AC 505 week 2 Mastery test 1 - I _ . _ x a

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Unformatted text preview: I _ . _ x a hflpsffdmsdeuwtdufdmebpagfilflasNcuntenflstudentfmastery‘iataspficourseIE}:531245?81userID=ZiQ20228¢dssID=1305£roietype=STUD e( a _ - ebome, Stephni Robinson Cost Accounting System - External Date Submitted: Sat Jul 2321111 -/ Question 1 a l2; l3; l4; 5; a; 7; a; 9; Spoints The Frosted Pane Company, a manufac'urer offine windows and doors, shows the following information as of121'31m7: Advertising expense $7,200 Assemblers'wages $30,120 Depreciation ofmachinery 1.840 Factory Utilities 11,120 giglgznifipsans Amount total direct cost = $ Cost of glue and nails used in Production 480 Cost of Oak and Pine used in Production 69,300 Factory Supervisors'salaries 38,280 There were no beginning or ending inventories. Calculate the total direct pro duct cost. Mastery Test total points possible: 9 Internet | Protected Mode: 0n - eioome,$tepllniRoanon Cost Accounting System - External Date Submitted: Sat Jul 23 21111 " E; E5 Isa, I4; 5:. a» 7:, an, an, “my The following information was available orthe Lincoln Company, a manufacturer of candy, forthe year ended 121'311'07: Item Amount Budgeted Direct LaborHours 76,000 Actual Direct Labor Hours 78,500 Budgeted Factory Overhead $624,720 Actual Factory Overhead $638,000 Application rate = '90 Express your an swer as a percentage. Certain end ofyear balances are as follows: Item Amount Raw Material Inventory $150,000 Work in Process Inventory 150,000 Finished Goods Inventory 300,000 Cost ofGoods Sold 200,000 Ifthe company uses direct labor hours to allocate overhead, compute the application rate. Mastery Test total points possible: 45 0 Internet | Protected Mode: 0n ' . I _ X a hflpsffdmsdevlyedufdmsflk'ebpagfilflasNeontentfstudentimasteryTataspflcourseIE}:534245?81user1D=ZiQZO2ZS¢dssID=1305¢roIetype=STUD e( a Cost Accounting System - External E; gal-1; a; 5:} 7; a; a; Jones Southwest Corp. uses a budgetedfactory overhead rate to apply overhead to production. The following data is available as of the year ended 12:31:07: Budgeted Factory Overhead $775,500 Actual Factory Overhead $826,000 Eiudgeted Direct Labor Cost $550,000 Actual Direct Labor Cost $532,000 Certain end ofyear balances are as follows: Raw Material Inventory $150,000 Workin Process Inventory $150,000 Finished Goods Inventory $300,000 Cost ofGoods Sold $200,000 Ifthe company uses direct labor cost to allocate overhead, compute the overhead apptied. Mastery Test total points possible: 45 - eioome, Stepll ni Robinson Date Submitted: Sat Jul 23 M11 -/ Question 3 5 points Amount overhead applied 2 $ 9 Internet | Protected Mode: 0n ' . I _ X a hflpsffdmsdeuwtdufdmebpagfilflasNeontentfstudentimasteryTataspflcourseIE}:534245?81user1D=ZiQZO2ZS¢dssID=1305¢roietype=STUD e( a - eioome, Stepll ni Robinson Cost Accounting System - External _ Date Submitted: Sat Jul 23 2011 E; E} E} a 5; 5:} 7; a; a; -/ as??? The Frosted Pane Company, a manufacturer offine windows and doors, shows the following information as of121'3‘lr07: Advertising expense $7,200 Assemblers'wages $30,120 Depreciation ofmachinery 1,340 Factory Utilities 11,120 Factory Supervisors' salaries 33,280 Amounnma' 9mm“ 905‘ = 5 Machinery repairs 4,520 Office salaries 22,760 Cost ofglue and nails used in Production 480 Cost oank and Pine used in Production 69,300 There were no beginning or ending inventories. Calculate the total pro duct co st. Mastery Test total points possible: 45 9 Internet | Protected Mode: 0n _ eloome, Stephni Robinson Cost Accounting System - External _ Date Submitted: Sat Jul 232011 E; E? Eir E; E} 63' T» a» a» “3221:? Jones Southwest Corp. uses a budgetedfactory overhead rate to apply overhead to production. The following data is available as of the year ended 12.1'31I’07: Item Amount Budgeted Factory Overhead $775,500 Actual Factory Overhead 326,000 Eiudgeted Direct LaborCost 550,000 Actual DirectLaborCost 532,000 Amountofvariance : $ 45000 Certain end ofyear balances are as follows: Express the variance as an absolute value. Item Amount Raw Material Inventory $150,000 1.liiorkin Process Inventory 150,000 Finished Goods Inventory 300,000 CostofGoods Sold 200.000 Dverappliedorunderapplied? U-.-era|::|:lied V Ifthe company uses direct labor cost to allocate overhead, compute the amount ofthe overheadvariance, if any. Close ivlasteinesttotal points possible145 Done 0 Internet | Protected Mode: Dn I _ . _ x a hflpsffdmsdevlyedufdmebpagfilflasNcuntenflstudentfmastevy‘iataspficoutseIE}:531245?81userID=ZiQZ0228¢dssID=1305uoietype=STUD e( a _ - eloome, Stephni Robinson Cost Accounting System - External _ Date Submitted: Sat Jul 232011 -/ Question 6 aaaaaflpbp 5m The following information was available forthe Lincoln Company, a manufacturer of candy, forthe year ended 121'3‘It0'i’: BudgetedDirectLaborHours 60,000 Actual Direct Labor Hours 62,500 Generauoumal BudgetedFactoryOverhead $750,000 A H.“ D m C C” AdualFactoryOverhead $705,000 mu" ' e e ' re ' manufacturing Overhead 15250 Certain end ofyear balances are as follows: Cost of Goods Sold 16250 Raw Material Inventory $350,000 - Workin Process Inventory 250,000 Finished Goods Inventory 170,000 Cost ofGoods Sold 300,000 Ifthe company uses direct labor hours to allocate overhead, compute the overiunder appliedvariance and prepare thejournal entry to dispose of it assuming the difierential is immaterial. Mastery Test total points possible: 45 9 Internet | Protected Mode: 0n Close Done Cost Accounting System - External 63' E} “j! '3' l1; W lair l4; 5?. The Montana Company manufacures a productthat goes through two processing departments. Information relating to activity in the first department during January is given below: Percent Completed Units Materials Conversion 50,000 80% 60% 45,000 you; 60% Workin process,January1 Work in process, January 30 The department started 380,000 units into production during the month andtransferred 385,000 completed units to the next department. Compute the equivalent units ofproduction forthe first department for January, assuming thatthe company uses the weighted—average method of accounting for units and costs. Mastery Test total points possio|e145 Equivalent u n its of prod ucfion 416500 Conversion = 412000 Materials = 0 Internet | Protected Mode: Dn eloome, Stephni Robinson Date Submitted: SatJul 232011 /-/I Question 7 5 points ' . I _ X a hflpsffdmsdevlyedufdmsflk'ebpagfilflasNeontentfstudentimasteryTataspflcourseIE}:534245?81userID=3920228¢dssID=1305uoietype=STUD e( a - eioome, Stepll ni Robinson Cost Accounting System - External _ Date Submitted: Sat Jul 23 2011 1:; 12:, Ian, l4; s; an, 7:, 33, ’ 32:21:12“ The Ohio Company uses the weighted—average method in its process costing system. Oataforthe Finishing OepartmentforJune appears below: Compute the cost per equivalent unit Materials : $ 48.19 Materials Labor Overhead 1."l'orkin process,June1 $11,680 $13,750 $64,400 Cost added during June $43,260 3% 21,300 $44,290 Equivalent units of production 1,140 1,230 1,210 Labor = 31.20 Overhead = $ Total = Compute the cost per equivalent unit for materials, for labor, for overhead, and in total. Mastery Test total points possible: 45 9 Internet | Protected Mode: 0n - eloome, Stepll ni Robinson Date Submitted: Sat Jul 23 M11 "ii; ram, in; l4; a; Data concerning the recent period's activity in the Prep Department, the first processing department in a companythat uses process costing, appears below: Materials Conversion Equivalent units ofproduction in end 350 420 Cost per equivalent unit $ 28.80 $ 12.40 Atotal of1,210 units were completed andtransfenedto the next processing department during the period. Compute the cost ofthe units transferredto the next department during the period andthe cost ofending work in process inventory. Mastery Test total points possible: 45 Ending worKin process inventory 2 5 Units completed andtransferred out = $ 498 2 Round you r final answer to the nearest whole num her. 0 Internet | Protected Mode: 0n /-/ Question 9 5 points ...
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AC 505 week 2 Mastery test 1 - I _ . _ x a

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