Accounting Chapter 3 Homework Mister Munchie Inc Schedule Cost Goods Manufactured

Problem 03-44 Name:

Class:

Enter appropriate data in the blue cells. An asterisk (*) to the right indicates an incorrect amount.

Mister Munchie, Inc.

Schedule of Cost of Goods Manufactured

For the Year Ended December 31, 20x1

Direct material:

Raw-material inventory, 12/31/x3 *

Add: Purchases of raw material *

Raw material available for use *

Deduct: Raw-material inventory, 12/31/x4 *

Raw material used *

Direct labor *

Manufacturing overhead:

Indirect material *

Indirect labor *

Depreciation on factory building *

Depreciation on factory equipment *

Utilities *

Property taxes *

Insurance *

Rental of warehouse space *

Total actual manufacturing overhead *

Add: Overapplied overhead *

Overhead applied to work in process *

Total manufacturing costs *

Add: Work-in-process inventory, 12/31/x3 *

Subtotal *

Deduct: Work-in-process inventory, 12/31/x4 *

Cost of goods manufactured *

Mister Munchie, Inc.

Schedule of Cost of Goods Sold

For the Year Ended December 31, 20x1

Finished goods inventory, 12/31/x3 *

Add: Cost of goods manufactured *

Costs of goods available for sale *

Deduct: Finished-goods inventory, 12/31/x4 *

Cost of goods sold *

Deduct: Overapplied overhead *

Cost of goods sold (adjusted for overapplied overhead) *

Mister Munchie, Inc.

Income Statement

For the Year Ended December 31, 20x1

Sales revenue *

Less: Cost of goods sold *

Gross margin *

Selling and administrative expenses:

Salaries *

Utilities *

Depreciation *

Rental of office space *

Other expenses *

Total *

Income before taxes *

Income tax expense *

Net income *

Problem 03-44 Name:

Class:

Enter appropriate data in the blue cells. An asterisk (*) to the right indicates an incorrect amount.

Mister Munchie, Inc.

Schedule of Cost of Goods Manufactured

For the Year Ended December 31, 20x4

Direct material:

Raw-material inventory, 12/31/x3 30,300$

Add: Purchases of raw material 117,000

Mister Munchie, Inc.

Schedule of Cost of Goods Sold

For the Year Ended December 31, 20x4

Finished goods inventory, 12/31/x3 42,000$

Add: Cost of goods manufactured 524,700

Costs of goods available for sale 566,700$

Deduct: Finished-goods inventory, 12/31/x4 46,200

Cost of goods sold 520,500$

Deduct: Overapplied overhead 9,300

Mister Munchie, Inc.

Income Statement

For the Year Ended December 31, 20x4

Instructor

McGraw-Hill/Irwin

Raw material available for use 147,300$

Deduct: Raw-material inventory, 12/31/x4 33,000

Raw material used 114,300$

Direct labor 237,000

Manufacturing overhead:

Indirect material 14,700$

Indirect labor 87,000

Depreciation on factory building 11,400

Depreciation on factory equipment 6,300

Utilities 18,000

Property taxes 7,200

Insurance 10,800

Rental of warehouse space 9,300

Total actual manufacturing overhead 164,700$

Add: Overapplied overhead 9,300

Overhead applied to work in process 174,000

Total manufacturing costs 525,300$

Add: Work-in-process inventory, 12/31/x3 24,300

Deduct: Work-in-process inventory, 12/31/x4 24,900

Sales revenue 617,400$

Selling and administrative expenses:

Salaries 41,400$

Utilities 7,500

Depreciation 3,600

Rental of office space 5,100

Other expenses 12,000

Total 69,600

Income before taxes 36,600$

Income tax expense 15,300

Less: Cost of goods sold 511,200

Gross margin 106,200$