Acc 206 Week 3 Assignment Chapter Four And Five Problems

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ACC 206 Week 3 Assignment Chapter Four and Five Problems

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Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.Chapter 4 Exercise 33. Cost flows and overhead applicationCleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow.Job no. 636 was the only job in process on January 1 of the current year. The Work in Process account contained a $24,600 balance on this date.obs no. 637, 638, and 639 were started during January.Total direct material requisitions and directlabor incurred during January amounted to $89,200 and $114,500, respectively.The only job that remained in process on January 31 was job no. 638, with costs of $15,000 for direct materials and $20,000 for direct labor.a. Compute the total cost of the work in process inventory on January 31.b. Compute the cost of jobs completed during January, and present the proper journal entry to reflect job completion.Chapter 4 Exercise 77. Overhead application: Working backwardThe Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review:Division ADivision BActual machine hours22,500?Estimated machine hours20,000?Overhead application rate$4.50$5.00Actual overhead$110,000?Estimated overhead?$90,000Applied overhead?$86,000Over- (under-) applied overhead?$6,500Find the unknowns for each of the divisions.Chapter 4 Problem 22. Computations using a job order systemGeneral Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger;Work in process $ 35,200Finished goods 86,900Cost of goods sold 128,700Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows:Direct MaterialsDirect LaborJob No.AmountJob No.Amount101$5,000101$7,80011519,50010320,80011636,20011542,000Other35,80011618,000$96,500Other25,900$114,500Job no. 115 was the only job in process at the end of the month. Job no. 101 and three "other" jobs were sold during May at a profit of 20% of cost. The "other" jobs contained material and labor charges of $21,000 and $17,400, respectively.General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm's fiscal year ends on May 31.Instructions:a. Compute the total overhead applied to production during May.b. Compute the cost of the ending work in process inventory.c. Compute the cost of jobs completed during May.d. Compute the cost of goods sold for the year ended May 31.Chapter 5 Exercise 11. High-low methodThe following cost data pertain to 20X6 operations of Heritage Products:Quarter 1Quarter 2Quarter 3Quarter 4Shipping costs$58,200$58,620$60,125$59,400Orders shipped120140175150The company uses the high-low method to analyze costs.a. Determine the variable cost per order shipped.b. Determine the fixed shipping costs per quarter.c. If present cost behavior patterns continue, determine total shipping costs for 20X7 if activity amounts to 570 orders.Chapter 5 Exercise 2The treasurer anticipates the following costs for the event, which will be held at the Regency Hotel:Room rental $300Dinner cost (per person) 25Chartered buses 500Favors and souvenirs (per person) 5Band 900Each person would pay $40 to attend; 200 attendees are expected.a. Will the event be profitable for the sorority? Show computations.b. How many people must attend for the sorority to break even?c. Suppose the sorority encouraged its members to drive to the hotel and did not charter the buses. Further, a planned menu change will reduce the cost per meal by $2. If each member will still be charged $40, compute the contribution margin per person.Chapter 5 Exercise 33. Break-even and other CVP relationshipsCedars Hospital has average revenue of $180 per patient day. Variable costs are $45 per patient day; fixed costs total $4,320,000 per year.a. How many patient days does the hospital need to break even?b. What level of revenue is needed to earn a target income of $540,000?c. If variable costs drop to $36 per patient day, what increase in fixed costs can be tolerated without changing the break-even point as determined in part (a)?Chapter 5 Problem 66. Direct and absorption costingThe information that follows pertains to Consumer Products for the year ended December 31, 20X6.Inventory, 1/1/X624,000 unitsUnits manufactured80,000Units sold82,000Inventory, 12/31/X6? unitsManufacturing costs:Direct materials$3 per unitDirect labor$5 per unitVariable factory overhead$9 per unitFixed factory overhead$280,000Selling & administrative expenses:Variable$2 per unitFixed$136,000The unit selling price is $26. Assume that costs have been stable in recent years.Instructions:a. Compute the number of units in the ending inventory.b. Calculate the cost of a unit assuming use of:1. Direct costing.2. Absorption costing.c. Prepare an income statement for the year ended December 31, 20X6, by using direct costing.d. Prepare an income statement for the year ended December 31, 20X6, by using absorption costing.
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