ACCT 346 DeVry

ACCT 346 DEVRY WEEK 8 FINAL EXAM

ACCT 346 DeVry Week 8 Final Exam

ACCT 346 DeVry Week 8 Final Exam (Version 1)

Page 1

Question 1.1. (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following, except: (Points : 5)

Question 2.2. (TCO 6) Which of the following is true about activity-based costing? (Points : 5)

Question 3.3. (TCO 2) In a traditional job order cost system, the issue of direct materials to a production department increases: (Points : 5)

Question 4.4. (TCO 5) A cost driver is defined as: (Points : 5)

Question 5.5. (TCO 8) Wood Co. has considerable excess manufacturing capacity. A special job order’s cost sheet includes the following applied manufacturing overhead costs: Fixed costs: 25,000…….Variable costs: 36,000…………The fixed costs include a normal $4,500 allocation for in-house design costs, although no in-house design will be done. Instead, the job will require the use of external designers costing $9,250. What is the total amount to be included in the calculation to determine the minimum acceptable price for the job? (Points : 5)

Question 6. 6. (TCO 1) How does managerial and financial accounting differ in terms of the amount of detail presented and nonmonetary and monetary information? (Points : 25)

Question 7. 7. (TCO 2) Wolf Co. estimates that its employees will work 500,000 direct labor hours during the coming year. Total overhead costs are estimated to be $9,600,000 and direct labor costs are estimated to be $12,500,000. Direct Labor hours are actually 450,000…………….If Wolf Co. allocates overhead based on direct labor HOURS, what is the predetermined overhead rate? (Points : 25)

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Question 1. 1. (TCO 3) The Mixing Department is the third department in the MZS Inc. factory. During January, there were 4,000 units of beginning inventory in the Mixing Department, and 90,000 units were transferred in from the prior process. There were 8,000 units in ending inventory. The transferred-in cost in the beginning inventory was $170,000 and there was $600,000 in transferred-in cost during the month……….What is the cost per equivalent unit for transferred-in cost? (Points : 25)

Question 2. 2. (TCO 4) Assume that we are manufacturing a product and assume that the sales price per unit is $60 and the variable cost is $20 per unit and the fixed cost is $80,000; a) how many units would we need to sell to break even? b) How many units would we need to sell to earn a profit of $120,000? c) How many units do we need to sell to double that profit to $240,000? D) Why didn’t the number of units double from Part B to Part C? (Points : 25)

Question 3. 3. (TCO 5) Sivan Co. manufactures and sells one product. get more info For the year, they started with no opening inventory; produced 100,000 units, but only sold 70,000 units. The selling price per each unit is $60……………….(a) Prepare the Income Statement using Absorption Costing. (b) Prepare the Income Statement using Variable Costing. (Points : 25)

Question 4. 4. (TCO 6) At Long Co. electricity cost starts with a minimum fixed cost, and after that, there is a perfectly variable expense. Using estimated machine hours:……………..What is the a) estimated variable cost per machine hour and what is the b) estimated TOTAL fixed cost? (Points : 25)

Question 5. 5. (TCO 7) North Company produces a small part that it uses in the production of its Product H. The company’s unit product cost for the part, based on a production of 100,000 parts per year, is as follows:………………..100% of the traceable or avoidable fixed manufacturing cost is supervisor salaries and other costs that can be ELIMINATED if the parts are purchased. The decision to buy the parts from the outside supplier would have no effect on the common fixed costs of the company, and the space being click here used to produce the parts would otherwise be idle. Ignore the impact of income taxes in your calculation…….How much would profits increase or decrease as a result of purchasing the parts from the outside supplier rather than making them inside the company? (Points : 25)

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ACCT 212 DeVry Week 4 Complete Work

ACCT 212 DEVRY WEEK 4 COMPLETE WORK LATEST

ACCT 212 DeVry Week 4 Complete Work Latest

ACCT 212 DeVry Week 4 Discussion 1

A review of the balance sheet of a retailer, such as Wal-Mart, will disclose that in current assets the majority investment is in inventory. With manufacturers, such as Ford, the inventory is spread between three different categories. Let’s start our discussion with some basic inventory questions. How is inventory valued? Which inventory valuation method is most popular and why? What impact on the financial reports can the selection of an inventory valuation method have?

ACCT 212 DeVry Week 4 Discussion 2

Go to Course Home and review the Course Project tab. Continue to use the Course Project template from Doc Sharing. In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project.

Let’s start with Exercise 3-22A and practice developing journal entries to make adjustments. Select one of the six transactions and develop the adjusting journal entry. If you are using an example found in the textbook do mention the page number.

ACCT 212 DeVry Week 4 Checkpoint

Question :

(TCO 4) The cost of the inventory that the business has sold to customers is called

inventory.

cost of goods sold.

purchases.

gross profit.

Question 2. Question :

(TCO 4) The cost of inventory that is still on hand and has not been sold to customers is called

cost of goods sold, an expense that appears on the balance sheet.

inventory, a current asset that appears on the income statement.

inventory, a current asset that appears on the balance sheet.

purchases, an expense that appears on the income statement.

Question 3. Question :

(TCO 4) The inventory system that uses computer software to keep a running record of inventory on hand is the

cost of goods sold inventory system.

periodic inventory system.

perpetual inventory system.

hybrid inventory ACCT 212 system.

Question 4. Question :

(TCO 4) The cost of inventory is the

purchase price.

sum of all the costs incurred to bring the inventory to its intended use.

sum of all the costs incurred to bring the inventory to its intended use, plus any discounts and allowances.

sum of all the costs incurred to bring the inventory to its intended use, less get more info any discounts and allowances.

Question 5. Question :

(TCO 4) ABC Auto Sales sells new Lexus vehicles. ABC will most likely use the _____ method to ACCT 212 DeVry Week 4 Complete Work cost its ending inventory.

first-in, first-out

last-in, first-out

specific-unit-cost

weighted-average

Question 6. Question :

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ACC 650 GCU

ACC 650 Grand Canyon Week 4 Complete Work



ACC650



ACC 650 Grand Canyon Week 4 Discussion

How can CVP Analysis be used to predict future costs and profitability? Describe how CVP Analysis is used, or could be used, at your current place of employment. If you have not worked for a company that might use CVP Analysis, you may choose a well-known company and describe how you envision that company using CVP Analysis.



ACC 650 Grand Canyon Week 4 Assignment

ACC 650 GCU Details:

Complete exercise 6-25 ACC650GCUWeek4Complete and problem 7-37 in the textbook.


Prepare your responses in Excel with each problem on a separate tab. You are not required to submit this assignment to Turnitin, unless otherwise directed by your instructor. If so directed, refer to the Student Success Center for directions. Only Word documents can be submitted to Turnitin.

ACC 650 Grand Canyon Week 4 Complete Work


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