Cost Accounting I Practice Set Exam Phase 1
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:
|
Depreciation factory equipment
|
$ 30,000
|
|
Depreciation office equipment
|
7,000
|
|
Supply factory
|
1,500
|
|
Maintenance factory equipment
|
20,000
|
|
Utilities factory
|
8,000
|
|
Sales Commissions
|
30,000
|
|
Indirect labor
|
54,500
|
|
Rent, Factory building
|
70,000
|
|
Purchases or direct materials (net)
|
124,000
|
|
Direct labor
|
80,000
|
|
Advertising expense
|
90,000
|
|
Inventories:
|
|
|
|
|
January 1
|
December 31
|
|
Direct Materials
|
$ 9,000
|
$ 11,000
|
|
Work in process
|
6,000
|
21,000
|
|
Finished goods
|
69,000
|
90,000
|
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 information for the month of July:
|
|
Variable cost per unit
|
Total Fixed costs
|
|
Direct labor
|
$ 27.50
|
-
|
|
Direct Materials
|
84.75
|
-
|
|
Manufacturing overhead
|
14.25
|
$ 120,000
|
|
Marketing costs
|
5.30
|
50,000
|
|
Administrative costs
|
2.90
|
75,000
|
|
Selling proce
|
210.00
|
|