MairwellCompany - Sabba Nasserian (327474)-1- February 5,...

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Unformatted text preview: Sabba Nasserian (327474)-1- February 5, 2003 Problem 1: Meriwell Company Schedule of Cost of goods Manufactured For the year ended December 31 Work in Process inventory, beginning $ 17,000 Direct Materials Raw Materials inventory, beginning.. $ 9,000 Add: Purchases of Raw Material... 125,000 Raw material available for use... $134,000 Deduct: Raw materials inventory, ending..... (6,000) Raw Materials used in production.. 128,000 Direct Labour.. 70,000 Manufacturing Overhead Depreciation Expense. $ 27,000 Utilities Expense. 8,000 Maintenance Expense. 40,000 Supplies Expense 11,000 Insurance Expense.. 4,000 Indirect Labour... 15,000 Cost of overhead. 105,000 Total Current period Manufacturing Cost.. $320,000 Less: Work in Process inventory, ending.. 90,000 Cost of Goods Manufactured. $290,000 Meriwell Company Schedule of Cost of Goods Sold For the Year Ended December 31 Finished goods inventory, Beginning $ 20,000 Add: Cost of Goods Manufactured.. 290,000 Cost of Goods Available for Sale. $310,000 Sabba Nasserian (327474)-2- February 5, 2003 Less: Finished Goods inventory, Ending. (40,000) Cost of Goods Sold... $270,000 Sabba Nasserian (327474)-3- February 5, 2003 Meriwell Company Income Statement For the Year Ended December 31 Sales... $ 500,000 Less: Cost of Goods Sold. 270,000 Gross Profit $230,000 Expenses: Administrative Expense. 110,000 Selling Expense. Selling Expense....
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This note was uploaded on 01/05/2012 for the course 101 melissa jo taught by Professor Acc101 during the Spring '11 term at Aarhus Universitet.

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MairwellCompany - Sabba Nasserian (327474)-1- February 5,...

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