Chapter 19 Homework

Chapter 19 Homework - (15 min.) E 19-2 Reqs. 1 and 2...

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Unformatted text preview: (15 min.) E 19-2 Reqs. 1 and 2 Samsung Electronics Cost Classification Design of Products, Production R & D Services, or Processes Direct Materials Direct Labor Manufacturing Overhead Marketing Distribution Customer Service Salaries of telephone salespeople $ 5 Depreciation on plant and equipment $65 Exterior case for phone $ 6 Scientists salaries $12 Delivery expense $ 7 Transmitters 61 Rearrange production process $ 2 Assembly-line workers wages $10 Technical support hotline $ 3 1-800 (toll-free) line for customer orders 1 Total costs $12 $ 2 $67 $10 $65 $ 6 $ 7 $ 3 (continued) E 19-2 Req. 3 Total inventoriable product costs: Direct materials $ 67 Direct labor 10 Manufacturing overhead 65 Total inventoriable product cost. $142 (10 min.) E 19-5 Lords Current Assets Current assets: Cash $ 15,000 Accounts receivable 80,000 Inventories: Materials inventory $10,000 Work in process inventory 40,000 Finished goods inventory 63,000 Total inventories 113,000 Prepaid expenses 6,000 Total current assets $214,000 Lords must be a manufacturer , because it has three kinds of inventory: materials, work in process, and finished goods. (15-20 min.) E 19-6 Strike Marine Company Schedule of Cost of Goods Manufactured Beginning work in process inventory $ 50,000 Add: Direct materials used: Beginning materials inventory $ 25,000 Purchases of materials 78,000 Available for use 103,000 Ending materials inventory (28,000 ) Direct materials used $75,000 Direct labor 82,000 Manufacturing overhead: Indirect labor $ 15,000 Insurance on plant 9,000 Depreciation - plant building and equipment 13,000 Repairs and maintenance - plant 4,000 41,000 Total manufacturing costs incurred during the year 198,000 Total manufacturing costs to account for 248,000 Less: Ending work in process inventory (35,000 ) Cost of goods manufactured $213,000 (continued) E 19-6 Strike Marine Company Schedule of Cost of Goods Sold Beginning finished goods inventory $ 18,000 Cost of goods manufactured* 213,000 Cost of goods available for sale 231,000 Ending finished goods inventory (25,000 ) Cost of goods sold $206,000 *From schedule of cost of goods manufactured. (continues E 19-6) (15-20 min.) E 19-7 Strike Marine Company...
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Chapter 19 Homework - (15 min.) E 19-2 Reqs. 1 and 2...

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