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19-1
SOLUTION
Chapter 19 Waterways Continuing Problem
19-2
(b)
Waterways Corporation
Cost of Goods Manufactured Schedule
For the Month of November
Work in process 11/1
$ 52,900
Direct materials
Raw materials inventory 11/1
$ 38,000
Raw material purchases
185,400
Total raw materials available for use
223,400
Manufacturing overhead
Depreciation--factory equipment
16,800
Factory supplies used
16,850
Factory utilities
10,200
Indirect labor
48,000
19-3
Waterways Corporation
Income Statement
For the Month of November
Sales
$1,350,000
Cost of goods sold
Finished goods inventory 11/1
$ 72,550
Cost of goods manufactured
346,650
Gross profit
999,100
Operating expenses
Selling expenses
Advertising expenses
54,000
Sales commissions
40,500
Total selling expenses
94,500
Administrative expenses
19-4
Waterways Corporation
Balance Sheet (partial)
November 30
Current assets
Cash
$260,000
Accounts receivable
295,000
Inventories
