COMPLETE COURSE ACCT346 COMPLETE COURSE
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Wednesday, 4 November 2015

COMPLETE COURSE ACCT346 COMPLETE COURSE

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ACCT-346 Managerial Accounting Course Project on Bravo Baking Company
Details
This course has a six-part project with deliverables due in six of the eight 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 Syllabus "Due Dates for Assignments & Exams" for due date information.

ACCT-346 Week 4 Midterm - 1

Page:
1.
Question :
(TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for
Points Received:
4 of 4
2.
Question :
TCO 1) Which of the following statements regarding fixed costs is true?
Points Received:
4 of 4
3.
Question :
(TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?
Points Received:
4 of 4
4.
Question :
(TCO 1) 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. How much is the budgeted variable cost per unit?
Points Received:
4 of 4
5.
Question :
(TCO 1) Which of the following is an example of a manufacturing overhead cost?
Points Received:
4 of 4
6.
Question :
(TCO 1) Which of the following is a period cost?
Points Received:
4 of 4
7.
Question :
(TCO 1) If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost of goods sold?
Points Received:
4 of 4
8.
Question :
(TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:
Estimated
Actual
Overhead cost
$174,000
$171,000
Direct labor hours
5,800
5,900
Direct labor cost
$87,000
$89,975



How much is the predetermined overhead rate?
Points Received:
4 of 4
9.
Question :
(TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,670,000.

What is the amount of under or over applied overhead for the year?
Points Received:
4 of 4
10.
Question :
(TCO 3) Companies in which of the following industries would notbe likely to use process costing?
Points Received:
4 of 4
11.
Question :
(TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?
Points Received:
4 of 4
12.
Question :
(TCO 3) During March, the varnishing department incurred costs of $90,250 for direct labor. The beginning inventory was 3,500 units and 10,000 units were transferred to the varnishing department from the sanding department during June. The direct labor cost in the beginning inventory was $27,270. The ending inventory consisted of 2,000 units, which were 25% complete with respect to direct labor. What is the cost per equivalent unit for direct labor?
Points Received:
4 of 4
13.
Question :
(TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost?
Points Received:
4 of 4
Page:
Page:
1.
Question :
(TCO 4) The margin of safety is the difference between
Points Received:
4 of 4
2.
Question :
(TCO 4) Allen Company sells homework machines for $100 each. Variable costs per unit are $75 and total fixed costs are $62,000. Allen is considering the purchase of new equipment that would increase fixed costs to $84,000, but decrease the variable costs per unit to $60. At that level Allen Company expects to sell 3,000 units next year. What is Allen’s break-even point in units if it purchases the new equipment?
Points Received:
4 of 4
3.
Question :
(TCO 4) Paula Corporation sells a single product at a price of $275 per unit. Variable cost per unit is $135 and fixed costs total $356,860. If sales are expected to be $825,000, what is Paula’s margin of safety?
Points Received:
4 of 4
4.
Question :
(TCO 5) In variable costing, when does fixed manufacturing overhead become an expense?
Points Received:
4 of 4
5.
Question :
(TCO 5) Variable costing income is a function of:
Points Received:
4 of 4
6.
Question :
(TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are:
Direct Material per unit
$20
Direct Labor per unit
12
Variable manufacturing overhead per unit
10
Fixed manufacturing overhead per year
$148,500


In addition, the company has fixed selling and administrative costs of $150,000 per year. During the year, Peak produces 45,000 snow blowers and sells 30,000 snow blowers. How much is cost of goods sold using full costing?
Points Received:
4 of 4
7.
Question :
(TCO 6) Costs may be allocated to
Points Received:
4 of 4
8.
Question :
(TCO 5) An allocation base
Points Received:
4 of 4
9.
Question :
(TCO 6) The building maintenance department for Jones Manufacturing Company budgets annual costs of $4,200,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. The following data relate to the potential allocation bases:
Production Dept. 1
Production Dept. 2
Square footage
15,000
45,000
Direct labor hours
25,000
50,000


If Jones assigns costs to departments based on square footage, how much total costs will be allocated to Production Department 1?
Points Received:
4 of 4
10.
Question :
(TCO 7) A company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to finish the goods and sell them as complete units. Which of the following is not relevant to the decision?
Points Received:
4 of 4
11.
Question :
(TCO 7) BigByte Company has 12 obsolete computers that are carried in inventory at a cost of $13,200. If these computers are upgraded at a cost of $7,500, they could be sold for $15,300. Alternatively, the computers could be sold "as is" for $9,000. What is the net advantage or disadvantage of reworking the computers?
Points Received:
4 of 4
12.
Question :
(TCO 7) Olde Store has 12,000 cans of crab meat just a week past the expiration date. Each can cost $0.31. The cans could be sold as is for $0.20 each, or relabeled and sold as gourmet cat food. The cost of relabeling the cans would be $0.04 per can and the cans would then sell for $0.29 per can. What should be done with the cans and why?
Points Received:
4 of 4
Page:
Page:
1 2 3
1.
Question :
(TCO 3) Describe a process costing system, including the types of companies that commonly use this system. How can process costing information be used in incremental analysis?
Points Received:
20 of 20
2.
Question :
(TCO 7) Each year, ACE Engines surveys 7,600 former and prospective customers regarding satisfaction and brand awareness. For the current year, the company is considering outsourcing the survey to RBG Associates, who have offered to conduct the survey and summarize results for $50,000. Robert Ace, the president of ACE Engines, believes that RBG will do a higher-quality job than his company has been doing, but is unwilling to spend more than $12,000 above current costs. The head of bookkeeping for ACE has prepared the following summary of costs related to the survey in the prior year.
Mailing
$27,000
Printing (done by Lester Print Shop)
9,000
Salary of Pat Fisher, part-time employee who stuffedenvelopes and summarized data when surveys were returned (130 x $16)
2,080
Share of depreciation of computer and software used to track survey responses and summarize results
1,200
Share of electricity/phone/etc. based on square feet of space occupied by Pat Fisher vs. entire company
600
Total
$39,880


Prepare an incremental analysis in good form to determine the impact on profit of going outside versus conducting the survey as in the past. Will ACE accept the RBG offer? Why or why not?
Points Received:
25 of 25
3.
Question :
(TCO 4) The following monthly data are available for RedEx, which produces only one product that it sells for $84 each. Its unit variable costs are $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600 units.

(a) How much is the breakeven point in sales dollars for RedEx?
(b) How many units must RedEx sell in order to earn a profit of $24,640?
(c) A new employee suggests that RedEx sponsor a company softball team as a form of advertising. The cost to sponsor the team is $1,792. How many more units must be sold to cover this cost?
Points Received:
25 of 25

ACCT-346 Week 4 Midterm - 2

Page:
1.
Question :
(TCO 1) Which of the following is not a difference between financial accounting and managerial accounting?
Points Received:
4 of 4
2.
Question :
TCO 1) Which of the following statements regarding fixed costs is true?
Points Received:
4 of 4
3.
Question :
(TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?
Points Received:
4 of 4
4.
Question :
(TCO 1) 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. How much is the budgeted variable cost per unit?
Points Received:
4 of 4
5.
Question :
(TCO 1) Which of the following is an example of a manufacturing overhead cost?
Points Received:
4 of 4
6.
Question :
(TCO 1) Product costs
Points Received:
4 of 4
7.
Question :
(TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured?
Points Received:
4 of 4
8.
Question :
(TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows:
Estimated
Actual
Overhead cost
$174,000
$171,000
Direct labor hours
5,800
5,900
Direct labor cost
$87,000
$89,975



How much overhead should be applied in total during August?
Points Received:
4 of 4
9.
Question :
(TCO 2) Citrus Company incurred manufacturing overhead costs of $300,000. Total overhead applied to jobs was $306,000. What was the amount of overapplied or underapplied overhead?
Points Received:
4 of 4
10.
Question :
(TCO 3) Companies in which of the following industries would notbe likely to use process costing?
Points Received:
4 of 4
11.
Question :
(TCO 3) The Blending Department began the period with 20,000 units. During the period the department received another 80,000 units from the prior department and at the end of the period 30,000 units remained, which were 40% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?
Points Received:
4 of 4
12.
Question :
(TCO 3) Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in-process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:
Work in process, May 1:
Direct material
$36,000
Conversion costs
$45,000
Costs incurred during May:
Direct material
$186,000
Conversion costs
$255,000



Calculate the cost per equivalent unit for conversion costs.
Points Received:
4 of 4
13.
Question :
(TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost?
Points Received:
4 of 4
Page:
Page:
1.
Question :
(TCO 4) Which of the following will have no effect on the break-even point in units?
Points Received:
4 of 4
2.
Question :
(TCO 4) Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to reach the break-even point?
Points Received:
4 of 4
3.
Question :
(TCO 4) Randy Company produces a single product that is sold for $85 per unit. If variable costs per unit are $26 and fixed costs total $47,500, how many units must Randy sell in order to earn a profit of $100,000?
Points Received:
4 of 4
4.
Question :
(TCO 5) In full costing, when does fixed manufacturing overhead become an expense?
Points Received:
4 of 4
5.
Question :
(TCO 5) Variable costing income is a function of:
Points Received:
4 of 4
6.
Question :
(TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are:
Direct Material per unit
$20
Direct Labor per unit
12
Variable manufacturing overhead per unit
10
Fixed manufacturing overhead per year
$148,500

In addition, the company has fixed selling and administrative costs of $150,000 per year. During the year, Peak produces 45,000 snow blowers and sells 30,000 snow blowers. How much fixed manufacturing overhead is in ending inventory under full costing?
Points Received:
4 of 4
7.
Question :
(TCO 6) Which of the following is not a reason that companies allocate costs?
Points Received:
4 of 4
8.
Question :
(TCO 6) Which of the following statements about cost pools is not
true?
Points Received:
4 of 4
9.
Question :
(TCO 6) The building maintenance department for Jones Manufacturing Company budgets annual costs of $4,200,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. The following data relate to the potential allocation bases:
Production Dept. 1
Production Dept. 2
Square footage
15,000
45,000
Direct labor hours
25,000
50,000


If Jones assigns costs to departments based on square footage, how much total costs will be allocated to Production Department 1?
Points Received:
4 of 4
10.
Question :
(TCO 7) A company is currently making a necessary component in house (the company is producing the component for its own use). The company has received an offer to buy the component from an outside supplier. A machine is being rented to make the component. If the company were to buy the component, the machine would no longer be rented. The rent on the machine, in relation to the decision to make or buy the component, is:
Points Received:
4 of 4
11.
Question :
(TCO 7) Ricket Company has 1,500 obsolete calculators that are carried in inventory at a cost of $13,200. If these calculators are upgraded at a cost of $9,500, they could be sold for $22,500. Alternatively, the calculators could be sold "as is" for $9,000. What is the net advantage or disadvantage of reworking the calculators?
Points Received:
4 of 4
12.
Question :
(TCO 7) YXZ Company’s market for the Model 55 has changed significantly, and YXZ has had to drop the price per unit from $275 to $135. There are some units in the work in process inventory that have costs of $160 per unit associated with them. YXZ could sell these units in their current state for $100 each. It will cost YXZ $10 per unit to complete these units so that they can be sold for $135 each.

When the incremental revenues and expenses are analyzed, what is the financial impact?
Points Received:
4 of 4
1.
Question :
(TCO 3) What are transferred-in costs? Which departments will never have transferred-in costs?
Points Received:
20 of 20
right
2.
Question :
(TCO 7) Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company's retail floor space. The president of Computer Boutique is trying to decide whether the company should continue offering furniture or just concentrate on computer equipment. If furniture is dropped, salaries and other direct fixed costs can be avoided. In addition, sales of computer equipment can increase by 13%. Allocated fixed costs are assigned based on relative sales.
Computer
Home Office
Equipment
Furniture
Total
Sales
$1,200,000
$800,000
$2,000,000
Less cost of goods sold
700,000
500,000
1,200,000
Contribution margin
500,000
300,000
800,000
Less direct fixed costs:
Salaries
175,000
175,000
350,000
Other
60,000
60,000
120,000
Less allocated fixed costs:
Rent
14,118
9,882
24,000
Insurance
3,529
2,471
6,000
Cleaning
4,117
2,883
7,000
President's salary
76,470
53,350
130,000
Other
7,058
4,942
12,000
Total costs
340,292
380,708
649,000
Net Income
$159,708
($ 8,708)
$151,000


Prepare an incremental analysis to determine the incremental effect on profit of discontinuing the furniture line.
Points Received:
25 of 25
on target!
3.
Question :
(TCO 4) The following monthly data are available for RedEx, which produces only one product that it sells for $84 each. Its unit variable costs are $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600 units.

(a) How much is the breakeven point in sales dollars for RedEx?
(b) How many units must RedEx sell in order to earn a profit of $24,640?
(c) A new employee suggests that RedEx sponsor a company softball team as a form of advertising. The cost to sponsor the team is $1,792. How many more units must be sold to cover this cost?
Points Received:
25 of 25

 

ACCT 346 Week 4 Midterm - 3

1. (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (Points : 4)
2. (TCO 1) Which of the following costs does not change when the level of business activity changes? (Points : 4)
3. (TCO 1) A retailer purchased some trendy clothes that have gone out of style and must be marked down to 40% of the original selling price in order to be sold. Which of the following is a sunk cost in this situation? (Points : 4)
4. (TCO 1) 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. Which is the budgeted fixed cost per unit? (Points : 4)
5. (TCO 1) Which of the following costs is not part of manufacturing overhead? (Points : 4)
6. (TCO 1) Product costs (Points : 4)
7. (TCO 1) If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost of goods sold? (Points : 4)
8. (TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows.
9. (TCO 2) During 2011, Magus Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000, and actual overhead was $1,700,000.
What is the amount of under- or overapplied overhead for the year? (Points : 4)
10. (TCO 3) Which of the following describes the differences between job-order and process costing? (Points : 4)
11. (TCO 3) Caliente Company uses process costing. At the beginning of the month, there were 3,000 units in process, 70% complete with respect to material and 60% complete with respect to conversion costs. 20,000 units were started during the month and 20,000 units were completed. The units in ending Work In Process Inventory were 90% complete with respect to material and 30% complete with respect to conversion costs. How many equivalent units will be used in calculating the cost per unit for materials? (Points : 4)
12. (TCO 3) Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows.

Work in process, May 1:
Direct material $36,000
Conversion costs $45,000

Costs incurred during May:
Direct material $186,000
Conversion costs $255,000
Calculate the cost per equivalent unit for conversion costs. (Points : 4)
13. (TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. Which is the estimated total monthly fixed cost? (Points : 4)
14. (TCO 4) The three elements of the profit margin are (Points : 4)
15. (TCO 4) Allen Company sells homework machines for $100 each. Variable costs per unit are $75 and total fixed costs are $62,000. Allen is considering the purchase of new equipment that would increase fixed costs to $84,000 but decrease the variable costs per unit to $60. At that level, Allen Company expects to sell 3,000 units next year. Which is Allen’s break-even point in units if it purchases the new equipment? (Points : 4)
16. (TCO 4) The president of Jackson Corporation will not receive a bonus next year unless the company’s profits are at least $435,000. Jackson sells a single product at a price of $27 per unit. If variable costs are $12 per unit and fixed costs total $150,000, which amount of sales must Jackson generate in order for the president to receive a bonus? (Points : 4)
17. (TCO 5) Which of the following is treated differently in full costing than in variable costing? (Points : 4)
18. (TCO 5) Which of the following items appears on a variable costing income statement but not on a full costing income statement? (Points : 4)
19. (TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are as follows.

Direct material per unit: $20
Direct labor per unit: 12
Variable manufacturing overhead per unit: 10
Fixed manufacturing overhead per year: $148,500

In addition, the company has fixed selling and administrative costs of $150,000 per year.
During the year, Peak produces 45,000 snow blowers and sells 30,000 snow blowers. How much is cost of goods sold, using full costing?
20. (TCO 6) Costs may be allocated to (Points : 4)
21. (TCO 5) An allocation base (Points : 4)
22. (TCO 6) Sierra Company allocates the estimated $200,000 of its accounting department costs to its production and sales departments, because the accounting department supports the other two departments, particularly with regard to payroll and accounts payable functions. The costs will be allocated based on the number of employees using the direct method. Information regarding costs and employees follows.
23. (TCO 7) A company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to finish the goods and sell them as complete units. Which of the following is not relevant to the decision? (Points : 4)
24. (TCO 7) BigByte Company has 12 obsolete computers that are carried in inventory at a cost of $13,200. If these computers are upgraded at a cost of $7,500, they could be sold for $15,300. Alternatively, the computers could be sold as is for $9,000. Which is the net advantage or disadvantage of reworking the computers?
25. (TCO 7) YXZ Company’s market for the Model 55 has changed significantly, and YXZ has had to drop the price per unit from $275 to $135. There are some units in the Work In Process Inventory that have costs of $160 per unit associated with them. YXZ could sell these units in their current state for $100 each. It will cost YXZ $10 per unit to complete these units so that they can be sold for $135 each
26. (TCO 3) Describe a process costing system, including the types of companies that commonly use this system. How can process costing information be used in incremental analysis? (Points : 20)
27. (TCO 7) Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company's retail floor space. The president of Computer Boutique is trying to decide whether the company should continue offering furniture or just concentrate on computer equipment. If furniture is dropped, salaries and other direct fixed costs can be avoided. In addition, sales of computer equipment can increase by 13%. Allocated fixed costs are assigned based on relative sales
28. (TCO 4) Savadyne Inc. produces flash drives. The selling price is $8 per drive. The variable cost of production is $2.40 per unit, and the fixed cost per month is $3,600.
(a) Calculate the contribution margin associated with each flash drive.
(b) In August, the company sold 200 more flash drives than planned. What is the expected effect on profit of selling the additional drives?
(c) Calculate the contribution margin ratio associated with one flash drive.
(d) In October, the company had sales that were $2,400 higher than planned. What is the expected effect on profit related to the additional sales? (Points : 25)

ACCT-346 Managerial Accounting - Devry - All 7 Weeks Discussions

w1 dq1 Ethics and Ethical Behavior
w1 dq2 Managerial and Financial Accounting
w2 dq1 Job Order Costing
w2 dq2 Process Costing
w3 dq1 Cost-Volume-Profit Analysis
w3 dq2 Variable Costing and Full Costing
w4 dq1 Activity Based Costing
w4 dq2 Incremental Cost Analysis
w5 dq1 Pricing Techniques
w5 dq2 Capital Budgeting Techniques
w6 dq1 Budgeting
w6 dq2 Standard Costs and Variance Analysis
w7 dq1 Responsibility Centers

ACCT-346 Managerial Accounting - Week 8 Final Exam

1.
Question :
(TCO 1) The principle managers follow when they only investigate significant departures from the plan is commonly known as
Points Received:
4 of 4
2.
Question :
(TCO 1) Which of the following is not likely to be a fixed cost?
Points Received:
4 of 4
3.
Question :
(TCO 2) Which of the following is not a manufacturing cost?
Points Received:
4 of 4
4.
Question :
(TCO 2) An allocation base is
Points Received:
4 of 4
5.
Question :
(TCO 3) Equivalent units are calculated by
Points Received:
4 of 4
6.
Question :
(TCO 3) In the assembly department, all the direct materials are added at the beginning of the processing. Beginning Work in Process inventory consists of 2,000 units with a direct materials cost of $31,860. During the period, 15,000 units are started and direct materials costing $250,000 are charged to the department. If there are 1,000 units in ending inventory, what is the cost per equivalent unit?
Points Received:
4 of 4
7.
Question :
(TCO 4) Regression analysis
Points Received:
4 of 4
8.
Question :
(TCO 4) The number of units that must be sold to exactly cover its fixed and variable costs is the
Points Received:
4 of 4
9.
Question :
(TCO 5) Which of the following is treated as a product cost in variable costing?
Points Received:
4 of 4
10.
Question :
(TCO 5) If the number of units sold is less than the number of units produced
Points Received:
4 of 4
11.
Question :
(TCO 6) A contract which specifies that the suppler will be paid for the cost of production as well as some fixed amount or percentage of cost is called a(n)
Points Received:
4 of 4
12.
Question :
(TCO 6) Which of the following is not generally true when a company compares ABC and traditional costing?
Points Received:
4 of 4
13.
Question :
(TCO 7) Fixed costs that will be eliminated if a particular course of action is undertaken are called
Points Received:
4 of 4
Page:
1.
Question :
(TCO 7) Common costs
Points Received:
4 of 4
2.
Question :
(TCO 8) Target costing
Points Received:
4 of 4
3.
Question :
(TCO 8) Which of the following are relevant in deciding whether to accept or reject a special order?
Points Received:
4 of 4
4.
Question :
(TCO 9) Present value techniques
Points Received:
4 of 4
5.
Question :
(TCO 9) The internal rate of return
Points Received:
4 of 4
6.
Question :
(TCO 10) A method of budget preparation that requires all budgeted amounts to be justified by the department, even if the amounts were supported in prior periods, is called
Points Received:
4 of 4
7.
Question :
(TCO 10) Which budget is prepared first?
Points Received:
4 of 4
8.
Question :
(TCO 10) The standard cost is
Points Received:
4 of 4
9.
Question :
(TCO 10) In general, an unfavorable material variance arises from
Points Received:
4 of 4
10.
Question :
(TCO 10) The type of center that has responsibility for generating revenue as well as controlling costs is a(n)
Points Received:
4 of 4
11.
Question :
(TCO 10) Responsibility accounting holds managers responsible for
Points Received:
4 of 4
12.
Question :
(TCO 10) Which ratio measures the rate earned on total capital provided by the owners?
Points Received:
4 of 4
Page:
1.
Question :
(TCO 1) Distinguish managerial accounting from financial accounting. Include a brief discussion of the differences in the types of information provided to users as well as the differences of the users of the accounting information.
Points Received:
20 of 20
2.
Question :
(TCO 6) Booth Financial Services, LLC has two revenue producing departments, Financial Planning and Business Consulting. The accounting department is trying to determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel, etc), either by salary or number of employees. Information on the revenue departments are as follows:
Department
Employees
Salaries
Financial Planning
150 employees
$10,000,000
Business Consulting
50 employees
$5,000,000



(a) Allocate the $1,000,000 common costs to the two revenue departments using both methods.
(b) Why are allocations called arbitrary?
Points Received:
25 of 25
3.
Question :
(TCO 10) Charlie Corp sells it products on both credit and cash basis. Monthly sales are sold 20% for cash, 80% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows: 


January $100,000
February $150,000
March $125,000


Compute cash collections for February.
Points Received:
25 of 25
4.
Question :
(TCO 2) Acme Fireworks uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $1,000,000 and direct labor hours are budgeted at 200,000 hours. Actual hours worked were 195,000 and actual overhead was $978,000. 


(a) Compute the predetermined manufacturing overhead rate.
(b) Compute the applied manufacturing overhead.
(c) Compute the amount of over/under applied manufacturing overhead.
Points Received:
25 of 25
Page:
1 2 3 4
1.
Question :
(TCO 9) An investment of $185,575 is expected to generate returns of $65,000 per year for each of the next four years. What is the investment's internal rate of return?
Points Received:
25 of 25
2.
Question :
(TCO 4) Legal Docs Inc is a legal services firm that files incorporation papers for small businesses. They charge $1,000 per application. This year's income statement shows the following: 


Sales $1,295,000
Variable Expenses $1,023,000
Contribution margin $272,000
Fixed costs $250,000
Profit $22,000


Required:
(a) Compute the break-even point in units.
(b) Compute the contribution margin ratio.
(c) Compute the current margin of safety.
(d) How many applications must the company sell to make a profit of $350,000?
Points Received:
25 of 25
3.
Question :
(TCO 5) The following data has been taken from Air-Tite company in its first year of business. 


Units produced 100,000
Units sold 80,000
Units in ending inventory 20,000
Fixed manufacturing overhead $400,000


(a) Compute the amount of fixed manufacturing overhead that would be expensed in the current year if full absorption costing is used.
(b) Compute the amount of fixed manufacturing overhead that would be expensed in the current year if variable costing is used.
(c) Compute the amount of fixed manufacturing overhead that would be included in ending inventory under full absorption costing.
Points Received:
25 of 25

ACCT 346 Week 8 Final 2

1. (TCO 1) Who are the users of managerial accounting information? How does their use of accounting information differ from the users of financial accounting information? (Points : 15)
2. (TCO 2) What is direct labor cost? What is an example of a direct labor cost? (Points : 15)
3. (TCO 3) What is the difference between job order and process costing? (Points : 15)
4. (TCO 4) What is a fixed cost? What is an example of a fixed cost? (Points : 15)
Page 2
1. (TCO 5) What is full costing? How does it differ from variable costing? (Points : 15)
2. (TCO 6) What is the third step in the cost allocation process? Give an example of this step. (Points : 15)
3. (TCO 7) What is incremental analysis? What costs are relevant in incremental analysis? (Points : 15)
4. (TCO 8) What is activity-based pricing? How is the price determined? (Points : 15)
Page 3

1. (TCO 6) Name the steps in the ABC approach. Describe each of them. Which do you think is the most important step? Why? (Points : 30)
2. (TCO 7) Products Alpha and Beta are joint products. The joint production cost of the products is $800. Alpha has a market value of $400 at the split-off point. If Alpha is further processed at an additional cost of $600, its market value is $1,400. Product Beta has a market value of $1,200 at the split-off point. If Product Beta is further processed at an additional cost of $300, its market value is $1,400. Using the relative sales value method, calculate the joint product cost that would be allocated to Alpha and Beta. How do you know if one of the products should be further processed? (Points : 30)
3. (TCO 8) A company must incur annual fixed costs of $4,000,000 and variable costs of $400 per unit and estimates that it can sell 40,000 pumps annually and marks up cost by 30 percent. Using cost-plus pricing, what is the cost per unit and the price? What are advantages and disadvantages of cost-plus pricing? (Points : 30)
Page 4
1. (TCO 9) A project will require an initial investment of $400,000 and will return $100,000 each year for six years. If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the company proceed with the project? (Points : 30)
2. (TCO 10) Why does a company perform ratio analysis? What are the debt-related ratios? Describe the formula for one debt-related ratio and explain how to interpret the ratio. (Points : 30
ACCT 346 COMPLETE COURSE ACCT346 COMPLETE COURSE
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