Reference no: EM133085583
Question - Partridge, Inc. incurred the following costs during March:
Raw materials purchased $46,800
Direct labor (9,200 hours) 156,400
Manufacturing overhead (actual) 83,000
Selling expenses 47,400
Administrative expenses 32,600
Interest expense 14,800
Manufacturing overhead is applied on the basis of $8.50 per direct labor hour. Assume that overapplied or under-applied overhead is transferred to cost of goods sold only at the end of the year. During the month, 3,500 units of product were manufactured and 3,400 units of product were sold. On March 1 and March 31, Partridge carried the following inventory balances:
March 1 / March 31
Raw materials $ 14,200 $ 15,400
Work-in-process 64,700 55,800
Finished process 32,400 40,660
(a) Prepare a Statement of Cost of Goods Manufactured for the month of March, and calculate the average cost per unit produced.
(b) Calculate the cost of goods sold during March.
(c) Where in the financial statements will the difference between cost of goods manufactured and cost of goods sold be classified?
|
What amount of interest has accrued as of june
: Wales, Inc. issued a 18-month note in the amount of $260,000 on June 1, 2019 with an annual rate of 5%. What amount of interest has accrued as of June
|
|
What is the worksheet elimination to plant assets
: Platek Enterprises purchases 100 percent of Smith Company for P600,000. What is the worksheet elimination to plant assets at the acquisition date
|
|
Prepare adjusting journal entries
: Prepare adjusting journal entries to eliminate the Intangible Assets account and correctly record all the items, including appropriate amortization adjustments
|
|
What is the defined benefit cost for the current year
: There was a decrease in the projected benefit obligation due to changes in actuarial assumptions of P200,000. What is defined benefit cost for the current year
|
|
Prepare a statement of cost of goods manufactured
: Prepare a Statement of Cost of Goods Manufactured for the month of March, and calculate the average cost per unit produced
|
|
Prepare the journal entries to record the transaction
: Prepare the journal entries to record the transaction on the books of Everest Inc. at December 31, 2021
|
|
What numbers would you look at to know that you have
: What numbers would you look at to know that you have a company that is poised for growth and if this is something that you could invest in
|
|
Determine the flexible budget variance
: The company planned to provide 39,000 hours of training services during the year. Determine the flexible budget variance
|
|
Compute the labor rate and efficiency variances for august
: At standard, each set of covers should require 2.5 yards of material. Compute the labor rate and efficiency variances for August
|