Acct 344 Homework Week 1, 2, 3, 5, 6 Essay
ACCT 344 Week 1 Homework
1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used
b. Cost of goods manufactured
c. Cost of goods sold
d. Operating income
2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required:
a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead.
b. Prepare the journal entry to record the completion of Job 506.
c. What is the predetermined factory overhead rate for Bearing Manufacturing? …show more content…
c. Compute the overhead rate using machine hours under the functional-based costing system.
d. Allocate the overhead costs to Products S and T using the functional-based costing system overhead rate calculated in part (c).
2. Question: Complete Exercise 4.10 located on page 182 & 183 in the textbook.
ACCT 344 Week 5 Homework
1. Question: Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for Product I is $20 and for Product II is $15.
a. Allocate joint production costs to each product using the physical units method.
b. Allocate joint production costs to each product using the net realizable value method.
c. Allocate joint production costs to each product using the constant gross margin percentage method.
2. Question: Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following……………..
Required: (Calculate relative quantity to three decimal points.)
a. Determine the cost and gross profit percentage for each type of chicken using the physical