Chap 002
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Student Name: Class: Problem 02-24
MERIWELL COMPANY 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: Depreciation, factory Utilities, factory Maintenance, factory Supplies, factory Insurance, factory Indirect labor Total overhead costs Total manufacturing costs Add: Work in process inventory, beginning
$9,000 125,000 134,000 6,000 $128,000 70,000 27,000 8,000 40,000 11,000 4,000 15,000
Deduct: Work in process inventory, ending Cost of goods manufactured
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
3. Equivalent units of product produced Average cost per unit for direct materials Average cost per unit for factory depreciation
10,000
4. Equivalent units of product produced Average cost per unit for direct materials Total cost for direct materials Average cost per unit for factory depreciation Total cost for factory depreciation
15,000
Given Data P02-24 MERIWELL COMPANY Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory Maintenance, factory Supplies, factory Insurance, factory Purchase of raw materials Raw materials inventory, beginning Raw materials inventory, ending Diredt labor Indirect labor Work in process inventory, beginning Work in process inventory, ending Sales Selling Expenses Check figure: (1) Cost of goods manufactured
$20,000 40,000 27,000 110,000 8,000 40,000 11,000 4,000 125,000 9,000 6,000 70,000 15,000 17,000 30,000 500,000 80,000
$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 Deduct: Work in process inventory, August 31 Cost of goods manufactured
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 Less operating expenses: Indirect labor cost Utilities Direct labor cost Depreciation, factory equipment Raw materials purchased Depreciation, sales equipment Insurance Rent on facilities Selling and administrative salaries Advertising Net loss
$450,000 $12,000 15,000 70,000 21,000 165,000 18,000 4,000 50,000 32,000 75,000
462,000 ($12,000)
Inventory balances: Raw materials Work in process Finished goods Rent applied to factory overhead Rent applied to selling and admin. Insurance applied to factory overhead Insurance applied to selling and admin. Utilities applied to factory overhead Utilities applied to selling and admin. Check figure: (1) Cost of goods manufactured
August 1 $8,000 $16,000 $40,000 80% 20% 75% 25% 60% 40%
$310,000
August 31 $13,000 $21,000 $60,000
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 Deduct: Work in process inventory, ending Cost of goods manufactured
VISIC CORPORATION Computations 2.a. Units in finished goods inventory Total sales Unit selling price Units sold Units in the finished goods inventory, beginning Units produced during the year Units available for sale Units sold during the year Units in the finished goods inventory, ending 2.b. Cost of units in finished goods inventory COGM Number of units produced Cost per unit Cost of units in finished goods inventory, ending
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 Production in units Sales in units Ending finished goods inventory in units Sales in dollars Costs: Advertising Entertainment and travel Direct labor Indirect labor Raw materials purchased Building rent (production uses 80% of the space; administrative and sales offices use the rest) Utilities, factory Royalty paid for use of production patent, $1.50 per unit produced Maintenance, factory Rent for special production equipment, $7,000 per year plus $0.30 per unit produced Selling and administrative salaries Other factory overhead costs Other selling and administrative expenses Inventories: Raw materials Work in process Finished goods Selling price per unit Check figure: (1) Cost of goods manufactured
$29,000 ? ? $1,300,000 $105,000 $40,000 $90,000 $85,000 $480,000 $40,000 $108,000 ? $9,000 ? $210,000 $6,800 $17,000 Beginning of the Year $20,000 $50,000 $0 $50
$870,000
End of theYear $30,000 $40,000 ?
MERIWELL COMPANY 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: Depreciation, factory Utilities, factory Maintenance, factory Supplies, factory Insurance, factory Indirect labor Total overhead costs Total manufacturing costs Add: Work in process inventory, beginning
$9,000 125,000 134,000 6,000 $128,000 70,000 27,000 8,000 40,000 11,000 4,000 15,000
Deduct: Work in process inventory, ending Cost of goods manufactured
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
3. Equivalent units of product produced Average cost per unit for direct materials Average cost per unit for factory depreciation
10,000
4. Equivalent units of product produced Average cost per unit for direct materials Total cost for direct materials Average cost per unit for factory depreciation Total cost for factory depreciation
15,000
Given Data P02-24 MERIWELL COMPANY Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory Maintenance, factory Supplies, factory Insurance, factory Purchase of raw materials Raw materials inventory, beginning Raw materials inventory, ending Diredt labor Indirect labor Work in process inventory, beginning Work in process inventory, ending Sales Selling Expenses Check figure: (1) Cost of goods manufactured
$20,000 40,000 27,000 110,000 8,000 40,000 11,000 4,000 125,000 9,000 6,000 70,000 15,000 17,000 30,000 500,000 80,000
$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 Deduct: Work in process inventory, August 31 Cost of goods manufactured
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 Less operating expenses: Indirect labor cost Utilities Direct labor cost Depreciation, factory equipment Raw materials purchased Depreciation, sales equipment Insurance Rent on facilities Selling and administrative salaries Advertising Net loss
$450,000 $12,000 15,000 70,000 21,000 165,000 18,000 4,000 50,000 32,000 75,000
462,000 ($12,000)
Inventory balances: Raw materials Work in process Finished goods Rent applied to factory overhead Rent applied to selling and admin. Insurance applied to factory overhead Insurance applied to selling and admin. Utilities applied to factory overhead Utilities applied to selling and admin. Check figure: (1) Cost of goods manufactured
August 1 $8,000 $16,000 $40,000 80% 20% 75% 25% 60% 40%
$310,000
August 31 $13,000 $21,000 $60,000
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 Deduct: Work in process inventory, ending Cost of goods manufactured
VISIC CORPORATION Computations 2.a. Units in finished goods inventory Total sales Unit selling price Units sold Units in the finished goods inventory, beginning Units produced during the year Units available for sale Units sold during the year Units in the finished goods inventory, ending 2.b. Cost of units in finished goods inventory COGM Number of units produced Cost per unit Cost of units in finished goods inventory, ending
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 Production in units Sales in units Ending finished goods inventory in units Sales in dollars Costs: Advertising Entertainment and travel Direct labor Indirect labor Raw materials purchased Building rent (production uses 80% of the space; administrative and sales offices use the rest) Utilities, factory Royalty paid for use of production patent, $1.50 per unit produced Maintenance, factory Rent for special production equipment, $7,000 per year plus $0.30 per unit produced Selling and administrative salaries Other factory overhead costs Other selling and administrative expenses Inventories: Raw materials Work in process Finished goods Selling price per unit Check figure: (1) Cost of goods manufactured
$29,000 ? ? $1,300,000 $105,000 $40,000 $90,000 $85,000 $480,000 $40,000 $108,000 ? $9,000 ? $210,000 $6,800 $17,000 Beginning of the Year $20,000 $50,000 $0 $50
$870,000
End of theYear $30,000 $40,000 ?
