Accounting 152 Chapter 2 HW - 2

Accounting 152 Chapter 2 HW - 2 - Cost of goods available...

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Taylor Foxworth Acct 152 – Bayak CH2 Problem 25 2-25: Raw materials used: Beginning inventory: 17,000 Add: purchases of raw materials: 190,000 Deduct: Ending raw materials: 42,000 Raw materials used in production: 165,000 Direct labor: 90,000 Manufacturing overhead: Insurance, factory: 6,000 Utilities, factory: 45,000 Rent, factory: 32,000 Indirect labor: 108,000 Maintenance, factory: 7,000 Depreciation, factory equipment: 12,000 Manufacturing overhead: 210,000 Total manufacturing cost: 465,000 Add: Beginning WIP: 70,000 Deduct: Ending WIP: 85,000 Costs of good manufactured: 450,000 Costs of goods sold: FG Beginning: 20,000 Add: Cost of goods manufactured: 450,000
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Unformatted text preview: Cost of goods available for sales: 470,000 Deduct: Ending FG: 60,000 Costs of goods sold: 410,000 Income Statement Skyler Company Sales $600,000 Less: COGS $410,000 Gross Profit: $190,000 Selling, General, and Administrative Expenses Salaries $35,000 Rent on facilities $8,000 Utilities, administrative $5,000 Insurance, administrative $2,000 Depreciation, sales equipment $10,000 Advertising $80,000 Total: $140,000 Net Income $50,000 Based on my re-analysis of the information that was given to us, I would definitely recommend that the company continue on in operations....
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This note was uploaded on 02/12/2009 for the course ACCT 152 taught by Professor Bayak during the Spring '07 term at Lehigh University .

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Accounting 152 Chapter 2 HW - 2 - Cost of goods available...

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