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Class:
Problem 02-24
MERIWELL COMPANY
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning $9,000
Add: Purchases of raw materials 125,000
Raw materials available for use 134,000
Deduct: Raw materials inventory, ending 6,000
Raw materials used in production $128,000
Direct labor 70,000
Manufacturing overhead:
Depreciation, factory 27,000
Utilities, factory 8,000
Maintenance, factory 40,000
Supplies, factory 11,000
Insurance, factory 4,000
Indirect labor 15,000
Total overhead costs
Total manufacturing costs
Add: Work in process inventory, beginning
MERIWELL COMPANY
Income Statement
Sales
Less cost of goods sold:
Finished goods inventory, beginning
Add: Cost of goods manufactured
Goods available for sale
Deduct: Finished goods inventory, ending
Gross margin
Less operating expenses:
Selling expenses
Administrative expenses
Net operating income
MERIWELL COMPANY
Check figure:
(1) Cost of goods manufactured $290,000
Student Name:
Class:
Problem 02-26
SWIFT COMPANY
Schedule of Cost of Goods Manufactured
For the Month Ended August 31
Direct materials:
Raw materials inventory, August 1
Add: Purchases of raw materials
Raw materials available for use
Deduct: Raw materials inventory, August 31
Raw materials used in production
Direct labor
Manufacturing overhead:
Indirect labor cost
Utilities
Depreciation, factory equipment
Insurance
Rent on facilities
Total overhead costs
Total manufacturing costs
Add: Work in process inventory, August 1
SWIFT COMPANY
Income Statement
For the Month Ended August 31
Sales
Less cost of goods sold:
Finished goods inventory, August 1
Add: Cost of goods manufactured
Goods available for sale
Deduct: Finished goods inventory, August 31
Gross margin
Less operating expenses:
Utilities
Depreciation, sales equipment
Insurance
Rent on facilities
Selling and administrative salaries
Advertising
Net operating income
Given Data P02-26:
SWIFT COMPANY
Income Statement
For the Month Ended August 31
Sales $450,000
Less operating expenses:
Indirect labor cost $12,000
Utilities 15,000
Direct labor cost 70,000
Depreciation, factory equipment 21,000
Raw materials purchased 165,000
Depreciation, sales equipment 18,000
Insurance 4,000
Rent on facilities 50,000
Selling and administrative salaries 32,000
Advertising 75,000 462,000
Net loss ($12,000)
Inventory balances:
August 1 August 31
Raw materials $8,000 $13,000
Work in process $16,000 $21,000
Finished goods $40,000 $60,000
Check figure:
(1) Cost of goods manufactured $310,000
Student Name:
Class:
Problem 02-28
VISIC CORPORATION
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning
Add: Purchases of raw materials
Raw materials available for use
Deduct: Raw materials inventory, ending
Raw materials used in production
Direct labor
Manufacturing overhead:
Indirect labor
Building rent
Utilities, factory
Royalty on patent
Maintenance, factory
Rent on equipment
Other factory overhead costs
Total overhead costs
Total manufacturing costs
Add: Work in process inventory, beginning
VISIC CORPORATION
Computations
VISIC CORPORATION
Income Statement
Sales
Less cost of goods sold:
Finished goods inventory, beginning
Add: Cost of goods manufactured
Goods available for sale
Finished goods inventory, ending
Gross margin
Less operating expenses:
Advertising
Entertainment and travel
Building rent
Selling and administrative salaries
Other selling and administrative expense
Net operating income
Given Data P02-28:
VISIC CORPORATION
Check figure:
(1) Cost of goods manufactured $870,000