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Assignment : 13 - Dec - 2016

Prepared By: Nashwa Mohamed Saad

1 - (a) Manning Manufacturing Company


(Partial) Income Statement
For the Month ended June 30, 2008
Sales Revenues 590,000
Cost of good Sold
Finished Goods Inventory June 1 43,500
Cost of Goods Manufactured
Work in Process Begin 18,100
Total Manufacturing Costs 510,000
Work in Process End 30,400
Cost of Goods Manufactured 497,700
Cost of Goods available for sale 541,200
Finished Goods Inventory June 30 50,200
Cost of Goods Sold 491,000
Gross Profit 99,000
1 - (b) Manning Manufacturing Company
Balance Sheet of Inventories
For the Month ended June 30, 2008
Current Assets
Cash xxxx
Accounts Receivable xxxx
Inventories:
Finished Goods 50,200
Work in Process 30,400
Raw Materials 18,000 98,600
2 Timmons Manufacturing Company
Cost of Goods Manufactured Schedule
For the Month ended December 31, 2008
Work in Process Begin 30,000
Direct Material
Raw Material Begin 12,000
Purchases 95,000
Total Raw Material Available for use 107,000
Less Raw Material End 19,000
Direct Material Used 88,000
Direct Labor 70,000
Manufacturing Overhead
Indirect Labor 21,000
Factory Supervisory Salaries 12,000
Factory Depreciation Expenses 8,000
Factory Utilities Expenses 4,000
Total Manufacturing Overhead 45,000
Total Manufacturing Cost 203,000
Total Cost of Work In Process 233,000
Less Work In Process End 25,000
Cost of Goods Manufactured 208,000
3 - (a) Reser Company
Cost of Direct Material Used
For the year ended December 31, 2008
Raw Material Inventory Beginning 8,000
Raw Material Purchases 93,000
Raw Material Available for use 101,000
Raw Material Inventory Ending 7,000
Cost of Direct Materials Used 94,000

3 - (b) Reser Company


Cost of Manufacturing Overhead
For the year ended December 31, 2008
Factory Rent 8,000
Factory Utilities 7,000
Indirect Material 4,000
Indirect Labor 6,000
Cost of Manufacturing Overhead 25,000

3 - (c) Reser Company


Cost of Goods Manufactured Schedule
For the year ended December 31, 2008
Work in Process Begin 15,000
Direct Material
Raw Material Inventory Beginning 8,000
Raw Material Purchases 93,000
Raw Material Available for use 101,000
Raw Material Inventory Ending 7,000
Cost of Direct Materials Used 94,000
Direct Labor 42,000
Manufacturing Overhead 25,000
Total Manufacturing Cost 161,000
Total Cost of Work In Process 176,000
Work in Process End 13,000
Cost of Goods Manufactured 163,000
3 - (d) Reser Company
(Partial) Income Statement
For the year ended December 31, 2008
Sales Revenues xxxxx
Finished Goods Inventory, Jan 1 16,000
Cost of Goods Manufactured 163,000
Cost of Goods available for sale 179,000
Finished Goods Inventory, Dec 31 10000
Cost Of Good Sold 169,000
Selling Expenses 5,000
Administrative Expenses 12,000