Please note the misc. selling and admin. should be $17,000 not $170,000!

1 Given Data P03-25 2 3 $ $ 248,000 155,000 $ $ $ 142,000 150,000 21,000 $ 216,000 $ 90,000 $ 145,000 $ $ $ SOUTHWORTH COMPANY 4 5 Beginning estimates: 6 Manufacturing overhead cost 7 Direct material dollars 8 9 Transactions: 10 Raw materials purchased 11 Raw materials requisitioned 12 Utility bills 13 Costs for salaries and wages: 14 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 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 15,000 130,000 50,000 90% 10% 90,000 80% 20% 170,000 $ $ $ 590,000 $ 1,000,000 $ 600,000 S $ 18,000 24,000 35,000 3,600 400 11 500 75% 9 Direct materials: 10 Raw materials inventory, beginning 11 Add: Purchases of raw materials 12 Materials Svailable for use (cell formula 13 Deduct: Raw materials inventory, ending 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 Try again! SOUTHYOBTH COMPANY 26 Schedule of Cost of Goods Sold 27 28 Finished goods inventory, beginning 29 Add: Cost of goods manufactured 30 Goods available for sale 31 Deduct: Finished goods inventory, ending 32 Unadjusted Cost of goods sold 33 Add: underapplicd overhead 34 Adjusted cost of goods sold 35 Try again! MR ................... 36 37 5. 38 SOUTHYORTH COMPANY 39 lacone Statencat 40 41 Sales 42 Cost of goods sold 43 Gross margin 44 Selling and administrative expenses:......... 45 Salaries expense 46 Advertising expense 47 Depreciation expense. 48 Rent expense 49 Miscellancous expense 50 Net operating income 51 52 53 6. SOUTHYORTH COMPANY 55 Price per Unit 56 57 Direct materials 58 Direct labor 59 Manufacturing overhead cost applicd 60 Total manufacturing cost 61 Add markup 62 Total billed price of job 218 63 Try again! 64 65 Price per unit 66 Tru again! Try again! 54