Question
In: Accounting
Stefanovich Corporation makes one product. The company has provided the following information concerning its raw materials...
Stefanovich Corporation makes one product. The company has provided the following information concerning its raw materials needs:
The ending raw materials inventory should equal 20% of the following month’s raw materials production needs.
Each unit of finished goods requires 2 pounds of raw materials.
The raw materials cost $3.00 per pound.
The company will need 26,440 pounds of raw material to satisfy production needs in March.
The raw materials inventory balance at the end of February should be closest to:
A) $74,136
B) $14,568
C) $88,704
D) $15,864
Solutions
Expert Solution
|
Ending raw materials inventory for February = Beginning raw materials inventory for March = 26,440 * 20% = 5288 pounds Cost = 5288 * 3 per pound = $15,864 |
||
ekkarill92 answered 2 years agoRelated Solutions
Cienfuegos Corporation has provided the following data concerning last month’s operations. Purchases of raw materials $...
Cienfuegos Corporation
has provided the following data concerning last month’s
operations.
Purchases of raw
materials
$
36,000
Indirect
materials included in manufacturing overhead
$
4,000
Direct labor
cost
$
58,000
Manufacturing
overhead applied to Work in Process
$
90,000
Overapplied
overhead
$
3,000
Beginning
Ending
Raw materials
inventory
$
10,000
$
21,000
Work in process
inventory
$
62,000
$
70,000
Finished goods
inventory
$
36,000
$
40,000
The company closes out
any underapplied or overapplied manufacturing overhead to cost of...
Tang Company accumulates the following data concerning raw materials in making its finished product:
Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials—net purchase price $2.50, freight-in $0.50, and receiving and handling $0.40. (2) Quantity per gallon of the finished product—required materials 3.40 pounds, allowance for waste and spoilage 0.60 pounds
Compute the following. (Round answers to 2 decimal places, e.g. 1.25.)
(a)
Standard direct materials price per pound of raw materials.
$
(b)
Standard direct materials...
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...
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 . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . $30,000
Indirect materials included in manufacturing overhead . . . . . . .
. . . . . . $5,000
Direct labor . . . ....
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 included in manufacturing overhead $
4,690 Direct labor $ 58,100 Manufacturing overhead applied to work
in process $ 88,500 Underapplied overhead $ 4,180 Inventories
Beginning Ending Raw materials $ 10,300 $ 19,800 Work in process $
55,100 $ 67,100 Finished goods $ 34,200 $ 43,900
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
$
32,000
Indirect materials included in manufacturing overhead
$
4,780
Direct labor
$
58,100
Manufacturing overhead applied to work in process
$
87,300
Underapplied overhead
$
4,040
Inventories
Beginning
Ending
Raw materials
$
10,700
$
18,700
Work in process
$
54,300
$
67,600
Finished goods
$
33,800
$
42,800
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 $
30,000 Indirect materials included in manufacturing overhead $
4,970 Direct labor $ 59,500 Manufacturing overhead applied to work
in process $ 88,800 Underapplied overhead $ 4,170 Inventories
Beginning Ending Raw materials $ 11,600 $ 18,300 Work in process $
54,400 $ 69,900 Finished goods $ 33,900 $ 42,300 Required: 1.
Prepare a schedule of cost of goods manufactured for the month. 2.
Prepare...
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