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Budgeted Expenses: January Dining Room Wages 4300 Laundry & Housekeeping 1650 Utilities 2200 Depreciation 1500

Total 9650

Leonardo's Italian Caf Performance Report-Kitchen February 2011 Actual February January February January 4150 4700 4400 400 1500 1600 1400 -50 2050 2350 2100 150 1500 1500 1500 0 9200 10150 9400 500

Variance unfavorable favorable unfavorable unfavorable unfavorable February 250 -100 50 0 200

unfavorable favorable unfavorable unfavorable unfavorable

Alpha Manufacturing Inc. Statement of Cost of Good Sold April 30, 2011 Merchandise inventory, April 1 38000 Purchases 121000 Merchandise Available for sale 159000 Less: Endind inventory, April 30 33000 Cost of Goods Sold 126000

Bravo Merchandising Co. Statement of Cost of Good Sold April 30, 2011 Beginning Finished goods Inventory 67000 Cost of goods Manufactured 287000 Finished Goods Available for Sale 354000 Less: Finished Goods, April 30 61000 Cost of Goods Sold 293000

Indy Furniture Company Statement of Cost of Goods Manufactured November 30, 2011 Direct Materials: Inventory Beginning Purchases Total Cost of Available Materials Cost of Materials Used Less: Indirect Materials Used Cost of Direct Materials Used Direct Labor 0 33000 33000 7400 25600 1400 24200 18500

42700

Factory Overhead: Indirect materials Indirect Labor Depreciation of Building Depreciation of Machinery and Equipment Utilities Factory Overhead Total Manufacturing Cost 1400 4300 3000 2200 2750 13650 56350

Liabillities and Stockholder's Equity Current Liabilities: Accounts Payable Stockholder's Equity: Capital Stock Retained Earnings Total Stockholder's Equity Total liabilities and stockholder's equity 8900 422550 10650 433200 442100

Indy Furniture Company Income Statement November 30, 2011 Sales Cost Of Goods Sold: Finished Goods Inventory,Nov 1 Add: Cost Of Goods Manufactured Goods Available for Sale Less: Finished Goods Inventory, Nov 30 Gross Profit on Sale Selling Administrative Expense Total 0 56350 56350 13900 68300

42450 25850 15200 10650

Indy Furniture Company Balance Sheet November 30, 2011


Current Asset: Cash Accounts Receivable Inventories: Finished Goods Materials Total Current Assets: Plant and Equipment: Building Less:Accumulated depreciation Machinery & equipment Less:Accumulated depreciation Total Asset 13900 7400 21300 59300 21800 16200

300000 3000 88000 2200

297000

85800

382800 442100

Journal Entries: a. Materials

Debit 58000

Credit

Accounts payable b. Work-in-process Factory Overhead(Indirect Materials) Materials c. Payroll Wages payable Wages payable Cash Work in process Indirect labor Selling and administrative expense Payroll d. Factory Overhead-Dept.Building (2000x4/5) Factory Overhead-Miscellaneous Selling and Administrative expense-Building (2000x1/5) Selling and Administrative expense-OfficeEquipment Accumulated Depr.-Building (480000x5%x1/12) Accumulated Depr.-Factory Equip. (220000x10%x1/12) Accumulated Depr.-Office Equip. (60000x20%x1/12) Factory overhead-Miscellaneous (11000x3/4) Sellng and Administrative Expenses (11000x1/4) Account Payable Work in process Factory Overhead Finished Goods Work in process Accounts Recevable Sales Cost of goods sold Finished goods Cash Accounts receivable Accounts Payable Cash

58000 47000 15000 62000 48000 48000 48000 48000 29000 12000 7000 48000 1600 1833 400 1000 2000 1833 1000 8250 2750 11000 38683 38683 91000 91000 345000 345000 188000 188000 362000 362000 158000 158000

e.

f. g. h.

i. j.

Beamer Manufacturing Co. Statement of Cost of Goods Manufactured April 30, 2011 Direct Materials: Inventory, Apr.30 Purchases Total Cost of Available Materials Less: Inventory, May 31 Cost of Materials Used Less: Indirect Materials Used Cost of Direct Materials Used Direct Labor Factory Overhead: Indirect Materials Indirect Labor Depr.of Building Depr.of Factory Equipment Miscellaneous Expense Total Manufacturing Cost during May

18000 58000 76000 14000 62000 15000 47000 29000

15000 12000 1600 1833 8250

38683 114683

Beamer Manufacturing Co. Statement of Cost of Goods Sold Manufactured April 30, 2011 Net sales Cost of Goods Sold: Finished Goods Inventory, April 1 Cost Of Goods Manfactured Goods Available for Sale Less: Finished Goods Inventory, April 30 Gross Profit on sales Selling & Administrative Expense: Selling & Administrative Salaries Depreciation of Building Depreciation of Office Equipment Miscellaneous Net income Work in process inventory, May 1 Add: Total Manufacturing Cost during May Total Less: Work In Process Inventory, May 31 Cost of Goods Manufactured 362000 120000 91000 211000 23000

188000 174000

7000 400 1000 2750 11150 162850 35000 114683 149683 58683 91000

Cash 25000 c. 48000 i. 348000 g.158000 ______________ 181000 Materials 18000 b. 62000 a.58000 __________________ 14000

Accounts Receivable 65000 i. 345000 h. 362000 ________ _________________ 82000 Building 480000

Finished Goods 120000 h. 188000 g. 91000 _____________________ 231000 Accumulated dep.-bldg 72000 d. 2000 ___________________ 74000

Factory Equipment 220000

Accumulated dep.-factory 66000 1833 _____________________ 67833 Capital Stock 250000

Office Equipment 60000

Wages Payable c. 48000 c. 48000

Retained Earnings 504000

Cost Of Goods Sold h. 188000

Factory Overhead b. 15000 f. 38683 d. 1600 d. 1833 e. 8250 c. 12000

c. 48000

Payroll c. 48000

Work In Process 35000 g. 91000 b. 27000 c. 29000 f. 38683 58653 Accounts Payable J. 158000 95000 a. 58000 e.11000 ______________________ 6000 Accumulated dep.-Office equip. 63000 10000 _____________________ 73000 Sales h. 345000

Selling And Administrative Expense d. 400 d. 400 e. 2750 ______________________ 4150

Journal Entries: 1. Materials 55,000 Accounts Payable 2. Workin Process 45,500 Factory overhead 3. Payroll 65,000 Wages payable 4. Work in process 50,000 Factory overhead 11,000 Payroll 5. Accounts Payable 65,000 Cash 6. Factory Overhaed 42,000 Accounts Payable 7. Factory Overhead 10000 Accumulated Dep. 8. Work in Process 76900 Factory Overhead 9. Finished Goods 73900 Work in Process 10. Accounts Receivable 178200 Sales Cost of goods Sold Finished Goods 72700

9,900 9,900 65,000

65,000 65,000 42000 10000 76900 73900 178200

72700

Balance Sheet Current Assets: Cash Accounts Receivable Inventories: Finished Goods Work in Process Materials Total Current Assets Plants and Equipment: Building Less: Accumulated Dep. Factory Equipment Less: Accumulated Dep. Office Equipment Less: Accumulated Dep. Total Plant and Equipment Total Assets $164,000 82000 23000 58683 14000

95683 $341,683

480000 74000 220000 67833 60000 37000

406000 152167 23000 581167 $922,850

Liabilities and Shareholders Equity Current Liability: Accounts Payable Stockholders Equity: Capital Stock Retained Earnings Total Shareholders Equity Total Liabilities and Shareholders Equity

6000 250000 666850 916850 922850

Retained Earnings(504000+162850)

666850

Cost of Goods Manufactured Direct Materials: Inventory beg.July 1 Purchases Total Cost of Available Materials Less: Inventory, July 31 Cost Of Direct Materials used in Production Direct Labor Factory Overhead Total Manufacturing Cost during July Add: Work In Process inv. July 1 Total: Less: Work In Process inv. July 31 (90%* 40000) Cost Of Goods Manufactured 20000 110000 130000 26000 156000 125333 62667 344000 40000 384000 36000 348000

Computation

O'Reilly Manufacturing inc. Schedule of Prime Cost July 31, 2011 Direct Materials Direct Labor Prime Cost 156000 125333 281333

O'Reilly Manufacturing inc. July 31, 2011

Direct labor

125333 125333

Computation

L FO

125333 62667 188000

100% 50% 150%