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Question 1.1. (TCO 2) Process costing would be most applicable (Points: 5) Question 2.2. (TCO 2) For a manufacturer, the three inventory accounts on the balance sheet are (Points: 5) Question 3.3. (TCO 2) An example of a period cost is, (Points: 5)




Question 1. 1. (TCO 2) Process costing would be most applicable (Points: 5);Question 2. 2. (TCO 2) For a manufacturer, the three inventory accounts on the balance sheet are (Points: 5);Question 3. 3. (TCO 2) An example of a period cost is, (Points: 5);Question 4. 4. (TCO 3) Unit cost of materials for a department using the FIFO method of process costing is found by taking the total cost of materials issued to the department during the year divided by (Points: 5);Question 5. 5. (TCO 3) The following information was provided by Joe's Distribution Company;% complete;Units;Begninning Work-in-process;25%;13,000;Units transferred in;34,000;Ending Work-in=process;50%;15,000;Materials added at start of process;How many equivalent units for materials would there be using the weighted average method? (Points: 5);Question 6. 6. (TCO 8) A predetermined overhead rate is calculated using which of the following formulas? (Points: 5);Question 7. 7. (TCO 8) A company keeps 20 days of materials inventory on hand to avoid shutdowns due to materials shortages. Carrying costs average $4,000 per day. A competitor keeps 10 days of inventory on hand, and the competitor's carrying costs average $2,000 per day. The value-added costs are (Points: 5);Question 8. 8. (TCO 8) Which of the following is a financial measure of activity efficiency? (Points: 5);Question 9. 9. (TCO 3) The costs included in the cost per equivalent unit using the weighted average method are (Points: 5);Question 10. 10. (TCO 2) Period costs do NOT include (Points: 5);Page 2;Question 1. 1. (TCO 2);Juicy Manufacturing Corporation incurred the following costs.;Beginning direct materials inventory;$19,200;Beginning work-in-process inventory;$8,400;Beginning finished goods inventory;$22,800;Ending direct materials inventory;$19,200;Ending work in process;$16,800;Ending finished goods;$31,200;Factory supervisor's salary;$33,600;Depreciation on plant;$14,400;Sales;$960,000;Selling and administrative expenses;$150,000;Plant maintenance;$7,200;Plant utilities;$13,200;Direct material purchases;$258,000;Direct labor;$288,000;Required: Calculate the following.;a. Direct materials used;b. Cost of goods manufactured;c. Cost of goods sold;d. Operating income;(Points: 20);Question 2. 2. (TCO 3);Jack and Jill Manufacturing Inc. began the year with the following.;Units;Beginning work-in-process;20,000;30% complete;Transferred to finished goods;70,000;Ending inventory;15,000;60% complete;Materials added at the beginning of the process.;Required: Calculate the equivalent units for the following.;a. Materials costs under the weighted average process cost method;b. Conversion costs under the weighted average process cost method;c. Materials costs under the FIFO process cost method;d. Conversion costs under the FIFO process cost method;(Points: 20);Question 3. 3. (TCO 8) Bones Company manufactures two products (X and Z).;Overhead costs have been divided into three cost pools that use the following activity drivers.;Product;# of Setups;Machine Hours;Packing Orders;X;24;1,300;75;Z;24;3,900;225;Cost per Pool;$60,000;$150,000;$30,000;a. What is the allocation rate for Product Z per setup using activity-based costing?;b. What is the allocation rate for Product Z per machine hours using activity-based costing?;c. What is the allocation rate for Product Z per packing order using activity-based costing?;(Points: 20);Question 4. 4. (TCO 8) Household Manufacturing Inc. sells its product for $50 each.;Sales volume averages 4,000 units per year.;Recently, its main competitor reduced the price of its product to $38.;Maximum expects sales to drop dramatically unless it matches the competitor's price.;In addition, the current profit per unit must be maintained.;Information about the product (for production of 4,000) is as follows.;Standard Quantity;Actual Quantity;Actual Cost;Materials (pounds);4,800;5,000;$50,000;Labor (hours);800;1,000;$18,000;Setups (hours);0;200;$7,000;Material handling (moves);0;450;$3,500;Warranties (number repaired);0;325;$18,000;Required;a. Calculate the target cost for maintaining current market share and profitability.;b. Calculate the non-value-added cost per unit.


Paper#77241 | Written in 18-Jul-2015

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