Copy+of+GNB+13e+Solutions+Ch+02

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

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P2-14 Wollogong Group Ltd. Product Cost Period Cost Name of Cost Variable Cost Fixed Cost Direct Labor Sunk Cost Rental revenue $30,000/yr X Direct materials $80/unit X X Warehouse rental $500/mo. X X Equipment rental $4,000/mo. X X Direct labor $60/unit X X Building depreciation $8,000/yr X X X Advertising $50,000/yr X X Supervisor salary $1,500/mo. X X Electrical $1.20/unit X X Shipping $9/unit X X Investment returns $3,000/yr X Direct Materials Manuf. Overhead Selling & Admin. Opportunity Cost
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P2-16 Swift Company 1. Schedule of Cost of Goods Manufactured for August Swift Company Schedule of Cost of Goods Manufactured For the Month Ended August 31 Direct 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 August Swift Company Income Statement For the Month Ended August 31 Sales $450,000 Less cost of goods sold: Finished goods inventory, August 1 $40,000
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