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Classify various costs into different categories and E1-8B Sylvia Ortiz, the bookkeeper for Pare, Ash, and Tocy, a political consulting firm, prepare cost of services has recently completed a managerial accounting course at her local college. One of the provided schedule. topics covered in the course was the cost of goods manufactured schedule. Sylvia won- (LO 2, 3) dered if such a schedule could be prepared for her firm. She realized that, as a service- oriented company, it would have no Work-in-Process inventory to consider. Exercises: Set B 3 Listed below are the costs the firm incurred for the month ended August 31, 2020. Supplies used on consulting contracts $ 3,700 Supplies used in the administrative offices 1,500 Depreciation on equipment used for contract work 900 Depreciation used on administrative office equipment 1,050 Salaries of professionals working on contracts 15,600 Salaries of administrative office personnel 7,700 Janitorial services for professional offices 300 Janitorial services for administrative offices 500 Insurance on contract operations 800 Insurance on administrative operations 900 Utilities for contract operations 1,900 Utilities for administrative offices 1,300 Instructions (a) Prepare a schedule of cost of contract services provided (similar to a cost of goods manufactured schedule) for the month. (b) For those costs not included in (a), explain how they would be classified and reported in the financial statements. E1-9B The following information is available for Collins Company. Prepare a cost of goods January 1, 2020 2020 December 31, 2020 manufactured schedule and a partial income statement. Raw materials inventory $22,000 $30,000 Work in process inventory 20,300 17,200 (LO 3) Finished goods inventory 27,000 29,000 Materials purchased $170,000 Direct labor 200,000 Manufacturing overhead 183,000 Sales revenue 875,000 Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit. c) Show the presentation of the ending inventories on the December 31, 2020 balance sheet. d) How would the income statement and balance sheet of a merchandising company be different from Collins' financial statements? E1-10B An analysis of the accounts of Markus Manufacturing reveals the following Prepare a cost of goods manufacturing cost data for the month ended June 30, 2020. manufactured schedule, and Inventories Beginning Ending present the ending inventories of the balance sheet. Raw materials $10,000 $11,500 13,000 (LO 3) Work in process 6,500 Finished goods 10,000 6,000 Costs incurred: Raw materials purchases $64,000, direct labor $57,000, manufacturing over- head $22,900. The specific overhead costs were: indirect labor $7,500, factory insurance $4,000, machinery depreciation $5,000, machinery repairs $1,800, factory utilities $3,100, miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020. (b) Show the presentation of the ending inventories on the June 30, 2020, balance sheet. E1-11B Franklin Motor Company manufactures automobiles. During September 2020 Determine the amount of the company purchased 5,200 head lamps at a cost of $8 per lamp. Franklin withdrew cost to appear in various 4,650 lamps from the warehouse during the month. One hundred of these lamps were accounts, and indicate in used to replace the head lamps in autos used by traveling sales staff. The remaining 4,550 which financial statements lamps were put in autos manufactured during the month. these accounts would appear. Of the autos put into production during September 2020, 90% were completed and (LO 3) transferred to the company's storage lot. Of the cars completed during the month, 75% were sold by September 30
