Managerial Accounting $4$B

Test #$1($Chapters $1-4)$

Name

Part $1.$ Problems. There are four problems. Each one is worth the score indicated next

to the problem number. Show all work for complete credit. You may write your answers

on the test or attach extra pages. Please be NEAT when writing your answers. I cannot

grade illegible answers. $(40$ points possible$)$

$(12$ points$)$ The following data have been taken from the accounting records of Larder

Corporation for the just completed year.

Sales.

Purchases of raw materials.

Direct labor.

Applied Manufacturing overhead.

Administrative expenses.

Selling expenses

Raw materials inventory, beginning.

Raw materials inventory, ending...

$2,135,000$

$$520,000$

Work in process inventory, beginning.

$$465,000$

Work in process inventory, ending.

$$415,000$

Finished goods inventory, beginning.

$$285,000.$

$$256,000$

Finished goods inventory, ending.

$$410,000$

$$315,000$

$$385,000$

$$361,000$

$$355,000$

$$308,000$

Required:

a$.$ Prepare a Schedule of Cost of Goods Manufactured in good form.

b$.$ Compute the Cost of Goods Sold.

c$.$ Using data from your answers above, prepare an Income Statement $($using the

traditional format$).$ You MUST show all work!!