ACCT 344 HOMEWORK WEEK 1, 2, 3, 5, 6
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1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506.
c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506.
1. Questions: Kali Manufacturing Inc. began the year with the following. work-in-process 20,000 20% completeTransferred to finished goods Ending inventory
Beginning 60,000
10,000 70% complete
Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method.
2. Questions: Glass Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for the current month are as follows…………………………Required Prepare a cost of production report for current month. Use Weighted Average process costing.
1. Question: Alliance Company manufactures two products (brushes and combs). The overhead costs have been divided into four cost pools that use the following activity drivers………………….. a. Compute the allocation rates for each of the activity drivers listed. b. Allocate the overhead costs to Products S and T using activity-based costing c. Compute the overhead rate using machine hours under the functional-based costing system. d. Allocate the overhead costs to Products S and T using the functional-based costing system overhead rate calculated in part (c).
2. Question: Complete Exercise 4.10 located on page 182 & 183 in the textbook.
1. Question: Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for Product I is $20 and for Product II is $15. Required: a. Allocate joint production costs to each product using the physical units method. b. Allocate joint production costs to each product using the net realizable value method. c. Allocate joint production costs to each product using the constant gross margin percentage method.
2. Question: Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following…………….. Required: (Calculate relative quantity to three decimal points.) a. Determine the cost and gross profit percentage for each type of chicken using the physical units method of joint cost allocation. b. Repeat part (a) using the sales-value-at-split-off method of joint cost allocation. c. The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging is required, which will cost $300 per 1,000 lb. Assuming the physical unit method is used to allocate joint costs, should the offer be accepted?
1. Question: The following information is used for Lucky's Inc.’s monthly master budget……………….. · Sales are 25% cash and 75% on credit. All credit sales are collected in the following month. There are no bad debts. ·
Gross margin percentage is 60% of sales.
· The desired ending inventory is expected to be 20% of the following month's cost of goods sold. One fifth of the purchases are paid for in the month of purchase, and the remaining balance is purchased on credit and paid in the following month.
· The monthly cash operating expenses are $80,000, including the monthly depreciation expense of $7,000. ·
During July, Lucky's Inc. will purchase new office equipment for $17,000 cash.
·
Dividends of $13,500 were declared and paid in July.
· The company must maintain a minimum cash balance of $25,000. A line of credit is used to maintain this balance. Borrowing will be made in increments of $1,000. All borrowing is done at the beginning of the month, and repayments are made at the end of the month. The annual interest rate is 12%, paid when the loan is repaid (ignore accrual of interest). Required: Prepare a balance sheet, income statement, and cash budget for the month of July.
2. Question: The Sparkly Corporation has the following budget and actual results………………Required: a. Prepare a performance report for all costs, showing static budget variances (indicate F or U). b. Prepare a performance report for all costs, showing flexible budget variances (indicate F or U).