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Exam 1 Another Review

Exam 1 Another Review - Review Problems for Exam 1 Problem...

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Disclaimer: These review problems are not intended to indicate that they comprise all that the student should have in his store of knowledge for the exam. They are solely to be used as additional exam review materials. ©Julie C. Chenier Review Problems for Exam 1 Problem 1 – COGM/COGS Blue Shirts, Inc. had the following information available for the month of January. January 1 January 31 Raw Materials inventory $315,000 $310,000 Work in Process Inventory 65,000 58,000 Finished goods inventory 32,000 25,000 Raw materials purchased $227,000 Direct Labor (2,500 hrs @ 12) 30,000 Overhead 155,000 1. Determine the raw materials used in January 2. Determine the cost of goods manufactured in January 3. Determine the cost of goods sold for January Problem 2 – COGM/COGS The financial records of May Company show the following cost and inventory data for the year 2002. Cost Incurred Raw material purchased $125,000 Direct Labor 75,000 Indirect Labor 40,000 Factory Equipment Maintenance 10,000 Insurance on factory 12,000 Rent on Factory 30,000 Depreciation on factory 20,000 Factory supplies 11,000 Advertising expenses 15,000 Selling and Administrative expenses 21,000 Inventory Balances 1/1/02 12/31/02 Raw materials $10,000 $17,000 Work in Process 20,000 31,000 Finished goods 30,000 25,000 Overhead is over-applied by $4,000. 1. Prepare a Cost of Goods Manufactured Schedule 2. Prepare the Cost of Goods Sold Schedule.
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