er short handout Go over assi ass assi long report Bring in

er short handout). Go over assi ass assi long report. Bring in q gnment Ger MANAGERIAL ACCOUNTING GRADED PROBLEMS -CHAPTER 3 1) Haver Corporation has provided the following data concerning last month\'s operations. $ 32,000 Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process $ 4,000 S 58,000 $ 84,000 Raw materials inventory Work in process inventory Finished goods inventory Beginning S 10,000 S 58,000 s 32,000 49,000 Ending S 16,000 $ 74,000 Complete the Schedule of Cost of Goods Sold. 2) The Simkins Corporation uses a job-order costing system. The following activities took place during the month of May $40,000 $35,000 Raw materials purchased Raw materials (all direct) used in production Salaries and wages costs: Direct labor cost Indirect labor cost Sales salaries Factory utility costs Depreciation on factory equipment Advertising expense Manufacturing overhead is applied at the predetermined rate of I 50% of direct labor cost. a. b. c. $60,000 S30,000 $25,000 $15,000 $50,000 $80,000 d. e. f. g. $180.000

Solution

Haver Corporation

Schedule of cost of goods sold

Raw material purchased

$ 32,000.00

Add: Beginning raw materials inventory

$ 10,000.00

Less: Ending raw materials inventory

-$ 16,000.00

Direct material consumed

$ 26,000.00

Direct labor cost

$ 58,000.00

Manufacturing overhead

$ 84,000.00

Cost of production

$ 168,000.00

Add: Beginning work in process inventory

$ 58,000.00

Less: Ending work in process inventory

-$ 74,000.00

Cost of goods manufactured

$ 152,000.00

Add: Beginning finished goods inventory

$ 32,000.00

Cost of goods available for sale

$ 184,000.00

Less: Ending finished goods inventory

-$ 49,000.00

Cost of goods sold

$ 135,000.00

Haver Corporation
Schedule of cost of goods sold
Raw material purchased	$ 32,000.00
Add: Beginning raw materials inventory	$ 10,000.00
Less: Ending raw materials inventory	-$ 16,000.00
Direct material consumed		$ 26,000.00
Direct labor cost		$ 58,000.00
Manufacturing overhead		$ 84,000.00
Cost of production		$ 168,000.00
Add: Beginning work in process inventory		$ 58,000.00
Less: Ending work in process inventory		-$ 74,000.00
Cost of goods manufactured		$ 152,000.00
Add: Beginning finished goods inventory		$ 32,000.00
Cost of goods available for sale		$ 184,000.00
Less: Ending finished goods inventory		-$ 49,000.00
Cost of goods sold		$ 135,000.00