The instructor will not answer questions during the exam. If something is not clear to you or you are not certain of the meaning of something make an assumption to allow you to carry on. Please write down any assumptions you feel necessary on your exam. This way, if you don't give the expected answer, we have a basis for discussion afterwards. Any assumptions made should not contradict the facts given and when various assumptions are possible, make the one(s) that allow you to show the most knowledge. Non programmable calculators may be used. Cell phones must be turned off and put away. They may not be used as calculators during the exam. Prof. Andrea Chance The following data (in thousands of dollars) have been taken from the accounting records of Miley Corporation for the year just completed: Sales $870 Purchases of raw materials $110 Direct labour $130 Manufacturing overhead $200 Administrative expenses $160 Selling expenses $140 Raw materials inventory, beginning $ 30 Raw materials inventory, ending $ 60 Work-in-process inventory, beginning $ 50 Work-in-process inventory, ending $ 10 Finished goods inventory, beginning $150 Finished goods inventory, ending $140 Question 1 (10 points) Prepare a schedule of cost of goods manufactured in good form. (10 marks) Question 2 (5 points) Compute the cost of goods sold