Question
Use the information in Part 1 for Juicy Lemonade Company to complete a Cost of Goods Manufactured Statement and a Cost of Goods Sold Statement
Use the information in Part 1 for Juicy Lemonade Company to complete a Cost of Goods Manufactured Statement and a Cost of Goods Sold Statement for the year ended 2019. All reports should be prepared in Excel with good form. The following cost and inventory data were taken from the records of the Juicy Lemonade Company for the year 2019:
Depreciation, factory equipment $30,000
Depreciation, office equipment 7,000
Supplies 1,500
Maintenance, factory equipment 20,000
Utility, factory 8,000
Sales commissions 30,000
Indirect labor 54,000
Rent, factory building 70,000
Purchases of direct materials (net) 124,000
Direct labor 80,000
Advertising expense 90,000
Costs incurred Inventories:
January 1 December31
Direct materials $9,000 $11,000
Work in progress 6,000 21,000
Finished goods 69,000 24,000
Use only the information in Part 2 to prepare a Contribution Margin Income Statement and a Gross Margin Income Statement for the month of July 2019. Assume the company produced and sold 5,000 units and there were no units in inventory on July 1, 2019. All reports should be prepared in Excel with good form. The cost accountant for the Juicy Lemonade Manufacturing Company has provided you with the following information for the month of July:
Variable costs Total per unit Fixed Costs
Direct labor $27.50
Direct materials 84.75
Manufacturing overhead 14.25 $120.000
Marketing costs 5.30 50.000
Administrative costs 2.90 75.000
Selling price 210.00
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