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Module 1 Exam

This document contains two problems from ACC 331 Module 2 Worksheets Problems Chapters 1-2. The first problem asks to identify product and period costs from a list. Product costs include direct materials, direct labor, utilities, and indirect labor. Period costs include sales commissions, administrative salaries, advertising, and depreciation. The second problem provides additional costs and asks to prepare a schedule of cost of goods manufactured and cost of goods sold for a company.

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Tabatha Cyphers
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2K views

Module 1 Exam

This document contains two problems from ACC 331 Module 2 Worksheets Problems Chapters 1-2. The first problem asks to identify product and period costs from a list. Product costs include direct materials, direct labor, utilities, and indirect labor. Period costs include sales commissions, administrative salaries, advertising, and depreciation. The second problem provides additional costs and asks to prepare a schedule of cost of goods manufactured and cost of goods sold for a company.

Uploaded by

Tabatha Cyphers
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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ACC 331 Module 2 Worksheets Problems Chapters 1-2

1. A partial listing of costs incurred at Boylen Corporation during March appears below:

Direct materials $181,000


Utiliies, factory $10,000
Sales commissions $69,000
Administrative salaries $99,000
Indirect labor $32,000
Advertising $75,000
Depreciation of production equipment $28,000
Direct labor $120,000
Depreciation of administrative equipment $49,000

Required:
a. List the items from above that would be product costs.
Direct Materials
Direct Labor
Utilities
Indirect Labor
b. List the items form above that would be period costs.
Sales Commission
Administrative Salaries
Advertising
Depreciation of Production Equipment
Depreciation of Administrative Equipment

2. The following costs relate to one month's activity in Carr Company for June:

Indirect labor $400,000


Rent on factory building $300,000
Maintenance of equipment $100,000
Direct material used $1,200,000
Utilities on factory $200,000
Direct labor $1,500,000
Selling expense $500,000
Administrative expense $300,000
Work in process, beginning $800,000
Work in process, ending $600,000
Finished goods, beginning $500,000
Finished goods, ending $250,000

Required:
a. Prepare a schedule of Cost of Goods Manufactured in good form.
1,200,000
Direct Material 1,500,000
Direct Labor
Manufacturing Overhead 400,000
Indirect Labor 200,000
Utilities on Factory 300,000
Rent on Factory Building 100,000
Maintenance of Equipment 1,000,000
Total Overhead Cost 3,700,000
Total Manufacturing Cost 800,000
Add: Work in Progress, Beginning 2,900,000
600,000
Deduct: Work in Progress, Ending 2,300,000
Cost of Goods Manufactured
b. Prepare a Cost of Goods Sold Schedule for the month. 
Finished Goods, Beginning 500,000
Add: Cost of Goods Manufactured 2,300,000
Goods Available for Sale 2,800,000
Deduct: Finished Goods, Ending 250,000
Cost of Goods Sold 2,550,000
March appears below:

any for June:

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