SOUTHWORTH COMPANY Beginning estimates: Manufacturing overhead cost Direct material dollars $ $ 248,000 155,000 $ $ $ 142,000 150,000 21,000 $ $ $ 216,000 90,000 145,000 $ $ $ $ Transactions: Raw materials purchased Raw materials requisitioned Utility bills Costs for salaries and wages: Direct labor Indirect labor Selling and admin salaries . 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 6 Misc. selling and administrative costs 7 Manufacturing overhead applied to jobs 8 Cost of goods manufactured 9 Sales on account 30 Cost of goods sold 31 B2 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 $ $ $ $ $ $ $ 18.000 24,000 35,000 3.600 400 11 500 75% 3. SOUTHWORTH COMPANY Schedule of Cost of Goods Manufactured $ . $ Try again! - Direct materials: Raw materials inventory, beginning $ 1 Add: Purchases of raw materials 2 Materials available for use (cell formula) 3 Deduct: Raw materials inventory, ending 4 Materials used in production 5 Direct labor 6 Mfg. overhead applied to work in process 27 Total manufacturing costs 18 Add: Work in process, beginning 19 20 Deduct: Work in process, ending 21 Cost of goods manufactured 22 23 24 4. 25 SOUTHWORTH 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: underapplied overhead 34 Adjusted cost of goods sold $ 35 Try again! 36 37 5. 38 SOUTHWORTH COMPANY 39 Income Statement 40 41 Sales 42 Cost of goods sold 43 Gross margin 44 Selling and administrative expenses: $ 5. SOUTHWORTH COMPANY Income Statement $ Sales Cost of goods sold Gross margin Selling and administrative expenses: Salaries expense Advertising expense Depreciation expense Rent expense Miscellaneous expense Net operating income $ Try again! 6. SOUTHWORTH COMPANY Price per Unit Direct materials Direct labor Manufacturing overhead cost applied Total manufacturing cost Add markup Total billed price of job 218 $ Try again! Price per unit $ Try again! ATTACHED ARE 2 SPREADSHEETS. ONE SPREADSHEET CONTAINS INFORMATION TO COMPLETE YOUR ASSIGNMENT. PLEASE NOTE THAT THE "INVENTORY BALANCES" ARE BEGINNING BALANCES. ALSO PLEASE NOTE THAT MISC SELLING AND ADMIN COSTS SHOULD BE $ 17,000 AND NOT $ 170,000. THE SECOND SPREADSHEET IS A BLANK TEMPLATE FOR YOU TO COMPLETE. BUILT INTO THE SPREADSHEET IS AN ELEMENT THAT WILL INDICATE WHETHER YOU ARE OR ARE NOT CORRECT. HOWEVER; BE AWARE THAT YOU MAY HAVE A "CORRECT" TOTAL (ANSWER) AND YET STILL MAY NOT HAVE ARRIVED AT YOUR SOLUTION APPROPRIATELY. IN THIS CASE YOUR ASSIGNMENT WILL NOT EARN FULL CREDIT. PLEASE TAKE THIS ASSIGNMENT SERIOUS...IT WILL BE GRADED AS ONE OF YOUR WRITTEN COMPONENTS-TERM PROJECTS WORTH 10% OF YOUR GRADE. UPLOAD YOUR COMPLETE TEMPLATE TO THIS KODIAK DROP BOX IN OUR CLASSROOM
