21 Jul WEEK 1 PROBLEMS
Which of the following are forms of detective internal control?
Relating data sets to one another to identify and resolve discrepancies.
Comparing actual performance to various benchmarks to identify unexpected results.
Maintaining written and/or electronic evidence to support transactions.
Putting passwords on a computer to restrict access.
2.
value: 10.00 points
| The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: |
| Costs incurred: | ||
| Direct labor cost | $ | 89,000 |
| Purchases of raw materials | $ | 133,000 |
| Manufacturing overhead | $ | 203,000 |
| Advertising expense | $ | 50,000 |
| Sales salaries | $ | 109,000 |
| Depreciation, office equipment | $ | 223,000 |
| Beginning of the Year | End of the Year | |||||
| Inventories: | ||||||
| Raw materials | $ | 8,400 | $ | 10,900 | ||
| Work in process | $ | 5,700 | $ | 20,400 | ||
| Finished goods | $ | 74,000 | $ | 25,700 | ||
| Required: |
| 1. | Prepare a schedule of cost of goods manufactured. |
| 2. | Prepare the cost of goods sold section of Mason Company’s income statement for the year |
3.
value: 10.00 points
| Arden Company reported the following costs and expenses for the most recent month: |
| Direct materials | $ | 76,000 | |
| Direct labor | $ | 38,000 | |
| Manufacturing overhead | $ | 16,000 | |
| Selling expenses | $ | 19,000 | |
| Administrative expenses | $ | 31,000 | |
| Required: |
| 1. | What is the total amount of product costs? |
| 2. | What is the total amount of period costs? |
| 3. | What is the total amount of conversion costs? |
| 4. | What is the total amount of prime costs? |
4.
value: 10.00 points
| Mickley Company’s predetermined overhead rate is $21.00 per direct labor-hour and its direct labor wage rate is $15.00 per hour. The following information pertains to Job A-500: |
| Direct materials | $220 |
| Direct labor | $225 |
| Required: |
| 1. | What is the total manufacturing cost assigned to Job A-500? |
| 2. | If Job A-500 consists of 80 units, what is the average cost assigned to each unit included in the job? (Round your answer to 2 decimal places.) |
5.
value: 10.00 points
| Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: |
| Percent Complete | |||||||
| Units | Materials | Conversion | |||||
| Work in process inventory, May 1 | 62,000 | 65 | % | 30 | % | ||
| Work in process inventory, May 31 | 42,000 | 40 | % | 20 | % | ||
| Materials cost in work in process inventory, May 1 | $ | 51,300 | |||||
| Conversion cost in work in process inventory, May 1 | $ | 14,600 | |||||
| Units started into production | 255,200 | ||||||
| Units transferred to the next production department | 275,200 | ||||||
| Materials cost added during May | $ | 348,740 | |||||
| Conversion cost added during May | $ | 209,444 | |||||
| Required: |
| 1. | Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for May for the first process. |
| 2. | Compute the costs per equivalent unit for May for the first process. (Round your answers to 2 decimal places.) |
| 3. | Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in May. (Round your intermediate calculations to 2 decimal places.) |
6.
value: 10.00 points
Managerial Accounting creates reports for managers within the organization while financial accounting creates reports outside the organization.
True
False
7.
value: 10.00 points
Financial accounting focuses on decisions affecting the future.
True
False
value: 10.00 points
IMA Statement of Ethical Professional Practice includes which of the following standards?
Competence
Confidentiality
Integrity
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