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Devry ACCT346 full course (exept week 4 discussion and final exam)




Question;Week 1;Ethics;and Ethical Behavior (graded);The Sarbanes-Oxley;Act of 2002 (SOX) has emphasized the importance of ethical behavior and codes;of conduct. Discuss the costs and benefits of the ethical environment. If a;poor ethical environment results in costs to an organization, what are they?;Conversely, what are the benefits of a good ethical environment?;Managerial;and Financial Accounting (graded);Flexibility;timeliness, and forward looking are said to be the prominent traits of modern;management accounting, whereas standardization and consistency describe;financial accounting. Explain why the focus on these two accounting systems;differs.;Week 2;Job-Order;Costing (graded);The job;cost sheet is used to accumulate the three product costs: direct material;direct labor, and factory overhead. Discuss the source documents for;determining these amounts (that is, where do we get these numbers, and how we;arrive at the overhead?). Why is overhead the most difficult to assign?;Week 3;Cost-Volume-Profit;Analysis (graded);Based on your;ebook readings and review of both the lecture and Becker content, discuss the;basic assumptions of CVP analysis and how we can use CVP analysis as managers;in making decisions.;Variable;Costing and Full Costing (graded);Discuss;the difference between variable costing and full costing. Why would income;computed under full costing exceed income computed under variable costing if;production exceeds sales?;Week 5;Pricing;Techniques (graded);Compare target;costing and cost-plus pricing. When is each the most appropriate method to use?;Provide an example of each. Why is cost-plus pricing inherently circular for a;manufacturing firm?;Capital;Budgeting Techniques (graded);Suppose a;company has five different capital budgeting projects from which to choose but;has constrained funds and cannot implement all of the projects. Explain why;comparing the projects' NPVs is better than comparing their IRRs. How is the;IRR determined if there are uneven cash flows? Why does the failure to consider;soft benefits discourage investment?;Week 6;Budgeting;(graded);How does;a company effectively use budgets in the planning and control process? As it is;preparing the budget, what is the difference between the top-down and the;bottom-up approach to development? Which do you think is more commonly used and;why?;Standard;Costs and Variance Analysis (graded);What role;do standard costs play in controlling the operations of a business? How are;standard costs developed for direct materials, direct labor, and manufacturing;overhead? Are there ever costs that we can?t develop standards for related to;manufacturing the goods?;Week 7;Responsibility;Centers (graded);Compare;and contrast the three types of responsibility centers. What is the best way to;evaluate a manager's performance in each type of center? What is the problem;with using only financial measures of performance?;Financial;Statement Analysis (graded);Why do;managers analyze financial statements? What are they looking for? List three;types of decisions that managers can make by analyzing financial statements.;Course Project;Guidelines;This;course has a six-part project with deliverables due in 6 of the 8 weeks.;The;Course Project takes a new company through hypothetical scenarios to reinforce;the TCOs. By using a single entity in a variety of business situations, you;will see the practical application of a number of managerial accounting;concepts taught in this course.;You will;have access to an interactive Excel template in Doc Sharing to complete your;work in proper format. Each week's Assignment page will tell you which portion;of the template you need to complete for that week.;You will;have Dropbox deliverables in Weeks 1, 2, 3, 5, 6, and 7. Point values do vary;in that Week 1 is worth 10 points, Week 2 is worth 30 points, and the remaining;Weeks (3, 5, 6, and 7) are 40 points apiece. See the Syllabus section "Due;Dates for Assignments & Exams" for due date information.;Course;project;Bravo;Baking Company began operations in May of 2010 with the production and sales of;specialty breads.The company has experienced a good market demand for its high;protein, low carbohydrate product called "Hi-Lo" Hi-Lo's success;has required that Bravo continue to make only this one product, however;Bravo's customers, the local retailers, have been asking for more;specialty breads from the company. The decision to expand will be made in;the coming weeks.;Weekly Assignments: Complete the assigned Tab each week.;In each worksheet there are several Green colored cells. These cells must be;filled in with your response.;Points;Points;Due;Available Earned;Tab1) Product vs. Period Costs;Week 1;10;10.00;Tab 2) Cost of Goods Manufactured Schedule;Week 2;30;21.43;Tab 3) Break Even Analysis;Week 3;40;35.00;Tab 4) Incremental Analysis;Week 5;40;40.00;Tab 5) Capital Budgeting;Week 6;40;0.00;Tab 6) Variance Analysis;Week 7;40;0.00;200;106.43 Total;ACCT 346;Student Name;Jessica Guajardo;For Tables A: From the list below, identify if the cost item is a;Product Cost" or "Period Cost" by typing;Product" or "Period" in;the appropriate box.;Table A;Flour used in baking bread;Factory Supervisor Salaries;Bakers wages;Rent for Executive Offices;Sales Commissions;Utilities used in the factory;Advertising costs;Delivery truck costs;Paper wrappers for bread;Depreciation on bake ovens;Eggs, salt, water used for baking;Interest on bank loan;Factory Insurance;Enter either "Product" or "Period;product;product;product;period;period;product;period;period;product;product;product;period;product;For Table B: From the list below, identify if the cost item is a "Direct;Cost" or "Indirect Cost" by typing "Direct" or;Indirect" in the;10 points appropriate box.;Table B;### Correct;### Correct;### Correct;### Correct;### Correct;### Correct;### Correct;### Correct;### Correct;### Correct;### Correct;### Correct;### Correct;###;Flour used in baking bread;Factory Supervisor Salaries;Bakers wages;Factory Insurance;Rent for Factory;Utilities used in the factory;Cleaning Bake Ovens;Insurance on Factory;Paper wrappers for bread;Depreciation on bake ovens;Eggs used for baking;Small amounts of salt used;Factory Maintenance;Enter either "Direct" or "Indirect;direct;Midterm;Grade Details - All Questions;Page: 1;2;Question 1. Question;The goal of managerial;accounting is to provide information that managers need for;Student Answer: planning.;control.;decision making.;All of the above answers are correct.;Points Received: 5 of 5;Comments;Question 2. Question;The fundamental difference;between managerial and financial accounting is that;Student Answer: all financial;accounting information is audited by Certified Public Accountants whereas;managerial accounting information is not audited by anyone.;managerial accounting is concerned principally;with determining the cost of inventory (ending inventory and cost of goods;sold), whereas financial accounting is concerned with a wider range of the;organization's activities.;managerial accounting provides information for;decision-makers within the organization, whereas financial accounting provides;information for individuals and institutions external to the organization.;financial accounting information follows U.S.;Generally Accepted Accounting Principles, whereas managerial accounting;information generally follows rules set forth by the Institute of Management;Accountants.;Points Received: 5 of 5;Comments;Question 3. Question;Which of the following costs;does not change when the level of business activity changes?;Student Answer: total fixed costs;total variable costs;total direct materials costs;fixed costs per unit;Points Received: 5 of 5;Comments;Question 4. Question;Which of the following is not;likely to be a fixed cost?;Student Answer: direct materials;rent;depreciation;salary of the human resources director;Points Received: 5 of 5;Comments;Question 5. Question;Sunk costs;Student Answer: are not relevant;for decision making;would include the cost of your tuition after;the refund deadline has passed.;are costs that have been incurred in the past.;All of the above are correct.;Points Received: 0 of 5;Comments;Question 6. Question;The wages of a timekeeper in;the factory would be classified as;Student Answer: a prime cost.;direct labor.;indirect labor.;compliance costs.;Points Received: 5 of 5;Comments;Question 7. Question;Shula's 347 Grill has budgeted;the following costs for a month in which 1,600 steak dinners will be produced;and sold: Materials, $4,080, hourly labor (variable), $5,200, rent (fixed);$1,700, depreciation, $800, and other fixed costs, $600. Each steak dinner;sells for $14.00 each. What is Shula's budgeted profit?;Student Answer: $22,400;$13,120;$10,020;$12,380;Points Received: 5 of 5;Comments;Question 8. Question;Which of the following is a period;cost?;Student Answer: Rent on an;factory building;Depreciation on production equipment;Raw materials cost;Commissions paid on each unit sold;Points Received: 0 of 5;Comments;Question 9. Question;Which one of the following;would not be classified as manufacturing overhead?;Student Answer: Indirect labor;Direct materials;Insurance on factory building;Indirect materials;Points Received: 5 of 5;Comments;Question 10. Question;Stevens Manufacturing Company;reported the following year-end information: beginning work in process;inventory, $180,000, cost of goods manufactured, $516,000, beginning finished;goods inventory, $252,000, ending work in process inventory, $220,000, and;ending finished goods inventory, $264,000. Stevens Manufacturing Company's cost;of goods sold for the year is;Student Answer: $504,000.;$528,000.;$476,000.;$252,000.;Points Received: 0 of 5;Comments;Question 11. Question;If the amount of underapplied;overhead or overapplied overhead is not material, the Manufacturing Overhead;account is closed to;Student Answer: Raw Materials;Inventory.;Work in Process Inventory.;Finished Goods Inventory.;Cost of Goods Sold.;Points Received: 0 of 5;Comments;Question 12. Question;Which of the following;companies is most likely to use a process costing system?;Student Answer: A law office;A custom home builder;A car repair business;A food manufacturer;Points Received: 5 of 5;Comments;Question 13. Question;Labor and overhead are often;grouped together and referred to as;Student Answer: prime costs.;conversion costs.;total manufacturing costs.;equivalent unit costs.;Points Received: 0 of 5;Comments;Question 14. Question;3,000 units in a process that;are 70% complete, are referred to as;Student Answer: 3,000 equivalent;units of production.;900 equivalent units of production.;2,100 equivalent units of production.;900 unequivalent units of production.;Points Received: 5 of 5;Comments;Question 15. Question;When the level of activity;increases, the variable cost per unit;Student Answer: decreases.;remains constant.;increases.;fluctuates, depending on the amount of the;increase in activity.;Points Received: 5 of 5;Comments;Question 16. Question;Which of the following is not;involved in determining the break-even point?;Student Answer: anticipated sales for the next period;fixed costs;selling price per unit;variable cost per unit;Points Received: 5 of 5;Comments;Question 17. Question;At Havana Cafe, the break-even;point is 2,000 units. If fixed costs total $300,000 and variable costs are $30;per unit, what is the selling price per unit?;Student Answer: $5;$210;$150;$180;Points Received: 0 of 5;Comments;Question 18. Question;If a company had a;contribution margin of $200,000 and a contribution margin ratio of 40%, total;variable costs must have been;Student Answer: $300,000.;$120,000.;$500,000.;$80,000.;Points Received: 0 of 5;Comments;Question 19. Question;Sales are $250,000 and;variable costs are $150,000. What is the contribution margin ratio?;Student Answer: 67%;40%;60%;cannot be determined because amounts are not;expressed per unit.;Points Received: 5 of 5;Comments;Question 20. Question;(TCO 4) Which of the following;will have no effect on the break-even point in units?;Student Answer: The selling price;increases;The variable cost per unit increases;The sales volume increases;Total fixed costs increase;Instructor Explanation: Chapter 4, Page 131;Points Received: 5 of 5;Comments;Question 21. Question;(TCO 4) The margin of safety;is the difference between;Student Answer: total revenue and;total fixed costs.;expected level of sales and the break-even;point.;budgeted fixed costs and actual fixed costs.;selling price and variable cost per unit.;Instructor Explanation: Chapter 4, Page 131;Points Received: 5 of 5;Comments;Question 22. Question;(TCO 1) Which of the following;costs is not part of manufacturing overhead?;Student Answer: electricity for;the factory;depreciation of factory equipment;salaries for the production supervisors;health insurance for sales staff;Instructor Explanation: Chapter 2, Page 37;Points Received: 5 of 5;Comments;Question 23. Question;(TCO 1) Which of the following;is a period cost?;Student Answer: rent on a factory building;depreciation on production equipment;raw materials cost;commissions paid on each unit sold;Instructor Explanation: Chapter 2, Page 39;Points Received: 0 of 5;Comments;Question 24. Question;(TCO 3) Which of the following;describes the differences between job-order and process costing?;Student Answer: Job-order costing;is used in financial accounting while process costing is used in managerial;accounting.;Job-order costing can only be used by;manufacturers, service enterprises must use process costing.;Job-order costing is voluntary while process;costing is mandatory.;Job-order costing traces costs to jobs while;process costing traces costs to departments and averages the costs among the;units worked on during the period.;Instructor Explanation: Chapter 3, Page 84;Points Received: 5 of 5;Comments;Page: 1;2;Page: 1;2;Question 1. Question;Show all steps of your;calculation and formula as well as the final answer (to receive credit);The following monthly data are available for Win, which;produces only one product that it sells for $96 each. Its unit variable costs;are $ 48 and its total fixed expenses are $72,720. Sales during April totaled;1,600 units.;(a) What is the breakeven point in sales dollars for Win?;(b) How many units must Win sell in order to earn a profit;of $24,000?;this cost?;Question 2. Question;Show all steps of your;calculation and formula as well as the final answer (to receive credit);The following data (in thousands of dollars) have been taken;from the accounting records of Dallas;Corporation for the just-completed year.;Sales $950;Purchases of raw materials $170;Direct labor $210;Manufacturing overhead $220;Administrative expenses $180;Selling expenses $140;Raw materials inventory, beginning $70;Raw materials inventory, ending $80;Work-in-process inventory, beginning $30;Work-in-process inventory, ending $20;Finished goods inventory, beginning $100;Finished goods inventory, ending $70;Required: Prepare a Schedule of Cost of Goods Manufactured;statement for the Dallas Corp


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