3 - Prob. 14PCh. 3 -
PROBLEM 3-15 Journal Entries; T-Accounts;...Ch. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18C
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