Reference no: EM131106867

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:

Depreciation. factory equipment	530
Depreciation, office equipment	7
Supplies, factory	1.5
Maintenance. factory equipment	20.0001
Utilities, factory	8
Sales commissions	30
Indirect labor	54.5
Rent. factory building	70
Purchases of direct mmerials (net)	124
Direct labor	80
Advertising expense	90

Inventories:
	1-Jan	December 31
Direct materials	$9,000	$11,000
Work in process	6,000	21,000
Finished goods	69,000	24,000

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:

Variable costs Per unit	Variable costs Per unit	Variable costs Per unit
Direct labor	$27.50
Direct materials	84.75
Manufacturing overhead	14.25	$120.00
Marketing costs	5.3	50,000
Administrative costs	2.9	75,000
Selling price	210