ACC-320 Milu-. "F alLIIdOCA PART-II Mid-term Exam 1) Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: (15 Marks) Work-in-process Inventory (January 1) Work-in-process inventory (March 31) Finished goods inventory (January 1) Finished goods inventory (March 31) Direct materials used Indirect materials used Direct manufacturing labour Indirect manufacturing labour Property taxes on manufacturing plant building Salespersons' company vehicle costs Amortization of manufacturing equipment Amortization of office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs $140,400 171,000 540,000 510,000 378,000 84,000 480,000 186,000 28,800 12,000 264,000 123,600 135.000 92,400 305,400 30,000 Required: a. Prepare a cost of goods manufactured schedule for the quarter. b. Prepare a cost of goods sold schedule for the quarter. 2) Berhannan's Cellular sells phones for $100. The unit variable cost per phone is $50 plus a selling commission of 10%. Fixed manufacturing costs total $1,250 per month, while fixed selling and administrativo costs total $2,500. (10 Marks)
ACC-320 Milu-. "F alLIIdOCA PART-II Mid-term Exam 1) Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: (15 Marks) Work-in-process Inventory (January 1) Work-in-process inventory (March 31) Finished goods inventory (January 1) Finished goods inventory (March 31) Direct materials used Indirect materials used Direct manufacturing labour Indirect manufacturing labour Property taxes on manufacturing plant building Salespersons' company vehicle costs Amortization of manufacturing equipment Amortization of office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs $140,400 171,000 540,000 510,000 378,000 84,000 480,000 186,000 28,800 12,000 264,000 123,600 135.000 92,400 305,400 30,000 Required: a. Prepare a cost of goods manufactured schedule for the quarter. b. Prepare a cost of goods sold schedule for the quarter. 2) Berhannan's Cellular sells phones for $100. The unit variable cost per phone is $50 plus a selling commission of 10%. Fixed manufacturing costs total $1,250 per month, while fixed selling and administrativo costs total $2,500. (10 Marks)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:ACC-320 Milu-. "F alLIIdOCA
PART-II Mid-term Exam
1) Messinger Manufacturing Company had the following account balances for the quarter ending
March 31, unless otherwise noted: (15 Marks)
Work-in-process Inventory (January 1)
Work-in-process inventory (March 31)
Finished goods inventory (January 1)
Finished goods inventory (March 31)
Direct materials used
Indirect materials used
Direct manufacturing labour
Indirect manufacturing labour
Property taxes on manufacturing plant building
Salespersons' company vehicle costs
Amortization of manufacturing equipment
Amortization of office equipment
Miscellaneous plant overhead
Plant utilities
General office expenses
Marketing distribution costs
$140,400
171,000
540,000
510,000
378,000
84,000
480,000
186,000
28,800
12,000
264,000
123,600
135.000
92,400
305,400
30,000
Required:
a. Prepare a cost of goods manufactured schedule for the quarter.
b. Prepare a cost of goods sold schedule for the quarter.
2) Berhannan's Cellular sells phones for $100. The unit variable cost per phone is $50 plus a
selling commission of 10%. Fixed manufacturing costs total $1,250 per month, while fixed selling
and administrativo costs total $2,500. (10 Marks)
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