EWDARD WATERS COLLEGE SPRING 2019 MID TERM EXAMINATION DEPARTMENT:BUSINESS ADMINISTRATION LECTURER COURSE TITLE:Managerial Accounting COURSE CODE: ACG 2071 TIME ALLOWED: 1hour 15 minutes FRITZ IKUND Note: SHOW ALL YOUR WORKINGS, ORDERLY! (10 POINTS) Question 1. (PE 1-5B) Timbuk 3 Company has the following information in March: Cost of direct material used in production $21,000 Direct labor Factory overhead Work in process inventory, March I Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 $54,250 35,000 87,500 92.750 36,750 42,000 For March, determine (a) the cost of goods manufactured and (b) the cost of goods sold. (30points)