Question

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5. Tondre Corporation has provided the following data concerning last months operations. Direct materials Direct labor Manufacturing overhead cost applied to Work in Process $24,000 $58,000 $87,000 $ 86,000 Actual manufacturing overhead for the month Note: There were no indirect materials in manufacturing overhead. All raw materials used are direct materials. Beginning Ending Raw materials inventory Work in process inventory Finished goods inventory $12,000 $50,000 $28,000 $17,000 $77,000 $48,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: (NO TITLES NEEDED) a. Prepare the schedule of cost of goods manufactured for the month. (8 pts) b. Prepare a Schedule of Cost of Goods Sold for the month. (5 pts) c. If revenues were $300,000 what is gross margin? (2 pts)

Answer 1

Answer of question a).cost of goods manufactured for the month is $137000.

Answer of question b).Cost of goods sold for the month is $117000.

Answer of question c).If revenue $300000 then gross margin will be( $300000-$116000)=$184000.

Gross margin = $184000/$300000×100

=0.6133

=61.33%

Please refer the workings below

$ $ 12000 24000 -17000 19000 58000 770001 Tondre Corporation Statement of Cost Descriptions Opening Raw Materials Add: Purchases Less:Closing Raw materials RAW MATERIALS CONSUMED Direct labour Cost PRIME COST Manufacturing Overhead COST OF PRODUCTION Add:Opening WIP Less:Closing WIP COST OF GOODS MANUFACTURED Add:Opening Finished Stock Less:Closing Finished Stock COST OF GOOD SOLD Less:Over absorption of Manufacturing overhead ADJUSTED COST OF GOODS SOLD 87000 164000 50000 -77000 137000 28000 -48000 117000 -1000 116000

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