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Swanson Company 15000 370000 385000 20000 365000 112000 Schedule of Cost of Goods Manufactured For the Month Ended August 31 Direct materials: Raw materials inventory, August 1 Add: Purchases of raw materials Raw materials available for use Deduct: Raw materials inventory, August 31 Raw materials used in production Direct labor Manufacturing overhead: Indirect labor cost Utilities (75% < $26,000) Depreciation, factory equipment Insurance (50% * $6,000) Rent on facilities (85% < $45,000) Total overhead costs Total manufacturing costs Add: Work in process inventory, August 1 74000 19500 30000 3000 38250 164750 641750 27000 668750 42000 626750 Deduct: Work in process inventory, August 31 Cost of goods manufactured Income Statement For the Month Ended August 31 Sales 831000 35000 626750 661750 60000 601750 229250 Cost of goods sold: Finished goods inventory, August 1 Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, August 31 Gross margin Selling and administrative expenses: Utilities (25% < $26,000) Depreciation, sales equipment Insurance (50% < $6,000) Rent on facilities (15% ~ $45,000) Selling and administrative salaries Advertising Net operating income 6500 40000 3000 6750 52000 98000206250 23000

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