Study Guid for Midterm 1
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This 15 page Study Guide was uploaded by Doris Zhang on Saturday February 21, 2015. The Study Guide belongs to at Purdue University taught by Jason Stanfield in Spring2015. Since its upload, it has received 471 views.
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Date Created: 02/21/15
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iufmxmatkm j t a n39iiac i 11f c u mrMCE WE Wag Niwcmbm amounted to 3205411113 511R SEW manna in owmlm was m percent nf mat at gmis said All sales nu agmmL h quot 1 Imthgadria appli using an gun11a prmiemrminmi warhead rate using dimama w home tmsad Jim Prawn ewim w 39 j budg md mer my me current year is mummy 3 quotEmma air elaitabnvr Gust nquot curmm gum is 39mm Tm dimtalabm ml is 210 hum 1 The W m payable balance on Number 30 was 1 HKL July hams uf mw mmm ial 3m tin mcumta payabm A paymm uf 31000 was made an Nagmnth 15w A ZMWmth cm 11 Emma mid arnuunmd m 311 mm 111 The Nt mkm Minna in nishcdgm s zitwcmwy wag BSJKK 397 71 39 P y mts 0f Wi m went mam ta direcl lah0r cmplwycus Liming Nnvem39tm The Dumber 31 has 1 3 39 39 1mm i thin Wages Paymbic manna was 3 nm 5 1 I 1 39WE manufacturing overhead fan Nm39mnbcr was m m 39 I39 kquot V39 313315 f a Emilm 55 in P lws an Nnvcmber 30 minim that am far 11135 items 113 39 r r 1 mum 5 30 1mm ui direct 1am and mum a direct nmtcriai 39 Salaam fallow ng manuals Wen cmxmleuw the 39raccannm given if the pmhtmn 1 Salasfwmue tut Num nhwr gt v WWi manna ruceivab e 11m uf39raw mmial purcimcd during erwmher 4 30 balance in Wi fkvi jl m invcm39mt 5 1anr in war in prawn during Navemben 7 uwmg d fur cmmber at mwlmd during Hammer 39 during Ntmmb r 397 4 3 11quot balance in rawwmalcriul invmwm m39 ndampmiad far Mammalquot Q M65 me COCrg X Iz 4 f 2 130 W bc 70 9 k Q 39LIG Me it ampWMWVi 4 aampu wwax l quot0 Eula 8am 2 A AMA iffg ay HFMBLk5555 ampampamp LLLLLLL LLL T v I A I I A F 2quot T 1 quot it A A A 1 i I I quot I quot I L f w PM DJ e tied MOM WU 205900 f 103 0 5 15K G0 3 1 9L 2 590 PLH x 20 1gtJ H e gnaw MOH 70H K K ACW z w w 130344 4 amp e T o e W Edgw g f 91 WWM4 Wm I j 39A I a l1 1 lm 175540 mm fowo DL 3980 1 l J Z39VHOW DLH BM N911 2 mww qua ww 39 w lQLH m K 5pu 509V43 k a n r i gt e m chgt po 3 43 000M 80294343 91L f n 60 MOM w Z 139 i quot4 3757 quotit Edi mfg fZ L WwfggwgWmew m a L quot A H a A 4 A A A a M lt 14 A U 1 y K i i il kkbkk k iid i 1 I fquot w F it t i 7 1quot r 9quot 1 39 L r I x I r quot i g 139 I 39 I k i l FF I kt f s 44 A x x lt xixj l I A A 4 k 1 ifquot x 4 A It 1 ii whiff xxx H 9amp1 A x 21 w A y X N 9 ITUI quot Wan C Logic 39 m 2 M 5L 4M a f f lgu an 0W Mam Mg 74194 m x mm 67 Pe wmeL 6M VHW 144 r DIM N DE OS I E 1 I 1amp4 39 W ZM Dm a A h F F 1 E i 1 5 W E a I E pppqueuluwy39uuuuuuuvuuuuuuu U 1 l 391 E 3 i n l W 19 J Ilulilkk4llmll Illa ll Inlniilt 7y I r 7 t 731 v E717 7 i i ij ii WET tilt U H i Hwy V MJ V ft V quot95 17 1 1 l l r quot F a FL 1 i 2quot i5 F in a r r f 3 it hair I is hf Costs that are expensed when incurred are called a product costs direct costs 9e inventoriable costs 4 2000 d period costs When 5000 units are produced variable costs are 35 per unit and total costs are 00 What are the total costs when 8000 units are produced a 200000 tgir3l 5 b305000 r f K H e 7 l lt 1quot 1 ig quz 505 c 240000 d Cannot be determined from the information given MGMT 20l Practice Midterm ExamgPage 2 5 v l4 hm lli ll lillii t x itquots ll quot r r m E i1quot1139 r 39 rate 39 quot LLl lllL lllHLl to tillt lll 39 quot I A late it ptctltlcrnunctl overhead 1 Budgeted tidal l r 7 i l 39 1 lint lunlr 39 r v 39 quot by thidgm k L I I 1 EN 11 A 1 LlLtl anniunt ol cost tlilvcl 4 1 h39wgiL c t illilHLH m 39 3 Li BUJEMCU L A i 1 11 ll cost tltltcr I 7 i I I 24 EUU EC39Ji 1quot w d ri ietual minority53 v u i din L I hum URL L not amount ol cost driver Armada 4 tfjatt39vr i i 2 quot 1 1500 fd L L 1 L a 5mmlingturinu overhead bv usquot U W quot 39 i r M 00 we lab Um MW MW c in r N sing a Predetcrmlned rate ol mid pertaln to Job no 83 l a l7 Direct Material Cost m 30m Direct Labor Cost 38000 IfArrnada ad I quot 0 4 depicts a ortng a of go markup on total cost to generate a profit which ofthe following choices 7 p on or t e accounting needed to record the credit sale ofjob no 8131 quota Debit Accounts Receivable 167000 i L j b Credit Accounts Receivable 217100 0 Debit Accounts Receivable 217100 d Debit Finished Goods Inventory 217100 7 Jacobs Inc disposes of under or overapplied overhead at yearend as an adjustment to cost of goods sold Prior to disposal the reported cost of goods sold of 590000 in a year when rnanufacturlng overhead was underapplied by 15000 If sales revenue totaled 1400000 determine 1 Jacobs adjusted cost of goods sold and 2 gross margin 7 50 o Adjusted COGS Gross Margin to Q 77 l liiif Ll eli x l 9 043 a 575000 810000 1 1quot it a a 1 575000 325000 if Oll p i C o 5 eelA WEB1 0 605000 795000 f w quot r d 605000 310000 C 0618 I 5070 el 3 2 709 quot galLes 20 8639 5 8 Serina Manufacturing recently sold goodgthat costi35 00 for 4gj0 journal entries to record this transaction would include clx a credit to WorkinProeess Inventory for 315000 b a debit to Sales Revenue for 45000 7 a debit to F inishedGoods Inventory for 35000 d a credit to Sales Revenue for 45000 MGMT 20 Practice Midterm Exam Page 3 a t 7 a an records 9 Pineapple Company uses a weighted average ProcessacostmgSyjtfgtbgoggts Pmcess 1 disclosed that the firm completed 40000 units during the month and ha 0 a 7 7 k4 meess at month end 20 complete Conversion costs associated with the beglnnmg W l l d 1 66 0 00 inventory amounted to 231000 and amounts that relate to the current month tota e i a r 39 397 39 t 39 t unit cost is i if conversion is incurred uniformly throughout manufaeturmg P631011 5 equivak i n f F E I i 3 If y I q o 1 in 0 ifs 439 i e I Tod or 39 139 4 if 9 a910 r w 11 J a 2300 bi C isquot P I V r V 2415 951 this Wanea 99 I a a 55 We M 3 no 1 2850 39 392 V Ff9 I 09511 gitt His 7 4 2 tartO 39uattro Products started and nished job no J42 during June The job required 15000 0 39 material and 75 hours of direct labor a t 12 per hour The predetermined overheatd rate labor hour During June direct materials requisitions fer all obs totaied were 6200 hours at 12 per hour and the total hese figures include data that pertain to job no J42 DMZWW FOHR l quotP L he i ftj It tm me Haitililtzaimzo ammama 0 answer quest 0175 1348 x r r r r andard and Fullteeh Products manufactures three types lofremote Control dewces ECDHOmya St d r 1 quot7 i I Ii n Deluxe The company which uses act1v1t39ybased costmg has identi ed ve actIVItleS a b 1 related cost drivers Each acthty Its budgeted cost and related cost driver 15 identi ed 6 O 8410 it ll Cost Driver 3 1 saw Aetivitv Cost 5 0 Material handling 231000 Number of parts l i r quotL 005 l39 B Q Material insertion 39 2475000 Number of parts i Automated machinery 840000 Machine hours 5 Si U 1 Finishing 170000 Direct labor hours Packaging 170000 Orders shipped K g at 1 W07 7 7 Total m Qf19F if 3 fatifgn f 350 x tsLH The following information pertains to the three product lines for next yeah Economv Standard Deluxe 5 L 3 J 7i O Units to be produced 10 000 5 000 2 000 7 7 V t 39 i 3 39 j 3 a 7 a g 0 V Orders to be shipped 13000 500 200 39 9 439 g 8 0 39 Number of parts per unit 10 15 25 1 Machine hours per unit 1 3 5 quotI t 1amp0 9de Labor hours per unit 2 2 2 15 Under an act1v1tybased costing system what IS Fulltech er um overhea fcggt of Economx inf f 0 m Nuiwim homo l39 ion 39i39 a 141 5333 m Auto WWW 5 m 9 M d 228 quot39 1 r p 31 ht l o tirolest wWJ TZ 99 magimW WWMHd mm M 5m new 201 Pm r quotquot quot quoti 039 j I 9 5 F swag94 yam i al uuJ r xx 1 numw Ww mum u quot 3 9 gr 532 4m r as 3 er 21 7D n lt L A i z a any lsquot 1 7454 5 g 3 r g39e 43quot age gs a nis a n sdamp quot 3 H j Vvd a
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