ACC 206 Week 3 Assignment.doc
ACC 206 Week 3 Assignment.doc PRG211
Popular in Computer Programming
This 0 page Study Guide was uploaded by Topseller Notetaker on Wednesday November 11, 2015. The Study Guide belongs to PRG211 at Ashford University taught by in Fall 2015. Since its upload, it has received 31 views. For similar materials see in Computer Programming at Ashford University.
Reviews for ACC 206 Week 3 Assignment.doc
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 11/11/15
Chapter 4 and 5 Problems Please complete the following 7 exercises below in either Excel or a word document but must be single document You must show your work where appropriate leaving the calculations within Excel cells is acceptable Save the document and submit it in the appropriate week using the Assignment Submission button Chapter 4 Exercise 3 3 Cost ows and overhead application Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180 of direct labor cost Data pertaining to recent operations follow Job no 636 was the only job in process on January 1 of the current year The Work in Process account contained a 24600 balance on this date Jobs no 637 638 and 639 were started during January Total direct material requisitions and direct labor incurred during January amounted to 89200 and 1 14500 respectively The only job that remained in process on January 31 was job no 638 with costs of 15000 for direct materials and 20000 for direct labor Compute the total cost of the work in process inventory on January 31 b Compute the cost of jobs completed during January and present the proper journal entry to re ect job completion Chapter 4 Exercise 7 7 Overhead application Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours The following divisional information is presented for your review Division Division A B Actual machine hours 22500 Estimated machine hours 20000 Overhead application rate 450 500 Actual overhead 1 10000 Estimated overhead 90000 Applied overhead 86000 Over under apphed 6500 overhead FIND THE UNKNOWNS FOR EACH OF THE DIVISIONS Chapter 4 Problem 2 2 Computations using a job order system General Corporation employs a job order cost system On May 1 the following balances were extracted from the general ledger Work in process 35200 Finished goods 86900 Cost of goods sold 128700 Work in Process consisted of two jobs no 101 20400 and no 103 14800 During May direct materials requisitioned from the storeroom amounted to 96500 and direct labor incurred totaled 114500 These figures are subdivided as follows Direct Materials Direc t Labor Job No Amount Job No Amount 101 5000 101 7800 115 19500 103 20800 116 36200 115 42000 Other 35800 116 18000 96500 Other 25 900 114500 Job no 115 was the only job in process at the end of the month Job no 101 and three quototherquot jobs were sold during May at a profit of 20 of cost The quototherquot jobs contained material and labor charges of 21000 and 17400 respectively General applies overhead daily at the rate of 150 of direct labor cost as labor summaries are posted to job orders The firm39s fiscal year ends on May 31 Instructions a Compute the total overhead applied to production during May b Compute the cost of the ending work in process inventory c Compute the cost of jobs completed during May d Compute the cost of goods sold for the year ended May 31 Chapter 5 Exercise 1 1 Highlow method The following cost data pertain to 20X6 operations of Heritage Products Quarter 1 Quarter 2 Quarter 3 Quarter 4 Shipping costs 58200 58620 60125 59400 Orders shipped 120 140 175 150 The company uses the highlow method to analyze costs a Determine the variable cost per order shipped b Determine the fixed shipping costs per quarter c If present cost behavior patterns continue determine total shipping costs for 20X7 if activity amounts to 570 orders Chapter 5 Exercise 2 The treasurer anticipates the following costs for the event which will be held at the Regency Hotel Room rental 300 Dinner cost per person 25 Chartered buses 500 Favors and souvenirs per person 5 Band 900 Each person would pay 40 to attend 200 attendees are expected a Will the event be profitable for the sorority Show computations b How many people must attend for the sorority to break even c Suppose the sorority encouraged its members to drive to the hotel and did not charter the buses Further a planned menu change will reduce the cost per meal by 2 If each member will still be charged 40 compute the contribution margin per person Chapter 5 Exercise 3 3 Breakeven and other CVP relationships Cedars Hospital has average revenue of 180 per patient day Variable costs are 45 per patient day xed costs total 4320000 per year a How many patient days does the hospital need to break even b What level of revenue is needed to earn a target income of 540000 c If variable costs drop to 36 per patient day What increase in fixed costs can be tolerated Without changing the breakeven point as determined in part a Chapter 5 Problem 6 6 Direct and absorption costing The information that follows pertains to Consumer Products for the year ended December 31 20X6 Inventory 11X6 24000 units Units manufactured 80000 Units sold 82000 Inventory 1231X6 units Manufacturing costs Direct materials 3 per unit Direct labor 5 per unit Variable factory overhead 9 per unit Fixed factory overhead 280000 Selling amp administrative expenses Variable 2 per unit Fixed 136000 The unit selling price is 26 Assume that costs have been stable in recent years Instructions a Compute the number of units in the ending inventory b Calculate the cost of a unit assuming use of 1 Direct costing 2 Absorption costing c Prepare an income statement for the year ended December 31 20X6 by using direct costing d Prepare an income statement for the year ended December 31 20X6 by using absorption costing
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'