Question
In: Accounting
ABC Corporation has provided the following data concerning manufacturing overhead for May:
ABC Corporation has provided the following data concerning manufacturing overhead for May:
Actual manufacturing overhead incurred Rs. 66,000
Manufacturing overhead applied to Work in Process Rs. 62,000
The Corporation's gross profit was Rs. 225,000 prior to closing out its Manufacturing Overhead account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. What would be the gross profit after closing manufacturing overhead account:
Solutions
Expert Solution
|
Statement of Gross Profit |
|
|
Particulars |
Amount |
|
Actual Manufacturing overhead |
Rs.66000 |
|
Less: Manufacturing overhead applied |
62000 |
|
Underapplied Manufacturing overhead |
Rs. 4000 |
|
|
|
|
Gross Profit |
225000 |
|
Less: Underapplied Manufacturing overhead |
4000 |
|
Gross Profit after closing Manufacturing Overhead |
221000 |
Hence Correct answer is Gross Profit after closing Manufacturing Overhead Rs. 221,000.
|
Particulars |
Amount |
|
Actual Manufacturing overhead |
Rs.66000 |
|
Less: Manufacturing overhead applied |
62000 |
|
Underapplied Manufacturing overhead |
Rs. 4000 |
DEEPIKA GOYAL answered 2 years agoRelated Solutions
Matthias Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of May....
Matthias Corporation has provided data concerning the
Corporation's Manufacturing Overhead account for the month of May.
Prior to the closing of the overapplied or underapplied balance to
Cost of Goods Sold, the total of the debits to the Manufacturing
Overhead account was $62,000 and the total of the credits to the
account was $87,000. Which of the following statements is true?
Multiple Choice
Manufacturing overhead for the month was underapplied by
$25,000.
Manufacturing overhead applied to Work in Process for...
Bennette Corporation has provided the following data concerning its overhead costs for the coming year: ...
Bennette Corporation has provided the following data concerning its overhead costs for the coming year:
Wages and salaries
$
440,000
Depreciation
170,000
Rent
190,000
Total
$
800,000
The company has an activity-based costing system with the following three activity cost pools and estimated activity for the coming year:
Activity Cost Pool
Total Activity
Assembly
30,000
labor-hours
Order processing
550
orders
Other
Not applicable
The Other activity cost pool does not have a measure of...
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
Purchases of raw materials
$
32,000
Indirect materials included in manufacturing overhead
$
4,760
Direct labor
$
58,500
Manufacturing overhead applied to work in process
$
87,700
Underapplied overhead
$
4,150
Inventories
Beginning
Ending
Raw materials
$
10,200
$
18,700
Work in process
$
54,600
$
67,800
Finished goods
$
33,500
$
42,600
Required:
1. Prepare a schedule of cost of goods manufactured...
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
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 overhead is closed to Cost of Goods Sold.
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
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 overhead is closed to Cost of Goods Sold.
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw...
Primare Corporation has provided
the following data concerning last month’s manufacturing
operations.
Purchases of raw
materials
$
31,000
Indirect materials
included in manufacturing overhead
$
4,660
Direct labor
$
59,100
Manufacturing
overhead applied to work in process
$
88,300
Underapplied
overhead
$
4,110
Inventories
Beginning
Ending
Raw materials
$
10,500
$
19,400
Work in process
$
55,700
$
67,300
Finished goods
$
33,100
$
42,600
Required:
1.
Prepare a schedule of cost of
goods manufactured for the month....
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials...
Primare Corporation has provided the following data concerning
last month’s manufacturing operations. Purchases of raw materials $
32,000 Indirect materials used in production $ 4,690 Direct labor $
59,200 Manufacturing overhead applied to work in process $ 87,000
Underapplied overhead $ 4,170 Inventories Beginning Ending Raw
materials $ 10,800 $ 19,800 Work in process $ 55,200 $ 66,800
Finished goods $ 35,000 $ 42,800
Required: 1. Prepare a schedule of cost of goods manufactured
for the month.
2. Prepare a...
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials...
Primare Corporation has provided the following data concerning
last month’s manufacturing operations.
Purchases of raw materials
$
31,000
Indirect materials included in manufacturing overhead
$
4,550
Direct labor
$
58,600
Manufacturing overhead applied to work in process
$
88,100
Underapplied overhead
$
4,150
Inventories
Beginning
Ending
Raw materials
$
11,900
$
18,800
Work in process
$
54,600
$
68,100
Finished goods
$
33,300
$
43,000
Required:
1. Prepare a schedule of cost of goods manufactured for the
month.
2. Prepare...
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials...
Primare Corporation
has provided the following data concerning last month’s
manufacturing operations.
Purchases of raw
materials
$
31,000
Indirect
materials used in production
$
4,510
Direct
labor
$
58,100
Manufacturing
overhead applied to work in process
$
88,600
Underapplied
overhead
$
4,170
Inventories
Beginning
Ending
Raw
materials
$
10,800
$
19,700
Work in
process
$
54,700
$
65,000
Finished
goods
$
34,700
$
43,500
Required:
1. Prepare a schedule
of cost of goods manufactured for the month.
2. Prepare a...
Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials...
Primare Corporation has provided the following data concerning
last month’s manufacturing operations.
Purchases of raw materials
$
31,000
Indirect materials included in manufacturing overhead
$
4,900
Direct labor
$
59,900
Manufacturing overhead applied to work in process
$
88,300
Underapplied overhead
$
4,100
Inventories
Beginning
Ending
Raw materials
$
10,800
$
19,400
Work in process
$
54,100
$
69,500
Finished goods
$
35,000
$
42,800
Required:
1. Prepare a schedule of cost of goods manufactured for the
month.
2. Prepare...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Explain how advances in technology can force a software subsystem to undergo change or run the...
- Discuss whether you agree or disagree on whether you think E-mails need to be managed and...
- b. Do any unions represent employees in Microsoft? Describe which unions are involved. c. Have there been...
- Look up and use each of these Linux commands. (Each command will have two parts) Summarize...
- What was Lincoln 10 percent plan and what problems did it present?
- A cantilever beam 4m long carries a uniform load of 3.5 kN/m over a portion 1.5m...
- Our next optimization comes from using the brilliant Rabin-Karp substring matching algorithm (RK for short), invented...
ADVERTISEMENT