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AC505 Formula Template-SG - Sample Problem E:2-11(Pg 63...

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Sample Problem: E:2-11 (Pg. 63) Direct Materials (DM) = $110,000 Direct Labor (DL) = $70,000 Answered in Question Overhead (OH) = $80,000 Answered in Question Beginning Raw Materials Inventory $7,000 Beginning Work in Progress Inventory $10,000 Beginning Finished Goods Inventory $20,000 (+) Purchases $118,000 (+) Current Month Manufactured $260,000 (+) Cost of Goods Manufactured $265,000 Raw Materials Avail for Use $125,000 Total Manufactured Cost $270,000 Goods Available for Sale $285,000 (-) End Raw Materials Inv. $15,000 (-) End Work In Progress $5,000 (-) End Finished Goods Inventory $35,000 (=) Raw Materials Used In Prod. $110,000 (=) Cost of Goods $265,000 (=) Cost of Goods Sold $250,000 Sample Problem: E:2-11 (Pg. 63) Direct Materials (DM) = $80,000 Direct Labor (DL) = Answered in Question Overhead (OH) = Answered in Question Beginning Raw Materials Inventory Beginning Work in Progress Inventory Beginning Finished Goods Inventory (+) Purchases $100,000 (+) Current Month Manufactured (+) Cost of Goods Manufactured $- Raw Materials Avail for Use $100,000 Total Manufactured Cost $- Goods Available for Sale $- (-) End Raw Materials Inv. $20,000 (-) End Work In Progress (-) End Finished Goods Inventory (=) Raw Materials Used In Prod. $80,000 (=) Cost of Goods $- (=) Cost of Goods Sold $- Mod 1B Example Direct Materials (DM) = $6,000 Direct Labor (DL) = $5,000 Answered in Question Overhead (OH) = $6,000 Answered in Question Total Manufactured Cost = $17,000 Beginning Raw Materials Inventory $2,000 Beginning Work in Progress Inventory $3,000 Beginning Finished Goods Inventory $8,000 (+) Purchases $5,000 (+) Current Month Manufactured (+) Cost of Goods Manufactured $1,000 Raw Materials Avail for Use $7,000 Total Manufactured Cost $3,000 Goods Available for Sale $9,000 (-) End Raw Materials Inv. $1,000 (-) End Work In Progress $2,000 (-) End Finished Goods Inventory $7,000 (=) Raw Materials Used In Prod. $6,000 (=) Cost of Goods $1,000 (=) Cost of Goods Sold $2,000 Mod 1B Problem Direct Materials (DM) = $3,500 Direct Labor (DL) = $4,000 Answered in Question Overhead (OH) = $6,000 Answered in Question Total Manufactured Cost = $13,500 Beginning Raw Materials Inventory $1,000 Beginning Work in Progress Inventory $3,500 Beginning Finished Goods Inventory $10,000 (+) Purchases $3,000 (+) Current Month Manufactured (+) Cost of Goods Manufactured $1,500 Raw Materials Avail for Use $4,000 Total Manufactured Cost $3,500 Goods Available for Sale $11,500 (-) End Raw Materials Inv. $500 (-) End Work In Progress $2,000 (-) End Finished Goods Inventory $5,000 (=) Raw Materials Used In Prod. $3,500 (=) Cost of Goods $1,500 (=) Cost of Goods Sold $6,500 Mod 1C Problem Direct Materials (DM) = $3,500 Direct Labor (DL) = $4,000 Answered in Question Overhead (OH) = $6,000 Answered in Question Total Manufactured Cost = $13,500 Beginning Raw Materials Inventory $1,000 Beginning Work in Progress Inventory $3,500 Beginning Finished Goods Inventory (+) Purchases $3,000 (+) Current Month Manufactured $13,500 (+) Cost of Goods Manufactured $15,000 Raw Materials Avail for Use $4,000 Total Manufactured Cost $17,000 Goods Available for Sale $15,000 (-) End Raw Materials Inv. $500 (-) End Work In Progress $2,000 (-) End Finished Goods Inventory (=) Raw Materials Used In Prod. $3,500 (=) Cost of Goods (Manufactured) $15,000 (=) Cost of Goods Sold $15,000 Mod 1D Problem Exe Inventories Dec. 31, 2009 Dec. 31, 2010 Direct Materials (DM) = $3,500 Direct Materials $1,000 $500 Direct Labor (DL) = $4,000 Answered in Question WIP $3,500 $2,000 Overhead (OH) = $6,000 Answered in Question Finished Goods $10,000 $5,000 Total Manufactured Cost = $13,500 Beginning Raw Materials Inventory $1,000 Beginning Work in Progress Inventory $3,500
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