Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,300 $ 55,100 $ 34,500 Required 1 Required 2 Ending $19,100 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. $ 65,100 $ 42,500 Complete the 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 Total manufacturing costs Add: Beginning work in process inventory X Answer is not complete. Direct materials: Manufacturing overhead applied to work in process Add: Purchases of raw materials Total raw materials available Add: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Less: Ending work in process inventory Cost of goods manufactured XS ✓ x $30,000 $ 4,820 $59,300 $89,000 $ 4,110 333 ✓ ✓ 10,300 30,000✔ 40,300 19,100✔ 21,200 S $ 21,200 59,300✔ 89,000✔ 169,500 x 55,100✔ 224,600 65,100✔ 159,500 x Required 1 Required 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. Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ 34,500 159,500 194,000 42,500 151,500 4,110 $ 155,610 Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,300 $ 55,100 $ 34,500 Required 1 Required 2 Ending $19,100 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. $ 65,100 $ 42,500 Complete the 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 Total manufacturing costs Add: Beginning work in process inventory X Answer is not complete. Direct materials: Manufacturing overhead applied to work in process Add: Purchases of raw materials Total raw materials available Add: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Less: Ending work in process inventory Cost of goods manufactured XS ✓ x $30,000 $ 4,820 $59,300 $89,000 $ 4,110 333 ✓ ✓ 10,300 30,000✔ 40,300 19,100✔ 21,200 S $ 21,200 59,300✔ 89,000✔ 169,500 x 55,100✔ 224,600 65,100✔ 159,500 x Required 1 Required 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. Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ 34,500 159,500 194,000 42,500 151,500 4,110 $ 155,610
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
Students also viewed these accounting questions
-
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...
-
Shantz Corporation has provided the following data concerning last month's operations. Purchases of raw materials Indirect raw materials included in manufacturing overhead Direct labor cost...
-
Primare Corporation has provided the following data concerning last months manufacturing operations. Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Evaluate the cube root of = 27cis (240). Then raise them to the cube. Show the steps of your reasoning.
-
Compare and contrast transaction exposure and economic exposure. Why would an MNC consider examining only its net cash flows in each currency when assessing its transaction exposure?
-
Simpson Energy earned $2.8 million in net income last year and for the first time ever paid its common stockholders a cash dividend of $0.04 per share. The firm has 9.1 million shares outstanding....
-
A steam condenser has separate air and condensate pumps. The entry to air pump suction is screened. Steam enters the condenser at \(38^{\circ} \mathrm{C}\) and the condensate is removed at...
-
The controller for Nesheim Construction Company believes that it is appropriate to offset a note payable to Oregon Bank against an account receivable from Oregon Bank related to remodeling services...
-
Cobalt Industries produces widgets. The 2023 budget and actuals were as follows: Budget Actual Production and sales (units) 6,000 5,400 Sales Revenue $ 1,380,000 $ 1,296,000 Variable costs $ 660,000...
-
Suppose you are assessing the merits of multiple designs of pillows based on durability, shape, and comfort. Use the table below to answer the following questions. You should set up and solve this...
-
The following materials standards have been established for a particular product: Standard quantity per unit of output 4.4 pounds Standard price $13.20 per pound The following data pertain to...
-
How many hours should each mine be operated so as to meet the contractual obligations at the lowest total operating cost? If the cost per hour to operate Mine 1 was $300: Would (1,3) remain optimal?...
-
Your team has been asked to test and document enhancements to a web application that allows buyers to purchase custom-printed canvas shoes. The tasks and dependencies are as follows: a testing plan...
-
Political institutions "are involved with the exercise of power, understood as "the capacity that an individual or social group has to be obeyed by a recipient" (Lpez Durn and Gallardo Cano, 2017, p....
-
(b) The following formula has been used for dimensionless energy release rate 1/2; in ceiling jet correlations Q=/(p.cTg2H5/2). Derive Q by using Buckingham II theorem and repeating variables method....
-
Why is it inappropriate to assume that a leadership style that works best in one situation will be just as effective in another?
-
The account balances for Tim Manufacturing for 2022 are as follows: Sales Revenue $950,000 Selling and administrative expenses 150,000 Income tax expense 90,000 Purchases of raw material 180,000 Raw...
-
Compare and contrast licensing and subcontracting.
-
Several years ago, Westmont Corporation developed a comprehensive budgeting system for profit planning and control purposes. While departmental supervisors have been happy with the system, the...
-
Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most...
-
If fixed manufacturing overhead costs are released from inventory under absorption costing, what does this tell you about the level of production in relation to the level of sales?
-
December 2007. When she joined, she signed a membership agreement that had a release of liability that stated: 24 Hour. will not be liable for any injury, including, without limitation, personal,...
-
Recall the facts in Leonard v. Pepsico Had this been a contract, would it have been subject to the Statute of Frauds?
-
John J. Williams began working at Delaware Elevator as a branch sales manager in late 2004. The company manufactures components for elevators and installs and repairs elevators. It employs 175 people...
Study smarter with the SolutionInn App