Quiz 1 - ACCT 310 Quiz 1 Fall 2008 You are currently a...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 ACCT 310 – Quiz 1 Fall 2008 You are currently a staff accountant at Advanced Widget Company. As a favor to the company’s founder and former CEO, the company recently hired her nephew to work in the accounting department. Almost immediately upon the new hire’s arrival, the controller asked him to prepare the company’s August 2008 manufacturing reports. The reports that he prepared are presented below: Advanced Widget Company Schedule of Cost of Goods Manufactured August 31, 2008 Direct material purchases $ 300,000 Production labor 260,000 Manufacturing overhead: Insurance, factory $ 8,000 Product advertising and promotion 25,000 Indirect material 7,000 Rent, factory 40,000 Maintenance, factory 23,000 Freight-out 19,500 Utilities, factory 35,000 Product research and development 17,000 Depreciation, factory 41,000 Total manufacturing overhead costs 215,500 Cost of goods manufactured 775,500
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
2 Advanced Widget Company Schedule of Cost of Goods Sold August 31, 2008 Sales $ 1,100,000 Cost of goods manufactured (775,500) Cost of goods sold 324,500
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern