2009-11-24_134757_fil - 1 Good News Company completed...

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1. Good News Company completed 26,000 units during the year at a cost of $2139800. The beginning finished goods inventory was 5000 units at $405000. Determined the cost of goods sold for 20,000 units, assuming a FIFO cost flow. $405,000 + (15,000 * $82.30) = $1,639,500 2. The Cake Factory has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet. Purchases $85000 Materials inventory, March 1 $6000 Materials inventory, March 31 $7000 Direct Labor $25000 Factory Overhead #34000 Work in Process, March 1 $17000 Work in Process, March 31 $18500 Finished goods inventory, March 1 $21000 Finished goods inventory, March 31 $23000 Sales $235000 Sales and Administrative expenses $78000 a) Cake Factory Statement of Cost of Goods Manufactured For Month Ended March 31, 20xx Work in process inventory March 1 $17,000 Direct Materials: Materials inventory, March 1 $6,000 Purchases 85,000 Cost of materials for use 91,000 Less materials inventory, March 31 7,000 Cost of materials placed in production 84,000 Direct Labor 25,000 Factory overhead
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