Accounting 611 Midterm Exam-Spring

15 Jul Accounting 611 Midterm Exam-Spring

Posted at 14:40h in 1Academic Level by Homework Writer

a.	Merchandise Inventory	Purchases	210,000
Cost of goods sold	223,000
Beginning balance	41,000
Ending balance	28,000
b.	Direct Materials	Beginning balance	7,000
Ending balance	14,000
Purchases	48,000
Direct materials used	41,000
c.	Work-in-process Inventory	Ending balance	22,000
Cost of goods manufactured	21,000
Beginning balance	8,000
Current manufacturing costs	7,000
d.	Finished Goods Inventory	Cost of goods manufactured	62,000
Ending balance	20,000
Cost of goods sold	61,000
Beginning balance	19,000

Solution 2

X	Y
Selling price per unit	30	20
Variable cost per unit	20	5
Fixed Cost	292500
X	Y
A)	Contribution Margin	10	15
B)	X	Y
Ratio	3	1
Fixed cost	219375	73125
Breakeven unit	21937.5	4875
C)	X	Y
Ratio	2	3
Fixed cost	117000	175500
Breakeven Units	11700	11700
Revenue	351000	234000

Solution 3

Number of	Number of	Number of
Product	Setups	Components	Direct Labor Hours
Standard	3	30	650
Deluxe	7	50	150
Overhead costs	40,000	120,000	160,000
Traditional Costing	Overhead
A)	Standard	130000
B)	Deluxe	30000
Activity Based Costing
Setups	Components	Total
Standard	12000	45000	57000
Deluxe	28,000	75,000	103000

Solution 4

Problem Title
Inventory	EOQ Model
Input Data
Demand rate, D	25000
Ordering cost, Cs	$80.00
Carrying cost, Ch	$25.00	(fixed amount)
Daily demand rate, d	100
Lead time (in days), L	10
Results
Economic order quantity, Q*	400.00	Part A)
Maximum inventory	400.00
Average inventory	200.00
Number of orders	62.50
Total holding cost	$5,000.00
Total ordering cost	$5,000.00
Total purchase cost	$0.00
Total cost	$10,000.00
Reorder point, ROP	1000	Part B)
Part C)	Lead Time	20
Max Demand	125
Max Stock	2500
Stock in Inv	1000
Safety Stock	1500

Solution 5

Sales:	24000	$ 50.00
Expected and actual production:	30000
Manufacturing costs incurred:
Variable:	525,000
Fixed:	372,000
Nonmanufacturing costs incurred:
Variable:	144,800
Fixed:	77,400
Beginning inventories:	0
Variable Costing Approach
Variable cost	669,800
Units produced	30000
Cost per Unit	22.3266666667
Revenue	$ 1,500,000.00
Operating Income	$ 830,200.00
Absorption Costing Approach
Fixed cost	449,400
Operating Income	$ 380,800.00

Solution 6

Sales (1,000 televisions)	900,000
Cost of goods sold	400,000
Store manager’s salary per year	70,000
Operating costs per year	157,000
Advertising and promotion per year	15,000
Commissions (4% of sales)	36,000
1)	Variable cost	436,000
Number of Units	1000
Variable cost per unit	436
2)	Fixed Cost	242,000
3)	Units	3000
Variable cost	1308000
Fixed Cost	242,000
Total Cost	1,550,000
4)	the account analysis method

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