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devry acct346 week 3 quiz




Question;Grade Details - All Questions 1. Question: (TCO 2) Bubba?s Crawfish Processing Company uses a;traditional overhead allocation based on direct labor hours. For the current;year overhead is estimated at $2,250,000 and direct labor hours are budgeted at;415,000 hours. Actual overhead was $2,200,000 and actual direct labor hours;worked were 422,000. (a) Calculate the predetermined overhead rate.(b) Calculate the overhead applied.(c) Determine the amount of overhead that is;over/underapplied. 2. Question: (TCO 2) Thibodeaux Limousine Corporation is trying to;determine a predetermined manufacturing overhead. Estimated overhead for the;upcoming year is $776,000. Budgeted machine hours are 105,000 hours, and;budgeted labor hours are 17,500 hours at a rate of $10.00 per hour. Compute the;predetermined overhead rate based on: (a) Direct labor dollars(b) Direct labor hours(c) Machine hours 3. Question: (TCO 1) List and briefly describe four of the five;differences between managerial accounting and financial accounting. 4. Question: (TCO 2)The following information is available for Sappy?s;Surgical Shears for the fiscal year ending December 31, 20XX. Beginning balance in Finished Goods;$ 17,000Ending balance in Finished Goods;15,200Beginning balance in Work in Process;2,500Ending balance in Work in Process;1,836Selling expenses;123,000General and administrative expenses;89,000Direct material cost;54,500Direct labor cost;66,000Manufacturing overhead;21,400Sales;385,000 Prepare a schedule of cost of goods manufactured. 5. Question: (TCO 2) Match each of the following six terms with the;phrase that most closely describes it. Each answer below may be used only once. ______ 1. activity-based costing ______ 2. cost of goods available for sale______ 3. period costs______ 4. process costing system______ 5. just-in-time system______ 6. work in process (A) Costs assigned to the goods produced, also known as;manufacturing costs(B) Materials costs that are not traced directly to products;produced(C) System that seeks to minimize Raw Materials Inventory;and Work in Process Inventory(D) Cost of items that are completed and transferred from;Work in Process Inventory to Finished Goods Inventory(E) Costs that are identified with accounting periods rather;than with goods produced(F) Actual overhead is greater than overhead that has been;applied to products(G) Method of assigning overhead costs that uses multiple;allocation bases(H) System that uses job-order sheets to collect costs for;each individual job(I) Cost of all materials and parts that are directly traced;to the items produced(J) Beginning balance in the Finished Goods Inventory plus;cost of goods manufactured(K) Overhead applied to products is greater than the actual;overhead costs incurred(L) Used by companies that produce large quantities of;identical items(M) Cost of all manufacturing activities other than direct;material and direct labor(N) Inventory account that contains the cost of goods that;are only partially completed 6. Question: (TCO 2) Far Out Ceramics makes custom macaroni tile and;applies job-order costing. The following information relates to the fiscal year;ending December 31, 20XX. Beginning balance in Raw Materials Inventory $ 12,500Purchases of raw material;189,000Ending balance in Raw Materials Inventory 14,300Beginning balance in Work in Process 24,500Ending balance in Work in Process;23,100Direct labor cost;89,700Manufacturing overhead applied;66,200Actual manufacturing overhead;64,100Beginning balance in Finished Goods 28,900Ending balance in Finished Goods;24,300Sales;432,000Selling expenses;120,000General and administrative expenses 86,000 How much is cost of goods sold? 7. Question: (TCO 2) Match each of the six following terms with the;phrase that most closely describes it. Each answer may be used only once.;1. Direct costs;2. Fixed costs;3. Incremental costs;4. Economic Resource Planning system;5. Noncontrollable costs;6. Opportunity costs (A) Costs that increase or decrease in total in response to;increases or decreases in the level of business activity(B) Costs that are directly traceable to a product;activity, or department(C) Costs that a manager can influence(D) The difference in costs between decision alternatives(E) Costs incurred in the past that are not relevant to;present decisions(F) Costs that cannot be influenced by a manager(G) Financial plans prepared by management accountants(H) Value of the benefits foregone when one decision;alternative is selected over another(I) Costs that cannot be directly traced to a product;activity, or department or are not worth tracing(J) Costs that do not change in total with changes in the;level of business activity(K) These systems prepare a master production systems and;all the support across the company.(L) Allows companies and suppliers to share information to;improve efficiency in getting inputs.(M) Allows customer data analysis and support, often in;online format for customers. Student Answer: 1.Costs;that are directly traceable to a product,activity,or 8. Question: (TCO 3) The Marinade Department began the period with;150,000 units. During the period the department received another 180,000 units;from the prior department and at the end of the period 112,000 units remained;which were 17% complete. How much are equivalent units in The Marinade;Department?s work in process inventory at the end of the period? 12,000 25,500 19,040 30,600 9. Question: (TCO 3) The Franc;Zeppo Venture manufactures a product that goes through two processing;departments. Information relating to the;activity in the first department during;April is given below: ? Work in;process, April 1: 50,000 units (80%;completed for materials and 60% completed for conversion.? Work in;process, April 30: 45,000 units (70%;completed for materials and 60% completed for conversion.The department started 380,000 units into production during;the month and transferred 385,000 completed units to the next department. Compute and calculate the equivalent units of production for;the first department for April, assuming the company uses the weighted-average;method of accounting for units and costs.;="msonormal">


Paper#40056 | Written in 18-Jul-2015

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