PROBLEM 1 MID TERM - Computation of cost of goods sold...

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Schedule of cost Manufactures Raw materials inventory, beg $80.00 Add: Purchases of raw materials $195.00 Raw materials available for use $275.00 Deduct: Raw materials inventory, ending $35.00 Raw materials used in production $240.00 Direct labor $170.00 Manufacturing overhead $250.00 Total manufacturing cost $660.00 Add: Work in process inventory, beginning $65.00 $725.00 Deduct: Work in process inventory, ending $30.00 Cost of goods manufactured $695.00
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Unformatted text preview: Computation of cost of goods sold Finished goods inventory, beginning $130.00 Add: Cost of goods manufactured $580.00 Goods available for sale $710.00 Deduct: Finished goods inventory, endinG $165.00 Cost of goods sold $545.00 Income Statement Sales $820.00 Less: Cost of goods sold $710.00 Gross margin $110.00 Less: Administrative expenses $180.00 Less: Selling expenses $140.00 Net operating income-$210.00...
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This note was uploaded on 10/08/2011 for the course ACCOUNTING AC 505 taught by Professor Russ during the Spring '11 term at Keller Graduate School of Management.

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