Cost Accounting I Practice Set Exam
Please read all of the instructions carefully before completing the exam.
Part 1: Use the information in Part 1for Juicy Lemonade Company to complete a Cost of Goods Manufactured Statement and a Cost of Goods Sold Statementfor the year ended 2015. All reports should be prepared in Excel with good form.
The following cost and inventory data were taken from the records of the Juicy Lemonade Company for the year 2015:
Costs incurred:
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Depreciation. factory equipment
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530
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Depreciation, office equipment
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7
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Supplies, factory
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1.5
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Maintenance. factory equipment
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20.0001
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Utilities, factory
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8
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Sales commissions
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30
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Indirect labor
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54.5
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Rent. factory building
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70
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Purchases of direct mmerials (net)
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124
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Direct labor
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80
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Advertising expense
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90
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Inventories:
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|
|
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1-Jan
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December 31
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Direct materials
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$9,000
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$11,000
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Work in process
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6,000
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21,000
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Finished goods
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69,000
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24,000
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Part 2: Use only the information in Part 2 to prepare a Contribution Margin Income Statement and a Gross Margin Income Statement for the month of July 2015. Assume the company produced and sold 5,000 units and there were no units in inventory on July 1, 2015. All reports should be prepared in Excel with good form.
The cost accountant for the Juicy Lemonade Manufacturing Company has provided you with the following:
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Variable costs Per unit
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Variable costs Per unit
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Variable costs Per unit
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Direct labor
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$27.50
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|
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Direct materials
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84.75
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|
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Manufacturing overhead
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14.25
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$120.00
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Marketing costs
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5.3
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50,000
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Administrative costs
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2.9
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75,000
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Selling price
|
210
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