Problem 1: Using the given information, prepare the manufacturing statement for Forsythe Company for the month ended June 30.
Goods in process inventory, May 31 ................. $12,600
Goods in process inventory, June 3 0 .................. 16,500
Direct materials used during June ........................21,000
Direct labor used during June ..............................31,000
Factory overhead:
Indirect material ...................................................................... 6,400
Indirect labor ........................................................................... 9,200
Factory rent ..................................................... 12,000
Factory depreciation ....................................... 15,000
Factory utilities. .............................................. 18,400
Problem 2: Using the given comparative calendar-year financial data for the company, calculate:
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|
2005
|
2004
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|
Sales. .......................................................
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S 720,000
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$607,500
|
|
Cost of goods sold......................................
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450,000
|
382,700
|
|
Operating expenses.....................................
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168,500
|
134,900
|
|
Net income.....................................................................
|
51,200
|
51,700
|
|
|
December 31,
|
December 31,
|
|
|
2005
|
2004
|
|
Accounts receivable (net)...........................
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$ 157,500
|
$162,500
|
|
Inventory .................................................
|
139,500
|
110,500
|
|
Total assets.................................................
|
1,012,500
|
944,800
|
(1) Accounts receivable turnover for 2005.
(2) Days' sales uncollected for 2005.
(3) Inventory turnover for 2005.
(4) Days' sales in inventory for 2005.