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#### AC505 Formula Template-Final Prep

Course: AC505 AC505, Spring 2012

Word Count: 6778

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1: WK COST OF GOODS SOLD Direct Materials (DM) = Direct Labor (DL) = Overhead (OH) = Total Manufactured Cost = \$100 \$200 Answered in Question \$230 Answered in Question \$530 Beginning Raw Materials Inventory (+) Purchases Raw Materials Avail for Use (-) End Raw Materials Inv. (=) Raw Materials Used In Prod. \$10 \$120 \$130 \$30 \$100 Sales Revenue (-) Cost of Goods Sold (Product Cost) (CGM) (=) Gross Margin (CGM)...

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Keller Graduate School of Management - AC505 - AC505
Sample Problem: E:2-11 (Pg. 63)Direct Materials (DM) =Direct Labor (DL) =Overhead (OH) =\$110,000\$70,000 Answered in Question\$80,000 Answered in QuestionBeginning Raw Materials Inventory(+) PurchasesRaw Materials Avail for Use(-) End Raw Material
Keller Graduate School of Management - AC505 - AC505
AC505 - Homework Assignments for Extra PracticeChapterTCOHomework2AE2-2, E2-3, E2-5, E2-6, E2-115EE5-1, E5-3, E5-5, E5-83FE3-1, E3-3, E3-5, E3-7, E3-84FE4-2, E4-3, E4-96BE6-1, E6-6, E6-7 (Parts 3 &amp; 4 only), E6-10, E6-117EE7-1, E7-5, E
Keller Graduate School of Management - AC505 - AC505
AC505 Practice Quiz #11.For which of the businesses would the job order cost system be appropriate?a.Auto repair shopb.Crude Oil refinery.c.Drug Manufacturer.d.Root beer producer.2.Which of the following companies would most likely use job cos
Keller Graduate School of Management - AC505 - AC505
AC505Capital Budgeting problemData:Cost of new equipmentExpected life of equipment in yearsDisposal value in 5 yearsLife production - number of cansAnnual production or purchase needsInitial training costsNumber of workers neededAnnual hours to
Keller Graduate School of Management - AC505 - AC505
AC505 Solution to Practice Quiz #11. A2. D3. B4. Cost Summary:Direct Materials\$ 78,000Direct LaborManufacturing Overhead45,00033,750( \$45,000 X 75%)Total Cost-\$ 156,750/Units Completed 4,000= Unit Product Cost = \$ 39.195. a. Raw Materials I
Keller Graduate School of Management - AC505 - AC505
Degree of Operating LeverageExampleDirect MaterialsDirect LaborVariable OverheadFixed OverheadVariable SellingFixed General and administrativeUnits ProducedUnits in beginnning finished goodsUnits SoldSelling Price\$3.00 per unit\$0.50 per unit
Keller Graduate School of Management - AC505 - AC505
Accounting 505 term projectLyndaAC505/Term ProjectDirect material cost is known as any material cost that can be identified specifically with a finalcost objective. Material costs must not be charged to a contract as a direct cost if other materialco
Keller Graduate School of Management - AC505 - AC505
Mesger CorporationAppliances DivisionUnitsBeginning WIPTransfers InUnits Complete &amp; SoldEnding WIPPercentage CompleteMaterialsConversion0270,000250,00020,000100%100%100%100%25%Equivalent Units of ProductionMaterialsConversionUnits co
Keller Graduate School of Management - AC505 - AC505
American Association of AcupuncturistTotalmember servicesSales970,000 450,000TraceableExp.Salaries320,000 170,000occupancycost90,00050,000dis tolocal chp.210,000 210,000printing82,000mailing19,000cont edu60,000tot trac ex 781,000 430
Keller Graduate School of Management - AC505 - AC505
Present Value of \$1Periods25%1234526%27%28%29%30%35%40%45%50%55%60%0.8000.6400.5120.4100.3280.7940.6300.5000.3970.3150.7870.6200.4880.3840.3030.7810.6100.4770.3730.2910.7750.6010.4660.3610.2800.7690.5920.4550
Keller Graduate School of Management - AC505 - AC505
Contribution Margin per Product Line / Total NOISegment Contribution MarginIncome StatementExample DataGiven ValuesProduct A\$10.00\$4.00\$ 110,000.0035,000Selling price per productVariable expenses per productT raceable fixed expenses per year i
Keller Graduate School of Management - AC505 - AC505
1. Cost formulaVariable Costs:Indirect Materials:Electricity:Total:Actual Costs11.627.118.72Fixed Costs:Admin:RentTotal:BudgetVariance41822536671841482414656234U122U156U6540631012850650064001290040U90F50FTotal Cost:19568
Keller Graduate School of Management - AC505 - AC505
1. Short AnswerDirect Materials:Beginning raw materials inventory:+Purchases of raw materials:Raw Materials available for use:- Ending raw materials inventory:Raw materials used in production:Direct Labor:Manufacturing Overhead:70,000170,000240
Keller Graduate School of Management - AC505 - AC505
Keller Graduate School of Management - AC505 - AC505
Practice Midterm SolutionsPage 11.2.3.4.BBDCPage 21.2.3.4.BAEBPage 3Beca CompanySchedule of Cost of Goods ManufacturedDirect Materials:Beginning raw materials inventoryAdd: Purchases of raw materialsRaw materials available for use
Keller Graduate School of Management - AC505 - AC505
Practice Midterm ExamPage 11. Indirect labor is a part of:APrime cost.BConversion cost.CPeriod cost.DNonmanufacturing cost.2. Prime cost and conversion cost share what common element of total cost?ADirect materials.BDirect labor.CVariable
Keller Graduate School of Management - AC505 - AC505
Practice Midterm SolutionsPage 11.2.3.4.BBDCPage 21.2.3.4.BAEBPage 3Beca CompanySchedule of Cost of Goods ManufacturedDirect Materials:Beginning raw materials inventoryAdd: Purchases of raw materialsRaw materials available for use
Keller Graduate School of Management - AC505 - AC505
Present Value of \$1Period123456789101112131415161718192025303540501%2%3%4%5%6%7%8%9%10%11%12%13%14%15%0.9900.9800.9710.9610.9510.9420.9330.9230.9140.9050.8960.8870.8790.8700.8610.8530.8440.8360.8
Keller Graduate School of Management - AC505 - AC505
PROJECT A - Case 9-30Student Name:Michele BakerSALES BUDGET:April65,00010650,000Budgeted unit salesSelling price per unitTotal SalesMay100,000101,000,000SCHEDULE OF EXPECTED CASH COLLECTIONS:AprilMayFebruary sales26,000March sales28,0
Keller Graduate School of Management - AC505 - AC505
AC505Capital Budgeting problemData:Cost of new equipmentExpected life of equipment in yearsDisposal value in 5 yearsLife production - number of cansAnnual production or purchase needsInitial training costsNumber of workers neededAnnual hours to
Keller Graduate School of Management - AC505 - AC505
Based on the figures provided this proposal by Clark Paints is acceptable and will help reducecosts. The results I have provided on the attached excel spreadsheet proves that Clark Paints cansave \$72,540 by making their own paint cans instead of purchas
Keller Graduate School of Management - AC505 - AC505
PROJECT A - Case 9-30Student Name:Randy JeffriesSALES BUDGET:April65,00010650,000Budgeted unit salesSelling price per unitTotal SalesMay100,000101,000,000SCHEDULE OF EXPECTED CASH COLLECTIONS:AprilMayFebruary sales26,000March sales28,
Keller Graduate School of Management - AC505 - AC505
The answer that I got for above was \$32,400. Is this correct?I was not able to figure this out.By the way, what is it with you and Steph always getting the same test? Geez!
Keller Graduate School of Management - AC505 - AC505
American Association of AcupuncturistTotalRevenuesTraceable Expenses to SegmentsSalariesOccupancy CostDistributions to Local ChaptersPrintingMailingContinuing EducationTotal Traceable ExpensesProgram Segment MarginCommon ExpensesCentral Staff
Keller Graduate School of Management - AC505 - AC505
Sample Problem: E:2-11 (Pg. 63)Direct Materials (DM) =Direct Labor (DL) =Overhead (OH) =\$110,000\$70,000 Answered in Question\$80,000 Answered in QuestionBeginning Raw Materials Inventory(+) PurchasesRaw Materials Avail for Use(-) End Raw Material
Keller Graduate School of Management - AC505 - AC505
AccountingLyndaAC505/Term ProjectDirect material cost is known as any material cost that can be identified specifically with a finalcost objective. Material costs must not be charged to a contract as a direct cost if other materialcosts incurred for
Keller Graduate School of Management - AC505 - AC505
Termpapers.com final exam1. | The Allen Company uses a job-order costing system. The following activity took placeduring the month of March: |Required: Prepare journal entries to record the information above. Key your entries by the lettersa through i
Keller Graduate School of Management - AC505 - AC505
Case 7-20 Ethics and the Manager Hunter ElectronicsQuestion 1: How many units to reach 4,800,000 stretch target profit goalUnits required to meet target operating income of \$4,800,000 is 210,000 units.Equation: (Total Fixed Costs + Target Profit)/MCMC
Keller Graduate School of Management - AC505 - AC505
Thank you Latreese. I worked through part two and this is what I found.Using absorption income statement to prove 210,000 units required to reach \$4,800,000 profit:Sales (210,000 x 200)42,000,000-Variable ExpensesBeg. Bal.0COGM (110x210,000) + 8,40
Keller Graduate School of Management - AC505 - AC505
Keller Graduate School of Management - AC505 - AC505
Since all products and services must be accounted for when setting prices, it is difficult to make alarge profit on your product if there is a competitive market that is offering the same product at alow price. As stated, customers will not pay more for
Keller Graduate School of Management - AC505 - AC505
In doing some research, it looks as it CVP analysis is included many times in a quarterly report.I would assume doing this kind of evaluation of a business needs to be done more often thansimply annually. Changes may need to be adjusted more than once a
Keller Graduate School of Management - AC505 - AC505
Cost Volume Process Analysis uses the following five elements to help managers understand thecorrelation between cost, volume, and profit:1. Mix of Products Sole2. Total Fixed Cost3. Per unit Variable Cost4. Volume of Activity5. PricesThis tool is
Keller Graduate School of Management - AC505 - AC505
Keller Graduate School of Management - AC505 - AC505
400000-140000-105000=165000/400000=.3955000/(200-90)=55000/110=500Total fixed per unit x units produced=total fixedVariable costs = total variable cost per unitContribution margin = Selling price total variable cost per unitContribution margin ratio
Keller Graduate School of Management - AC505 - AC505
Week 3 Module 3.1 Mastery Test Attempt #1I was not paying attention to what I was doing. I applied the wrong answer.
Keller Graduate School of Management - AC505 - AC505
Week 3 Module 3.1 Master Test Attempt 2 Successful. Correct answers are shown.
Keller Graduate School of Management - AC505 - AC505
Keller Graduate School of Management - AC505 - AC505
I agree with Michele, Springfield seems to have it backwards. They should start with theproduction manager and see how many units they production team is capable of producing andhow much they will need to cover the cost incurred to produce a maximum amo
Keller Graduate School of Management - AC505 - AC505
Bottom up budgeting utilized input from the lower level employees in a company to aid in thebudget development process. The approach may still be initiated by management; however thelower level employees formulate the budgets for their departments. This
Keller Graduate School of Management - AC505 - AC505
Since most questions concerning the current way Springfield is doing their budgets seem to becovered, I did some research on how they could improve their current process (top-downapproach). The first thing Springfield could do to get them moving in a be
Keller Graduate School of Management - AC505 - AC505
2. Business risks may threaten Jetblue's ability to satisfy their stockholders expectations.According to pages 17-23 of their 10-KA from March 2005, the following are some of thebusiness risks taken by Jetblue:1.Involved in an extremely competitive in
Keller Graduate School of Management - AC505 - AC505
2. I only see 20 pages in the P&amp;G 10K; however the question says to focus on page 28Interesting?!I did however find it interesting that Proctor and Gambles board of directors approved anemployee stock benefit plan without allowing the current stockhold
Keller Graduate School of Management - AC505 - AC505
JetBlue can perform an analysis on the costs and profits could be done for the use of batch levelactivities and for not using this approach. By using the batch-level approach as described byRobert, JetBlue is getting the maximum amount of revenue possib
Keller Graduate School of Management - AC505 - AC505
Module 4.1 Mastery Test Failure #2 w/correct answers
Keller Graduate School of Management - AC505 - AC505
Week 4 Mod 4.1 Mastery Test FAILURE!
Keller Graduate School of Management - AC505 - AC505
Module 4.1 Mastery Test With Correct answers
Keller Graduate School of Management - AC505 - AC505
Keller Graduate School of Management - AC505 - AC505
4.1 modules
Keller Graduate School of Management - AC505 - AC505
Keller Graduate School of Management - AC505 - AC505
Keller Graduate School of Management - AC505 - AC505
4.2 Modules
Keller Graduate School of Management - AC505 - AC505
Allocation Rate = Estimated Overhead / Estimated DL CostEstimated OHEstimated DL CostAllocation RateEstimated DL Cost = Estimated OH / Allocation Rate\$500,000.00\$2,500,000.000.2000diveqEstimated OHAllocation RateEstimated DL CostOverhead Appl
Keller Graduate School of Management - AC505 - AC505
Keller Graduate School of Management - AC505 - AC505
It is important for managers to look further into variances even if they are favorable becausefavorable variances are not always good. Often times, companies categorize favorable variancesas positive and unfavorable variances as negative, however the bo
Keller Graduate School of Management - AC505 - AC505
I think we have covered most of the objectives very well. Throughout my research during ourdiscussions I have learned that the importance of a flexible budget is that is contains informationthat can be applied and built on for future reference in variou
Keller Graduate School of Management - AC505 - AC505
A company can use the results of variance calculations to produce more accurate budgets.Variances tend to tell us the difference between a standard and the actual. For example the directlabor efficiency variance will show us the difference between how m
Keller Graduate School of Management - AC505 - AC505
2 - B. Possible variances in direct labor could be caused by a machine breaking down or workingimproperly to blend the fruit flavored frozen desserts. If this occurs it could take more time perbatch because you would have to utilize fewer machines to co
Keller Graduate School of Management - AC505 - AC505
The same could also then probably be said for the variances in direct labor. There are things thatcould cause a favorable variance as well. One thing that struck me as interesting is that they takeout raspberries with imperfections even thought the rasp
Keller Graduate School of Management - AC505 - AC505
I believe the discussions have really helped us get through most of the objectives set for thisweek. Throughout my research for the posts I realized that using a Standard Cost System can bevery beneficial for a company. It helps the company identify per
Keller Graduate School of Management - AC505 - AC505