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1 FIDO REQ GROOMING Income Statement Month of April Grooming revenue Expenses: Wages Grooming supplies expense Building rent expense Utilities Depreciation on equipment Total expenses Net income REQ 2 Unit cost to groom one dog = total operating expenses/ total number of dogs groomed unit cost to groom one dog = 7280/650 unit cost to groom one dog = $11.20 $16,300.00 $3,900.00 $1,625.00 $1,300.00 $325.00 $130.00 $7,280.00 $9,020.00 REQ 1 FIDO TREATS Schedule of Cost of Goods Manufactured Year Ended December 31, 2012 Beginning work in process inventory Direct materials used: Beginning direct materials inventory Purchases of direct materials Available for use Ending direct materials inventory Direct materials used Direct labor Manufacturing overhead: Rent on plant Utilities for plant Plant janitorial services Total manufacturing overhead Total manufacturing costs incurred during the year Total manufacturing costs to account for Ending work in process inventory Cost of goods manufactured $$13,400.00 $33,000.00 $46,400.00 $(9,500.00) $36,900.00 $22,000.00 $13,000.00 $1,600.00 $800.00 $15,400.00 $74,300.00 $74,300.00 $(2,000.00) $72,300.00 REQ 2 FIDO TREATS Income Statement Year Ended December 31, 2012 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost of goods manufactures* Cost of goods available for sale Ending finished goods inventory Cost of goods sold Gross profit Operating expenses: Sales salaries expense Delivery expense Customer service hotline expense Total operating expenses Operating income $109,000.00 $$72,300.00 $72,300.00 $(5,300.00) $5,000.00 $1,700.00 $1,400.00 REQ 3 It differs because the manafacture's price of goods sold are based on the price to have goods manufactured. Also, the price of merchandise purchased is abeded on the cost of goods a merchandiser sells. REQ 4 Unit product cost = cost of goods manufacture/ total units produced Unit product cost = 72,300/18,075 Unit prodiuct cost = $ 4.00 $67,000.00 $42,000.00 $8,100.00 $33,900.00 REQ 1 JOB COST RECORD JOB NO. 423 CUSTOMER NAME Lu Technology, Co. JOB DESCRIPTION 5,900 DVDs DATE PROMISED 4-5 Direct Materials Date 2-Apr 2-Apr 3-Apr Totald Requisition Number 63 64 74 DATE STARTED 4-2 Direct Labor Labor Time Record Number Amount $341.00 $675.00 $126.00 $1,142.00 655 ### Date $140.00 3-Apr 656 DATE Manufacture Rate ($540,000/432,000) = 125% of direct labor cost $260.00 Amount Overall Cost Summary Direct Labor Manufacturing Materials Direct overhead Allocated $400.00 Total Job Cost Cost per DVD ($2,207/5,500) 30-Apr Work in process inventory Wages payable To assign direct labor to Job 423. Work in process inventory Manufacturing overhead To allocate overhead to Job 423. DEBIT $1,142.00 CREDIT $1,142.00 $400.00 $400.00 $500.00 $500.00 REQ 3 JOURNAL ENTRY DATE ACCOUNTS AND EXPLANATIONS 3-Apr Finished goods inventory Work in process inventory To record completion of Job 423. DEBIT $2,042.00 CREDIT $2,042.00 5-Apr Accounts receivable (5,900 x $1.30) Sales revenue To record the sale of 5,900 DVDs. $7,670.00 5-Apr Cost of goods sold Finished goods inventory To record the cost of goods sold. $500.00 $1,142.00 $400.00 $500.00 $2,042.00 0.35 REQ 2 JOURNAL ENTRY DATE ACCOUNTS AND EXPLANATIONS 30-Apr Work in process inventory Materials inventory To record use of direct materials in Job 423. Amount $2,042.00 $7,670.00 $2,042.00 REQ 1 AMY ELECTRONICS Equivalent Units - Assembly Department Month Ended November 30 Whole Units Direct Materials Equivalent Units Units accounted for: Completed and transferred out during Nov. Ending work in process, Nov. 30 Total physical units to be assigned costs $95,800.00 $29,200.00 $125,000.00 AMY ELECTRONICS Cost per Equivalent Unit - assembly department Month Ended November 30 Direct Materials Conversion Costs Cost per Equivalent Unit Units Costs: Beginning work in process, Oct. 31 Costs added during November Total costs to account for Total equivalent units Cost per equivalent unit 0 $437,500.00 $437,500.00 $125,000.00 $3.50 Conversion Costs $95,800.00 $29,200.00 $125,000.00 $95,800.00 $7,300.00 $103,100.00 Total Costs 0 0 $335,075.00 $772,575.00 $335,075.00 $772,575.00 $103,100.00 ____________ $3.25 $6.75 REQ 2 Assign Costs: Completed and transferred out during November Ending work in process, Nov. 30 Total cost accounted for Amy Electronics Assigment of Cost - Assembly Department Month Ended November 30 Direct Materials 95,800 x $3.50 = $335,300 29,200 x $3.50 = $102,200 Conversion Costs 95,800 x $3.25 = $311,350 7,300 x $3.25 = $23,725 Total $646,650.00 $125,925.00 $772,575.00 REQ 3 Bal Oct 31 Direct materials Direct labor Manufacturing overhead_____________ Bal November 30 Work in process inventory assembly 0 Transferred to programming $437,500.00 $200,800.00 $134,275.00 _______________________________________ $125,925.00 $646,650.00 ... View Full Document

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