Homework 3

Homework 3 - Student Name: Class: Problem 02-19 MEDCO, INC....

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Student Name: Class: Problem 02-19 MEDCO, INC. Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Deduct: Raw materials inventory, ending Raw materials used in production Direct labor Manufacturing overhead: Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Indirect labor Total overhead costs Total manufacturing costs Add: Work in process inventory, beginning Deduct: Work in process inventory, ending Cost of goods manufactured MEDCO, INC. Income Statement Sales Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses Net operating income 3. Equivalent units of product produced 10,000 Average cost per unit for direct materials Average cost per unit for factory depreciation 4. Equivalent units of product produced 15,000 Average cost per unit for direct materials Total cost for direct materials Average cost per unit for factory depreciation Total cost for factory depreciation
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Given Data P02-19 MEDCO, INC. Purchases of raw materials $90,000 Raw materials inventory, beginning 10,000 Raw materials inventory, ending 17,000 Depreciation, factory 42,000 Insurance, factory 5,000 Direct labor 60,000 Maintenance, factory 30,000 Administrative expenses
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Homework 3 - Student Name: Class: Problem 02-19 MEDCO, INC....

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