devry acct346 all 5 week assignments [ week 1 to week 5 ]

devry acct346 all 5 week assignments [ week 1 to week 5 ]

Question # 00031326 Posted By: steve_jobs Updated on: 11/09/2014 11:59 PM Due on: 12/12/2014
Subject Accounting Topic Accounting Tutorials:
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DeVry University
ACCT346 Weekly Assignment
Week1
Directions:Forthisassignment,assumethatwe'reanalyzingalargefactoryoperationthatproducesandmarketsfinebakedgoodstomanysupermarketchains.Your
assignmentthisweekistoinsertalloftheanswersintheemptycellsbelow,andnotethatafewitemshavealreadybeenfilledinjusttogetyoustartedoneachsection.

1. Identify whether each of the items below is a Product Cost or Period Cost: (1/2 point each, total 5 points)
Factory insurance
Company president's salary
Eggs, salt, water used for baking
Depreciation expense on bake ovens
Paper wrappers for bread
Factory lease
Advertising costs
Factory supervisor salaries
Sales commissions
Flour used in baking bread

Product

2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points)
Factory insurance
Baker's wages
Eggs used for baking
Depreciation expense on bake ovens
Paper wrappers for bread
Cleaning materials for bake ovens
Utilities used in factory
Factory supervisor salaries
Lubricant for factory equipment
Flour used in baking bread

Indirect

3. Identify whether each of the items below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points)
Shipping costs for bread
Cost of fuel for delivery truck fleet
Factory rent
Factory insurance
Maintenance on delivery trucks
Sales commissions
Wages paid to part-time (hourly) baker's assistant
Oven depreciation
Cost of fruit for cake topping
Factory utilities
Question 4 General Instructions: For this baking operation, you'll
need to first classify each expense below as direct material, direct
labor, indirect material, indirect labor, other manufacturing overhead
or period cost, and then answer the calculation questions in Parts 4b
- 4e.

Variable

4a. Amounts given below are in thousands of dollars. For this
section you will need to classify each cost. HINT: Simply take the
dollar amount shown for each item below and copy it into the
correct cell under the appropriate cost category column...three
items have already been completed for you. (5 points total)
Direct
Material

a. Depreciation expense on factory forklifts ....................................................................
$60
b. Property tax on corporate marketing office ............................................. $30
c. Company president's salary .....,,...............................................
$220
d. Factory janitor wages .............................................................................
$10
e. Accounting department salaries ..............................................
$190
f. Bakers health insurance .......................................................
$40
g. Assorted baking ingredients.....................................................
$270
h. Depreciation expense on administrative office equipment......
$70
i. Bakers wages .........................................................................
$670
j. Factory utilities ........................................................................
$110
k. Production supervisors salaries ..............................................
$160
l. Flour ........................................................................................
$1,100
m. Factory equipment lubricants .................................................
$20
Using the dollar values provided in the table directly above, for
Questions 4b - 4e below please show your complete calculations
along with each answer. (HINT: First total each column above.)
4b. How much are total manufacturing overhead costs? (5 points)
4c. How much are total product costs? (5 points)
4d. How much are total prime costs? (5 points)
4e. How much are total conversion costs? (5 points)

Direct
Labor

Indirect
Material

Indirect
Labor

Other
Manufacturing
Overhead
$60

$40

$160

Period
Cost




DeVry University

ACCT346 Weekly Assignment

Week 2

Directions: Complete the three questions below and please be sure to show all of your calculation work along with the final answers in the box provided for each question. Also note that Question #3 has TWO parts, Part A and Part B. To give yourself more room to insert your calculations and answers, you may need to add more rows or columns to the boxes below.

1. Biltz Company uses a predetermined manufacturing overhead rate based on direct labor hours to allocate (apply) manufacturing overhead costs to jobs. During the year, the company actually incurred total manufacturing overhead costs of $582,000 and 135,000 direct labor hours were worked. The company originally estimated that it would incur $525,000 of manufacturing overhead during the year and that 150,000 direct labor hours would be worked.

How much was manufacturing overhead over-allocated (over-applied) or under-allocated (under-applied) for the year?

2. The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company:

Work-in-process (WIP) inventory $0

Raw materials inventory $28,000

Finished goods inventory $40,000

Additional data:

1) Actual manufacturing overhead for January amounted to $62,000.

2) Total direct labor cost for January was $63,000.

3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs.

4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000.

5) Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January.

6) January 31 balance in raw materials inventory was $35,000.

7) Finished goods inventory balance on January 31 was $34,500.

What is the cost of goods manufactured for January? Show your work for full credit.

3. Vintage Fun reproduces old-fashioned style roller skates and skateboards. The annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. The company has traditionally used direct labor hours to allocate its overhead to products. Roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. The total estimated overhead for the period is $114,300. The company is looking at the possibility of changing to an activity-based costing system for its products. If the company used an activity-based costing system, it would have the following three activity cost pools:

3a. What is the predetermined overhead allocation rate using the traditional costing system?

3b. What is the overhead cost per skateboard using an activity-based costing system?







DeVry University

ACCT346 Weekly Assignment

Week 3

Directions: Please answer all questions below and be sure to show all of your calculation work in the boxes provided in order to earn full credit. Note that Question #2 has 2 parts, Part A and Part B. If you need more room for your answers, just add more rows or columns to the boxes, if needed.

1. Beginning WIP inventory is 15,500 units, 75% complete for materials. During the month, 90,000 units were started; 87,000 were finished and ending WIP was 18,500 units that were 50% complete for materials.

How many equivalent units should be used to allocate costs for materials? Or in other words, what are the total equivalent units of production with respect to materials? (Assume that the weighted average method is used, not FIFO.)

2. During a period, 38,200 units were completed and 4,200 units were in ending WIP inventory. Ending WIP was 75% complete for direct materials and 50% complete for conversion costs.

2a. What are the total equivalent units for direct materials?

2b. What are the total equivalent units for conversion costs?




DeVry University

ACCT346 Weekly Assignment

Week 4

Directions: Your assignment this week requires you to answer a four-part problem (Parts A - D) using the company data provided below. As always, please show your work for full credit and use the boxes provided for each answer. If you need more room in an answer box, just add more rows or columns to the box.

MountainAir Company has the following selected data for the past year:

Units sold during year 30,000

Units produced during year 45,000

Units in ending inventory 15,000

Variable manufacturing cost per unit $4.50

Fixed manufacturing overhead (in total) $20,250

Selling price per unit $12.00

Variable selling and administrative expense per unit $1.00

Fixed selling and administrative expenses (in total) $4,000

There were no units in beginning inventory.

Required:

a. Prepare an income statement for last year using absorption (full) costing.

b. Calculate the total value of the ending inventory using absorption (full) costing.

c. Prepare an income statement for last year using variable costing (i.e., contribution margin income statement).

d. Calculate the total value of the ending inventory using variable costing.










DeVry University

ACCT346 Weekly Assignment

Week 5

Directions: Please note that Question #1 has two parts and Question #2 has three parts. Be sure to show your work for full credit and use the boxes provided. Please add more rows or columns to a box if more room is needed.

1. Palmer's Gourmet Chocolates produces and sells assorted boxed chocolates. The unit selling price is $50 per box, unit variable costs are $25 per box, and total fixed costs for the company are $2,000.

1a. How many boxes of chocolates must Palmer's Gourmet Chocolates sell to breakeven?

1b. What are breakeven sales in dollars?

2. Extreme Sports received a special order for 1,000 units of its extreme motorbike at a selling price of $250 per motorbike. Extreme Sports has enough extra capacity to accept the order. No additional selling costs will be incurred. Unit costs to make and sell this product are as follows: direct materials, $100; direct labor, $50; variable manufacturing overhead, $14; fixed manufacturing overhead, $10.

2a. List the relevant costs for the decision of whether or not to accept the special order.

2b. What will be the change (difference) in operating income if Extreme Sports accepts the special order?

2c. Should Extreme Sports accept the special order? Why or why not?

3. Totally Technology manufactures two product lines: Cameras and Video Recorders. The company's product line income statement follows:

Camera Video Recorder Total

Sales revenue $300,000 $100,000 $400,000

Cost of goods sold

Variable $75,000 $49,000 $124,000

Fixed $82,000 $28,000 $110,000

Total cost of goods sold $157,000 $77,000 $234,000

Gross profit $143,000 $23,000 $166,000

Marketing and administrative expenses

Variable $25,000 $28,000 $53,000

Fixed $32,000 $19,000 $51,000

Total marketing and administrative expenses $57,000 $47,000 $104,000

Operating income (loss) $86,000 (24,000) $62,000

Management is considering discontinuing the Video Recorder product line. Accountants for the company estimate that discontinuing the Video Recorder line will decrease fixed cost of goods sold by $10,000 and fixed marketing and administrative expenses by $4,000.

Prepare an analysis supporting your opinion about whether or not the Video Recorder product line should be discontinued.


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    Tutorial # 00030742 Posted By: steve_jobs Posted on: 11/10/2014 12:00 AM
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