CH_3_Copy_of_Homework_Solutions (1).xlsx

3 58 norton industries cost of goods manufactured 31

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3-58 Norton Industries Cost of Goods Manufactured 31-May Direct Materials Beginning Inventory 28,000 Purchases 510,000 Add Freight in 15,000 DM available 553,000 Less: Inv 5/31 (23,000) DM issued to production 530,000 Direct Labor 260,000 Factory OH Indirect Labor 90,000 Utilities 80% 135,000 108,000 Case A - Fast food (timely) and variety of products in a comfortable atmosphere (did not m Case B - Company which provides a broad range of servies in heating and air conditioning t
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Property Taxes 60,000 Insur 60% 20,000 12,000 Depreciation Plant 20,000 Mfg Equip 30,000 Total Mfg Overhead 320,000 Total MFG Costs 1,110,000 Add: Beg WIP 150,000 Total Mfg Costs to Acct for 1,260,000 Less: WIP 5/31 (220,000) Cost of Goods Manufactured 1,040,000
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Cost/Unit Type $ 3.00 Mixed $ 4.33 Mixed $ 3.33 Fixed $ 8.00 Variable $ 4.00 Variable cale, Experience of employee base, uction Process, Supplier Reations) al cost drivers would be complexity due to degree of techology. The scale of d employees due to technical nature ugh better scheduling, inventory control, Norton Industries Income Statement 31-May Sales 1,488,000 Less: Discounts (20,000) Net Sales 1,468,000 Less CGS Beginning FG 4/30 247,000 Cost of Goods Mfg 1,040,000 Goods Available 1,287,000 Less: FG 5/31 (175,000) Cost of Goods Sold (1,112,000) Less Selling and Admin Office Salaries 122,000 mention low cost) - loyal customer base to residential customers over a 50 sq
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Sales Salaries 42,000 Utilities 20% 27,000 Rent 9,000 Insurance 40% 8,000 Depreciation 4,000 Interest Income 6,000 Total Selling and Admin (218,000) Income from Operations 138,000 Other Revenue 2,000 Operating Income 140,000
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  • Spring '18
  • Felski
  • Revenue, Goods Manufactured, Norton Industries, executional cost drivers, Goods Mfg

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