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RSM222 Solutions for Self-Study Questions W.2014.pdf

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University of Toronto St. George
Loren Brandt

RSM222 Winter 2014 Solutions for SelfStudy Questions1 Exercise 2101Eccles Company Schedule of Cost of Goods Manufactured For the year ended xxxDirect materials Raw materials inventory beginning 8000Add Purchases of raw materials 132000Raw materials available for use140000Deduct Raw materials inventory ending 10000Raw materials used in production 130000 Direct labour 90000 Manufacturing overhead Rent factory building 80000Indirect labour56300Utilities factory9000Maintenance factory equipment24000Supplies factory700Depreciation factory equipment 40000Total manufacturing overhead costs210000 Total manufacturing costs 430000 Add Work in process beginning5000 435000 Deduct Work in process ending20000 Cost of goods manufactured 4150002 The cost of goods sold section would beFinished goods inventory beginning70000 Add Cost of goods manufactured415000 Goods available for sale 485000 Deduct Finished goods inventory ending25000 Cost of goods sold 460000 2 Problem 2261 Hickey Corporation Schedule of Cost of Goods Manufactured For the year ended xxxx Direct materials Raw materials inventory beginning20000Add Purchases of raw materials160000Raw materials available for use 180000Deduct Raw materials inventory ending10000Raw materials used in production170000 Direct labour80000 Manufacturing overhead Indirect labour 60000Building rent 805000040000Utilities factory 35000Royalty on patent1 per unit30000 units30000Maintenance factory 25000Rent on equipment6000010 per unit30000 units9000Other factory overhead costs11000Total overhead costs 210000 Total manufacturing costs460000 Add Work in process inventory beginning 30000 490000 Deduct Work in process inventory ending 40000 Cost of goods manufactured4500003
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