ACCT 344

Week 6 Homework 1 Question The following information is used for Luckys Incs monthly master budget……………….. · Sales are 25% cash and 75% on credit. All credit sales are collected in the following month. There are no bad debts. · Gross margin percentage is 60% of sales. · The desired ending inventory is expected to be 20% of the following month's cost of goods sold. One fifth

9 Other / Other strayer university / ACCT 344 16 Oct 2015

ACCT 344 Week 5 Homework 1 Question Bubble Corporation manufactures two products I and II from a joint process A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for Product I is $20 and for Product II is $15. Required: a. Allocate joint production costs to each

9 Other / Other strayer university / ACCT 344 16 Oct 2015

ACCT 344 Week 3 Homework 1 Question Alliance Company manufactures two products (brushes and combs). The overhead costs have been divided into four cost pools that use the following activity drivers………………….. a. Compute the allocation rates for each of the activity drivers listed. b. Allocate the overhead costs to Products S and T using activity-based costing c. Compute the overhead rate using machine h

9 Other / Other strayer university / ACCT 344 16 Oct 2015

ACCT 344 Week 2 Homework 1 Questions Kali Manufacturing Inc began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the we

9 Other / Other strayer university / ACCT 344 16 Oct 2015

ACCT 344 Week 1 Homework 1 Question Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred f

9 Other / Other strayer university / ACCT 344 16 Oct 2015

ACCT 344 Week 6 Quiz 1 Question TCO 5 Which is NOT a component of the master budget 2. Question: (TCO 5) The budgets that are comprehensive financial plans made up of various individual departmental and activity budgets are the........... 3. Question: (TCO 5) The budget committee 4. Question: (TCO 5) Which is a financial budget? 5. Question: (TCO 5) When budgets are used for control, 6. Question: (TCO 5) Flexible budgets do NOT provide 7.

8 Other / Other strayer university / ACCT 344 16 Oct 2015

ACCT 344 Week 3 Quiz 1 Question TCO 8 A predetermined overhead rate is calculated using which formula? 2. Question: (TCO 8) All of the following are unit-based activity drivers EXCEPT 3. Question: (TCO 8) A department that is capital intensive most likely would use a predetermined departmental overhead rate based on which activity base? 4. Question: (TCO 8) Star Inc. uses a job-order costing system to account for product costs. The following

8 Other / Other strayer university / ACCT 344 16 Oct 2015

ACCT 344 Week 2 Quiz 1 Question TCO 3 The appropriate cost accounting system to use when inventory items are produced on an assembly line is 2. Question: (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in 3. Question: (TCO 3) “Equivalent units” expresses all activity of the period in terms of 4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data were provided

8 Other / Other strayer university / ACCT 344 16 Oct 2015

ACCT 344 Week 1 Quiz 1 Question TCO 2 Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object? 2. Question: (TCO 2) Which cost is an example of product costs? 3. Question: (TCO 2) Period costs do not include 4. Question: (TCO 2) Based on the following information, which are the conversion costs? Beginning work-in-process inventory $160,000 Ending

8 Other / Other strayer university / ACCT 344 16 Oct 2015