Docstoc

Enter First Last Name Before Starting Homework Otherwise you ll have to do homework twice First Name John Last Name Doe

Document Sample
Enter First Last Name Before Starting Homework Otherwise you ll have to do homework twice First Name John Last Name Doe Powered By Docstoc
					                  Enter First & Last Name Before Starting Homework!!!!!
                                (Otherwise you'll have to do homework twice!!)

First Name:       John
Last Name:        Doe
Score:            0%

Exercise 1        Briefcase Co. makes premium leather briefcases. Categorize each of the following costs as either
                  product or period and then selling general & administrative (SG&A), direct materials, direct
                  labor, or factory overhead.

                  Cost                                              Prod/Per       DM, DL, FO, SGA       Direct/Indirect
                  Utilities for office                                         X                     X
                  String used to sew on strap                                  X                     X
                  Security costs - factory                                     X                     X
                  Sales commissions paid to retailers                          X                     X
                  Accountant's salary                                          X                     X
                  Nylon lining - interior of briefcase                         X                     X
                  Rent - factory                                               X                     X
                  Rent - office                                                X                     X
                  Factory manager's salary                                     X                     X
                  Leather                                                      X                     X
                  Depreciation - office photocopier                            X                     X
                  Depreciation - sewing machines                               X                     X
                  Sewing machine operators' wages                              X                     X
                  Brass clasps to lock briefcase                               X                     X
                  Janitorial costs - factory                                   X                     X
                  Janitorial costs - office                                    X                     X
                  WD-40 used on sewing machines                                X                     X
                  Utilities for factory                                        X                     X



Exercise 2        To get direct materials used you take . . .

                                                                X
              +                                                 X
              =                                                 X
              -                                                 X
              = Direct Materials


Exercise 3        To get total manufacturing costs you take . . .

                                                                X
              +                                                 X
              +                                                 X
             = Total Manufacturing Costs


Exercise 4       To get cost of goods manufactured you take . . .

                                                            X
             +                                              X
             -                                              X
             = Cost of Goods Manufactured

Exercise 5       To get cost of goods sold you take . . .

                                                            X
             +                                              X
             =                                              X
             -                                              X
             = Cost of Goods Sold
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Exercise 6: Prepare the manufacturing statement and partial income statement for Manufacturer Co. on 5/31/0X.
Advertising expense                       3     End. goods in process             6
Beg. finished goods inventory             6     Factory cleaning supplies         2
Beg. goods in process inventory           5     Indirect labor - factory          6
Beg. raw materials inventory              4     Insurance - factory               8
Depreciation - factory equipment         12     Janitorial costs - factory        3
Depreciation - office equipment           4     Janitorial costs - office         1
End raw materials inventory               5     Property taxes - factory          3
End. finished goods inventory             4     Raw materials purchases          32
                                                      Manufacturing Statement
                                                         Manufacturer Co.
                                                       Period Ending 5/31/0X

Direct Materials
                                       X
                                       X
                                       X
                                       X
                                       X
Direct Labor
Factory overhead
                                       X
                                       X
                                       X
                                       X
                                       X
                                       X
                                       X
                                       X
                                       X
Total factory overhead
                                       X
                                       X
                                       X
Cost of Goods Manufactured

                                                      Income Statement
                                                       Manufacturer Co.
                                                     Period Ending 5/31/0X


Cost of Goods Sold
                                       X
                                       X
                                       X
                                       X
                                       X
Gross Profit
or Manufacturer Co. on 5/31/0X.
            Rent - office building           14
            Repairs-factory equipment         4
            Salary - assembly workers        50
            Salary - factory manager          5
            Salary - office manager           4
            Sales                           160
            Utilities on factory             16




                                        X
                                        X




                                        X
                                        X


                                        X




                                        X
                                        X
Exercise 7   Prepare the simplified manufacturing statement and partial income
             statement for Dutch Co. given the following information.
             Beg. finished goods inventory               $   40
             Beg. goods in process inventory                 32
             Direct labor                                    40
             Direct materials                                120
             End. finished goods inventory                   48
             End. goods in process inventory                 24
             Factory overhead costs                          28
             Sales                                           400
                                     Dutch Co.
                              Manufacturing Statement
                              For Year Ending 12/31/0Y




             Total Manufacturing Costs                             Try Again!


             Cost of Goods Manufactured                            Try Again!
                                    Dutch Co.
                                Income Statement
                            For Year Ending 12/31/0Y

             Sales                                                        400
             Cost of Goods Sold


             Finished Goods Available for Sale                     Try Again!

             Cost of Goods Sold                                                  Try Again!
             Gross Profit                                                        Try Again!
Exercise 8     Given the following information for Kwant Co, answer questions a-e.
               Beginning finished goods inventory                   200
               Beginning goods in process inventory                 60
               Beginning raw materials                              40
               Depreciation on factory equipment                    80
               Direct labor                                         280
               Ending finished goods inventory                      160
               Ending goods in process inventory                    80
               Ending raw materials                                 20
               Factory Supervisor's salary                          120
               Indirect labor                                       40
               Raw material purchases                               60
               Rent on office                                       80
               Rent on factory                                      140

             a) Direct materials used equals:                                Try Again!
             b) Factory overhead equals:                                     Try Again!
             c) Total manufacturing costs equal:                             Try Again!

             d) Cost of goods manufactured equals:                           Try Again!
             e) Cost of goods sold equals:                                   Try Again!




Exercise 9            Answer questions A-C given the following information:
                                                                 Guy Co.       Gal Co.
               Beg. merchandise inventory                   $      24
               Beg. finished goods inventory                                         64
               Cost of purchases                                    176
               Cost of goods manufactured                                        288
               Ending merchandise inventory                         40
               Ending finished goods inventory                                       32


             a) What is Guy Co's COGS?                                       Try again!

             b) What is Gal Co's COGS?                                       Try again!

             b) Which Co. must be a manufacturer?                            Try Again!
See textbook
See textbook
See textbook

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:43
posted:11/14/2010
language:English
pages:10
Description: Starting a Sewing Business document sample