1. On January 1, the finished goods inventory of Manuel company was $300000.

During the year

Manuel’s cost of goods manufactured was $ 1900000, sales were $ 200000 with a 20% gross
profit.

Required: The cost assigned to the December 31 finished goods inventory.

2. The December 31, trial balance of the Balkwell Company showed

Sales $4000500 Sales return and allowances $25200

Purchases (net) 2400000 Transportation income 32000

Direct labor 3204000 Factory overhead 1885600

Sales salaries 200000 Delivery expense 65000

INVENTORIES

December 31 19B December 31 19A

Finished Goods $467400 $620000

Work in Process 136800 129800

Materials 196000 176000

Required

A) Total manufacturing cost

B) Cost of goods manufactured

C) Cost of goods sold

3. The accounting department of the Ruthven company provided the following data for May; Sales
$72000, marketing expenses 5%,administrative expenses 1%,other expenses 5% of all sales ,
purchases $ 36000,factory overhead 2/3 of direct labor, direct labor $15000.

Beginning inventories
 Finished goods $7000

Work in process 8000

Materials 8000

Ending Inventories

Finished goods 10200

Work in process 15200

Materials 8500

Required

a) Cost of goods statement

b) Income statement

4. Crowley inc submits the following data for September

Direct labor cost, $30000

Cost of goods sold, $111000

Factory overhead is applied at the rate of 150% of direct labor cost

Inventory accounts showed these beginning and ending balances

September 1 September 30

Finished goods $15000 $17500

 Work in Process 9600 13000

Materials 7000 7400

OTHER DATA

Marketing expenses $14100

General and administrative expenses 22900

Sales of the month 182000

REQUIRED:

An income statement with schedule showing cost of goods manufactured and sold

5. The Sentosa company submits following information on December 31,19……

Sales of the year $314000

Inventories at the beginning of the year

Finished goods 5900

Work in process 4600

Materials 3800

Purchases of materials for the year 140000

Direct labor 67350

Factory overhead 50% of the labor cost

Inventories at the end of year

Finished goods 9270

Work in process 6200

Materials 4300
Other expenses of the year

Marketing expenses 23115

Administrative expenses 17650

REQUIRED

A) An income statement for the year ended December 31, 19………

B) The percentage of income to sales, before income tax.

6) The following data are provided by the controller of the Merlion corporation

Cash $240000

Accounts Receivable 348000

Inventories January 1 December 31

Finishing goods $44200 $66000

Work in process 29800 38800

Materials 88000 64000

Materials purchased 366000

Sales discount 8000

Factory overhead (excluding 468400

Depreciation)

Marketing and administrative expenses 344200

(excluding depreciation)

Depreciation (90% manufacturing, 10% marketing and 116000

Administrative expenses)

Sales 1844000

Direct labor 523600

Freight materials purchased 6600

Rental income 64000

Interest on bonds payable 16000

REQUIRED

Cost of goods sold statement

7) The following data relate to the Brockway Corporation

INVENTORIES

Ending Beginning

Finished goods $ 95000 $ 110000

Work in process 80000 70000

Direct materials 95000 90000

Cost incurred during the period

Cost of goods available for sale $684000

Total manufacturing cost 584000

Factory overhead 167000

Direct materials used 193000

REQUIRED
Cost of goods sold statement

8. The records of reinecke inc show the following inf show the following as of march 31 19B

Materials used $440000

Direct labor 290000

Indirect labor 46000

Light and power 4260

Depreciation 4700

Repairs to machinery 5800

Miscellaneous factory overhead 29000

Work in process inventory, April 1,19A 41200

Finished goods inventory, April 1, 19A 34300

Work in process inventory, March 31, 19 B 42500

Finished goods inventory, 31500

During the year 18000 units were completed

REQUIRED

1) A cost of goods sold statement for the year ended March 31, 19B

2) The unit cost of goods manufactured

3) The amount of over or underapplied factory overhead if the compny applies factory
overhead on the basis of 30% of direct labor cost.