Chapter2problemtemplates(1) - Student Name Joi Hayward...

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Student Name: Joi Hayward Class: BUS 202 Problem 02-16 SWIFT COMPANY Schedule of Cost of Goods Manufactured For the Month Ended August 31 Direct materials: Raw materials inventory, August 1 $8,000 Add: Purchases of raw materials 165,000 Raw materials available for use 173,000 Deduct: Raw materials inventory, August 31 13,000 Raw materials used in production $160,000 Direct labor 70,000 Manufacturing overhead 85,000 Total manufacturing costs 315,000 Add: Work in process inventory, August 1 16,000 331,000 Deduct: Work in process inventory, August 31 21,000 Cost of goods manufactured $310,000 Correct! SWIFT COMPANY Income Statement For the Month Ended August 31 Sales $450,000 Cost of goods sold: Finished goods inventory, August 1 $40,000 Add: Cost of goods manufactured 310,000 Goods available for sale 350,000 Deduct: Finished goods inventory, August 31 60,000 290,000 Gross margin 160,000 Selling and administrative expenses 142,000 Net operating income $18,000 Correct!
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Given Data P02-16: SWIFT COMPANY Income Statement For the Month Ended August 31 Sales $450,000 Less operating expenses: Direct labor cost $70,000 Raw materials purchased 165,000
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