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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$
Mister Munchie, Inc.
Income Statement
For the Year Ended December 31, 20x4
Instructor
McGraw-Hill/Irwin
Sales revenue 617,400$
Selling and administrative expenses:
Salaries 41,400$
