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ADM2341 F2011 Ch 2 Practice

ADM2341 F2011 Ch 2 Practice - ADM 2341 Managerial...

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ADM 2341 Managerial Accounting Fall 2011 Ch 2 Capstone Problem HALDIMAND MANUFACTURING COMPANY The managerial accountants at HALDIMAND Manufacturing Company were in the process of preparing the statement of cost of goods manufactured and sold for the year ended December 31, 2010, when a fire in the accounting office destroyed all of the information relating to the credits associated with the inventory accounts. Fortunately, the debit information was available and is listed below. Purchases of direct materials $140,000 Total manufacturing costs incurred 550,000 Cost of goods manufactured 600,000 Cost of goods sold 650,000 While the debit information is useful, Leslie, one of the older and wiser managerial accountants, reminded everyone that this was insufficient to prepare a statement of cost of goods sold. Nicky, a recently hired managerial accountant finally realized that he was sitting on some important data, last year’s annual report for 2009. He realized that the inventory values would be on the balance sheet. Nicky opened the report and read the balance sheet information relating to inventories.
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