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ACCT 221 Q3 2

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PROBLEM 1 Jones Corporation has the following cost records for May 2013 Indirect factory labor Direct materials used Work in process, 5/1/13 Work in process, 5/31/13 $ 7,000 12,000 6,000 7,800 Factory supervisor’s salary Sales Commission 4,500 Indirect materials 10,000 Office Manager Salary Instructions (a) Advertising Expense Depreciation, factory equipment Direct labor Maintenance, factory equipment Add: Maufacturing cost Direct materials used Direct labor Indirect materials Indirect factory labor Factory supervisor’s salary Depreciation, factory equipment Maintenance, factory equipment Total Total Manufacturing cost Less: Work in process, 5/31/13 Cost of goods manufatured 1,200 4,000 Prepare a cost of goods manufactured schedule for May 2013 JONES CORPORATION Cost of Goods Manufactured Schedule For the Year Ended May 31, 2013 Work in process, 5/1/13 $ 8,000 3,200 13,000 1,000 hedule for May 2013 6,000 12,000 13,000 1,200 7,000 4,500 3,200 1,000 41,900 47,900 -7800 40,100 PROBLEM 2 Newton, Inc. fixed costs are expected to be $85,000 and variable costs are expected to be $20 per product. Sales price is $40 per product. Instructions Determine the required sales in units to break even. . Sales in Units for break even = 4,250 Units Break even units = Fixed cost / Contribution per unit = 85,000/(40-20) =4,250 Units Sales $ = 4,250*40 = $170,000 PROBLEM 3 Nison Company accumulates the following data concerning a mixed cost, using miles as the activity l ...
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