Ex 2-15 Name:
Enter the appropriate amounts in the shaded cells in columns E and F.
1) LEMANS COMPANY
Statement of Cost of Goods Manufactured
For the Month of June
Direct materials
Direct materials beginning inventory
Add: Purchases
Materials available
Less: Direct materials ending inventory
Direct materials used in production
Direct labor cost
Total overhead cost
Total manufacturing costs added
Add: Beginning work in process
Less: Ending work in process
Cost of goods manufactured
2) LEMANS COMPANY
Statement of Cost of Goods Sold
For the Month of June
Cost of goods manufactured
Add: Beginning finished goods inventory
Cost of goods available for sale
Less: Ending finished goods inventory
Cost of goods sold
Ex 2-15 Name:
Enter the appropriate amounts in the shaded cells in columns E and F.
1) LEMANS COMPANY
Statement of Cost of Goods Manufactured
For the Month of June
Direct materials
Direct materials beginning inventory 62,400$
Add: Purchases 346,000
Materials available 408,400$
2) LEMANS COMPANY
Statement of Cost of Goods Sold
For the Month of June
Cost of goods manufactured 860,600$
SOLUTION
Ex 2-16 Name:
Enter the appropriate amounts in the shaded cells in columns F and G.
1) Ending inventory
Beginning inventory
Add: Inventory completed
Less: Units sold
Ending inventory
Cost per unit
Value of ending inventory
2)
Cost of goods manufactured
Add: Beginning finished goods inventory
Goods available for sale
Less: Ending finished goods inventory
Cost of goods sold
3)
Sales
Cost of goods sold
Gross margin
Less operating expenses:
Commissions
Administrative expenses
Advertising copayments
Operating income
For the Year Ended December 31
SOLUTION
Kildeer Company
Cost of Goods Sold Schedule
For the Year Ended December 31
Kildeer Company
Income Statement: Absorption Costing
Ex 2-16 Name:
Enter the appropriate amounts in the shaded cells in columns F and G.
1) Ending inventory
2)
Cost of goods manufactured $1,170,000
Add: Beginning finished goods inventory 132,600
3)
Sales $1,612,000
SOLUTION
Ex 2-17 Name:
Enter the appropriate amounts in the shaded cells in columns E and F.
1)
Direct materials:
Direct materials beginning inventory
Add: Purchases
Freight-in on materials
Materials available
Less: Direct materials ending inventory
Direct materials used
Direct labor cost
Overhead:
Factory supplies
Factory utilities
Factory supervision and indirect labor
Materials handling
Total overhead cost
Total current manufacturing costs added
Add: Beginning work in process
Less: Ending work in process
Cost of goods manufactured
2)
Cost of goods manufactured
Add: Beginning finished goods inventory
Cost of goods available for sale
Less: Ending finished goods inventory
Cost of goods sold
For the Year Ended December 31
SOLUTION
ANGLIN COMPANY
Statement of Cost of Goods Manufactured
For the Year Ended December 31
ANGLIN COMPANY
Statement of Cost of Goods Sold
Ex 2-17 Name:
Enter the appropriate amounts in the shaded cells in columns E and F.
1)
Direct materials:
Direct materials beginning inventory 37,200$
Add: Purchases 378,890
2)
Cost of goods manufactured 1,222,890
Statement of Cost of Goods Sold
For the Year Ended December 31
For the Year Ended December 31
SOLUTION
ANGLIN COMPANY
Statement of Cost of Goods Manufactured
ANGLIN COMPANY
Prob 2-32 Name:
Enter the appropriate amounts in the shaded cells in columns E and G.
1)
Direct materials:
Direct materials beginning inventory
Add: Purchases
Less: Direct materials ending inventory
Direct materials used –$
Direct labor cost
Overhead:
Indirect labor
Depreciation, factory building
Depreciation, factory equipment
Property taxes on factory
Utilities, factory
Insurance on factory
Total manufacturing costs
Add: Beginning work in process
Less: Ending work in process
Cost of goods manufactured
2) Unit cost = / 200,000
=
3)
Percent
Sales
Cost of goods sold:
Cost of goods manufactured
Add: Beginning finished goods
Goods available for sale
Less: Ending finished goods inventory
Gross margin
Less: Salary, sales supervisor
Commissions, salespersons
Advertising
Administrative Expenses
Operating income
For the Year Ended December 31
Spencer Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Spencer Company
Income Statement: Absorption Costing
Prob 2-32 Name:
Enter the appropriate amounts in the shaded cells in columns E and G.
1)
Direct materials:
Direct materials beginning inventory 290,000$
Depreciation, factory equipment 416,000
Property taxes on factory 65,000
Utilities, factory 150,000
3)
Percent
Sales 6,876,000$ 100.00
Cost of goods sold:
Cost of goods manufactured 5,018,000$
Add: Beginning finished goods 107,500
For the Year Ended December 31
SOLUTION
Spencer Company
Statement of Cost of Goods Manufactured
For the Year Ended December 31
Spencer Company
Income Statement: Absorption Costing