# Acct505 Final Exm 2015 Essay

1009 Words Mar 29th, 2016 5 Pages
Acct505 final EXM 2015
Click Link Below To Buy: http://hwcampus.com/shop/acct505-final-exm-2015/ 1.(TCO F) Willow Creek Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor hours for the upcoming year at 38,500 labor hours. The estimated variable manufacturing overhead was \$7.37 per labor hour and the estimated total fixed manufacturing overhead was \$601,328. The actual labor hours for the year turned out to be 41,721 labor hours.
Required:
Compute the company's predetermined overhead rate for the recently completed year.(Points : 25)
2.(TCO F) Matuseski Corporation is preparing its cash budget for
expenses
28,000
Net operating income
\$30,000
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. (Points : 30)
4.(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year.
Sales
1,150
Raw materials inventory, beginning
15
Raw materials inventory, ending
40
Purchases of raw materials
150
Direct labor
250
300
500
Selling expenses
300
Work in process inventory, beginning
100
Work in process inventory, ending
150
Finished goods inventory, beginning
80
Finished goods inventory, ending
120
Use the above data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year. In addition, what

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