Details of this Paper

ACCT321 FINAL EXAM

Description

solution


Question

Question;Use the following;table for your problem. X = annual net income;($ thousands) and Y = annual food expenditures ($;hundreds). The letters A through J represent the different;families. For example family A has annual income of;$8,000 and spends $2,200 on food annually.;Family;Y;X;A;22;8;B;23;10;C;18;7;D;9;2;E;14;4;F;20;6;G;21;7;H;18;6;I;16;4;J;19;6;Required Portion of Problem1. Compute ?a? and ?b? for the regression;formula. Then show the regression formula. Show all your computations in detail;using the applicable formulas.2. Compute the Coefficient of;Determination. Be sure to show all of your computations in detail using the;applicable formulas.3. Compute the Coefficient of Correlation.;Be sure to show all of your computations in detail using the applicable;formulas.Exercise;1. [7;Points]Kason;Inc., expects to sell 20,000 pool cues for $24.00 each. Direct materials costs;are $4.00, direct manufacturing labor is $8.00, and manufacturing overhead is;$1.60 per pool cue. During 2011 Kason produced 10,000 units in which they sold 7,500;units, thus leaving 2,500 units in the 2011 finished goods ending inventory.;Kason has a targeted finished goods ending inventory for the 2012 budget of;1,500 units. Required:On the;2012 budgeted income statement, what amount will be reported for sales? ($480,000)How many;pool cues need to be produced in 2012?(20,500)On the;2012 budgeted income statement, what amount will be reported for cost of goods;sold? (272,000)Exercise;2.;[9 Points]Picture;Pretty manufactures picture frames. Sales for August are expected to be 12,000;units of ous sizes. Historically, the average frame requires four feet of;framing, one square foot of glass, and two square feet of backing. Beginning;inventory includes 1,700 feet of framing, 550 square feet of glass, and 525;square feet of backing. Current prices are $0.28 per foot of framing, $6.35 per;square foot of glass, and $2.50 per square foot of backing. Ending inventory;should be 140 percent of the beginning inventory. Purchases are paid for in the;month acquired.Required:a. Determine the quantity of framing;glass and backing that is to be purchased during August.b. Determine the total costs of direct;materials for August purchaseExercise;3.;[10 Points]Koppal Company manufacturers business;cards. Some of the company?s data was misplaced. Use the following information;to replace the lost data.;Analysis;Actual;Results;Flexible;Variances;Flexible;Budget;Sales Volume Variances;Static;Budget;Units Sold;215,400;210,400;217,400;Revenues;$86,160;$ 2,000 F;(A);$ 2,800 U;(B);Variable;Costs;(C);$ 500 U;$32,520;$ 4,860 F;$37,380;Fixed;Costs;$16,560;$ 1,920 F;$18,480;185 U;$18,295;Operating;Income;$36,580;(D);$33,160;(E);$31,285;Required:1. What are the respective flexible;budget (A) and static budget (B) revenues?2. What are the actual variable costs;(C)?3. What is the total flexible-budget;variance (D)?4. What is the total sales-volume;variance (E)?5. What is the total static-budget;variance?Exercise 5. [13 Points] Pollard Medical Equipment uses a;flexible budget for its indirect manufacturing costs. For 2014, the company;anticipated that it would produce 42,000 units with 9,500 machine-hours and;16,460 employee days. The costs and cost drivers were to be as follows: Fixed Variable Cost DriverProduct handling $17,250 $0.15;per unit Inspection 5,000 2.20;per 100 unit batchUtilities 300 1.15;per 100 unit batchMaintenance 575 0.07;per machine-hourSupplies 1.42 per employee dayDuring the year, the company processed;44,000 units, worked 18,600 employee days, and had 9,875 machine-hours. The;actual costs for 2014 were: Actual CostsProduct handling $21,500Inspection 6,350Utilities 800Maintenance 775Supplies 20,525Required:a. Prepare an overhead static budget;for 2014 with variances.b. Prepare an overhead flexible budget;for 2014 with variances.Exercise;8.;[13 Points]Gordon Company manufactures a part for;use in its production of skirts. When 12,000 items are produced, the costs per;unit are:Direct materials $0.75Direct manufacturing labor 3.75Variable manufacturing overhead 1.95Fixed manufacturing overhead 2.20;Total $8.65Pacific Company has offered to sell to;Gordon Company 12,000 units of the part for $8.00. The plant facilities could;be used to manufacture another item at a savings of $7,000 if Gordon accepts;the offer. In addition, $1.15 per unit of fixed manufacturing overhead on the;original item would be eliminated.Required:a. What is the relevant per unit cost;for the original part?b. Which alternative is best for Gordon;Company? By how much?Exercise;10.;[11 Points]Gordon Gant, a college student, plants;to operate a hot dog stand at the beach during the summer for three months. His;fixed costs for the booth, which include utilities, will be $6,350. Variable;costs per hot dog will be $1.15 for materials and $0.27 for a franchise fee;from the hot dog supplier. This year?s sales are expected to be 24,000 units;based on the operation of the same booth the prior year. Gordon needs to earn $11,000;so that he can pay part of his college expenses for his coming academic year.RequiredDetermine the price he needs to charge for;each hotdog to earn a profit of $11,000.Fill in the;red spot. It was wrong answer.;Coyle Corp. issued $10,429,000 par value 10%;convertible bonds at 99. If the bonds had not been convertible, the company's;investment banker estimates they would have been sold at 95. Expenses of;issuing the bonds were $79,700.

 

Paper#38733 | Written in 18-Jul-2015

Price : $34
SiteLock