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ACC312 Chapter 3 - Homework Solutions

# ACC312 Chapter 3 - Homework Solutions - ACC312 CHAPTER 3...

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ACC312: CHAPTER 3 – ASSIGNED HOMEWORK SOLUTIONS WITHOUT CASE 3-62 EXERCISE 3-23 1. Process 2. Job-order 3. Job-order (contracts or projects) 4. Process 5. Process 6. Job-order 7. Process 8. Job-order (contracts or projects) 9. Process 10. Job-order EXERCISE 3-24 1. volum production budgeted overhead budgeted rate overhead ned Predetermi = (a ) At 200,000 chicken volume: chicke per \$.60 200,000 ,000) (\$.10)(200 \$100,000 rate Overhead = + = (b ) At 300,000 chicken volume: (rounde chicken per \$.43 300,000 ,000) (\$.10)(300 \$100,000 rate Overhead = + = (c ) At 400,000 chicken volume:

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chicke per \$.35 400,000 ,000) (\$.10)(400 \$100,000 rate Overhead = + =
2. The predetermined overhead rate does not change in proportion to the change in production volume. As production volume increases, the \$100,000 of fixed overhead is allocated across a larger activity base. When volume rises by 50%, from 200,000 to 300,000 chickens, the decline in the overhead rate is 28.33% [(.60 – .43)/.60]. When volume rises by 33.33%, from 300,000 to 400,000 chickens, the decline in the overhead rate is 18.6% [(.43 – .35)/.43]. EXERCISE 3-27 1. Raw-material inventory, January 1 ................................. \$134,00 0 Add: Raw-material purchases ........................................ 191,000 Raw material available for use ...................................... \$325,00 0 Deduct: Raw-material inventory, January 31 .................. 124,000 Raw material used in January ........................................ \$201,00 0 Direct labor .................................................................. 300,000 Total prime costs incurred in January ............................ \$501,00 0 2. Total prime cost incurred in January .............................. \$501,00 0 Applied manufacturing overhead (60% × \$300,000) .......

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ACC312 Chapter 3 - Homework Solutions - ACC312 CHAPTER 3...

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