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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
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
$ 27.50
-
84.75
Manufacturing overhead
14.25
$ 120,000
Marketing costs
5.30
50,000
Administrative costs
2.90
75,000
Selling proce
210.00
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