Acct 285 - Exam 1 - Cheat Sheet

Acct 285 - Exam 1 - Cheat Sheet - l. During 2006, Greg...

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Unformatted text preview: l. During 2006, Greg Camp-fly applies uvwlisad using 11 normal costing 53mm] It a rate ofle per Girea labor lahur. Esiimhed direct labor hmlls Em- 01: ye were 150.000. , 3/ maimed overhead fur the year was 111.000.1100. mm direct labor hours for 2000 -‘ ' 11132140000 sud actual awdamd visa $1,700,000. What is Iiie amount afundar 111 over applied overhead $l00,000m1denpplied flfiuul ‘11 I109 10 90 ab BI gmmmwlled dd, I IafifiIwU l1} Hail?! 0. 5120.000 undemaplied “90,000 11min“ 2. Milka-Comm bought $150,000 ufdireci material during August. incurred 590,000 indirect laboroost, and hnd$l3ll ' ' ' Augusl Wm as follows: Beginning Raw rnILeriai $14,000 Wotk in Was $19,000 Finished Goods 318,000 mi; 1;. forAugust? amamo . $312,000 3. Which Ufllis following is NOT 0 WW Lost in il futon making bannis balk? Th: commission paid to sell the lambs balls. - “‘70 c. Thewslof 9e IDL'llBIEEImE . d. The depreciation on the machine that put! [11; balls inm Hie tan they are sold in. 4. Almeria Company applies ova-head on the hasi's of dimer labor hours using a ' rate. Balm 20061itwnsestimmedmatovediud would!» , 00,000 and lo!) 000 dirsm labor hours wt;qu be worked. W .._ .. E m I'IHII r.-i .nul'Hui'fzmli W115i. overhead application mi: would be used during, 2006? £333 2.0054000 3'. $3133 \ DO; 000 i4.M1]1's Sewing Cnmpany uses the high low med-ed to esiiimam maintenance 0051 for its Eloillim pmde business. Lint year, the maintaian cost at the 10W :1chin pain! at 7,000 manhiue hours was $51,000. The mmnhemnoe 110.5131 the high whiin level of10,|)00 sunshine haulswss $60,000. Using Lhcaelwe paintslo animals mainlemms wsl, which uflh: following represents the equation liar maimname costfor Mill‘s? A H- b a a. Mumminmmo a / @memeemaswummmw; , I D W W ' $300 ‘1 " Mimean 0051= 350.000 + . LS. Mari-ion Manufacturing m a weighted average mousse aiming sysnem. Time war: 3 hour Mmmenanoe 00:1 = 9 pair ' I10“) 11ml: ofwollc in mucus II 016 beginning nfombel, During Octalmr, finch addillcma] 107,000 units my“ inlapmduminn. A! the aid DIOcliDbn, 8.00“ mil: were in ruling wrl: in process. The ending work in process was l00% mplcte wiiii rc-spcci. l0 materials and 60% oomplm wiih respect to cunvcraion cow How Im uni leIeddmingClclnber? 3399 15% 114,000 W , 122.000 . 000 c 1111,1300 "Tb [gal-3153’ \3‘2‘ . 11 100,000 (and l6. Psgc's Pics waaplmmlng an mskLng10,000 pics in. August. Al lint level, $1,000 was budgbtcd for flaunt, DmingAugusl. scursipi: prudmllon was [1,000 ' s and Sl,040wsss-peni far flour consumed. How wwid youbelta ,onstcmumlin mime-m no... for dwmonth? pa, [bmfii , boo Y- 1 . a mum: spa-11 an flour was midsr budgel (favorable) by 0% \lDO prodmfiun law]. b. This amour-E spent on firm! was over budgct {unfavorable} by $40 slum limit is a liked mm c. Cannmdmamins impac1 bcuause productionnolas _ :1 I11: flfllfllllll spent on flour was over budget {Wilmer-able) by $60 given the actual pmducn'on level. 17, A fixed war a. is wnsumt in mi as activity increases 1” b Wises per unit as activity increases a is wnslzm [WI unit as activity increases is both a and b Use Ih: (allowing blur-infirm fur the next (hm questions A company pmdms lhl'ee pmdum: Mp0, Balpo. and Empowi‘hflw following inlarmuiwn avlilabls' for each. limb: taming Inlnmndnn fnr its next lunr qualions: su-ucmre 11me Company; 1131 Cfigpu . ' ' 1 Selling pdcc $20.00 per can Selling Pnne k 7157.00 variabl: nostperunil 541m V'Ifil'lflbleaom $7.00permc ‘fjhj Cmuihuuun margin permit $30.00 $9.00 __ $16.00 Fmeé was $65,000 pa mm“! 5. lftbe pmducls 312511111111 - 4:3 3 mix (41:11,», 1 Balpo,1 Cappu), arm: is 11.1: 9. Haw many cases have m be mad: EU hmk was in mom-1' weighud lung: onnu'lhulium margin per unit? . $.23) +33¥30 0:30 q Q Q? I; _ I O \O 14% 3 $33“ ‘3" r 500 & "them In “Id iII Ia 4I3I3 IIIIII [4 MIDI 3 BIIIPIII 3 Cwl m EIde 10. Win: wilt inmma he ifsmecsscs are said in a maimli (0:: variable Darling)" .40 :2 03:0 CW @EOOOXiifi WW0 110:0: .15 sales» a: 0230 “it 0351000 Ti— “30.005 Qt 400% . . “Si‘b writqu 121ml; 7+5 I +137 7. mums Lin pmdummullpmdmsdumhs same machine. Alpomlzcs 6 how: in unli. 3311» mm 2 hours per unit, and Cappo mks: 3 hinurs per unit. Dumnd for each produclis ijiledw 3,0001mirs and rhea are 30,000 machin: hunts availlbls. How many umu ofwchpmducl muld bawduwd in «dc! max?filfl ( : l :1 % WW °° . 3 3011 1:00 a. 5,417 fifiiggo be— '- I: cémniminme Dfmofsalei. 5x -_—_ (95;.000 12Wharumrsnieamnecesmyiomupmfiiursa‘rmn? >1 3 .000 é) , 3.000: firs a 3 , 2,500 3,000 3.000 H6 ,4 I 5_ , a. 3,000 1.000 2.000110” Hr w 9 a ‘51— :I (2) 51% G 7. W s. Acoslisistl.0pauniunavolumenfLomuniisand$100.00pcruniutavolum: “3,200 __1 01'5") units. The 0061 is . 6,630 ' %\§ Damwlacw 310w 9: 1 mid“ 13. Goal 1m. il cunsidsring wing is single perfurmanca msasur: M2005. Management “I” a , . hummus will be based Wkly 011 increasingrbe commie" margin min fur the year. f,‘ figmm, . ‘60:) 310(1) Ifilu'ssysmm is impiemmuea, which Uftll folluwing would be 111101 1001:5111“? 5303—30 1111101916000 3000 61.000 50m) _ Lil-2&5? 1000 80 - 600 100 a Camila-Minn margin min willinm. la. 1013.1 sales will deem O Tutsi conflibun‘onmmgin ratio willdiecm. d, All ul'lhc alarm: will he likely to occur. 25. Alana Company has “00,000 underapplied overhead at the end M2006 This amount is deemed lmmmierisl and isihmfore twat” in cost ofgnofi sold. Us: the I'ollouring Inlurmution [nr tbs mm mm quesflons: Pmcmm Company mmiglned average mess coming and has the following pallial msldfpluduntinn workshezt {in March: Closinus overhead in 0051 01' soul said will: increase cast ofgoods sold and decrease income atummflm‘h inert-use cruel fgoods M d 'mcmis ‘ncom I 0 so an I e n e. MC" "V c. deem coal ofgmds midnnddmaseimams. UN“ commm I 175300 175 d deem cast of 09115 sold and increase income Ending work in Process " @2940 {I12 ' s ' Jew UM“ 199m“ “mm 26. (am cledii] Asume amnipany Mgammlonsfingsyslsmhss tmili liimdand “H'mndlflllm valiable manufapwrlng overhaad com, Which oftbs following would cause overhead to __ Dismal: cormrsrnn mam Total be overapplied? gymnan Wm i1 PM 3 80.000 3 lfi 200 L} 95 200 L‘ Cummcwt _s 1 £59000 3 935 500 s 2 a. “(arising mare hours man was planned whan dehumining the warhead rank-j Tana! cm s I 539,000 5 £53,700 Essa 100 b Spmding murellwn should have been agent given how many hours warn worked, ukmMHmnw umg I_ fl . Spmdinglessdmnsllouldhavebeen spam glvenhwmanyhaurs was. worked. m malarial: Commian oasis T111111 130‘}! 3 “id C Tcial 0051 5 1,530,000 g 953700 _____ $2492 700 Total Units ISO 030 137,090 mama Unit mm“) 3510 siszu ‘wfms 5 “Ms 10mm is Ilium-l msl ufguud: hamfmod m flrrishad mods for March? A) 2? IE 5 E _ s a. $2,500,000 ( ) 4 5 g i Z 9 $32,468,400 H l g g ah 3 $2,310,000 i = . $132,700 Q I?)\OOOU ; II: £3.35; “5-: 5 0 l9.W'ha’lis thanwlollhe endmgwcrkin process invmtm‘y for March? 9 B I 0. 5121.500 . 10 C —'_ 4 , g $061,200 11 c EIEEE (fiI,_ c. 182,700 N 12 c 2‘3“; r . ' --: '- 2- E - d. $193,000 Cb laIwo K5, 13 c 533% E *I 1521; g 2 r .. :- - a 20. Emery Company usesjul: order waiting and applies oveflmd as apermmage a; ' 15 A E: g 5' g 3 GE} 3 E E! I direcuabarwstmmeoramufdimiabm. m1: E0lmd$8,000\mflhdf 1s A fl sfifi [3.6; 2 33131 mammmuywoidimhhor. Whaiisihgzomlwsiafihzjob? 17 D giggga fl _. E: I 10 c = s - s =- ‘i -* 0.11. 110,000 (500 U 19 c gr! 3 E 'Eé 010,000 60 _ m G F Egg “4": 13%;- “M330” '0) 21 A ‘3 ii "3‘? 0" 072000 \ 3: E5. cgfisiing . D 22 B E5055; fingiasgg 0% « :3 3 5331:: 512.11%, . = ~ v 661 as A ziigsé. 53%: g 25 D 1.: a I a S .3 H _. rl 4 F. n .c Box Company makesboxss “Bod in shipping The-fulluwing inlbrmlliun reflects IJie casi 'Finished _Goods Inirig “'IP Bcgjnn'ing WIP 'Material 'Beghmlng Mam-In] BL 11, Whai m]: 1 m: wouldberequiredmcammw equaimdtm ofsales? ' m u x= 1,010+: 91:91:35» .9407ngox led guilds I ni. E 5 - Purchases 01.11111011311er N01 tficd— |)1 - 31011 1’ nlmr _" fl 5 'E , r. K ? .u :21 1.75- amt—J - ‘-~. 2 ul-l 15 I93 1—! —-= EE' ’5 2% -.___ 2-4 .: 1: F 2 E E r; A F.11dinl'. .I r‘ W [P —..I I: I'.‘ I .I' 1 I —(.'a<l ot‘lmlcrirll '— CUM 01‘ ' Bliilmiul UU-(DIIDUHUUaDUDCDU-(DUIOIUBD r‘nin'UIIIP-Eflfikwn‘nflhnflar‘fln u- — _ — — _ — _ . .——rthVr- «w _ Liuul‘i goodfi 45051 of grinds sulll Il'l.'l.lll.l 12111: tun-d usud v 1- Pmfififlmfing Cflompnnl’ 11508 a weightfiuvmge 2Mch 92W ' islem- 111m 4. Will-11.11- (31111111311)I apglies m‘m’hmd on the basis ofdireci labor hours at a rate of $25 7- A Emmy “I” Wyflflfifissmgtflm Sam’s “rm” ’fij’lm gfiggfi: here 10. units of work 111 acts: a: b: 311101 0 December. Duri - - . . . “fl Mm m2 5‘ E 0 . Dr ml Jufis- e comPfiBYflC 5' m . 5"“ December, an ditiuml 1125110 me pf: Malia-omega m .11; efi of I”: dire“ Jab” Emu" ht 702 has am“ “9”” “1.3.! 9341000, (for £090 11°11” work] Manualle ofnnlkand spa-M :1 forms musings usedinlhmwcss. Which v" December, unio‘we're' in_ amazing,“ 113 000 1.1.1.: was and direct material cost of $86,600. What is the IDIAL COST of 1111; Job? staIienI'lcm below bcsucpmmi . mum, 111.1.“ Mun: Dicuséwniml I . gaunmlmd during December. le glimmg wfilfin pmcesswasQW/n complete with t: IIKI 9 5m g ' I A flax) E 20 “ALIA - ' - ' ‘ —‘-—'- _. : . " | "39°91 1" mm‘al‘ b‘ “my”? “'“h “5"” '° “imam” “‘55 n“ “1‘13 a. $45310 1' % 1: The company did a good 1:11. since the milk jugs an: a fixed cost. and they spmlt$110 work In process was 04a _ plale w1ll1 msme m 1113161] 140me lesslhallihe original hudgm. respr to conversion wsre. ‘What are i. .1 r . , b. $131,600 . a. arldonnversion 00515. rcspcctlvcly'.‘ Pmducmn C. $135,600 D 1"- Anna-X.” m _ “III v r I 151111 less than \he original! budget. C . “— 231.600 . - g [I y O The company did a poorjob 51me milkJug; are :1 variable cost and live]- should have 21. 113.000, 113.000 6 i - . G? C) (EC-J '-' r“— {J nrily spent 11,1100 1.. make 9.000 gallons. b. The company did a good job llirwe I11: milkjugs are :1 variable cost and thcy spam x ” ‘1 l [3' COO - - - 1 1 . 122.000; 113.300 .ll :1 00’” - 1 , _ , , , a. 111m...me am a poor .01. gm mm: 1ug. m a fixed cost and 11.- 3.0001 have CE?) 120.2011; 119.3111] pr} 1. MMW 00 (03129 7D}; 5. A crimple purchased $75304) worth ofmatcrlal during 2005. Dlmci labor c051 Isl only 1115111511100 «1 make 9,1100 gallons. W ITEM“, “3.000 Enfilhbj’“v_i 5 ) L J $40,000 was instinct] and overhead lif$39,LiUD was incurred. Invenmries were as A I .511. l 1‘qu f0: [OWSI 8. Which “(the followallg is all cxelrnpl: of an opportunity boat for you? 2. Simmons Company uses 3mm.an syulem with a pin-aging): aiginghead II The mm“ In“ mid [III IIIIIIIII IExIbIIOkI application tale and applies Warhead based (m direct labor hours. Simmons expect: me wag“ you III: losing [mm haVIIIg II] gm Uffmrk mmgm III Mm “III exam to main} XE DVCI‘FIBHH ufsfillflfilll} Forth: yeal'aml vallable overhead al the relic of Begin-Hi T] I 11 1k ma lk d t 1 . OX 15.00 pct direct lalnr hour The overhead application late for the year is based on Raw wwla] d: H: finiaizfiimg; (you “a E on to g: m c H“ cxpwtu} volume ol 100,000 direct labor hours for the year. Actual labor hours Im Lhe “,WLI .ITI mm“ $31 00‘} yw—EOflW’hm is the warhead tale per dlfiwl labor hour It! be used in . . Tl ' ’ 9. You are planning a pan}, and hiring a hand. The band wtli cost $300. Each gun: will assign overhead during a... 1.??ng —————— Flnlshed goods 522,000 be given :2 worth nfl'ooil. and Dhflfgilfil $5 in 1mm aha party How much mot: 9.001 ,r-"————-—‘_ _ \ ) (or less less) will you haYc it's more people attend the pan ‘ tllaIln plananan a $3530 ' O H " (‘7 DLU’OQ) ‘T kn}: What is mist of goods manufaclurmi [or 2 I I a m _‘. Cc} $21.00 {1); p.390“? 0‘5 {no ‘ R13 ' “E3 11 :2: I/ . $20.00 Geo a1) II Kg 5 a1 a. $154,000 . f2) _ ($11. I III III I I _ I WA I 06-le . ~ _) i (fix 152 000 L *‘Ir 6 I6 6 cam“. answer \llt c111 owing 10w 1111111) gin-s zwm axpacta I? 0 3- Immmmw—Dsw 1 lies overhead at llte 1.31:: of 41:33:00 ‘1 LL‘@ \qu-r—v I m Avamble 605' 1m $113 erdlxect lab... hour. '11.: nah: was established using anexpeclcd volume of 3- - r 5 "—'—" ' - ‘ C .000 directlaburhuurs Al 11.: end 0me year, the company has worked 77,0011 :1. $150300 ll uh Mmeiwunh a: “We 1mm. Q.— Itouls anal incurred “amongst-[h of overhead. “111.11: 1.1.th: amcunt of under Dr {I ‘ I ‘ $54" 'makes iidiffiL-ult to net apl'ice since lhe cost per [1 depends on the w] mc ' - x (1. Which oftllc following 130515 of ' ] gingiiiicr $hmlld 11-111 - U achicvcil. which depends on the prior: \II u. . I I _ I _ |3|h= some permit withinth: Nil:le range @14.0m11nampplied ID' F ' M x “"31wa 1” lfl‘FCFIlUD' “rim” me comm-I‘m: L3 fimaho‘d? I Quite same 1‘11 mix] within the rclevent range. +0 f if $14,000 nvel'applied O _ I c $40,000 mdmpphcd \I . t a_ The mg! on”: hard drive installed in [he cumwkr 11.Wh1ch ofthc following 11 NOT nna uflhc imam-510“ 51mm ask yourselfan . - . . _ al 1' 01101.1 :1 ' "r d. $40,000 mmpphca FT [FLUCer OO 1 b. The labor of the person who asscmblcd the computer W m mg a“: 2mm . . ' . ' . a. Whiliullmllalivesareavailabic? c Th1. labor ofthe person whm dammed the pens for the computer in [he learn-y flam- ® W NIB mm IIIYIIIIIHIIIIIW VIII” EM IIIIIIIWIIIII? ‘i 1-}. CD 0 he commission paid to the phone mynesentative who sold the ccirnpuLef a Wlticllaitemacivc Will 11.1 11.: mmlgmd .1111» lcastllarm? d. Wli] someone l respect find an}: afllle altcmallvcs ulljcctiunable" 12. Coating Company uscs a wcighwd awng process costing system. There were 8,000 units of work in pmccss 01.11111: beginning 01' Mafbuling May, an additional ] 13.000 “’5” 1'" mum’i": i”'“'”"“"" r” a“ m“ if 1"“ “Ham's . . . . . umls were Put mu PdemiDnI At the and of MS): 15mm] units we" in finding work Shaky Mmlufamullng makes. the beiuvc-li Slinky my. Coal information appears helow: 2|. é$31£If.0&fiIm: :;:;l:neInt 5,000 units and 542.ILil.HJln total in vciurm of in [WDCCW- The beginning work in process was 90% oomplele with respect to Scum price 5100 Pt, "nit W mi? @l‘ Uh i. mulctiais, and 50% cmnpleie with aspect to conversion costs. The ending Work In Variable casts: fi “"5” ' «Fiwfi‘ 351090 I? procai- was 80% complete with respect to materials and T090 complete wilh (1:553:01 Mxnufammillg SI 20 perunit Single 1:» to conversion costs. How many units welt: completed during May? F 3m": 5” 40 P" “Hit 7 :1 £332,111an [(21% W_ _ "" ' 1x 005 ' m rn Q n. 0 E51033“) @900 “WWWMS 55001000 W Y's“ \‘9 Us: 0.. fullnwinginformllion r... 11.? ml 111-0113210111 (SQ bI 12mm“) uh I. +1) H of SelllngI: and I Mar, Manufacturing makes um pmdilcts: (1,13 and c. Information an 11.: 5:111:11; III 124,000 a“ QbI ago Administrative 560.000 pt: yea: prim mm varmhle oasis ofeacli appear below. 5 Cd?) 112.000 _ {vaL-In U‘ _. l W 16. How many units musibc sold lobreuk even? I I V A If B é p ' .00 C) (,1, a ‘r i°’”"i.“"“. .ilé ll: 2:; Use the following informatiolinar the next mi: questions ' 1—3 5- 1200-000 am was. Wm ? _—— Algn Company makcs llgh‘i bulbs and uwsamm. The cost per b‘ i O 515 , g4:- unit for malcrial for March was $1 10 and for conversion mat waleJlS. 'l'liele wele 406"“, : HQ 22 Assume A. B.md(Iaie soldin - 1 ix. Til: wmpuny 11355344,.500 :nfil’lxed . 100,000 light bule completed during 11... mlmlil, and there were 12,000 in ending ' \-”°O 'f’ m “mmwmmm'mdmn “"hmmm'm""WWWLW' {W Wle in process. The culling wmk in process was lUll‘ii. complete WiUJ respect to 17 What would pmfiu be 0700.000 units were ml ? . a 11000 km M‘PI‘JS CHU ‘0 Hf‘ mlcrials dud 60% wmpleLe with respeci to conversion costs. In mum m LYOOIW “I45 2 b. 95 JIDSIIIM I:_ .. If}; 5 ST? A 1 . gwm-D 61>.- J *1” 9a a 1., 31.200001: .300 If A 1' 0 r _ c. $420,000 -—'—”—‘ 3/10 Pagl Ema ,— 10 1367130 d “an on” 23 Aiswnedlat .1 takes 3 hours in make a 1.1m . u , an... tomake a mud ' ' Ti; 3,.— vmduci Band 4 houtslu ml: 21 unEL ufpmdum c Mazz has unlimited demand 1... mil mam. which pluducl Kilollld l1: pmdlwed. m maximize profits? A ,A— B c. “2%” é$*%1/ l3.w‘i1ul um the total cost oftlle Wumfwd it] finished goods? .3. $1.55 1 . - n" J. " 6: flaw Limit”: €010 1'3me k ( 11:. What would total dollar mm. need tn he in mm a pmfil of 57700300070- mcrui with . . mundi ? 6. 5171440 [001 000x Hg) W a. ‘2‘7UD‘UUU 116......01.1.131m.m..e - 3- ggfggggm ‘1 Wfimm‘“! r $.83 10.00 <3 .75 1 33-5—5” (Tim 13 155.0(3‘C') U ‘1 “mm” 24 “A.1:253:13.Eligigitiflxu‘:313?:iilgfliisfiiiififilum “' mm :_ agflgg {:IIfiIBU iQDIiEinUO/d ){1‘19 [BI‘QCLfk/fi I 19.wnalnnirsaleslmlEfmsfiaivgemgyfr lawman? : Ce mm)??? “’ .- H - a. _ _ d l q‘oooo - 7— :1. 5111,4411 CO; 11 wyéflyx 365;} , 0 52011011 _ C aflgxd r. 1145,1110 . .I . 1 - t - b. 400.000 H ~— 00 - 1 . . H mm 3K My 540.0 a 1...”)... [(50000 110,000 fig) J5. Which facility would be most liker to use prom“ uniting? - k? I 2+ H O Inflow a hf: O O I 211. Whalislhtcnnlrilmtgfi mnTgin milith nei’rétwhnlepercentt‘ 035+: II 1% _HDIW: is DI go A Green Giant green been p‘IUE‘AfilIlg plant h. A General Motors automobile assemny plant a. 40% W 3 A c. A “Fermi Trucking disitibuiion lermmal (film '_\ A! I L; Q. m qol d. A Bocng factory making 74'? aircrafi 75'“ d. 5312. n; r— u‘ CG. 7 m 90 1%....) 215.09.11.01 aw ...
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This note was uploaded on 04/02/2008 for the course ACCT 285 taught by Professor Carver during the Spring '08 term at Iowa State.

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Acct 285 - Exam 1 - Cheat Sheet - l. During 2006, Greg...

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