Essay on Acct 505 Final Exam Answers
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ACCT 505 Final Exam Answers
1. (TCO C) Silver City, Inc., has collected the following operating information below for its current month’s activity. Using this information, prepare a flexible budget analysis to determine how well Silver City performed in terms of cost control.
Actual Costs Incurred
Activity level (in units)
$65,500 …show more content…
3. (TCO E) Mesa Company produces a single product. Operating data for the company and its absorption costing income statement for the last year are presented below:
Units in beginning inventory
Less cost of goods sold:
Add cost of goods manufactured
Goods available for sale
Less ending inventory
Cost of goods sold
Less selling and admin. expenses
Net operating income
Variable manufacturing costs are $4 per unit. Fixed factory overhead totals $18,000 for the year. This overhead was applied at a rate of $2 per unit. Variable selling and administrative expenses were $1 per unit sold.
Required: Prepare a new income statement for the year using variable costing. Comment on the differences between the absorption costing and the variable costing income statements.
4. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the White Sands Corporation for the just-completed year.
Raw materials inventory, beginning
Raw materials inventory, ending
Purchases of raw materials
Work in process inventory, beginning
Work in process inventory, ending
Finished goods inventory, beginning