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ACC500 Managerial Accounting

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Question;ACC500 Managerial Accounting;Final Exam;1) Dubuque Company has the following sales budget;Month Cash Sales Credit Sales;February $14,000 $28,000;March 12,800 29,200;April 10,800 26,400;Collections of credit sales are 40% in the month of sale, 50% in the;month after sale and 10% two months after sale. No uncollectible;accounts are expected.;Required;Prepare a schedule of cash collections for April.;2) The Drew Company has the following information available;Month Budgeted Sales;March $150,000;April 153,000;May 151,000;June 254,500;July 252,500;The gross profit rate is 40% and the desired ending inventory level is 20% of the next month's cost of sales.;Required;Prepare a purchases budget for April, May and June.;3) Direct Material Direct Labor;Std. price per unit of input $12 per foot $14 per hour;Actual price per unit of input $14 per foot $13 per hour;Std. inputs allowed per unit of output 5 feet 3 hours;Actual units of input 2,500 feet 1,550 hours;Actual units of output 600 units;Required;Compute the price and quantity variances for direct materials and direct labor.;4) Progressive Company produces a product in a process-costing system;involving several departments. The company uses the weighted-average;method of product costing. The first department's data for the month of;April follow;Units in beginning work-in-process inventory 25,000;Units started during April1 155,000;Units completed during April 140,000;Units in ending work-in-process inventory 40,000;Direct materials added in current month $188,000;Conversion costs added in current month $175,000;Direct materials?beginning work-in-process inventory $35,750;Conversion costs?beginning work-in-process inventory $6,225;Stage of Completion;Materials Conversion Costs;Beginning work-in-process inventory 100% 50%;Ending work-in-process inventory 100% 35%;Required;A) Compute equivalent units for materials and conversion costs.;B) Compute the cost per unit for materials and conversion costs.;C) Compute the cost of the units transferred.;D) Compute the cost of the ending work-in-process inventory.;5) Splitsville Company has two departments. Factory overhead costs are;applied based on direct labor cost in Department A and machine hours in;Department B. The following information is available;Budgeted Items Dept. A Dept. B;Direct labor cost $190,000 $165,000;Machine hours 51,000 50,000;Factory overhead cost $325,000 $280,000;Actual data for Job #10 are as follows;Actual Items Dept. A Dept. B;Direct materials requisitioned $20,000 $16,000;Direct labor cost $17,000 $24,000;Machine hours 7,000 5,000;Required;A) Compute the budgeted factory overhead rate for Department A.;B) Compute the budgeted factory overhead rate for Department B.;C) What is the total overhead cost for Job #10?;D) If Job #10 consists of 50 units of product, what is the unit cost of this job?

 

Paper#40068 | Written in 18-Jul-2015

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