acct 505 (managerial accounting) entire course
Post on 11-Apr-2017
Embed Size (px)
ACCT 505 (Managerial Accounting) Entire CourseCopy and Pate below link into your Browser to buy tutorialhttp://hwpool.com/product/acct-505-managerial-accounting-entire-course/
ACCT 505 (Managerial Accounting) Entire Course
Devry acct505 week 1 discussion latest 2016
Ethics, Management, and Applications (graded)
Go to page 129, Case 3-29, Ethics and the Manager. Lets discuss the questions, make value-added comments and points, and share personal experiences of unethical situations.
Devry ACCT 505 Week 1 Quiz Latest 2016
(TCO B)Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted average method, the number of equivalent units of production with respect to conversion costs would be
(TCO B)Process costing would be appropriate for each of the following except
(TCO B)Lucas Company uses the weighted average method in its process costing system. The company adds materials at the beginning of the process in the forming department, which is the first of two stages in its production process. Materials are 100% complete with respect to beginning and ending work in process inventory. Information concerning operations in the forming department in October follows.What was the materials cost of work in process on October 31?
(TCO B)In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to
(TCO B)During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a
(TCO B)Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the work in process account as a consequence of the raw materials transactions in May total
(TCO B)Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below.i. Frozen cranberry juice processorii. Custom boat builderiii. Concrete block manufactureriv. Winery that produces a number of specialty winesv. Aluminum refiner that makes aluminum ingots from bauxite orevi. External auditing firm
For each company, indicate whether the company is most likely to use job-order costing or process costing.
(TCO B)Job 484 was recently completed. The following data have been recorded on its job cost sheet.Direct materials $64,850
Direct labor hours 1,500 labor hours
Direct labor wage rate $12 per labor hour
Number of units completed 3,500 unitsThe company applies manufacturing overhead on the basis of direct labor hours. The predetermined overhead rate is $22 per direct labor hour.
Compute the unit product cost that would appear on the job cost sheet for this job.
(TCO B)Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the companys inventory and cost records for the most recently completed year revealed the following information.
Units Materials Conversion
Work in process. Jan. 1 (100% complete with respect to materials costs and 80% with respect to conversion costs) 100,000 $100,000 $157,500
Units started into production 500,000
Costs added during the year
Units completed during the year 450,000
The company uses the weighted average cost method in its process costing system. The ending inventory is 100% complete with respect to materials costs and 50% with respect to conversion costs.
i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.ii. Determine the cost transferred to finished goods.iii. Determine the amount of cost that should be assigned to the ending work in process inventory.
Devry acct505 week 2 discussion latest 2016
Ethics, Management, and Applications (graded)
Go to pages 170 and 171 and read Case 4-20, Ethics and the Manager: Understanding the Impact of Percentage Completion on Profit. Based on the case, do you think Gary Stevens wants the estimated percentage completion to be increased or decreased? Please explain why.
Devry ACCT 505 Week 2 Quiz latest 2016
1. (TCO B)Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below.i. Specialty coffee roaster (roasts small batches of specialty coffee beans)ii. Custom aircraft builderiii. Brick manufactureriv. Microbrewery that produces a number of specialty beersv. Steel company making chain link fences from iron orevi. Breakfast cereal manufacturerFor each company, indicate whether the company is most likely to use job-order costing or process costing.(Points : 15)
2. (TCO B)Job728 was recently completed. The following data have been recorded on its job cost sheet.Direct materials $89,925
Direct labor hours 1,220 labor hours
Direct labor wage rate $15 per labor hour
Machine hours 1,550 machine hours
Number of units completed 4,500 units
The company applies manufacturing overhead on the basis of machine hours. The predetermined overhead rate is $18 per machine hour.
Compute the unit product cost that would appear on the job cost sheet for this job.(Points : 15)
4. (TCO A)Honeysuckle Corporation has provided the following data for the month of January.Inventories Beginning Ending
Raw materials $40,000 $23,000
Work in process $9,000 $13,000
Finished goods $52,000 $45,000
Raw material purchases $68,000
Direct labor costs $81,000
Manufacturing overhead cost incurred $47,000
Indirect materials included in manufacturing overhead costs incurred $8,000
Manufacturing overhead cost applied to work in process $39,000Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.(Points : 15)
Devry acct505 week 3 discussion latest 2016
Management and Applications (graded)
Lets say that a company produces a single product with a sale price of $25 per unit. The variable cost per unit is $15 and the company incurs fixed costs of $50,000 per month. What is the break-even point for this company? How much would we expect in profit for every unit sold above break-even? What if the company has its budget set at $35,000 target profit? How many units must it sell?
Devry acct505 week 4 discussion latest 2016
Practice and Exam Review (graded)
To begin, download the practice Midterm from Doc Sharing to access questions and topics for review. For multiple choice questions, please explain why the answer chosen is correct, and why the other choices are not correct. Please support your response. Lets begin with the questions on Page 1.
ACCT 505 Week 4 Midterm New 2016
1.(TCO A)Direct material cost is a part of(Points : 6)Conversion Cost NO. Prime Cost NO.Conversion Cost YES. Prime Cost NO.Conversion Cost YES. Prime Cost YES.Conversion Cost NO. Prime Cost YES.
Question 2.2.(TCO A)Total fixed costs(Points : 6)will increase with increases in activity.will decrease with increases in activity.are not affected by activity.should be ignored in making decisions because they can never change.
Question 3.3.(TCO A)Property taxes on a companys factory building would be classified as a(n)(Points : 6)variablecost.opportunity cost.period cost.product cost.
Question 4.4.(TCO C)When the activity level is expected toincrease within the relevant range, what effects would be anticipated with respect to each of the following?(Points : 6)
Fixed costs per unit decrease and variable costs per unit do not change.Fixed costs per unit increase and variable costs per unit do not change.Fixed costs per unit do not change and variable costs per unit do not change.Fixed costs per unit do not change and variable costs per unitincrease.
Question 5.5.(TCO B)Which of the following statements is true?I. Overhead application may be made slowly as a job is worked on.II. Overhead application may be made in a single application at the time of completion of the job.
III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory.(Points : 6)Only statement I is true.Only statement II is true.Both statements I and II are true.Statements I, II, and III are true.
Question 6.6.(TCO B)Under a job-order costing system,the product being manufactured(Points : 6)is homogeneous.passes from one manufacturing department to the next before being completed.can be custom manufactured.has a unit cost that is easy to calculate by dividing total production costs by the units produced.
Question 7.7.(TCO F)Equivalent units for a process costing system using the FIFO method would be equal to(Points : 6)units completed during the period, plus equivalent units in the ending work-in-process inventory.units started and completed during the period, plus equivalent units in the ending work-in-process inventory.units completed during the period and transferred out.