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Question #1 (20%)
Skylight Company is a manufacturer of computers. The company has enough orders for the
monthly production of 1,000 computers. The company management provide you with the
monthly manufacturing information data as follows:
Plant manger’s salary
$8,000
Factory building maintenance cost
$3,000
Advertising for computers
$16,000
Sales commissions
$10,000
Rent on factory building
$12,000
Insurance on factory building
$6,000
Depreciation on factory building
$1,400
Raw materials
$40,000
Factory utilities
$1,600
Supplies for Administrative office
$400
Wages for factory workers
$108,000
Depreciation on office equipment
$1,000
Miscellaneous factory materials (thread, glue, etc.,) $4,000
Instruction:
Identify cost items and compute the following costs:
a. Product Costs
b. Period cost 1 Question #2 (20%)
Jay Williams Company, a manufacturer of soccer ball provide you with the following data for the
month of January, 2016:
Raw materials purchased
$96,400
Repairs on factory building
$1,400
Property taxes paid on factory
$9,600
Factory manager’s salary
$29,000
Office utilities expense
$8,650
Factory utilities
$27,600
Depreciation on factory machinery
$16,000
Factory insurance
$4,600
Indirect labor
$24,460
Direct labor
$149,250
Sales
$554,000
Sales discounts
$4,200
Cash
$32,000
Accounts receivable
$27,000
Work in process- Inventory
Work in process- Inventory
Finished goods- Inventory
Finished goods- Inventory
Raw materials- Inventory
Raw materials- Inventory 1/1/2016
1/31/2016
1/1/2016
1/31/2016
1/1/2016
1/31/2016 $19,800
$18,600
$96,000
$95,900
$39,600
$48,000 Instruction:
a. Prepare the schedule Cost of Goods Manufactured
b. Compute the gross profit only (Hint: “Must compute cost of goods sold” to start with)
c. Prepare the “current asset” section of the balance sheet as at 1/31/2016 2 Question #3 (15%)
Sunshine computers has the following information available for December 2016:
Unit selling price of laptop $400
Unit variable costs
$270
Total fixed costs
$104,000
Units sold
1,240
Instructions:
a. Prepare a Cost Volume Profit (CVP) schedule that shows the Net income
b. Compute Sunshine break-even point sales units
c. Compute Sunshine break-even sales dollar Question #4 (15%)
The management of Hardwood Flooring has collected some data showing the monthly expense
to better understand its maintenance cost behavior.
Month
Equipment hours
Total Cost
January
600
$4,800
February
800
$6,000
March
1,200
$7,200
April
1,580
$9,000
May
1,000
$6,400
June
1,600
$9,800
Instructions:
a. Using the high-low method, determine the variable cost per unit
b. Using the high-low method, determine the fixed cost per unit 3 Question #5 (15%)
Solar Energy Company manufactures solar panel for energy efficient homes. The company
wanted to maintain inventory at 30% of the following month’s expected sales unit. At the
beginning of the year the company had 20,000 units on hand, based on the following projected
sales for each quarter:
First Quarter
50,000
Second Quarter
62,500
Third Quarter
45,000
Fourth Quarter
55,000
Instructions:
Prepare a schedule of production budget for first quarter through third quarter Problem #6 (15%)
Energy electrical Company anticipate that its 2016 budgeted sales as follows:
January
$200,000
February
$220,000
March
$270,000
Sales are 40% cash and 60% credit (accounts receivable). The company expect 10% cash
collection in the month of sale, 50% in the month following sale, and 36% in the second month
following sale and 4% are uncollectible.
Instruction:
a. Prepare schedule of cash collections for each month
b. What is the total cash collected for all three months? 4

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