ACC 349 Week 1 Assignment Help

ACC 349 Week 1 Assignment Help | University Of Phoenix 

1.  Segregation of duties 

(A) is a preventive control

(B) is a detective control

(C) separates responsibilities for authorizing transactions, recording transactions, and maintaining custody of the related assets

(D) A & C

2.

The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed:

Costs incurred:  

    Direct labor cost $ 85,000  

    Purchases of raw materials $ 133,000  

    Manufacturing overhead $ 209,000  

    Advertising expense $ 50,000  

    Sales salaries $ 107,000  

    Depreciation, office equipment $ 228,000  

________________________________________

       Beginning  of the Year                  End of the Year 

  Inventories:  

    Raw materials $ 8,700 $ 10,700  

    Work in process $ 5,500 $ 20,400  

    Finished goods $ 73,000 $ 25,700  

________________________________________

Required:

(1.) Prepare a schedule of cost of goods manufactured.

(2.) Prepare the cost of goods sold section of Mason Company’s income statement for the year.

(3.)

Arden Company reported the following costs and expenses for the most recent month:

  Direct materials $ 75,000  

  Direct labor $ 37,000  

  Manufacturing overhead $ 15,000  

  Selling expenses $ 18,000  

  Administrative expenses $ 30,000  

________________________________________

(1.)What is the total amount of product costs?

(2.) What is the total amount of period costs?

(3.) What is the total amount of conversion costs?

(4.) What is the total amount of prime costs?

4.

Mickley Company’s predetermined overhead rate is $19.00 per direct labor-hour and its direct labor wage rate is $14.00 per hour. The following information pertains to Job A-500:

  Direct materials $260  

  Direct labor $140  

________________________________________

Required:

(1.) What is the total manufacturing cost assigned to Job A-500?

(2.) If Job A-500 consists of 60 units, what is the average cost assigned to each unit included in the job? 

5.

Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow:

  Percent Complete

  Units Materials Conversion

  Work in process inventory, May 1 64,000  75 % 40 %  

  Work in process inventory, May 31 44,000  50 % 25 %  

  Materials cost in work in process inventory, May 1 $ 52,400   

  Conversion cost in work in process inventory, May 1 $ 15,100   

  Units started into production 252,000   

  Units transferred to the next production department 272,000   

  Materials cost added during May $ 356,260   

  Conversion cost added during May $ 216,960   

________________________________________ 

Required:

(1.) Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for May for the first process.

(2.)Compute the costs per equivalent unit for May for the first process. (Round your answers to 2 decimal places.)

(3.) Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in May. (Round your intermediate calculations to 2 decimal places.)

6.

Managerial Accounting helps managers perform

• Planning

• Controlling

• Decision-making

• All of the above

7.

Managerial Accounting creates reports for managers within the organization while financial accounting creates reports outside the organization.

True

False

8.

IMA Statement of Ethical Professional Practice includes which of the following standards?

• Competence

• Confidentiality

• Integrity

• Honesty