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

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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
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2 Advanced Widget Company Schedule of Cost of Goods Sold August 31, 2008 Sales
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Quiz 1 - ACCT 310 Quiz 1 Fall 2008 You are currently a...

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