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##### ACCTG 5210 assignment 1

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solution

**Question**

Question;1.;(1 point) Aesop Douglas plans;on selling autographed souvenir rugs at the Olympics. Based on similar events, he has the following;projected figures;Selling price per rug;$170.00;Contribution margin per rug;$60.00;Total fixed costs;$125,500;What selling price per rug would be;needed to obtain a before-tax profit of $189,500 at a volume of 3,500 rugs?;a.;$ 90.00;b.;$110.00;c.;$150.00;d.;$170.00;e.;$200.00;f.;$230.00;g.;$260.00;h.;None of the above.;2.;(1 point) The following;information pertains to Butter, Inc. for the month of June;Beginning work-in-process inventory;$ 110,000;Ending work-in-process inventory;$ 80,000;Cost of goods manufactured $ 350,000;Manufacturing overhead $ 170,000;If prime costs;are 75% of conversion costs, what was the direct labor cost incurred for June?;a.$112,500;b.;$200,000;c.;$90,000;d.;$30,000;e.;$20,000;f.;$127,500;g.;$150,000;h.;None of the above;3. (1 point) Abbagnale Enterprises will ship all of the USA athletes?;gear to Russia for the Olympics. The;company has the following historical information based on similar trips taken;overseas;Trip Nautical;Miles Operating;Costs;1;500,000 $356,000;2;580,000 $380,000;3;660,000 $420,000;What is the best estimate of total;operating costs using the high-low method if the expected mileage for the trip;to Russia is 590,000 miles?;a.;$236,000;b.;$375,455;c.;$386,552;d.;$386,441;e.;$392,000;f.;$391,977;g.;$420,080;h.;None of the above;4.;(1 point) Jones Manufacturing;reports that finished goods inventory was $14,000 on April 1 and $16,500 on;April 30. Beginning and ending work-in-process inventories were $12,000 and;$24,000, respectively. If cost of goods sold for the month of April was $80,000;what was the cost of goods manufactured during April?;a.;$82,500;b.;$49,500;c.;$68,500;d.;$77,500;e.;$110,500;f.;$92,000;g.;$96,500;h.;None of the above;5.;(1 point) Cash Company has a;predetermined overhead rate of $4 per machine hour. Last year the company;incurred $112,400 of actual manufacturing overhead cost and the account was;$4,200 over-applied. How many machine hours were used during the year?;a.;16,800 machine hours;b.;20,000 machine hours;c.;28,100 machine hours;d.;30,200 machine hours;e.;27,050 machine hours;f.;29,150 machine hours;g.;28,250 machine hours;h.;None of the above.;Use the following information;to answer the next two questions;Fred?s Frozen Creations has been;contracted to train the USA?s synchronized ice sculpting team. They have identified two different;independent variables (ice sculpting hours and number of ice blocks used in;training) in two different equations to evaluate the cost of training. The;results of the two regressions are as follows;SUMMARY OUTPUT ? Sculpting hours;Regression Statistics;Multiple R;0.6986;R Square;0.4532;Adjusted R Square;0.3143;Standard Error;$40,587;Observations;24;Coefficients;Standard Error;t;Stat;P-value;Intercept;$1,214.35;$398.12;3.05;0.0254;Sculpting hours;$21.90;$7.71;2.84;0.1200;SUMMARY OUTPUT ? Number of ice blocks;Regression Statistics;Multiple R;0.6145;R Square;0.3320;Adjusted R Square;0.2874;Standard Error;$43,127;Observations;24;Coefficients;Standard Error;t;Stat;P-value;Intercept;$6,764.58;$2,073.09;3.26;0.0125;Number of blocks;$223.48;$69.83;3.20;0.0240;11. (1 point) Using the best cost driver;what is the estimated total cost of training these athletes if 12,300 sculpting;hours are incurred and Fred?s uses 1,190 ice blocks during training? Assume;these estimates are within the relevant range.;a.;$27,275.35;b.;$96,047.35;c.;$272,705.78;d.;$296,645.35;e.;$270,584.35;f.;$303,409.73;g.;$309,957.00;h.;None of the above;12. (2 points) Assume Fred?s Frozen Creations chooses to use the number;of ice blocks to estimate the cost of training. Construct a 90% confidence;interval for the cost of training when the number of ice blocks used is;estimated at 1,300. Assume 1,300 ice blocks is within the relevant range.;(Round all calculations to the nearest dollar);a.;($223,240, $371,338);b.;($211,035, $383,543);c.;($227,601, $366,977);d.;($196,535, $344,633);e.;($207,844, $386,734);f.;($189,817, $404,761);g.;($223,499, $371,079);h.;None of the above.;Use the following information;to answer the next two questions;Holms Company;has a job-order costing system and uses a predetermined overhead rate based on;direct labor-hours to apply manufacturing overhead to jobs. Manufacturing;overhead cost and direct labor hours were estimated at $400,000 and 80,000;hours, respectively, for the year. In May, Job #158 was completed at a cost of;$6,000 in direct materials and $4,000 in direct labor. The labor rate is $8 per;hour. By the end of the year, Holms had worked a total of 75,000 direct;labor-hours and had incurred $365,500 actual manufacturing overhead cost.;18. (1 point) The total cost of Job #158 recorded on the completed job;cost sheet would be: a.$ 8,500;b.;$10,000;c.;$11,600;d.;$12,003;e.;$12,667;f.;$12,500;g.;$14,000;h.;None of the above;19. (1 point) Holms' manufacturing overhead for the year was;a. $1,500 under-applied;b. $1,500 over-applied;c.;$25,000 under-applied;d.;$25,000 over-applied;e.;$9,500 under-applied;f.;$9,500 over-applied;g.;$34,500 under-applied;h.;$34,500 over-applied;i.;None of the above

Paper#44094 | Written in 18-Jul-2015

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