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

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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
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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
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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
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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.

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

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