Quizzes and Solutions - 206,000 Total costs to account for...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCT 310 – Quiz 1 Solution Advanced Widget Company Schedule of Cost of Goods Manufactured For the Month Ended August 31, 2008 Beginning work in process inventory $ 42,000 Direct materials: Beginning direct materials inventory $ 40,000 Direct materials purchased 300,000 Direct materials available $ 340,000 Ending direct materials inventory (20,000) Direct materials used 320,000 Direct labor (.80 * $260,000) 208,000 Manufacturing overhead:* Insurance, factory $ 8,000 Indirect material 7,000 Rent, factory 40,000 Maintenance, factory 23,000 Utilities, factory 35,000 Depreciation, factory 41,000 Indirect labor (.20 * $260,000) 52,000 Total overhead costs
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 206,000 Total costs to account for $ 776,000 Ending work in process inventory (75,000) Cost of goods manufactured $ 701,000 * Product advertising and promotion, freight-out, and product research and development are period costs and thus would be expenses of the month. Advanced Widget Company Schedule of Cost of Goods Sold For the Month Ended August 31, 2008 Beginning finished goods inventory $ 62,000 Cost of goods manufactured 701,000 Cost of goods available for sale $ 763,000 Ending finished goods inventory (122,000) Cost of goods sold $ 641,000...
View Full Document

This note was uploaded on 12/12/2008 for the course ACCT 310 taught by Professor Nacemagner during the Fall '08 term at Western Kentucky University.

Ask a homework question - tutors are online