Assignment 1 template - Student Name Class Problem 3-30...

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Student Name: Class: Problem 3-30 SOUTHWORTH COMPANY Schedule of Cost of Goods Manufactured Direct materials: Beg. Raw Materials 18000 Purchases 142000 Raw Mat. Avail. For Sale 160000 Ending Raw Materials 10000 Materials used in production 150000 Direct labor 216000 Mfg. overhead applied to work in process 240000 Total manufacturing costs 606,000 Add: Work in process, beginning 24000 630000 Deduct: Work in process, ending 40000 Cost of goods manufactured $590,000 Correct! SOUTHWORTH COMPANY Schedule of Cost of Goods Sold Finished Goods, Beginning $35,000 Add Cost of Goods Manufactured 590,000 Cost of Goods Avail. For Sale 625,000 Deduct Finished Goods, Ending 25,000 Unadjusted COGS 600,000 Add Underapplied Overhead 3,000 Adjusted cost of goods sold $603,000 Correct! SOUTHWORTH COMPANY Income Statement Sales $1,000,000 Cost of Goods Sold 603,000 Gross Margin 397,000 Selling and Administrative expenses Salaries Expense $145,000 Advertising Expense 130,000 Rent Expense 18,000 Miscellaneous Expense 17,000 Depreciation Expense 5,000 315,000 Net operating income $82,000 Correct!
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Student Name: Class: Problem 3-30 SOUTHWORTH COMPANY Price per Unit Direct materials 3600
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