2-32 - $15 Purchases of direct materials 325 Cost of direct...

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Kyle Dunscomb Cost Accounting 23-Feb-10 p 2-32 PANAL A: INCOME STATEMENT Howell Corporation Income Statement For the Year Ended December 31, 2009 (in millions) Revenues 950 Cost of goods sold:    Beginning finished goods inventory, January 1, 2009 $70     Cost of goods manufactured 640    Cost of goods available for sale 710    Ending finished goods invventory, December 31, 2009 55                     Cost of goods sold 655 Gross margin 295 Operating costs:    Marketing, distribution, and customer-service cost 240    Plant supervisory salaries 5                     Total operating cost 245 Operating income $50  PANEL B: COST OF GOODS MANUFACTURED Howell Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2009 (in millions) Direct materials:    Beginning inventory, January 1, 2009
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Unformatted text preview: $15 Purchases of direct materials 325 Cost of direct materials available for use 340 Ending inventory, December 31, 2009 20 Direct materials used $320 Direct manufacturing labor 100 Manufacturing overhead costs: Indirect manufacturing labor $60 Miscellaneous plant overhead 35 Depreciation--plant, building, and equipment 80 Plant utilities 30 Plant supplies used 10 Total manufacturing overhead costs 215 Manufacturing costs incurred during 2009 635 Beginning work-in-process inventory, January 1, 2009 10 Total manufacturing costs to account for 645 Ending work-in-process inventory December 31, 2009 5 Cost of goods manufactured $640...
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