eBook Question Content Area Cost of Goods Manufactured, Cost Identification, Solving for Unknowns Allright Test Design Company creates, produces, and sells Internet based CPA and CMA review courses for individual use Davis Webber, head of human resources, is convinced that question development employees must have strong analytical and problem solving skills He asked Andrea Lee, controller for Allright Test Design, to help develop problems for use in screening applicants before they are interviewed One of the problems Andrea developed is based on the following data for a mythical company (Mythic, Inc ) for the previous year Conversion cost was $149,000 and was four times the prime cost Direct materials used in production equaled $4,800 Cost of goods manufactured was $165,700 Ending work in process is 30 percent of the cost of beginning work in process There are no beginning or ending inventories for direct materials Cost of goods sold was 110 percent of cost of goods manufactured Beginning finished goods inventory was $22,580 Required Question Content Area 1 Using the given information, prepare a cost of goods manufactured statement 2 Using the given information, prepare a cost of goods sold statement Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods manufactured $Cost of goods manufactured Add Beginning finished goodsAdd Cost of goods available for saleAdd Cost of goods soldAdd Ending finished goodsAdd Manufacturing overheadAdd Beginning finished goods Add Beginning finished goods Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods available for sale $Cost of goods available for sale Less Beginning finished goodsLess Cost of goods available for saleLess Cost of goods manufacturedLess Cost of goods soldLess Ending finished goodsLess Manufacturing overheadLess Ending finished goods Less Ending finished goods Cost of goods sold $fill in the blank a1520d03203cfa8 9 Feedback Area Feedback 2 Using the given information, prepare a cost of goods sold statement Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods manufactured $Cost of goods manufactured Add Beginning finished goodsAdd Cost of goods available for saleAdd Cost of goods soldAdd Ending finished goodsAdd Manufacturing overheadAdd Beginning finished goods Add Beginning finished goods Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods available for sale $Cost of goods available for sale Less Beginning finished goodsLess Cost of goods available for saleLess Cost of goods manufacturedLess Cost of goods soldLess Ending finished goodsLess Manufacturing overheadLess Ending finished goods Less Ending finished goods Cost of goods sold $fill in the blank a1520d03203cfa8 9 2 Using the given information, prepare a cost of goods sold statement Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods manufactured $Cost of goods manufactured Add Beginning finished goodsAdd Cost of goods available for saleAdd Cost of goods soldAdd Ending finished goodsAdd Manufacturing overheadAdd Beginning finished goods Add Beginning finished goods Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods available for sale $Cost of goods available for sale Less Beginning finished goodsLess Cost of goods available for saleLess Cost of goods manufacturedLess Cost of goods soldLess Ending finished goodsLess Manufacturing overheadLess Ending finished goods Less Ending finished goods Cost of goods sold $fill in the blank a1520d03203cfa8 9

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eBook Question Content Area Cost of Goods Manufactured, Cost Identification, Solving for Unknowns Allright Test Design Company creates, produces, and sells Internet-based CPA and CMA

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Question Content Area

Cost of Goods Manufactured, Cost Identification, Solving for Unknowns

Allright Test Design Company creates, produces, and sells Internet-based CPA and CMA review courses for individual use. Davis Webber, head of human resources, is convinced that question development employees must have strong analytical and problem-solving skills. He asked Andrea Lee, controller for Allright Test Design, to help develop problems for use in screening applicants before they are interviewed. One of the problems Andrea developed is based on the following data for a mythical company (Mythic, Inc.) for the previous year:

Conversion cost was $149,000 and was four times the prime cost.
Direct materials used in production equaled $4,800.
Cost of goods manufactured was $165,700.
Ending work in process is 30 percent of the cost of beginning work in process.
There are no beginning or ending inventories for direct materials.
Cost of goods sold was 110 percent of cost of goods manufactured.
Beginning finished goods inventory was $22,580.

Required:

Question Content Area

1. Using the given information, prepare a cost of goods manufactured statement.

2. Using the given information, prepare a cost of goods sold statement.

Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods manufactured	$Cost of goods manufactured
Add: Beginning finished goodsAdd: Cost of goods available for saleAdd: Cost of goods soldAdd: Ending finished goodsAdd: Manufacturing overheadAdd: Beginning finished goods	Add: Beginning finished goods
Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods available for sale	$Cost of goods available for sale
Less: Beginning finished goodsLess: Cost of goods available for saleLess: Cost of goods manufacturedLess: Cost of goods soldLess: Ending finished goodsLess: Manufacturing overheadLess: Ending finished goods	Less: Ending finished goods
Cost of goods sold	$fill in the blank a1520d03203cfa8_9

Feedback Area

Feedback 2. Using the given information, prepare a cost of goods sold statement.

Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods manufactured	$Cost of goods manufactured
Add: Beginning finished goodsAdd: Cost of goods available for saleAdd: Cost of goods soldAdd: Ending finished goodsAdd: Manufacturing overheadAdd: Beginning finished goods	Add: Beginning finished goods
Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods available for sale	$Cost of goods available for sale
Less: Beginning finished goodsLess: Cost of goods available for saleLess: Cost of goods manufacturedLess: Cost of goods soldLess: Ending finished goodsLess: Manufacturing overheadLess: Ending finished goods	Less: Ending finished goods
Cost of goods sold	$fill in the blank a1520d03203cfa8_9

2. Using the given information, prepare a cost of goods sold statement.

Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods manufactured	$Cost of goods manufactured
Add: Beginning finished goodsAdd: Cost of goods available for saleAdd: Cost of goods soldAdd: Ending finished goodsAdd: Manufacturing overheadAdd: Beginning finished goods	Add: Beginning finished goods
Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overheadCost of goods available for sale	$Cost of goods available for sale
Less: Beginning finished goodsLess: Cost of goods available for saleLess: Cost of goods manufacturedLess: Cost of goods soldLess: Ending finished goodsLess: Manufacturing overheadLess: Ending finished goods	Less: Ending finished goods
Cost of goods sold	$fill in the blank a1520d03203cfa8_9