Purchase Solution

# Fundamental Accounting Principles II

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Could you please provide the solution for these three problems (18-10, 18-13, and QS 20-6).

Question 1: (2 points)

Exercise 18-10: Cost of goods sold computation L.O. C6, P1
Compute cost of goods sold for each of these two companies for the year ended December 31, 2009. (Omit the "\$" sign in your response):

Computer Merchandising Log Homes Manufacturing
Beginning inventory
Merchandise \$ 301,000
Finished goods \$ 602,000
Cost of purchases 580,000
Cost of goods manufactured 790,000
Ending inventory
Merchandise 201,000
Finished goods 195,000
________________________________________

Computer Merchandising Log Homes Manufacturing
Cost of goods sold \$ ____________ \$ ____________
________________________________________

________________________________________
Question 2: (2 points)

Exercise 18-13: Manufacturing statement preparation L.O. P2
Given the following selected account balances of Spalding Company, prepare its manufacturing statement for the year ended on December 31, 2009. Include a listing of the individual overhead account balances in this statement. (Input all amounts as positive values. Omit the "\$" sign in your response.)

Sales \$ 1,363,000
Raw materials inventory, Dec. 31, 2008 40,000
Goods in process inventory, Dec. 31, 2008 53,600
Finished goods inventory, Dec. 31, 2008 60,400
Raw materials purchases 181,900
Direct labor 243,000
Factory computer supplies used 15,700
Indirect labor 54,000
Repairs-Factory equipment 7,250
Rent cost of factory building 56,000
Raw materials inventory, Dec. 31, 2009 44,000
Goods in process inventory, Dec. 31, 2009 41,200
Finished goods inventory, Dec. 31, 2009 66,200
________________________________________

SPALDING COMPANY
Manufacturing Statement
For Year Ended December 31, 2009
Direct materials
__________ \$ ____________
__________ ____________
Raw materials available for use ____________
__________ ____________
Direct materials used \$ ____________
__________ ____________
__________ ____________
__________ ____________
__________ ____________
__________ ____________
Total manufacturing costs ____________
__________ ____________
Total cost of goods in process ____________
__________ ____________
Cost of goods manufactured \$ ____________
________________________________________

##### Solution Summary

Fundamental accounting principles are examined.

##### Solution Preview

Question 1: (2 points)

Exercise 18-10: Cost of goods sold computation L.O. C6, P1
Compute cost of goods sold for each of these two companies for the year ended December 31, 2009. (Omit the "\$" sign in your response):

Computer Merchandising Log Homes Manufacturing
Beginning inventory
Merchandise \$ 301,000
Finished goods \$ 602,000
Cost of purchases 580,000
Cost of goods manufactured 790,000
Ending inventory
Merchandise 201,000
Finished goods 195,000
________________________________________

Computer Merchandising Log Homes Manufacturing
Cost of goods sold \$ 680,000 \$ ...

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