BA511Ch3-30 - Student Name: Class: Problem 3-30 SOUTHWORTH...

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Class: Problem 3-30 SOUTHWORTH COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning $18,000 Purchased 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: Costs of Good Manufactured 590,000 Goods available for sale 625,000 Finished goods inventory, ending 25,000 Cost of goods sold 600,000 Underapplied overhead 3,000 Adjusted cost of goods sold $603,000 Correct! SOUTHWORTH COMPANY Income Statement Sales $1,000,000 Costs of goods sold 603,000 Gross margin 397,000 Selling and Administrative Expenses Salaries expense $145,000 Advertising expense 130,000
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This note was uploaded on 05/25/2011 for the course BA 511 taught by Professor Leiter during the Spring '08 term at Andrew Jackson.

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BA511Ch3-30 - Student Name: Class: Problem 3-30 SOUTHWORTH...

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