Assignment:

1. Reading Kellogg's 2010 Annual Report and find Note 16. What is the cost of finished goods and materials in process for 2010?

Go to the 2010 annual report for Kellogg’s Company at Kellogg's 2010 Annual Report and locate Item 7. Find the net sales figure for Latin America for 2010.

2. As the bookkeeper of Knight Manufacturing, you are to record the following transactions in the general journal for the month of November:

a. Raw materials of $72,000 were issued from the storeroom.

b. Charged $62,000 of direct labor to production.

c. Supplies costing $7,600 were issued from the storeroom.

d. Incurred indirect labor costs of $15,000.

e. The following expenses were charged to overhead: rent, $3,400; supervision, $7,400; depreciation, $3,600; electricity, $6,400.

f. Overhead was applied at 90% of direct labor dollars.

g. Transferred completed products costing $155,000 to finished goods.

h. Sold products costing $196,000.

3. From the trial balance in Figure 12 and the provided year-end information, prepare a worksheet for Hall Corporation (assume no adjustments).

 figure 11

figure 11

figure 12 

figure 12 

4. Doan Company requested that you (1) assign indirect expenses to its jewelry and shoes departments as appropriate and (2) prepare an income statement for July 201X showing departmental contribution margins along with net income. Assume a 30% tax rate.

figure 13 

figure 13

Salaries are based on net sales. All other indirect expenses are based on square footage.

5. From the following data, prepare in proper form an income statement showing departmental gross profit (assume a 30% tax rate) for Accelerated

Stop for the year ended December 31, 201X:

figure 14

 Figure 14