HW50sol

HW50sol - (2,600) Less ending FG inventory (11,000) Less...

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Problem 50 Normal Costing Trans Assets Revenue Expenses # Raw Materials Work in Process Finished Goods Sales CGS MOH Selling Exp. Gen. Adm. 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 applied 21,200 21,200 9 84,000 84,000 22,000 20,000 10 81,000 210,000 81,000 11 6,600 18,200 11,000 210,000 81,000 600 22,000 20,000 adjustment 600 600 80,400 - -
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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 overapplied MOH (600) Less indirect materials
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Unformatted text preview: (2,600) Less ending FG inventory (11,000) Less ending RM inventory (6,600) 80,400 Direct materials used $58,000 Gross profit 129,600 Direct labor incurred 14,000 Operating expenses: Manufacturing overhead appled 21,200 Selling expenses $22,000 Total manufacuturing costs 93,200 Gen.Admin. expense 20,000 Add beginning WIP inventory 9,000 Total operating expenses 42,000 Less ending WIP inventory (18,200) Income before taxes 87,600 Cost of Goods Manufacutred $84,000 Income taxes expense 26,280 Net income $61,320 There are 4 product costs: Cost of goods sold and three inventories. . Income statement: Balance sheet: Sales Current assets: Cost of goods sold $80,400 Raw materials $6,600 Work in porcess 18,200 Finished goods 11,000 Cost of goods sold . Exp....
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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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HW50sol - (2,600) Less ending FG inventory (11,000) Less...

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