MIDTERM - Lydia Holmes Midterm Exam 11 Messinger...

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Lydia Holmes Midterm Exam 11 Messinger Manufacturing Company had the following account balances fo Work-in-process inventory (January 1) Work-in-process inventory (March 31) Finished goods inventory (January 1) Finished goods inventory (March 31) Direct materials used Indirect materials used Direct manufacturing labor Indirect manufacturing labor Property taxes on manufacturing plant building Salespersons' company vehicle costs Depreciation of manufacturing equipment Depreciation of office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs Required: Messinger Manufacturing Company Cost of Goods Manufactured Quarter Ending March 31 Direct materials used $378,000 Direct manufacturing labor 480,000 Manufacturing overhead costs: Indirect manufacturing labor 186,000 Miscellaneous plant overhead 135,000 Plant utilities 92,400 Property tax on manufacturing plant building 28,800 Depreciation - plant equipment 264,000 Total Manufacturing overhead costs 706,200 Manufacturing costs incuring during quarter 1,564,200 Beginning work-in-progress inventory, January 1 140,400 Total manufacturing costs to account for 1,704,600 Ending work-in-progress inventory, March 31 171,000 Cost of goods manufactured (to income statement) 1,533,600 a. Prepare a cost of goods manufactured schedule for the quarter. b. Prepare a cost of goods sold schedule for the quarter.
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or the quarter ending March 31, unless otherwise noted: $140,400 171,000 540,000 510,000 378,000 84,000 480,000 186,000 a: Variable manufacturing overhead costs 28,800 Indirect manufacturing labor 186,000 12,000 Plant utilities 92,400 264,000 Miscellaneous plant overhead 135,000 413,400 123,600 Fixed manufacturing overhead costs Depreciation of manufacturing equip. 264,000 135,000 Property taxes on manufacturing bldg 28,800 292,800 92,400 Total manufacturing overhead costs 706,200 305,400 30,000 Messinger Manufacturing Company Cost of Goods Sold Quarter Ending March 31 Beginning finished goods inventory 540,000 Direct materials used $378,000 Direct manufacturing labor 480,000 706,200 Cost of goods manufactured 1,533,600 Cost of goods available for sale 2,073,600 Deduct ending finished goods inventory 510,000 Cost of goods sold 1,563,600 Manufacturing overhead costs a
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Lydia Holmes Midterm Exam 12 Furniture, Inc., sells lamps for $30. The unit variable cost per lam Lamp selling price $30 Unit variable cost per lamp $22 Fixed costs $9,600 Required: c. How many lamps must be sold to earn a pretax income of $8,000 d. What is the margin of safety, assuming 1,500 lamps are sold? a. Contribution Margin Per Unit = Selling Price - Variable Cost Per Unit Contribution Margin Per Unit = $30 - $22 Contribution Margin Per Unit = $8 b.
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This note was uploaded on 04/17/2010 for the course AC Cost Accti taught by Professor Don'trecall during the Spring '09 term at Regis University.

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MIDTERM - Lydia Holmes Midterm Exam 11 Messinger...

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