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I need assistance with my accounting questions. Attached is the file. Thank you. Week 3 Assignment Exercise 1: Schedules of Cost of Goods Manufactured and
I need assistance with my accounting questions. Attached is the file. Thank you.
Week 3 Assignment Exercise 1: 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: (2 points) 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Exercise 2: Underapplied and Overapplied Overhead Osborn Manufacturing uses a predetermined overhead rate of $18.20 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $218,400 of total manufacturing overhead for an estimated activity level of 12,000 direct labor-hours. The company incurred actual total manufacturing overhead costs of $215,000 and 11,500 total direct labor-hours during the period. Required: Determine the amount of underapplied or overapplied manufacturing overhead for the period. (1 point) Exercise 3: Applying Overhead; Computing Unit Product CostA company assigns overhead cost to completed jobs on the basis of 125% of direct labor cost. The job cost sheet for Job 313 shows that $10,000 in direct materials has been used on the job and that $12,000 in direct labor cost has been incurred. A total of 1,000 units were produced in Job 313. Required: What is the total manufacturing cost assigned to Job 313? What is the unit product cost for Job 313? (2 points) Exercise 4: XYX Corporation has provided the following data for the month of January: Inventories Raw materials Beginning $21,000 Ending $15,000 Work In process $7,000 $9,000 Finished goods $33,000 $30,000 Additional Information Raw material purchases $35,000 Direct labor costs $55,000 Manufacturing overhead cost incurred $27,000 Indirect materials included in manufacturing overhead costs incurred $2,500 Manufacturing overhead cost applied to work in process $30,000 Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form. (2 points) Exercise 5: Computation of Equivalent UnitsWeighted-Average Method Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October: The department started 175,000 units into production during the month and transferred 190,000 completed units to the next department. Required: Compute the equivalent units of production for October assuming that the company uses the weighted-average method of accounting for units and costs. (1 point) Exercise 6: Applying Costs to UnitsWeighted-Average MethodData concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: A total of 20,100 units were completed and transferred to the next processing department during the period. Required: Compute the cost of the units transferred to the next department during the period and the cost of ending work in process inventory. (1 point)Step by Step Solution
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