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1. Identify whether each of the items below is a Product Cost or Period Cost: (1/2 point
each, total 5 points)
Factory insurance Product
Interest on bank loan
Eggs, salt, water used for baking
Depreciation on bake ovens
Paper wrappers for bread
Delivery truck costs
Advertising costs
Factory supervisor salaries
Sales Commissions
Flour used in baking bread
2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point
each, total 5 points)
Factory insurance Indirect
Bakers wages
Eggs used for baking
Depreciation on bake ovens
Paper wrappers for bread
Cleaning materials for bake ovens
1. Depreciation on forklifts
$60 $60
2. Property tax on corporate marketing office $30
3. Cost of warranty repairs .
$220
4. Factory janitors wages ..
$10
5. Cost of designing new plant layout . $190
6. Machine operators health insurance . $40
7. Airplane seats .
$270
8. Depreciation on administrative offices .. $70
9. Assembly workers wages .
$670
10. Plant utilities
$110
11. Production supervisors salaries .
$160
12. Jet engines
$1,100
13. Machine lubricants
$20
Then, answer the below questions:
4b. How much are total manufacturing overhead costs? (5 points)
4c. How much are total inventoriable product costs? (5 points)
4d. How much are total prime costs? (5 points)
4e. How much are total conversion costs? (5 points)
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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?
week 3
<pclass=msonormal>ACCT34
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1. Palmers Gourmet Chocolates produces and sells assorted boxed chocolates. The
unit selling price is $50, unit variable costs are $25, and total fixed costs are $2,000.
1a. How many boxes of chocolates must Palmers 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, and variable
selling costs, $2.
2a. List the relevant costs.
2b. What will be the change 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 Cameras and Video Recorders. The companys
product line income statement follows:
Camera Video Recorder Total
Sales revenue $3,00,000 $1,00,000 $4,00,000
Cost of goods sold
Variable $75,000 $49,000 $1,24,000
Fixed $82,000 $28,000 $1,10,000
Total cost of goods sold $1,57,000 $77,000 $2,34,000
Gross profit $1,43,000 $23,000 $1,66,000
Marketing and administrative expenses
2. Madden Corporation manufactures t-shirts, which is its only product. The standards
for t-shirts are as follows:
Standard direct labor cost per hour $17
Standard direct labor hours per t-shirt 0.6
During the month of January, the company produced 1,250 t-shirts. Related production data
for the month is as follows:
Actual direct labor hours 770
Actual direct labor cost incurred $13,000
2a. What is the direct labor rate variance for the month? Is it favorable or unfavorable?
2b. What is the direct labor efficiency variance for the month? Is it favorable or unfavorable?
ty
ACCT346 Weekly Assignment
Week 4
Directions: Your assignment this week is to answer the question below which has four parts.
Please show your work for full credit and use the boxes provided. Please add more rows or
columns to the box if needed.
1. 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
credit with all accounts receivables collected in the month following the sale. Cost of
goods sold is 75% of sales and ending inventory is maintained at $60,000 plus 10%
of the following months cost of goods sold. All inventory purchases are paid 22% in
the month of purchase and 78% in the following month.
What are the cash collections budgeted for June?
2. Madden Corporation manufactures t-shirts, which is its only product. The standards
for t-shirts are as follows:
Standard direct labor cost per hour $17
Standard direct labor hours per t-shirt 0.6
During the month of January, the company produced 1,250 t-shirts. Related production data
for the month is as follows:
Actual direct labor hours 770
Actual direct labor cost incurred $13,000
2a. What is the direct labor rate variance for the month? Is it favorable or unfavorable?
2b. What is the direct labor efficiency variance for the month? Is it favorable or unfavorable?
week 7
<pclass=msonormal>DeVry University
ACCT346 Weekly Assignment
Week 7
Directions: Your assignment this week is to answer the four questions below. Please note
that Question #1 has 2 parts, Part A and Part B. Please show your work for full credit and
use the box provided. Please add more rows or columns to the box if needed.
If Maersk requires a 6% return, what is the net present value (NPV) of this project? (Use
present value tables or Excel.)
4. Hincapie Manufacturing is evaluating investing in a new metal stamping machine
costing $30,924. Hincapie estimates that it will realize $12,000 in annual cash
inflows for each year of the machines 3-year useful life.
Approximately, what is the the internal rate of return (IRR) for the machine? (Use present
value tables or Excel.)