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case01solution - Work in process beginning 156,050 Less...

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ACC221 Cost of Goods Manufactured Case Solution Due January 31, 2008 Monroe Manufacturing Schedule of Cost of Goods Manufactured For the Period Ended March 31, 2008 Direct Materials Used Raw materials, beginning 303,300 Purchases of raw materials 213,900 Raw materials available for use 517,200 Less: raw materials ending (261,050) Direct Materials Used 256,150 Direct Labor 741,000 Manufacturing Overhead: Operating supplies used 8,550 Maintenance 56,850 Depreciation of factory 81,000 Utilities 21,600 Property taxes 12,000 Factory insurance 14,500 Total Manufacturing Overhead 194,500 Total Manufacturing Costs 1,191,650 Add:
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Unformatted text preview: Work in process, beginning 156,050 Less: Work in process, ending (140,400) Total Cost of Goods Manufactured 1,207,300 Monroe Manufacturing Income Statement For the Period Ended March 31, 2008 Net Sales 1,781,100 Less: Cost of Goods Sold: Finished goods, beginning 208,050 Plus: Cost of Goods Manufactured 1,207,300 Goods available for sale 1,415,350 Less: Finished goods, ending (270,100) Total Cost of goods sold' (1,145,250) Gross Margin 635,850 Less: Selling and administrative expenses 254,000 Income before income taxes 381,850 Income Taxes 152,740 Net Income 229,110...
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