Managerial Accounting Quiz 1 Essay

Chapters 1 and 210 Points1. manage the answer sheet below by placing an X under each headspring that identifies the appeal involved. The Xs can be set under more than one trend for a single make up. (5 Points)Variable greetFixed personify shoot veridicals signal LaborManufacturing Overhead stoppage addressMaterials beXXProduction line movementers wagesXXProduction Equipment rentalXXFactory Building depreciationXXAdvertising constitutesXX2. A partial derivative listing of costs incurred at use up Corporation during August appears belowPurchases of rude(prenominal) materials $ 135,000 reckon labor 73,000Factory Utilities. 11,000 gross sales Commissions 69,000 Administrative Salaries.. 101,000 indirect Labor 89,000 depreciation of Production Equipment. 18,000 Indirect Materials 10,000 Depreciation of region Copy Machine.. 5,000 naked as a jaybird materials scroll, low gear 97,000Raw materials inventory, ending 84,000 deform in accomplish inventory, beginning 39, 000Work in process inventory, ending 52,000Finished goods inventory, beginning 106,000Finished goods inventory, ending 71,000a. Prepare a Schedule of Cost of Goods Manufactured in good form. (3 Points)Direct MaterialsBeginning naked as a jaybird materials inventory $97,000Add Purchase of bare-assed materials 135,000 Raw materials available for use 232,000 piss out stopping point raw materials inventory 84,000Raw materials used in issue $148,000Direct Labor 73,000Manufacturing Overhead 118,000Total manufacturing cost 339,000Add Beginning work in process inventory 39,000378,000 start Ending work in process inventory 52,000Cost of goods manufactured $326,000b. Compute the Cost of Goods Sold. (2 Points)Finished goods inventory, beginning$106,000Add Cost of goods manufactured 326,000Goods available for sale 432,000Deduct Finished goods inventory, ending 71,000Cost of goods exchange $361,000Managerial Acctg Quiz 2 lead 2012 NAME__ _______________________Chapters 3 and 410 Points1. Pence familiarity is a manufacturing firm that uses job-order costing. Thecompany applies smash to jobs using a predetermined smash cast based on apparatus-hours. At the beginning of the family, the company estimated that it would work 44,000 machine hours and would incur $176,000 in manufacturing crash cost. During the year the following actual costs and hours were incurred crinkle A trade B Job C Job D Direct Materials$ 135,000 $ 129,000 $ 98,000 $ 103,000 Direct Labor $ 80,000 $ 85,000 $ 63,000 $ 68,000 Machine Hours 12,000 13,000 8,000 14,000 reckon of Units 50 35 60Indirect Materials used $ 34,000Indirect Labor $ 63,000merchandising cost $134,000Factory Utility Costs $ 14,000Factory Depreciation $114,000Administrative Salaries $157,000 essential (5 points)a. Compute the predetermined overhead rate176000/44000= 4.00b. Compute the nitty-gritty of overhead apply to each job.A.12000*4= 48000 B. 13000*4= 52000 C. 8000*4= 32000 D. 14000*4= 56000c. Assuming that Jobs A, B, and D were correct during the year, compute the total cost aerated to each job and the unit cost of the product produced.A.5660B.8543D. 3983d. Compute the balance in Work In Process at the end of the year. 161,000e. Compute the amount of overhead under or overapplied.176000-161000= 15000f. Assuming the amount is not material, write the journal admittance required to close the manufacturing overhead broadsheet at the end of the year. Work in Process 161,000Manufacturing Overhead161,0002. Elton Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in discussion section M. novelty costs were 75% apprehend with respect to the 4,000 units in work in process at May 1 and 50% write out with respect to the 6,000 units in work in process at May 31. During May, 12,000 units were completed and transferred to the next department. An psychoanalysis of the costs relating to work in process at May 1 and to mercha ndise activity for May followsMaterials transmutationWork in process 5/1$26,200$19,370Costs added during May$26,900$29,380Requiredvictimization the weighted-average method, determine the Equivalent Units of Production for Materials and change Costs, the Cost per Equivalent Unitfor Material and Conversion Cost, and the total product cost per Equivalent Unit. (5 Points)Equivalent units of takeMaterials Conversion Transferred to next department.. 12,000 12,000 Ending work in process (materials 6,000 units 100% complete conversion 6,000 units 50% complete).. 6,000 3,000 Equivalent units of production 18,000 15,000 Cost per Equivalent UnitMaterials Conversion TotalCost of beginning work in process.. 26,200 19,370 Cost added during the consummation.. 26,900 29,380 Total cost (a) 53,100 48,750 Equivalent units of production (b) 18,000 15,000 Cost per equivalent unit, (a) (b). 2.95 3.25 Total $6.20