The accounting department of the Ruthven Company provided the following data for May: sales, $72,000; marketing expenses 5%; administrative expenses 1%; other expenses 5% of all sales purchase, $36,000; factory overhead 2/3 of direct labor; direct labor, $15,000 Beginning inventories Finished goods...... process... Materials... inventories Finished goods..... process... Materials... $7,000 Work in 8,000 8,000 Ending $ 10,200 Work in 15,000 8,500 Required: 1) Cost of goods sold statement 2) Income statement

The accounting department of the Ruthven Company provided the following data for May: sales, $72,000; marketing expenses 5%; administrative expenses 1%; other expenses 5% of all sales purchase, $36,000; factory overhead 2/3 of direct labor; direct labor, $15,000 Beginning inventories Finished goods...... process... Materials... inventories Finished goods..... process... Materials... $7,000 Work in 8,000 8,000 Ending $ 10,200 Work in 15,000 8,500 Required: 1) Cost of goods sold statement 2) Income statement

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?
Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: During July, the direct labor cost was 43,500, raw materials purchases were 64,000, and the total overhead cost was 108,750. The inventories at the end of July were: Required: 1. What is the cost of the direct materials used in production during July? 2. What is the cost of goods manufactured for July? 3. What is the cost of goods sold for July?
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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
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