Question

In: Accounting

Montevideo Company had the following account balances for the quarter ending March 31, unless otherwise noted:...

Montevideo Company had the following account balances for the quarter ending March 31, unless otherwise noted:

Work-in-process inventory (January 1) $ 140,400

Work-in-process inventory (March 31) 171,000

Finished goods inventory (January 1) 540,000

Finished goods inventory (March 31) 510,000

Direct materials used 378,000

Indirect materials used 84,000

Direct manufacturing labor 480,000

Indirect manufacturing labor 186,000

Property taxes on manufacturing plant building 28,800

Salespersons' company vehicle costs 12,000

Depreciation of manufacturing equipment 264,000

Depreciation of office equipment 123,600

Miscellaneous plant overhead 135,000

Plant utilities 92,400

General office expenses 305,400

Marketing distribution costs 30,000

Required:
a. Prepare a cost of goods manufactured schedule for the quarter.
b. Prepare a cost of goods sold schedule for the quarter.
c. Calculate total prime costs and total conversion costs.
d. Calculate total product costs and period costs.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise...
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Work-in-process inventory (January 1) $ 140,400 Work-in-process inventory (March 31) 171,000 Finished goods inventory (January 1) 540,000 Finished goods inventory (March 31) 510,000 Direct materials used 378,000 Indirect materials used 84,000 Direct manufacturing labor 480,000 Indirect manufacturing labor 186,000 Property taxes on manufacturing plant building 28,800 Salespersons' company vehicle costs 12,000 Depreciation of manufacturing equipment 264,000 Depreciation of office equipment 123,600 Miscellaneous plant...
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise...
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: ​Work-in-process inventory (January 1)​$140,400 ​Work-in-process inventory (March 31)​171,000 ​Finished goods inventory (January 1)​540,000 ​Finished goods inventory (March 31)​510,000 ​Direct materials used​378,000 ​Indirect materials used​84,000 ​Direct manufacturing labour​480,000 ​Indirect manufacturing labour​186,000 ​Property taxes on manufacturing plant building​28,800 ​Salespersons' company vehicle costs​12,000 ​Amortization of manufacturing equipment​264,000 ​Amortization of office equipment​123,600 ​Miscellaneous plant overhead​135,000 ​Plant utilities​92,400 ​General office expenses​305,400 ​Marketing distribution costs​30,000 Required: a.​Prepare a cost...
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise...
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Accounts Amount Work-in-process inventory (January 1) $ 140,400 Work-in-process inventory (March 31) 171,000 Finished goods inventory (January 1) 540,000 Finished goods inventory (March 31) 510,000 Direct materials used 378,000 Indirect materials used 84,000 Direct manufacturing labor 480,000 Indirect manufacturing labor 186,000 Property taxes on manufacturing plant building 28,800 Salespersons' company vehicle costs 12,000 Depreciation of manufacturing equipment 264,000 Depreciation of office equipment 123,600...
Gaby Manufacturing Company had the following account balances for the quarter ending September 30, unless otherwise...
Gaby Manufacturing Company had the following account balances for the quarter ending September 30, unless otherwise noted: Amortization of manufacturing equipment                   $88,000 Amortization of office equipment                                      41,200 Direct manufacturing labour                                             160,000 Direct materials used                                                           126,000 Finished goods inventory (July 1)                                    180,000 Finished goods inventory (September 30)                      170,000 General office expenses                                                       101,800 Indirect manufacturing labour                                            62,000 Indirect materials used                                                         28,000 Marketing distribution costs                                                10,000 Miscellaneous plant overhead                                             45,000 Plant utilities                                                                           30,800 Property taxes on plant building                                          9,600 Property taxes on salespersons'...
Lopez Manufacturing Company had the following account balances for the quarter ending June 30, unless otherwise...
Lopez Manufacturing Company had the following account balances for the quarter ending June 30, unless otherwise noted:       Work-in-process inventory (April 1)                $ 149,300       Work-in-process inventory (March 31)               181,700       Finished goods inventory (January 1)                 550,000       Finished goods inventory (March 31)                 513,000       Direct materials used                                           391,000       Indirect materials used                                          96,000       Direct manufacturing labor                                 494,000       Indirect manufacturing labor                               212,000       Property taxes on manufacturing plant building   35,700       Salespersons' company car costs                           19,000       Depreciation of manufacturing equipment          287,200       Depreciation of office equipment                        137,400       Miscellaneous plant overhead                             133,100       Plant utilities                                                        129,000       General office expenses                                       301,000       Marketing distribution costs                                  51,800 Required: a.   Prepare a...
Unless otherwise noted, all sets in this module are finite. Prove the following statements... 1. If...
Unless otherwise noted, all sets in this module are finite. Prove the following statements... 1. If A and B are sets then (a) |A ∪ B| = |A| + |B| − |A ∩ B| and (b) |A × B| = |A||B|. 2. If the function f : A→B is (a) injective then |A| ≤ |B|. (b) surjective then |A| ≥ |B|. 3. For each part below, there is a function f : R→R that is (a) injective and surjective. (b)...
The following are selected account balances for Withers Company for the year ending December 31, 2019:...
The following are selected account balances for Withers Company for the year ending December 31, 2019: Accounts Payable $63,000 Accounts Receivable $82,000 Cash $95,000 Freight-in $3,000 Merchandise Inventory (1/1/19) $120,000 Merchandise Inventory (12/31/19) $90,000 Purchases $262,000 Purchase Returns & Allowances $33,000 Purchases Discounts $12,000 Sales $566,000 Sales Returns & Allowances 36,000 Total Selling Expenses $92,000 Total Administrative Expenses $43,000 Withers, Capital $660,000 Withers, Withdrawals $100,000 REQUIRED: 1) Prepare the multiple-step income statement under the Periodic System (the way we did...
Unless otherwise noted, all sets in this module are finite. Prove the following statements... 1. Let...
Unless otherwise noted, all sets in this module are finite. Prove the following statements... 1. Let S = {0, 1, . . . , 23} and define f : Z→S by f(k) = r when 24|(k−r). If g : S→S is defined by (a) g(m) = f(7m) then g is injective and (b) g(m) = f(15m) then g is not injective. 2. Let f : A→B and g : B→C be injective. Then g ◦f : A→C is injective. 3....
Miller Corp. sells chairs. Miller reported the following information (all transactions are on account) for the quarter ending March 31, 2013:
InventoryMiller Corp. sells chairs. Miller reported the following information (all transactions are on account) for the quarter ending March 31, 2013:                                                                      Purchases                                         Sales                                                                                 Units           Unit Cost             Units               Selling Price/UnitJan.       1      Beginning inventory      112                  $72           13      Purchase                           76                  $71           29      Sale                                                                                121                        $99Feb.      3      Purchase                           56                  $69           16      Purchase                         102                  $65                       Mar. 21      Sale                                                                                  67                        $98           Required:In requirements 1-3, Miller uses a periodic inventory system.1. Calculate the cost of ending inventory, cost of goods sold, gross profit, and gross profit...
On March 31 a company needed to estimate its ending inventory to prepare its first quarter...
On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available: Beginning inventory, January 1: $5,900 Net sales: $88,000 Net purchases: $86,000 The company's gross margin ratio is 20%. Using the gross profit method, the estimated ending inventory value would be:
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT