Thursday, March 7, 2019

Week 2 Quiz

. (TCO 2) Bubbas C nudefish military operationing Company uses a traditional hit all(prenominal)ocation based on count on labor hours. For the current socio-economic class hit is estimated at $2,250,000 and direct labor hours be budgeted at 415,000 hours. true smash-up was $2,200,000 and actual direct labor hours craped were 422,000. (a) Calculate the predetermined strike rate. grade, based on budgeted factory overhead speak to and budgeted activity, that is established in the first place a blockage begins. 2,250,000/415,000Budgeted activity units used in the denominator of the formula, more often called the denominator level, are measured in direct labor-hours, machine-hours, direct labor cost, or production units. charter more http//www. answers. com/topic/predetermined-overhead-rateixzz2NxCv9pKK (b) Calculate the overhead apply. apply overhead = predetermined overhead rate x actual direct labor (c) Determin Prorate the overhead variance to the appropriate repo rt cards 765 750 = variance of 15K Rate This Answer e the amount of overhead that is over/under applied. 2. TCO 2) Thibodeaux limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the forthcoming year is $776,000. Budgeted machine hours are 105,000 hours, and budgeted labor hours are 17,500 hours at a rate of $10. 00 per hour. Compute the predetermined overhead rate based on (a) Direct labor dollars Labor rate variance = ( developed hours worked ? Actual rate) ? (Actual hours worked ? stock rate) Read more at http//accounting4management. com/direct_labor_rate_variance. htmpqUTOT7ClOOtMr4F. 99 (b) Direct labor hours (c) forge hours 3. TCO 1) List and briefly describe four of the five differences betwixt managerial accounting and financial accounting 4. (TCO 2)The following information is available for crackeds Surgical Shears for the fiscal year goal declination 31, 20XX. Beginning remainder in done for(p) Goods $ 17,000 Ending proportion in Finished Goods 15,200 Beginning balance in conk out in Process 2,500Ending balance in Work in Process 1,836 Selling expenses 123,000 usual and administrative expenses 89,000Direct material cost 54,500 Direct labor cost 66,000 Manufacturing overhead 21,400 Sales 385,000 Prepare a schedule of cost of goods manufactured. . (TCO 2) Match for all(prenominal) one of the following six terms with the phrase that well-nigh closely describes it. distributively answer below may be used tho once.Read also Quiz Week 42. ______ 1. activity-based costing ______ 2. cost of goods available for trade ______ 3. period costs ______ 4. process costing system ______ 5. just-in-time system ______ 6. work in process A) lives assigned to the goods produced also known as manufacturing costs (B) Materials costs that are not traced flat to products produced (C) System that seeks to lessen Raw Materials Inventory and Work in Process Inventory (D) Cost of items that are complete d and transferred from Work in Process Inventory to Finished Goods Inventory (E) be that are identified with accounting periods rather than with goods produced (F) Actual overhead is greater than overhead that has been applied to products (G) Method of assigning overhead costs that uses multiple allocation bases (H) System that uses job-order sheets to collect costs for each individual job (I) Cost of all materials and parts that are directly traced to the items produced (J) Beginning balance in the Finished Goods Inventory plus cost of goods manufactured (K) Overhead applied to products is greater than the actual overhead costs incurred (L) Used by companies that produce large quantities of identical items (M) Cost of all manufacturing activities other than direct material and direct labor (N) Inventory account that contains the cost of goods that are only partially completed 6. (TCO 2) Far place Ceramics akes custom macaroni tile and applies job-order costing. The following info rmation relates to the fiscal year ending December 31,20XX. Beginning balance in Raw Materials Inventory $ 12,500 Purchases of raw material 189,000 Ending balance in Raw Materials Inventory 14,300Beginning balance in Work in Process 24,500 Ending balance in Work in Process 23,100Direct labor cost 89,700 Manufacturing overhead applied 66,200 Actual manufacturing overhead 64,100Beginning balance in Finished Goods 28,900 Ending balance in Finished Goods 24,300Sales 432,000Selling expenses 120,000 General and administrative expenses 86,000 How much is cost of goods sell? 7. TCO 2) Match each of the six following terms with the phrase that most closely describes it. Each answer may be used only once. _____ 1. Direct costs _____ 2. Fixed costs _____ 3. Incremental costs _____ 4. frugal Resource Planning system _____ 5. Noncontrollable costs _____ 6. Opportunity costs (A) Costs that increase or decrease in total in reaction to increases or decreases in the level of business activity (B) C osts that are directly traceable to a product, activity, or surgical incision (C) Costs that a manager can influence (D) The difference in costs between finis alternatives (E) Costs incurred in the past that are not relevant to present decisions (F) Costs that cannot be influenced by a manager G) financial plans prepared by management accountants (H) Value of the benefits foregone when one decision alternative is selected over another (I) Costs that cannot be directly traced to a product, activity, or department or are not worth canvas (J) Costs that do not change in total with changes in the level of business activity (K) These systems prepare a master production systems and all the support across the party. (L) Allows companies and suppliers to share information to improve aptitude in getting inputs. (M) Allows customer data analysis and support, often in online format for customers. 8. (TCO 3) The Marinade Department began the period with 150,000 units.During the period the department accredited another 180,000 units from the prior department and at the end of the period 112,000 units remained which were 17%complete. How much are equivalent units in The Marinade Departments work in process inventory at the end of the period? (TCO 3) The Franc Zeppo Venture manufactures a product that goes through two processing departments. selective information relating to the activity in the first department during April is given below Work in process, April 1 50,000 units (80% completed for materials and 60%completed for conversion. Work in process, April 30 45,000 units (70% completed for materials and 60%completed for conversion. 4. The department started 380,000 units into production during the calendar month and transferred 385,000 completed units to the next department.Compute and calculate the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs. 1. Question (TCO D) A company that has a profit can increase its progeny on enthronisation by Student Answer increasing sales revenue and direct expenses by the same dollar amount. increasing average in operation(p) assets and in operation(p) expenses by the same dollar amount. increasing sales revenue and operating expenses by the same percentage. decreasing average operating assets and sales by the same percentage. Instructor Explanation Chapter 12 2. Question (TCO D) Given the following data, what would ROI be?Sales $50,000 Net operating income $5,000 Contribution boundary line $20,000 average operating assets $25,000 Stockholders equity $15,000 Student Answer 10% 20% 16. 7% 80% Instructor Explanation See Chapter 12. ROI = Net operating income / come operating assets = $5,000 / $25,000 = 20. 0% 3. Question (TCO D) Given the following data What is the return on the investment (ROI)? Sales $50. 000 Net operating income $5,000 Contribution margin $20,000 fair(a) operating assets $25 ,000 Stockholders equity $15,000 Student Answer 10% 20% 16. 7% 80% Instructor Explanation ROI = Net operating income / Average operating assets = $5,000 / $25,000 = 20. 0%

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