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MairwellCompany - Sabba Nasserian(327474-1 February 5 2003...

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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
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Sabba Nasserian (327474) -2- February 5, 2003 Less: Finished Goods inventory, Ending……………………………. (40,000) Cost of Goods Sold…………………………………………... $270,000
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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
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