10-05Pr_5e_s

Survey of Accounting (Available Titles Cengagenow)

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Problem 10-5 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) wil appear in the row immediately to the right of an incorrect answer. 1. DIGITAL TUNES INC. Income Statement For the Year Ended December 31, 2010 Sales Gross profit Sel ing expenses: Total sel ing expenses Administrative expenses: Total operating expenses Income from operations Supporting calculations: Manufacturing cost per unit (CD): Direct materials Total direct materials Direct labor Factory overhead Total manufacturing cost per CD 2. Finished Goods balance, December 31, 2010: Work in Process, December 31, 2010: Instructions
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Problem 10-5 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited.
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Unformatted text preview: A red asterisk (*) wil appear in the row immediately to the right of an incorrect answer. 1. DIGITAL TUNES INC. Income Statement For the Year Ended December 31, 2010 Sales $13,600,000 Cost of goods sold 3,187,500 Gross profit $10,412,500 Sel ing expenses: Media campaign $4,000,000 Promotional materials 1,700,000 Shipping expenses 212,500 Total sel ing expenses $5,912,500 Administrative expenses: Legal expenses 1,200,000 Total operating expenses 7,112,500 Income from operations $3,300,000 Supporting calculations: Manufacturing cost per unit (CD): Direct materials Blank CD $1.80 Jewel case 0.60 Song lyric insert 0.60 Total direct materials $3.00 Direct labor 0.25 Factory overhead 0.50 Total manufacturing cost per CD $3.75 2. Finished Goods balance, December 31, 2010: $562,500 Work in Process, December 31, 2010: $87,500 Instructions...
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This note was uploaded on 11/04/2011 for the course ACC 121 taught by Professor Thomas during the Winter '08 term at Baker MI.

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10-05Pr_5e_s - A red asterisk (*) wil appear in the row...

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