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CASE 2-27 Missing Data; Schedule of cost of goods manufactured statement I know Im pretty good scientist, but I guess

s I still have some things to learn about running a business, said Staci Morales, founder and president of Medical Technology, Inc. emand has been so strong for our heart monitor that I was sure wed be profitable immediately, but !ust look at the gusher of red ink for the first "uarter .#The data to which Staci was referring are shown below$ Medical Technology INC Schedule of Cost of !oods Sold Manufactured "or the #uarter ended $une %& Sales %&'((( monitors) .ess$ /perating 01penses$ Selling and 2dministrative salaries 2dvertising 4leaning Supplies, 5roduction Indirect .abor cost epreciation, /ffice e"uipment irect .abor cost 8aw Materials purchased Maintenance, 5roduction 8ental cost, facilities Insurance, production :tilities epreciation, production e"uipment Travel, salespersons ;et /perating .oss * +(((( 3((((( '((( &6-((( &7((( 7(((( 6&(((( 9,((( '-((( +((( 9(((( ,-((( '(((( &&6-((( *%&'(((() <<<<<<< 2t this rate well be out of business in a year,# said erek .ouganis, the companys accountant. =ut Ive double checked these figures, so I know theyre right.# Medical Technology was organi>ed on 2pril of the current year to produce and market a revolutionary new heart monitor. The companys accounting system was setup by ?erb Scteinbeck, an e1perienced accountant who recently left the company. The statement above was prepared by .ouganis, his assistant. *+,-(((

@e may not last a year if the insurance company doesnt pay the *33,,((( it owe us for the 9((( monitors lose in the truck accident last week,# said Staci. The agent says our claim is in flated, but thats a lot of baloney.# Aust after the end of the "uarter, a truck carrying 9,((( monitors wrecked and burned, destroying the entire load. The monitors were part of the 3(,((( unites completed during the "uarter ended Aune 6(. They were in a warehouse awaiting sale at "uarterBend and were sold and shipped on Auly 6 %this sale is not included on the income statement above). The trucking companys insurer is liable for the cost of goods lost. .ougains has determined this cost as follows$ Total cost for the "uarter CCCCCCCCCCCCCCCCCCCCCCCCCCCCCC < *&6-(((D3((((units < *-'.,- per units Monitors produced during the "uarter 9,((( units E *-'.,- per unit < *33,,((( The following additional information is available on the companys activities during the "uarter ended Aune 6($ a. Inventories at the beginning and end of the "uarter were as follows$ 'eginning of the (uarter 8aw materialsFFFFFFF( @ork in processFFFFFF.( Ginished goodsFFFFF......( End of the (uarter *9(,((( 6(,((( H

b. 0ighty percent of the rental cost for facilities and +(I of the utilities cost relate to manufacturing operating amounts relate to selling and administrative activities. )e#uired* &. @hat conceptual errors, if any were made in preparing the income statement aboveH 3. 5repare a schedule of cost of goods manufactured for the "uarter. 6. 5repare a correct income statement for the "uarter. Jour statement should show in detail how the cost of goods sold is computed. 9. o you agree that the insurance company owes. Medical Technology, Inc, *33,,(((H 01plain your answer.

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