acg 2071 final just questions
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acg 2071 final just questions

Course: ACG 2071, Spring 2010

School: UCF

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ACG 2071 - Review Questions Test 3 - Solutions Spring 2010 Chapter 11 1.CincinnatiCompanyemploysastandardcostsysteminwhichdirectmaterialsinventoryiscarriedat standardcost.Thecompanyhasestablishedthefollowingstandardforthematerialcostsofoneunitof product: Directmaterials Standard Standard Standard Quantity Price Cost 6.0pounds $7.00/pound $42.00...

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2071 ACG - Review Questions Test 3 - Solutions Spring 2010 Chapter 11 1.CincinnatiCompanyemploysastandardcostsysteminwhichdirectmaterialsinventoryiscarriedat standardcost.Thecompanyhasestablishedthefollowingstandardforthematerialcostsofoneunitof product: Directmaterials Standard Standard Standard Quantity Price Cost 6.0pounds $7.00/pound $42.00 DuringJune,thecompanypurchased165,000poundsofdirectmaterialatatotalcostof$1,171,500.The companymanufactured25,000unitsofproductduringJuneusing151,000poundsofdirectmaterials.(Note thatthisisthesamedatathatwasprovidedforthepreviousquestion.)Thedirectmaterialquantityvariance forJuneis: 2.Refertothepreviousquestion.Thedirectmaterialspricevarianceis: 3.TulsaCompanyemploysastandardcostsysteminwhichdirectmaterialsinventoryiscarriedatstandard cost.Thecompanyhasestablishedthefollowingstandardforthedirectlaborcostsofoneunitofproduct: Directlabor Standard Standard Standard Quantity Price Cost 1.3hours $22.00/hour $28.60 ThetotalfactorywagesforJunewere$800,000,90percentofwhichwerefordirectlabor.Thecompanymanufactured 25,000unitsofproductduringJuneusing32,000directlaborhours.ThedirectlaborratevarianceforJuneis: 4.Refertothepreviousquestion.Thedirectlaborefficiencyvarianceis: 5.ColumbusCompanyreportedafavorablematerialspricevarianceandanunfavorablematerialsquantity variance.Basedonthesevariances,youcanconcludethat: Chapter 12 6.TheperformanceofthemanagerofDivisionAismeasuredbyresidualincome.Whichofthefollowingwouldincrease themanager'sperformancemeasure? 7.TheEasternDivisionofBradfordCompanyrecordedoperatingdataasfollowsforthepastyear. Sales Netoperatingincome $400,000 $50,000 Averageoperatingassets $200,000 Stockholders'equity $160,000 Residualincome $26,000 Forthepastyear,theminimumrequiredrateofreturnwas: 8.LaissezFaire,Inchastwodivisions:BottleandCologne.BottleDivisionproducescontainersthatcanbeusedby Cologne.Bottlesvariablemanufacturingcostsare$2.00perunitandfixedmanufacturingcostsare$.30.Bottlesellsto outsidecustomersfor$3.00percontainer.Colognecanpurchasethesamecontainersfor$2.60percontainerfrom anothercompany.AssumingthatBottlehasthecapacitytomakeallunitsforCologneandalloutsidecustomers,the minimumtransferpricethatBottlewouldchargeCologneusingthegeneraltransferpriceruleis: 9.Jamestown,Inchasasalesmarginof6%,salesof$5,000,000,andaverageoperatingassetsof$ 2,000,000.WhatisthecompanyssalesturnoverandROI,respectively? 10.ThefollowingdataareavailablefortheEasternDivisionofIslandProductsandthesingleproductit makes: Unitsellingprice $60 Variablecostperunit $36 Annualfixedcosts $840,000 Averageoperatingassets $4,500,000 HowmanyunitsmusttheNorthernDivisionselleachyeartohaveanROIof16%? Chapter 13 11.TheCastonCorporationhas4,000obsoleteunitsofaproductthatarecarriedininventoryata manufacturingcostof80,000.Iftheunitsarereworkedfor$20,000,theycouldbesoldfor$36,000. Alternatively,theunitscouldbesoldforscrapfor$14,000.Whichalternativeismoredesirableandwhatare thetotalrelevantcostsforthatalternative? 12.Themanagersofafirmareintheprocessofdecidingwhethertoacceptorrejectaspecialofferforone ofitsproducts.Acostthatisnotrelevantistheirdecisionisthe: 13.AstudyhasbeenconductedtodetermineifoneofthedepartmentsofMarigoldCompanyshouldbe discontinued.Thecontributionmargininthedepartmentis$150,000peryear.Fixedexpenseschargedto thedepartmentare$195,000peryear.Itisestimatedthat$120,000ofthesefixedexpensescouldbe eliminatedifthedepartmentisdiscontinued.Thesedataindicatethatifthedepartmentisdiscontinued,the company'soverallnetoperatingincomewould: 14.BajaCompanyproduces2,000partsperyear,whichareusedintheassemblyofoneofitsproducts. Theunitproductcostofthesepartsis: VariableManufacturingCost FixedManufacturingCost TotalUnitProductCost $32 $18 $50 Thepartcanbepurchasedfromanoutsidesupplierat$40perunit.Ifthepartispurchasedfromtheoutside supplier,twothirdsofthefixedmanufacturingcostscanbeeliminated.TheannualimpactonBrown'snet operatingincomeasaresultofbuyingthepartfromtheoutsidesupplierwouldbe: 15.CoolCorporationmanufacturescoolers.Thecompanycanmanufacture1,200,000coolersayearata variablecostof$3,000,000andafixedcostof$1,800,000.Basedonmanagement'spredictionsfornext year,960,000coolerswillbesoldattheregularpriceof$20.00each.Inaddition,aspecialorderwasplaced for240,000coolerstobesoldata70%discountofftheregularprice.Totalfixedcostswouldbeunaffected bythisorder.Bywhatamountwouldthecompany'snetoperatingincomebeincreasedasaresultofthe specialorder? Chapter 14 16.Anincreaseinthediscountrate: 17.ThefollowingdatapertaintoaninvestmentthatisbeingconsideredbythemanagementofGustav Company: Annualcostsavings $10,000 Costoftheinvestment $37,910 Discountrate 10% Estimatedsalvagevalue $2,000 Lifeoftheproject 5years 18.Whichofthefollowingstatementsaretrue? a. Thepaybackperiodisthelengthoftimeittakesforaninvestmenttorecoupitsowninitial costoutofthecashreceiptsitgenerates. b. c. d. Projectswithshorterpaybackperiodsarealwaysmoreprofitablethanprojectswithlongerpayback periods. Thepaybackmethodofmakingcapitalbudgetingdecisionsgivesfullconsiderationtothetimevalue ofmoney. Ifnewequipmentisreplacingoldequipment,anysalvagereceivedfromsaleoftheoldequipment shouldnotbeconsideredincomputingthepaybackperiodofthenewequipment. 19.WyndamCompanyhasgatheredthefollowingdataonaproposedinvestmentproject. Annualcashinflows Discountrate $80,000 10% Investmentrequiredinequipment $400,000 Lifeoftheinvestment 10years Salvagevalue $0 Thepaybackperiodfortheproposedinvestmentisclosestto: 20.ThePoteranCompanyisconsideringamachinethatwillsave$2,740ayearincashoperatingcosts eachyearforthenextfiveyears.Attheendoffiveyearsitwouldhavenosalvagevalue.Ifthismachine costs$9,390now,themachine'sinternalrateofreturnisclosestto:

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