Devry Econ 312

Apr 2nd, 2015
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DeVry University
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The ethical issues in this situation pertain to the adherence to sound and acceptable accounting principles. Intentional violation of generally accepted accounting principles in order to satisfy a practical short-term personal or company need and thus create misleading financial statements would be unethical. Selecting one acceptable method of accounting and reporting among other acceptable methods is not necessarily unethical.

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John DoeDeVry CollegeDXXXXXXXWeek 3EXERCISE 5-16(a)CHAMBERLIN MANUFACTURINGCost of Goods Manufactured ScheduleFor the Month Ended June 30, 2008Work in process inventory, June 1$5,000Direct MaterialsRaw materials inventory, June 1$9,000Raw materials purchases54,000Total raw materials available for use63,000Less: Raw materials inventory, June 3013,100Direct materials used49,900Direct labor57,000Manufacturing overheadIndirect labor$5,500Factory insurance4,000Machinery depreciation4,000Factory utilities3,100Machinery repairs1,800Miscellaneous factory costs1,500Total manufacturing overhead19,900Total manufacturing costs126,800Total cost of work in process131,800Less: Work in process inventory, June 307,000Cost of goods manufactured124,800(b)CHAMBERLIN MANUFACTURING(Partial) Balance SheetJune 30, 2008Current assetsInventoriesFinished goods$6,000Work in process7,000Raw materials13,100$26,100| | Product Costs| | || | Direct| | Direct| | Manufacturing| | Period| Cost Item| | Materials| | Labor| | Overhead| | Costs|Rent on factory equipment| | | | | | $ 7,000| | | Insurance on factory building| | | | | | 1,500| | | Rawmaterials| | $75,000| | | | | | | Utility costs for factory| | | | | | 900| | | Supplies for general office| || | | | | | $300| Wages for assembly line workers| | | | $43,000| | | | | Depreciation on officeequipment| | | | | | | | 800| Miscellaneous materials| | | | | | 1,100| | | Factory managers salary| || | | | 5,70

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