ACCT. 3331 - Managerial Accounting for Finance Students - summer 2020 HOME WORK # 1 - Chapter 2 QUESTION # 1 The following costs and inventory data were taken from the accounts of Reem Company for 2016: January 1, 2016 December 31, 2016 Inventories: Raw materials $ 8,000 $7,000 Work in process 15,000 13,000 Finished goods 16,000 12,000 Costs incurred: Raw materials purchases $98,000 Direct labor 42,000 Factory rent 8,000 Factory utilities 10,000 Indirect materials 6,000 Indirect labor 9,000 Operating expenses 17,000 Instructions a. Prepare a schedule showing the amount of direct materials used in production during the year. Compute the amount of manufacturing overhead incurred during the year. c. Prepare a schedule of Cost of Goods Manufactured for Reem Company for the year ended December 31, 2016 in good form. d. Prepare the Cost of Goods Sold section of the Income Statement for Reem Company for the year ended December 31, 2016 in good form