Class_4_MGR

# Class_4_MGR - MANAGERIAL ACCOUNTING IIE 211 CLASS 4 Korea U...

This preview shows pages 1–4. Sign up to view the full content.

MANAGERIAL ACCOUNTING - IIE 211 CLASS 4 CLASS TOPICS (NOTES) 1. 2. HW Problem 28 Income Statement, Schedule (EXCEL) (INTL 27) 3. 4. REVIEW CHAPTER 3 DUE CLASS 5 _ TUESDAY (7/10) 1. Exercise 3-1 JOB v PROCESS (INTL 3-1) 2. Exercise 3-3 PREDETERMINED OH RATE (INTL 3-5) 3. Exercise 3-6 (INTL EDITION Exercise 3-12) Korea U Intranet http://iie.korea.ac.kr/intranet/ Garrison Text Site www.mhhe.com/ garrison11e eBook Text Site http://ebooks.primisonline.com 1

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
MANAGERIAL ACCOUNTING - IIE 211 CLASS 4 CHAPTER 2 COST TERMS, CONCEPTS, AND CLASSIFICATIONS Problem 2-26 (60 minutes) 1. Swift Company Schedule of Cost of Goods Manufactured For the Month Ended August 31 Direct materials: Raw materials inventory, August 1. ..................................... \$ 8,000 Add: Purchases of raw materials. ......................................... 165,000 Raw materials available for use. .......................................... 173,000 Deduct: Raw materials inventory, August 31. ..................... 13,000 Raw materials used in production. ....................................... \$160,000 Direct labor. ............................................................................. 70,000 Manufacturing overhead: Indirect labor cost. ............................................................... 12,000 Utilities (60% × \$15,000). ................................................... 9,000 Depreciation, factory equipment. ......................................... 21,000 Insurance (75% × \$4,000). ................................................... 3,000 Rent on facilities (80% × \$50,000). ..................................... 40,000 Total overhead costs. ............................................................... 85,000 Total manufacturing costs. ...................................................... 315,000 Add: Work in process inventory, August 1. ............................ 16,000 331,000 Deduct: Work in process inventory, August 31. ..................... 21,000 Cost of goods manufactured. ................................................... \$310,000 eBook Text Site http://ebooks.primisonline.com 2
MANAGERIAL ACCOUNTING - IIE 211 CLASS 4 Problem 2-26 (continued) 2. Swift Company Income Statement For the Month Ended August 31 Sales. ........................................................................................ \$450,000 Less cost of goods sold: Finished goods inventory, August 1. ................................... \$ 40,000 Add: Cost of goods manufactured. ...................................... 310,000 Goods available for sale. ...................................................... 350,000 Deduct: Finished goods inventory, August 31. .................... 60,000 290,000 Gross margin. .......................................................................... 160,000 Less operating expenses: Utilities (40% × \$15,000). ................................................... 6,000 Depreciation, sales equipment. ............................................ 18,000

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

## This note was uploaded on 10/09/2011 for the course ACCOUNTING 211 taught by Professor Edwardl.monsour during the Summer '07 term at Korea University.

### Page1 / 18

Class_4_MGR - MANAGERIAL ACCOUNTING IIE 211 CLASS 4 Korea U...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online