HW47_48_49sol

HW47_48_49sol - 14,000 Selling expenses $22,000...

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Problem 47 Actual Costing Trans Assets Revenue Expenses # Raw Materials Work in Process Finished Goods Sales CGS Selling Exp. Gen. Adm. Exp. BB 4,000 9,000 8,000 1 50,000 2 12,000 3 4 1,200 5 58,000 58,000 2,600 2,600 6 14,000 7 3,000 8 4,000 2,000 1,000 2,000 6,000 9 84,000 84,000 22,000 20,000 10 81,000 210,000 81,000 11 6,600 17,600 11,000 210,000 81,000 22,000 20,000
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Ecko Ltd. Ecko Ltd. Income Statement Cost of Goods Manufacutred Month Ending Jan. 31, 2008 Month Ending Jan. 31, 2008 Sales $210,000 Direct Materials Cost of goods sold: Beginning RM inventory $4,000 Beginning FG inventory $8,000 Add net purchases Add cost of goods manufactured 84,000 (50K + 12K + 1.2K) 63,200 Less ending FG inventory (11,000) Less indirect materials (2,600) 81,000 Less ending RM inventory (6,600) Gross profit 129,000 Direct materials used $58,000 Operating expenses: Direct labor incurred
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Unformatted text preview: 14,000 Selling expenses $22,000 Manufacturing overhead cost actual 20,600 Gen.Admin. expense 20,000 Total manufacuturing costs 92,600 Total operating expenses 42,000 Add beginning WIP inventory 9,000 Income before taxes 87,000 Less ending WIP inventory (17,600) Income taxes expense 26,100 Cost of Goods Manufacutred $84,000 Net income $60,900 There are 4 product costs: Cost of goods sold and three inventories. . Income statement: Balance sheet: Sales Current assets: Cost of goods sold ## $81,000 Raw materials $6,600 Work in porcess 17,600 Finished goods 11,000 Cost of goods sold Problem 48 Finished Goods 9,600 When inventory is sold, FG decreases and CGS increases. You must solve for the missing CGS amount. 246,000 ?? CGS = $244,500 11,100 Problem 49 Actual Costing Decrease Increase A WIP FG B RM WIP C--D FG CGS* *and Sales and AR or Cash...
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This note was uploaded on 07/09/2011 for the course ACG 2071 taught by Professor Tanner during the Spring '11 term at UNF.

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HW47_48_49sol - 14,000 Selling expenses $22,000...

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