Solution-Prepare a gross margin income statement

Prepare a gross margin income statement

Assignment Help Cost Accounting

Reference no: EM131193702

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

Reference no: EM131193702

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Prepare a gross margin income statement

Reference no: EM131193702

Reference no: EM131193702

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