Chapter 2 Homework - CHAPTER 2 HOMEWORK EXERCISE 2-24 (10...

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Unformatted text preview: CHAPTER 2 HOMEWORK EXERCISE 2-24 (10 MINUTES) The general formula for solving all three cases is as follows: Beginning inventory of finished + Cost of goods manufactu Ending inventory of finished = Cost-of- goods sold expense Using this formula, we can find the missing amounts as follows: Case I II III Beginning inventory of finished goods........................................ $ 84,000 * $12,00 7,000 Add: Cost of goods manufactured............................ 419 ,000 95,000 318,000* Subtract: Ending inventory of finished goods........................... 98,000 8,000 21,000 Cost of goods sold..................... $405,0 00 $99,00 * $304,00 *Amount missing in exercise. EXERCISE 2-29 (25 MINUTES) 1. A LEXANDRIA A LUMINUM C OMPANY S CHEDULE OF C OST OF G OODS M ANUFACTURED F OR THE Y EAR E NDED D ECEMBER 31, 20 X 1 Direct material: Raw-material inventory, January 1......... $ 60,00 Add: Purchases of raw material............. 250, 000 Raw material available for use............... $310, 000 Deduct: Raw-material inventory, December 31............................................ 70,00 Raw material used................................ $240, 000 Direct labor.............................................. 400,0 00 Manufacturing overhead: Indirect material...................................Indirect material....
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Chapter 2 Homework - CHAPTER 2 HOMEWORK EXERCISE 2-24 (10...

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