ACC 410 : ACC410 Solution Chapter 5

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violetkangaroo221

19 Apr 2012

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5. 17: cost of goods manufactured = ,000, prime costs = 183,400. Conversion costs = manufacturing overhead = 192,200: cost of goods sold = ,300, net income = ,500. 5. 20: budgeted overhead = per hour, total costs for schuller: 5. 23: labour = , overhead = . 5. 24: ending wip balance = ,000, direct labour = ,500, direct materials = ,500. 5. 28: overhead estimated allocation rate = . 60 per machine hour, overhead allocated to job no. = 125% of direct labour cost: overhead costs for job 602: ,138, total cost for job 602: ,188. 5. 35: overhead rate method 1: 140% of direct professional labour cost, overhead rate method 2: 67% of direct professional labour cost, overhead rate method 3: 38. 5% of total direct costs. 5. 36: allocated overhead cost for job 75 using plant-wide rate: . 00, allocated overhead cost for job 75 using production cost pools: . 50. Variable rate = 200% of direct labour costs.

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Primare Corporation has provided the following data concerninglast monthâs manufacturing operations.


Purchases of raw materials	$	32,000
Indirect materials included inmanufacturing overhead	$	4,530
Direct labor	$	59,300
Manufacturing overhead appliedto work in process	$	87,600
Underapplied overhead	$	4,060

Inventories	Beginning		Ending
Raw materials	$	11,400	$	19,300
Work in process	$	54,400	$	66,300
Finished goods	$	33,800	$	43,300

Required:

1. Prepare a schedule of cost of goods manufactured for themonth.

2. Prepare a schedule of cost of goods sold for the month.Assume the underapplied or overapplied overhead is closed to Costof Goods Sold.

Prepare a schedule of cost of goods manufactured for themonth.

Primare Corporation
Schedule of Cost of Goods Manufactured
Directmaterials:


Total rawmaterials available

Rawmaterials used in production



Totalmanufacturing costs



Cost of goods manufactured

Prepare a schedule of cost of goods sold for the month. Assumethe underapplied or overapplied overhead is closed to Cost of GoodsSold.

Primare Corporation
Schedule of Cost of Goods Sold

violetbuffalo160

EXERCISE 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-6] Primare Corporation has provided the following data concerning last month's manufacturing operations. $30,000 $5,000 $58,000 $87,000 $4,000 Purchases of raw materials ........... Indirect materials included in manufacturing overhead ........ Direct labor ........ Manufacturing overhead applied to work in process ........ Underapplied overhead ........ Inventories Beginning Raw materials ............ $12,000 Work in process.. $56,000 Finished goods $35,000 Ending $18,000 $65,000 $42,000 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.

33.Hardigan Manufacturing Company reported the following year-endinformation: beginning work in process inventory, $80,000; cost ofgoods manufactured, $980,000; beginning finished goods inventory,$50,000; ending work in process inventory, $70,000; and endingfinished goods inventory, $40,000. How much is Hardigan's cost ofgoods sold for the year?
a.$980,000
b.$990,000
c.$970,000
d.$1,000,000

35.
Hollern Combines, Inc. has $10,000 of ending finished goodsinventory as of December 31, 2008. If beginning finished goodsinventory was $5,000 and cost of goods sold was $20,000, how muchwould Hollern report for cost of goods manufactured?
a.$22,500
b.$5,000
c.$25,000
d.$15,000

37.
Overapplied manufacturing overhead exists when overhead assigned towork in process is
a.more than overhead incurred and there is a debit balance inManufacturing Overhead at the end of a period.
b.less than overhead incurred and there is a debit balance inManufacturing Overhead at the end of a period.
c.more than overhead incurred and there is a credit balance inManufacturing Overhead at the end of a period.
d.less than overhead incurred and there is a credit balance inManufacturing Overhead at the end of a period.

38.
Manufacturing costs include
a.direct materials and direct labor only.
b.direct materials and manufacturing overhead only.
c.direct labor and manufacturing overhead only.
d.direct materials, direct labor, and manufacturing overhead.

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ACC 410 : ACC410 Solution Chapter 5

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