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201-SELF STUDY PROB-WEEK 2-S'12

201-SELF STUDY PROB-WEEK 2-S'12 - #$%$)$-$/01'2&$%$&0...

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!"# % &'() &*+,- ./01('2& % &0(*+304& 5 6''7 ! !%!89 !%:;9 !%<" .=>[email protected] !%!8 )[email protected]@CDE CD FGA BCHHCDE IB>JDF CD FGA CDKADF>=L AMJIFC>D EXERCISE 2-24 (10 MINUTES) The general formula for solving all three cases is as follows: Beginning inventory of finished goods + Cost of goods manufactured during period Ending inventory of finished goods = Cost-of- goods sold expense Using this formula, we can find the missing amounts as follows: Case I II III Beginning inventory of finished goods ................ $ 84,000 * $12,000 7,000 Add: Cost of goods manufactured ....................... 419,000 95,000 318,000* Subtract: Ending inventory of finished goods .... 98,000 8,000 21,000 Cost of goods sold ................................................. $405,000 $99,000 * $304,000 *Amount missing in exercise. .=>[email protected] !%:; N>BOJFCDE 0P9 N0Q29 N0Q&9 43 PROBLEM 2-38 (30 MINUTES) 1. Manufacturing overhead: Indirect labor………………………………. $109,000 Building depreciation ($80,000 x 75%).. 60,000 Other factory costs……………………….. 344,000 Total……………………………………... $513,000 2. Cost of goods manufactured: Direct material: Raw-material inventory, Jan. 1……………… $ 15,800 Add: Purchases of raw material…………….. 175,000 Raw material available for use……………….
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