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UMUC Acc611 Midterm spring 2014




Question;INSTRUCTIONS;1. This examination covers content covered through Session 6. The exam is;meant to be an individual effort. Any sharing of answers (giving or receiving);will result in immediate disciplinary action. You may use your textbook.;However, you are not to consult with any other individual about the problems or;the processes required to complete this exam.;2.;There are 6 problems on this exam.;Answer;all parts of each problem.;3. Show your work on all problems where appropriate. Label all amounts not;given in the problem. Also, label;your answers! Make it clear what your;answers are. Please show your answers clearly and separate them from your;calculations. Partial credit will be given only where these;requirements are met.;4. Problems 2 and 4 count for 3% each, problem 5 counts for 2%, and Problems 1, 3 and 6 counts for 4%;each. Thus the exam counts for 20% of the course grade.;5.;Submit your answers (not the questions) in your Assignment Portfolio. Your exam;responses are due by Sunday March 23.;I strongly suggest that you complete this exam and submit your responses at;least 24 hours before the final submission deadline.;6. How to submit? Once you are ready to submit all answers, please submit ONLY the answers to the;questions in your Web Tyco Assignment Portfolio. Post 1 individual attachment;to your Assignments Folder. Simply submit one;attachmentthat I can open, and place your answers clearly;labeled, in order. DO NOT SUBMIT MORE THAN ONE ATTACHMENT, AND DO NOT SUBMIT THE;QUESTIONS.;7.;Please be sure to follow the directions so the grading can go smoothly. Thanks;and good luck on the exam.;Problem;1;Using the following information find the;unknown amounts. Assume each set of information is an independent case.;a. Merchandise Inventory Purchases $210,000;Cost;of goods sold 223,000;Beginning;balance 41,000;Ending;balance?;b. Direct Materials Beginning balance $ 7,000;Ending;balance 14,000;Purchases 48,000;Direct;materials used?;c. Work-in-process Inventory Ending balance $ 22,000;Cost;of goods manufactured 21,000;Beginning;balance 8,000;Current;manufacturing costs?;d. Finished Goods Inventory Cost of goods manufactured $62,000;Ending;balance 20,000;Cost;of goods sold 61,000;Beginning;balance?;Problem 2;Sprint Manufacturing Company produces two;products, X and Y. The following information is presented for both products;X Y;Selling price per unit $30 $20;Variable cost per unit 20 5;Total fixed;costs are $292,500.;Required;a. Calculate the contribution margin for each;product.;b. Calculate breakeven point in units of both X;and Y if the sales mix is 3 units of X for every unit of Y.;c. Calculate breakeven volume in total dollars;if the sales mix is 2 units of X for every 3 units of Y.;Problem;3;Rachel's;Pet Supply Corporation manufactures two models of grooming stations, a standard;and a deluxe model. The following activity and cost information has been;compiled;Number of Number of Number of;Product Setups Components Direct Labor Hours;Standard 3 30 650;Deluxe 7 50 150;Overhead;costs $40,000 $120,000;Assume;a traditional costing system applies the $160,000 of overhead costs based on;direct labor hours.;a. What is the total amount of overhead costs assigned to the;standard model?;b. What is the total amount of overhead costs assigned to the deluxe;model?;Assume an activity-based costing;system is used and that the number of setups and the number of components are;identified as the activity-cost drivers for overhead.;c. What is the total amount of overhead costs assigned to the;standard model?;d. What is the total amount of overhead costs assigned to the deluxe;model?;Problem;4;Clothes;Inc., has an average annual demand for red, medium polo shirts of 25,000 units.;The cost of placing an order is $80 and the cost of carrying one unit in;inventory for one year is $25.;Required;a. Use the economic-order-quantity model to determine the optimal;order size.;b. Determine the reorder point assuming a lead time of 10 days and a;work year of 250 days.;c. Determine the safety stock required to prevent stockouts assuming;the maximum lead time is 20 days and the maximum daily demand is 125 units.;Problem;5;The;following data are available for Ruggles Company for the year ended September;30, 2011.;Sales: 24,000;units at $50 each;Expected and;actual production: 30,000;units;Manufacturing;costs incurred;Variable: $525,000;Fixed: $372,000;Nonmanufacturing;costs incurred;Variable: $144,800;Fixed: $77,400;Beginning;inventories: none;Required;a. Determine operating income using the variable-costing approach.;b. Determine operating income using the absorption-costing approach.;Problem;6;Jerry's;TV and Appliance Store is a small company that has hired you to perform some;management advisory services. The following information pertains to 2011;operations.;Sales (1,000;televisions) $ 900,000;Cost of goods sold 400,000;Store manager's salary;per year 70,000;Operating costs per year 157,000;Advertising and;promotion per year 15,000;Commissions (4% of;sales) 36,000;Part 1.;What was the variable cost per unit sold for 2011?;A);$36;B);$436;C);$678;D);$400;Part 2What;were total fixed costs for 2011?;A);$678,000;B);$436,000;C);$242,000;D);$227,000;Part 3 What;are the estimated total costs if Penny's expects to sell 3,000 units next year?;A);$1,550,000;B);$1,332,000;C);$1,671,000;D);$1,453,000;Part 4Which;cost estimation method is being used by Jerry's TV and Appliance Store?;A);the industrial engineering method;B);the conference method;C);the account analysis method;D);the quantitative analysis method


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