# ACCT 346 Week 7 Homework Assignment Latest Work

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ACCT 346 Week 7 Homework Assignment

.Gomez Corporation is considering two alternative investment proposals with the following data:

a. How long is the payback period for Proposal X?

b. What is the accounting rate of return for Proposal Y?

2. You have been awarded a scholarship that will pay you \$500 per semester at the end of each of the next 8 semesters that you earn a GPA of 3.5 or better. You are a very serious student and you anticipate receiving the scholarship every semester. Using a discount rate of 3% per semester, which of the following is the correct calculation for determining the present value of the scholarship?

3. Maersk Metal Stamping is analyzing a special investment project. The project will require the purchase of two machines for \$30,000 and \$8,000 (both machines are required). The total residual value at the end of the project is \$1,500. The project will generate cash inflows of \$11,000 per year over its 8-year life. If Maersk requires a 6% return, what is the net present value (NPV) of this project? (Use present value tables or Excel.)

4. Hincapie Manufacturing is evaluating an investment in a new metal stamping machine costing \$30,924. Hincapie estimates that it will realize \$12,000 in annual cash inflows for each year of the machine’s 3-year useful life. Approximately, what is the internal rate of return (IRR) for the investment? (Use present value tables or Excel.)

# ACCT 346 Week 6 Homework Assignment Latest Work

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ACCT 346 Week 6 Homework Assignment

. Cave Hardware’s forecasted sales for April, May, June, and July are \$200,000, \$230,000, \$190,000, and \$240,000, respectively. Sales are 65% cash and 35% credit, with all accounts receivable collected in the month following the sale. Cost of goods sold is 75% of sales and ending inventory is maintained at \$60,000 plus 10% of the following month’s cost of goods sold. All inventory purchases are paid 22% in the month of purchase and 78% in the following month.

What are the total cash collections budgeted for June?

2. Madden Corporation manufactures T-shirts (its only product). The company’s standards for manufacturing T-shirts are as follows:

2a. What is the direct labor rate variance for the month? Is it favorable or unfavorable?

2b. What is the direct labor efficiency variance for the month? Is it favorable or unfavorable?

# ACCT 346 Week 5 Homework Assignment Latest Work

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ACCT 346 Week 5 Homework Assignment

1. Palmer’s Gourmet Chocolates produces and sells assorted boxed chocolates. The unit selling price is \$50 per box, unit variable costs are \$25 per box, and total fixed costs for the company are \$2,000.

1a. How many boxes of chocolates must Palmer’s Gourmet Chocolates sell to break even?

1b. What are breakeven sales in dollars?

2. Extreme Sports received a special order for 1,000 units of its extreme motorbike at a selling price of \$250 per motorbike. Extreme Sports has enough extra capacity to accept the order. No additional selling costs will be incurred. Unit costs to make and sell this product are as follows: direct materials, \$100; direct labor, \$50; variable manufacturing overhead, \$14; fixed manufacturing overhead, \$10.

2a. List the relevant costs for the decision of whether or not to accept the special order.

2b. What will be the change (difference) in operating income if Extreme Sports accepts the special order?

c. Should Extreme Sports accept the special order? Why or why not?

3. Totally Technology manufactures two product lines: Cameras and Video Recorders. The company’s product line income statement follows:

Management is considering discontinuing the Video Recorder product line. Accountants for the company estimate that discontinuing the Video Recorder line will decrease fixed cost of goods sold by \$10,000 and fixed marketing and administrative expenses by \$4,000.

repare an analysis supporting your opinion about whether or not the Video Recorder product line should be discontinued.

# ACCT 346 Week 4 Homework Assignment Latest Work

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ACCT 346 Week 4 Homework Assignment

.MountainAir Company has the following selected data for the past year:

Units sold during year 30,000

Units produced during year 45,000

Units in ending inventory 15,000

Variable manufacturing cost per unit \$ 4.50

Fixed manufacturing overhead (in total) \$ 20,250

Selling price per unit \$ 12.00

Variable selling and administrative expense per unit \$ 1.00

Fixed selling and administrative expenses (in total) \$ 4,000

There were no units in beginning inventory.

Required:

a. Prepare an income statement for last year using absorption (full) costing.

b. Calculate the total value of the ending inventory using absorption (full) costing.

c. Prepare an income statement for last year using variable costing (i.e., contribution margin income statement).

d. Calculate the total value of the ending inventory using variable costing.

# ACCT 346 Week 3 Homework Assignment Latest Work

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ACCT 346 Week 3 Homework Assignment

Beginning WIP inventory is 15,500 units, 75% complete for materials. During the month, 90,000 units were started; 87,000 were finished; and ending WIP was 18,500 units that were 50% complete for materials.

How many equivalent units should be used to allocate costs for materials? (Assume that the weighted average method is used, not FIFO.)

2. During a period, 38,200 units were completed and 4,200 units were in ending WIP inventory. Ending WIP was 75% complete for direct materials and 50% complete for conversion costs.

2a. What are the equivalent units for direct materials?

Completed Units \$38,200 \$38,200

Ending Units \$4200 (75% complete) \$3,150

All Units \$42,400 \$41,350 Direct Materials Equivalent Units

2b. What are the equivalent units for conversion costs?

# ACCT 346 Week 2 Homework Assignment Latest Work

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ACCT 346 Week 2 Homework Assignment

1. Biltz Company uses a predetermined manufacturing overhead rate based on direct labor hours to allocate (apply or charge) manufacturing overhead costs to jobs. During the year, the company actually incurred manufacturing overhead costs of \$582,000 and 135,000 direct labor hours were worked. The company originally estimated that it would incur \$525,000 of manufacturing overhead during the year and that 150,000 direct labor hours would be worked.

2. The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company:

Work-in-Process (WIP) inventory \$0

Raw materials inventory \$28,000

Finished goods inventory \$40,000

1) Actual manufacturing overhead for January amounted to \$62,000.

2) Total direct labor cost for January was \$63,000.

3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for \$250,000 of direct labor cost and \$350,000 of manufacturing overhead costs.

4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were \$5,200 (800 direct labor hours) and total direct material charges were \$14,000.

5) Cost of direct materials placed in production during January totaled \$123,000. There were no indirect material requisitions during January.

3. Vintage Fun reproduces old-fashioned style roller skates and skateboards. The annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. The company has traditionally used direct labor hours to allocate its overhead to products. Roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. The total estimated overhead for the period is \$114,300. The company is looking at the possibility of changing to an activity-based costing system for its products. If the company used an activity-based costing system, it would have the following three activity cost pools:

# ACCT 346 Week 1 Homework Assignment Latest Work

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ACCT 346 Week 1 Homework Assignment Latest Work

1. Identify whether each of the items below is a Product Cost or Period Cost:

2. Identify whether each of the items below is a Direct Cost or Indirect Cost: 3. Identify whether each of the below is a Fixed Cost or Variable Cost: 4. Classify each as direct material, direct labor, indirect labor, indirect labor, other manufacturing overhead or period cost, and then answer the 5 questions below:

Factory insurance

Company president’s salary

Eggs, salt, water used for baking

Depreciation expense on bake ovens

Factory lease

Factory supervisor salaries

Sales commissions

2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points)

Factory insurance

Baker’s wages

Eggs used for baking

Depreciation expense on bake ovens

Cleaning materials for bake ovens

Utilities used in factory

Factory supervisor salaries

Lubricant for factory equipment

3. Identify whether each of the items below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points)

Cost of fuel for delivery truck fleet

Factory rent

Factory insurance

Maintenance on delivery trucks

Sales commissions

Wages paid to part-time (hourly) baker’s assistant

Oven depreciation

Cost of fruit for cake topping

Factory utilities

Question 4 General Instructions: For this baking operation, you’ll need to first classify each expense below as direct material, direct labor, indirect material, indirect labor, other manufacturing overhead or period cost, and then answer the calculation questions in Parts 4b – 4e.

a. Depreciation expense on factory forklifts ……

b. Property tax on corporate marketing office ….

c. Company president’s salary …..,,……

d. Factory janitor wages ……………

e. Accounting department salaries …..

f. Bakers’ health insurance …………..

g. Assorted baking ingredients…………

h. Depreciation expense on administrative office equipment……

i. Bakers’ wages ………..

j. Factory utilities ……….

k. Production supervisors’ salaries …..

l. Flour ……………………..

m. Factory equipment lubricants …………

# ACCT 346 Midterm Set 2 (New)

ACCT 346 Midterm Set 2 (New)

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ACCT 346 Midterm Set 2 (New)

Multiple Choice 10

Short 4

Page:   1 2

Question 1. Question : (TCO 1) The goal of managerial accounting is to provide information that managers need for which of the below?

Question 2. Question : (TCO 1) Josie’s Grill budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, \$4,080; hourly labor (variable), \$5,200; rent (fixed), \$1,700; depreciation, \$800; and other fixed costs, \$600. Each steak dinner sells for \$14.00 each. How much is the budgeted variable cost per unit?

Question 3. Question : (TCO 1) Which of the following is NOT a period cost?

Question 4. Question : (TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account of \$62,000. At January 1, 2015, the balance was \$47,000. Current manufacturing costs for the year are \$292,000, and cost of goods sold is \$284,000. How much is cost of goods manufactured?

Question 5. Question : (TCO 2) Paul Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows.

Estimated                         Actual

Direct labor hours                         5,800                       5,900

Direct labor cost                       \$87,000                       \$89,975

How much is the predetermined overhead rate?

Question 6. Question : (TCO 2) During 2015, Michael Company applied overhead using a job-order costing system at a rate of \$15 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was \$2,250,000. Actual direct labor hours for 20×1 were 140,000, and actual overhead was \$2,400,000.

What is the amount of under- or over-applied overhead for the year?

Question 7. Question : (TCO 2) Manufacturers follow four steps to implement a manufacturing overhead allocation system. What is the first step?

Question 1. Question : (TCO 1) Which of the following topics is the focus of managerial accounting?

Question 2. Question : (TCO 6) Smile Labs develops 35mm film using a four-step process that moves progressively through four departments. The company specializes in overnight service and has the largest drug store chain as its primary customer. Currently, direct labor, direct materials, and overhead are accumulated by department. The cost accumulation system that best describes the system that Smile Labs is using is:

Question 3. Question : (TCO 3) Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop computer model #KJK20 during the quarter ending March 31:

Units                   Direct Labor

Work-in-process inventory, January 1                             100                   \$50,000

Started during the quarter                                              500

Completed during the quarter                                         400

Work-in-process inventory, March 31                             200

Costs added during the quarter                                                               \$720,000

Beginning work-in-process inventory was 50% complete for direct labor costs. Ending work-in-process inventory was 75% complete for direct labor costs. What is the equivalent unit of production using the weighted-average unit cost inventory valuation method?

Question 4. Question : (TCO 2) Sweet Co. uses budgeted overhead rates to apply overhead to individual jobs. They use a system based on direct labor hours. Last year, the company made the following estimates for this year.

Direct labor costs                \$48,000,000

Direct Labor Hours                     80,000

Machine Hours                         110,000

(a) What is the budgeted overhead rate for the company?

(b) If Job #34567 had the following:

Material costs were \$500,000;

Direct labor costs were \$450,000;

Direct labor hours were 25,000; and

Machine hours were 36,000,

then what is the total cost of Job #34567?

Question 5. Question : (TCO 3) Adnan Company uses process costing. At the beginning of the month, there were 8,000 units in process, 90% complete with respect to material and 80% complete with respect to conversion costs. 40,000 units were started during the month and 40,000 units were completed. The units in ending Work-In-Process Inventory were 70% complete with respect to material and 10% complete with respect to conversion costs. How many equivalent units will be used in calculating the cost per unit for materials?

Question 6. Question : (TCO 6) Handy Display Company manufactures display cases to be sold to retail stores. The cases come in three sizes: large, medium, and small. Currently, Handy Display Company uses a single plant-wide overhead rate to allocate its \$3,357,800 of annual manufacturing overhead. Of this amount, \$900,000 is associated with the Large Case line, \$1,404,480 is associated with the Medium Case line, and \$1,350,000 is associated with the Small Case line. Handy Display Company is currently running a total of 39,600 machine hours: 12,000 in the Large Case line, 15,960 in the Medium Case line, and 12,000 in the Small Case line. Handy Display Company uses machine hours as the cost driver for manufacturing overhead costs.

Requirement: Calculate the departmental overhead rate for each of the three departments listed.

Question 7. Question : (TCO 2)

Fred Co. incurred costs of \$700,000 for direct materials (raw) purchased. Direct labor was \$5,000 and factory overhead was \$20,000 for March.

Inventories were as follows:

Raw materials beginning \$6,000; raw materials ending \$8,000;

Work-in-process beginning \$230,000; work-in-process ending \$210,000;

Finished goods beginning \$16,000; finished goods ending \$15,500;

# ACCT 346 Midterm Set 1 (New)

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ACCT 346 Midterm Set 1 (New)

Multiple Choice 10

Short 4

1. (TCO 1) Which of the following is NOT a difference between Financial Accounting and Managerial Accounting? (Points : 7)

Financial Accounting is concerned with the past, while Managerial Accounting is concerned with the future.

Managerial Accounting uses more non-monetary information than Financial Accounting.

Question 2.2. (TCO1) Josie’s Grill budgeted the following costs for a month in which 1,500 steak dinners will be produced and sold: materials, \$4,080; hourly labor (variable), \$5,200; rent (fixed), \$1,700; depreciation, \$800; and other fixed costs, \$600. Each steak dinner sells for \$14.00 each. How much is the budgeted variable cost per unit? (Points : 7)

Question 3.3. (TCO 1) Which of the following is NOT a period cost? (Points : 7)

Question 4.4. (TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account of \$62,000. On January 1, 2015, the balance was \$55,000. Current manufacturing costs for the year are \$292,000, and cost of goods sold is \$284,000. How much is cost of goods manufactured? (Points : 7)

Question 5.5. (TCO 2) Paul Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows.

Estimated                     Actual

Direct labor hours                           5,800                            5,900

Direct labor cost                       \$90,155                         \$87,000

How much is the predetermined overhead rate? (Points : 7)

Question 6.6. (TCO 2) During 2015, Michael Company applied overhead using a job-order costing system at a rate of \$15 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was \$2,250,000. Actual direct labor hours for 20×1 were 140,000, and actual overhead was \$2,400,000.

What is the amount of under- or over-applied overhead for the year? (Points : 7)

1. (TCO 1) Which of the following topics is the focus of managerial accounting? (Points : 7)

Question 2.2. (TCO 6) Smile Labs develops 35mm film using a four-step process that moves progressively through four departments. The company specializes in overnight service and has the largest drug store chain as its primary customer. Currently, direct labor, direct materials, and overhead are accumulated by department. The cost accumulation system that best describes the system that Smile Labs is using is: (Points : 7)

Question 3.3. (TCO 3) Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop computer model #KJK20 during the quarter ending March 31:

Units                   Direct Labor

Work-in-process inventory, January 1                             100                   \$50,000

Started during the quarter                                              500

Completed during the quarter                                         400

Work-in-process inventory, March 31                             200

Costs added during the quarter                                                               \$720,000

Beginning work-in-process inventory was 50% complete for direct labor costs. Ending work-in-process inventory was 75% complete for direct labor costs. What is the equivalent unit of production using the weighted-average unit cost inventory valuation method? (Points : 7)

4. (TCO 2) Sweet Co. uses budgeted overhead rates to apply overhead to individual jobs. They use a system based on direct labor hours. Last year, the company made the following estimates for this year.

Direct labor costs                 \$48,000,000

Direct Labor Hours                     80,000

Machine Hours                         110,000

(a) What is the budgeted overhead rate for the company?

(b) If Job #34567 had the following:

Material costs were \$500,000;

Direct labor costs were \$450,000;

Direct labor hours were 25,000; and

Machine hours were 36,000,

then what is the total cost of Job #34567? (Points : 30)

5. (TCO 3) Adnan Company uses process costing. At the beginning of the month, there were 8,000 units in process, 90% complete with respect to material and 80% complete with respect to conversion costs. 40,000 units were started during the month and 40,000 units were completed. The units in ending Work-In-Process Inventory were 70% complete with respect to material and 10% complete with respect to conversion costs. How many equivalent units will be used in calculating the cost per unit for materials?(Points : 30)

6. (TCO 6) Handy Display Company manufactures display cases to be sold to retail stores. The cases come in three sizes: large, medium, and small. Currently, Handy Display Company uses a single plant-wide overhead rate to allocate its \$3,357,800 of annual manufacturing overhead. Of this amount, \$820,000 is associated with the Large Case line, \$1,276,800 is associated with the Medium Case line, and \$1,261,000 is associated with the Small Case line. Handy Display Company is currently running a total of 33,000 machine hours: 10,000 in the Large Case line, 13,300 in the Medium Case line, and 9,700 in the Small Case line. Handy Display Company uses machine hours as the cost driver for manufacturing overhead costs.

7. (TCO 2)

Fred Co. incurred costs of \$800,000 for direct materials (raw) purchased. Direct labor was \$5,000 and factory overhead was \$15,000 for March.

Inventories were as follows:

Raw materials beginning \$2,000; raw materials ending \$4,000;

Work-in-process beginning \$210,000; work-in-process ending \$190,000;

Finished goods beginning \$13,000; finished goods ending \$12,500;

What is the cost of goods manufactured? Please show your work. (Points : 30)

# ACCT 346 Week 7 Homework Assignment Latest Work

ACCT 346 Week 7 Homework Assignment Latest Work

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ACCT 346 Week 7 Homework Assignment

.Gomez Corporation is considering two alternative investment proposals with the following data:

a. How long is the payback period for Proposal X?

b. What is the accounting rate of return for Proposal Y?

2. You have been awarded a scholarship that will pay you \$500 per semester at the end of each of the next 8 semesters that you earn a GPA of 3.5 or better. You are a very serious student and you anticipate receiving the scholarship every semester. Using a discount rate of 3% per semester, which of the following is the correct calculation for determining the present value of the scholarship?