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Chapter 2 Homework

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

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CHAPTER 2 HOMEWORK EXERCISE 2-24 (10 MINUTES) The general formula for solving all three cases is as follows: Beginning inventory of finished goods + Cost of goods manufactu red Ending inventory of finished goods = 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 0 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 0 * \$304,00 0 *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 0 Add: Purchases of raw material ............. 250, 000 Raw material available for use ............... \$310, 000

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Deduct: Raw-material inventory, December 31 ............................................ 70,00 0 Raw material used ................................ \$240, 000 Direct labor .............................................. 400,0 00 Manufacturing overhead: Indirect material ................................... \$ 10,00 0 Indirect labor ........................................ 25,00 0 Depreciation on plant and equipment .... 100,0 00 Utilities ................................................ 25,00 0 Other ....................................................
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Chapter 2 Homework - CHAPTER 2 HOMEWORK EXERCISE 2-24(10...

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