misc selling and administrative costs is suppose to be 17,000 not 170,000

A B D m F ON 5 3. 6 SOUTHWORTH COMPANY 7 Schedule of Cost of Goods Manufactured 8 9 Direct materials: 10 Raw materials inventory, beginning 155,000 11 Add: Purchases of raw materials 142,000 12 Materials available for use (cell formula) 297,000 13 Deduct: Raw materials inventory, ending 18,000 14 Materials used in production 15 Direct labor 16 Mfg. overhead applied to work in process 17 Total manufacturing costs 18 Add: Work in process, beginning 19 20 Deduct: Work in process, ending 21 Cost of goods manufactured 22 23 $ 279,000 216,000 100,000 595,000 19,000 614,000 24,000 590,000 Correct! $ 25 (24 4. 25 SOUTHWORTH COMPANY 26 Schedule of Cost of Goods Sold 27 28 Finished goods inventory, beginning $ 155,000 29 Add: Cost of goods manufactured 590,000 30 Goods available for sale 745,000 31 Deduct: Finished goods inventory, ending 35,000 32 Unadjusted Cost of goods sold 710,000 33 Add: underapplied overhead 21,400 34 Adjusted cost of goods sold $ 731,400 35 Try again! 36 5. SOUTHWORTH COMPANY Income Statement $ 1,000,000 600,000 400,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Salaries expense Advertising expense Depreciation expense Rent expense Miscellaneous expense Net operating income $ 451,000 130,000 50,000 90,000 17,000 $ 738,000 (338,000) Try again! b. . 5 5 SOUTHWORTH COMPANY Price per Unit 7 Direct materials 3 Direct labor 9 Manufacturing overhead cost applied 0 Total manufacturing cost 1 Add markup -2 Total billed price of job 218 3 54 55 Price per unit 56 S7 $ 3,600 4,400 7,040 15,040 11,280 $ 26,320 Try again! $ 52.64 Try again! SOUTHWORTH COMPANY Beginning estimates: Manufacturing overhead cost Direct material dollars $ $ 248,000 155,000 $ $ $ A 142,000 150,000 21,000 $ $ 216,000 90,000 145,000 $ Transactions: Raw materials purchased 1 Raw materials requisitioned 2 Utility bills 3 Costs for salaries and wages: 4 Direct labor 15 Indirect labor 16 Selling and admin salaries 17 18 Maintenance costs 19 Advertising costs 20 Depreciation 21 For factory assets 22 For sales and administrative assets 23 Rental costs 24 Space for factory 25 Space for sales & administration 26 Misc. selling and administrative costs 27 Manufacturing overhead applied to jobs 28 Cost of goods manufactured 29 Sales on account 30 Cost of goods sold $ $ 15,000 130,000 50,000 90% 10% 90,000 80% 20% 170,000 ? 590,000 1,000,000 600,000 $ $ $ $ Given PN 25 B F F 000 $ DE $ 15,000 $ 130,000 50,000 90% 10% $ 90,000 80% 20% 170,000 ? 590,000 $ 1,000,000 $ 600,000 $ 3 Maintenance costs - Advertising costs Depreciation 1 For factory assets 2 For sales and administrative assets 3 Rental costs 4 Space for factory 5 Space for sales & administration C6 Misc. selling and administrative costs 27 Manufacturing overhead applied to jobs 28 Cost of goods manufactured 29 Sales on account 30 Cost of goods sold 31 32 Inventory balances: 33 Raw materials 34 Work in process 35 Finished goods 36 37 Job 218 38 Direct Materials 39 Direct labor hours 40 Direct labor rate per hour 41 Units consumed 42 % billed above cost 43 44 $ $ $ $ 18,000 24,000 35,000 $ $ 3,600 400 11 500 75% 45 A B D m F ON 5 3. 6 SOUTHWORTH COMPANY 7 Schedule of Cost of Goods Manufactured 8 9 Direct materials: 10 Raw materials inventory, beginning 155,000 11 Add: Purchases of raw materials 142,000 12 Materials available for use (cell formula) 297,000 13 Deduct: Raw materials inventory, ending 18,000 14 Materials used in production 15 Direct labor 16 Mfg. overhead applied to work in process 17 Total manufacturing costs 18 Add: Work in process, beginning 19 20 Deduct: Work in process, ending 21 Cost of goods manufactured 22 23 $ 279,000 216,000 100,000 595,000 19,000 614,000 24,000 590,000 Correct! $ 25 (24 4. 25 SOUTHWORTH COMPANY 26 Schedule of Cost of Goods Sold 27 28 Finished goods inventory, beginning $ 155,000 29 Add: Cost of goods manufactured 590,000 30 Goods available for sale 745,000 31 Deduct: Finished goods inventory, ending 35,000 32 Unadjusted Cost of goods sold 710,000 33 Add: underapplied overhead 21,400 34 Adjusted cost of goods sold $ 731,400 35 Try again! 36 5. SOUTHWORTH COMPANY Income Statement $ 1,000,000 600,000 400,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Salaries expense Advertising expense Depreciation expense Rent expense Miscellaneous expense Net operating income $ 451,000 130,000 50,000 90,000 17,000 $ 738,000 (338,000) Try again! b. . 5 5 SOUTHWORTH COMPANY Price per Unit 7 Direct materials 3 Direct labor 9 Manufacturing overhead cost applied 0 Total manufacturing cost 1 Add markup -2 Total billed price of job 218 3 54 55 Price per unit 56 S7 $ 3,600 4,400 7,040 15,040 11,280 $ 26,320 Try again! $ 52.64 Try again! SOUTHWORTH COMPANY Beginning estimates: Manufacturing overhead cost Direct material dollars $ $ 248,000 155,000 $ $ $ A 142,000 150,000 21,000 $ $ 216,000 90,000 145,000 $ Transactions: Raw materials purchased 1 Raw materials requisitioned 2 Utility bills 3 Costs for salaries and wages: 4 Direct labor 15 Indirect labor 16 Selling and admin salaries 17 18 Maintenance costs 19 Advertising costs 20 Depreciation 21 For factory assets 22 For sales and administrative assets 23 Rental costs 24 Space for factory 25 Space for sales & administration 26 Misc. selling and administrative costs 27 Manufacturing overhead applied to jobs 28 Cost of goods manufactured 29 Sales on account 30 Cost of goods sold $ $ 15,000 130,000 50,000 90% 10% 90,000 80% 20% 170,000 ? 590,000 1,000,000 600,000 $ $ $ $ Given PN 25 B F F 000 $ DE $ 15,000 $ 130,000 50,000 90% 10% $ 90,000 80% 20% 170,000 ? 590,000 $ 1,000,000 $ 600,000 $ 3 Maintenance costs - Advertising costs Depreciation 1 For factory assets 2 For sales and administrative assets 3 Rental costs 4 Space for factory 5 Space for sales & administration C6 Misc. selling and administrative costs 27 Manufacturing overhead applied to jobs 28 Cost of goods manufactured 29 Sales on account 30 Cost of goods sold 31 32 Inventory balances: 33 Raw materials 34 Work in process 35 Finished goods 36 37 Job 218 38 Direct Materials 39 Direct labor hours 40 Direct labor rate per hour 41 Units consumed 42 % billed above cost 43 44 $ $ $ $ 18,000 24,000 35,000 $ $ 3,600 400 11 500 75% 45