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Key to Quiz _1 1-28-2010

Managerial Accounting: Creating Value in a Dynamic Business Environment

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NAME: KEY (20 total points) Class time: Oldtown Aluminum Company, a manufacturer recyclable soda cans, had the following inventory balances at the beginning and end of 1998 Inventory classification January 1, 1998 December 31, 1998 Raw material $ 80,000 $ 95,000 Work in Process 120,000 115,000 Finished goods 150,000 165,000 During 1998, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material $ 10,000 Indirect labor 25,000 Depreciation of plant and equipment 100,000 Utilities 25,000 Other 30,000 Sales revenue was $1,205,000 for the year. Selling, general and administrative expenses for the year equal $110,000. The firm’s tax rate is 40%. Required 1. Prepare a schedule of cost of goods manufactured . (7 points) Cost of Raw Materials Used in Production Beg RM Inventory 80,000 RM purchased during the year 250,000 RM available for use in production 330,000 Ending RM Inventory
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Key to Quiz _1 1-28-2010 - ACC 312 spring 2010...

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