Lesson #2, Assignment #2

Lesson #2, Assignment #2 - Student Name: Class: ACCOUNTING...

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

View Full Document Right Arrow Icon
Student Name: Class: ACCOUNTING CONCEPTS FOR MANAGERS Problem 3-30 SOUTHWORTH COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw Material inventory,beginning $18,000 Purchase of Raw Materials 142,000 Materials available for use 160,000 Raw materials inventory, ending 10,000 Materials used in production $150,000 Direct labor 216,000 Mfg. overhead applied to work in process 240,000 Total manufacturing costs 606,000 Add: Work in process, beginning 24,000 630,000 Deduct: Work in process, ending 40,000 Cost of goods manufactured $590,000 Correct! SOUTHWORTH COMPANY Schedule of Cost of Goods Sold Finished goods inventory, beginning $35,000 Add: Cost of goods manufactured 590,000 Goods available for sale 625,000 Finished goods inventory, ending 25,000 Unadjusted cost of goods sold 600,000 Add underapplied overhead 3,000 Adjusted cost of goods sold $603,000 Correct! SOUTHWORTH COMPANY Income Statement Sales $1,000,000 Cost of goods sold 603,000 Gross margin 397,000 Selling and administrative expenses
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/06/2011 for the course COMM 611 taught by Professor Mark during the Spring '11 term at Antelope Valley College.

Page1 / 3

Lesson #2, Assignment #2 - Student Name: Class: ACCOUNTING...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online