C19_WCP solution_SV

C19_WCP solution_SV - Cost of goods manufactured 346,650...

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SOLUTION Chapter 19 Waterways Continuing Problem 19-1
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(b) Waterways Corporation Cost of Goods Manufactured Schedule For the Month of November Work in process 11/1 $ 52,900 Direct materials Raw materials inventory 11/1 $ 38,000 Raw material purchases 185,400 Total raw materials available for use 223,400 Less: Raw materials inventory 11/30 52,700 Direct materials used $170,700 Direct labor 22,000 Manufacturing overhead Depreciation--factory equipment 16,800 Factory supplies used 16,850 Factory utilities 10,200 Indirect labor 48,000 Rent--factory equipment 47,000 Repairs--factory equipment 4,200 Total factory overhead 143,050 Total manufacturing costs 335,750 Total cost of work in process 388,650 Less: Work in process 11/30 42,000 Cost of goods manufactured $346,650 19-2
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Waterways Corporation Income Statement For the Month of November Sales $1,350,000 Cost of goods sold Finished goods inventory 11/1 $ 72,550
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Unformatted text preview: Cost of goods manufactured 346,650 Cost of goods available for sale 419,200 Less: Finished goods inventory 11/30 68,300 Cost of goods sold 350,900 Gross profit 999,100 Operating expenses Selling expenses Advertising expenses 54,000 Sales commissions 40,500 Total selling expenses 94,500 Administrative expenses Depreciation--office equipment $ 2,500 Office supplies expense 1,400 Other administrative expenses 72,000 Salaries 325,000 Total administrative expenses 400,900 Total operating expenses 495,400 Net income $ 503,700 19-3 Waterways Corporation Balance Sheet (partial) November 30 Current assets Cash $260,000 Accounts receivable 295,000 Inventories Raw materials inventory $52,700 Work in process inventory 42,000 Finished goods inventory 68,300 163,000 Prepaid expenses 41,250 Total current assets $759,250 19-4...
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This note was uploaded on 06/08/2011 for the course ACCOUNTING x1a taught by Professor Deez during the Spring '11 term at UCLA.

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C19_WCP solution_SV - Cost of goods manufactured 346,650...

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