Mid Term Dean Search

Mid Term Dean Search - Points Rec'd Q1 20 Q2 15 Q3 15 Q4 15...

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Unformatted text preview: Points Rec'd Q1 20 Q2 15 Q3 15 Q4 15 Q5 15 Q6 10 Q7 15 Q8 15 Q9 15 Q10 15 Total 150 Dinius Corporation has provided the following data for the month of December: Schedule of Cost of Goods Manufactured Direct Materials: Beginning raw materials 25000 Add: Purchases of raw materials 55000 Raw materials available for use 80000 Deduct: Ending raw materials inventory 27000 Raw materials used in production 53000 Direct Labor 22000 Manufacturing overhead 68000 Total Manufacturing costs 143000 Add:Work in process inventor, Dec. 1 16000 159000 Deduct: Work in process inventory, Dec. 31 22000 Cost of goods manufactured 137000 Required: Prepare a Schedule of Cost of Goods Manufactured for December. A number of costs are listed below. 1 indirect 2 indirect 3 direct 4 direct 5 direct 6 indirect 7 direct 8 indirect 9 direct 10 direct Required: For each item above, indicate whether the cost is direct or indirect with respect to the cost object listed next to it. In August, Clarey Corporation, a manufacturing company, reported the following financial data: The company had no beginning or ending inventories. Required: a. Prepare an income statement in good form for August using the traditional approach. a. Traditional approach Sales 260000 Selling and administrative expenses Production 87000 Selling 69000 Administrative 98000 254000 Net operating income 6000 b. Contribution approach Sales 260000 Variable expenses: production 47000 selling 26000 administrative 29000 102000 Contribution Margin 158000 Fixed Expenses: production 40000 selling 43000 administrative 69000 152000 Net operating income 6000 b. Prepare an income statement in good form for August using the contribution approach. 1a Complete the following table to indicate your understanding of fixed and variable cost behavior by inserting one of the following responses in each box: "Remain constant," "Increase," or "Decrease."Complete the following table to indicate your understanding of fixed and variable cost behavior by inserting one of the following responses in each box: "Remain constant," "Increase," or "Decrease....
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Mid Term Dean Search - Points Rec'd Q1 20 Q2 15 Q3 15 Q4 15...

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