Acc 349 Week 1 Individual Assignment Text

E2-6 a) 1) The assigned source documents assigned to this job are Direct Labor - Time Tickets; Direct Materials - Materials Requisition Slip;, and Manufacturing Overhead - Predetermined Overhead Rate. 2) Predetermined manufacturing overhead rate = 120% of direct labor cost. 3) Direct Labor 1,360 Direct Materials 4,828 Manufacturing Overhead 1,632 Total 7,820 Unit Cost 3.91 b) Inventory: Finished Goods 7,820 Inventory: Work in Process 7,820 E2-9 a) YELLOW KNIFE MANUFACTURING COMPANY Schedule for Cost of Goods Manufactured For the Month Ended May 31, 2005 May 1: Work in Process 14,700 Used Direct Materials 62,400 Direct Labor 32,000 Manufacturing Overhead 48,000 Total Manufacturing Cost 142,400 Total Work in Process Cost 157,100 May 31: Work in Process (17,900) Manufactured Cost of Goods 139,200 b) YELLOW KNIFE MANUFACTURING COMPANY Income Statement For the Month Ended May 31, 2005 Sales 200,000 Cost of Goods Sold May 1: Finished Goods 12,600 Manufactured Cost of Goods 139,200 Cost of Goods Available for Purchase 151,800 May 31: Finished Goods 11,500 Sold Cost of Goods 140,300 Gross Profit 59,700 c) The manufacturing inventories will be reported as Current Assets in the May 31 Balance Sheet. These inventories are: Finished Goods: $11500 Raw Materials: $7100 Work in Process: $17900

ACC 349 Assignment Determine missing amounts in cost of goods manufactured schedule MADLOCK MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2005 Work in process (1/1) 210,000 Direct materials: Raw materials inventory (1/1) 39,500 Add: Raw materials purchases 158,000 Total raw materials available for use 197,500 Less: Raw materials inventory (12/31) 7,500 Direct materials used 190,000 Direct labor 89,000 Manufacturing overhead: Indirect labor 18,000 Factory depreciation 36,000 Factory utilities 68,000 Total overhead 122,000 Total manufacturing costs 401,000 Total cost of work in process 611,000 Less: Work in process (12/31) 81,000 Cost of goods manufactured 530,000 Instructions: Complete the cost of goods manufactured schedule for Madlock Manufacturing Company. Direct materials used 190,000 Add back: raw materials inventory, end 7,500 Total raw materials available 197,500 Total raw materials available 197,500 Less: raw material purchases (158,000) Raw materials invty, beg 39,500 Cost of goods manufactured 530,000 Add back: work in process, ending 81,000 Total cost of work in process 611,000 Total cost of work in process 611,000

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