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s $ $ 248,000 155,000 $ $ $ 142,000 150,000 21,000 5 Beginning estimates: 6 Manufacturing overhead cost 7 Direct material dollars 8 9 Transactions:

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s $ $ 248,000 155,000 $ $ $ 142,000 150,000 21,000 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 30 Cost of goods sold 31 $ 216,000 $ 90,000 $ 145,000 15,000 130,000 50,000 90% 10% 90,000 80% 20% 170,000 ? 590,000 1,000,000 600,000 $ $ $ $ an I. Inventory balances: Raw materials Work in process Finished goods $ $ $ 18,000 24,000 35,000 Job 218 Direct Materials Direct labor hours Direct labor rate per hour Units consumed % billed above cost $ $ 3,600 400 11 500 75% SOUTHWORTH COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Materials available for use (cell formula) Deduct: Raw materials inventory, ending Materials used in production Direct labor - Mfg. overhead applied to work in process Total manufacturing costs Add: Work in process, beginning $ - - - 3 - Deduct: Work in process, ending Cost of goods manufactured $ 2 3 Try again! 4. SOUTHWORTH COMPANY Schedule of Cost of Goods Sold $ Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale 1 Deduct: Finished goods inventory, ending 2 Unadjusted Cost of goods sold -3 Add: underapplied overhead 4 Adjusted cost of goods sold 35 - $ Try again! $ $ - ! 37 5. 38 SOUTHWORTH COMPANY 39 Income Statement 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 Miscellaneous expense 50 Net operating income 51 52 - $ - - 6. SOUTHWORTH COMPANY Price per Unit $ $ Direct materials Direct labor Manufacturing overhead cost applied Total manufacturing cost 1 Add markup 2 Total billed price of job 218 $ 3 4 Try again! 5 Price per unit $ 36 57 Try again

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