Copy+of+GNB+13e+Solutions+Ch+02 - P2-14 Wollogong Group...

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Unformatted text preview: P2-14 Wollogong Group Ltd.Product CostPeriod CostName of CostVariable CostFixed CostDirect LaborSunk CostRental revenue $30,000/yrXDirect materials $80/unitXXWarehouse rental $500/mo.XXEquipment rental $4,000/mo.XXDirect labor $60/unitXXBuilding depreciation $8,000/yrXXXAdvertising $50,000/yrXXSupervisor salary $1,500/mo.XXElectrical $1.20/unitXXShipping $9/unitXXInvestment returns $3,000/yrXDirect MaterialsManuf. OverheadSelling & Admin. Opportunity CostP2-16 Swift Company1. Schedule of Cost of Goods Manufactured for AugustSwift CompanySchedule of Cost of Goods ManufacturedFor the Month Ended August 31Direct materials:Raw materials inventory, August 1$8,000 Add: Purchases of raw materials$165,000 Raw materials available$173,000 Less: Raw materials inventory, August 31$13,000 Raw materials used in production$160,000 Direct labor$70,000 Manufacturing overhead$85,000 Total manufacturing costs$315,000 Add: Work in process inventory, August 1$16,000 $331,000 Less: Work in process inventory, August 31$21,000 Cost of goods manufactured$310,000 2. Income Statement for AugustSwift CompanyIncome StatementFor the Month Ended August 31Sales$450,000 Less cost of goods sold:Finished goods inventory, August 1$40,000 Add: Cost of goods manufactured$310,000 (from COGM) Cost of goods available for sale$350,000 Less: Finished goods inventory, August 31...
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This note was uploaded on 03/08/2012 for the course ECON 155 taught by Professor Klein during the Spring '12 term at Berkeley.

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Copy+of+GNB+13e+Solutions+Ch+02 - P2-14 Wollogong Group...

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