[pic] Student Name ______________________ ID#_______________ |COURSE: Cost & Management Accounting (ACCO 330) Winter 2011 | |Sections: BB‚ CC‚ F‚ G‚ H | |EXAMINATION: |DATE: |TIME: 3 hours |# OF PAGES: | |MIDTERM
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Cost Concepts for Managerial Decision Making Prepared for instructional use in Economics For Managers ECG 507 College of Management North Carolina State Universiy © Stephen E. Margolis 2000 Soon we will be using the concepts of cost that are presented in Landsburg’s chapters five and six to analyze market behavior of firms. With a bit of interpretation‚ however‚ these concepts have immediate application to ordinary decisions that
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button. 1. Overhead application: Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review: Division A Division B Actual machine hours 22‚500 17‚200 Estimated machine hours 20‚000 18‚000 Overhead application rate $4.50 $5.00 Actual overhead $110‚000 $92‚500 Estimated overhead $90‚000 $90‚000 Applied overhead $101‚250 $86‚000 Over- (under-) applied overhead $-8750 $6
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ROFE (return on funds employed) and payback as evaluation methods. The disparate ROFE results obtained with these methods are due to differences in the allocation of excess capacity from Jell-O equipment and overhead costs. Problem Statement: How should GF allocate excess capacity and overhead costs in their evaluations of capital investments for profit increasing projects? Other Issues: - Whether or not to go ahead with the Super project * How is the Super project meeting the shareholders-enhancing
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Question : (TCO D) Return on investment (ROI) is equal to the margin multiplied by Student Answer:sales. turnover. average operating assets. residual income. Instructor Explanation:Chapter 12 Points Received: 5 of 5 Comments: 2. Question : (TCO D) For which of the following decisions are opportunity costs relevant? (A)The decision to make or buy a needed partThe desision to keep or drop a product line Yes Yes (B) Yes No (C) No Yes (D) No No Student Answer: Choice A Choice
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on its job cost sheet: Direct materials $ 78‚000 Direct labor costs 45‚000 Number of units completed 4‚000 The company applies manufacturing overhead on the basis of direct labor costs. The predetermined overhead rate is 75% of direct labor costs. Required: Compute the unit product cost that would appear on the job cost sheet for this job: 5. Prepare the necessary journal entries from the following information for Kingston
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particulars : Elements of Cost Material 40% Direct Labour 20% Overheads 20% The following further particulars are available: (a). It is proposed to maintain a level of activity of 2‚00‚000 units. (b).Selling price is Rs.12 per unit (c) Raw materials are expected to remain in stores for an average period of one month (d) Materials will be in process‚ on averages half a month. (e) Finished goods are required to be in stock for an average period of one month. (f) Credit allowed to debtors is two
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Exercises B. Ex. 16.1 B. Ex. 16.2 B. Ex. 16.3 B. Ex. 16.4 B. Ex. 16.5 B. Ex. 16.6 B. Ex. 16.7 B. Ex. 16.8 B. Ex. 16.9 Topic Product vs. period costs Direct material used Cost of goods sold Materials inventory Direct labor journal entries Manufacturing overhead assigned Inventory balances Work in process balances Prime vs. conversion costs B. Ex. 16.10 Partial balance sheet Exercises 16.1 16.2 16.3 16.4 16.5 16.6 Topic Accounting terminology Basic types of manufacturing costs Product and period costs
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Final Exam ACCT 6310 Spring 2012 Student Name: Instructions: 1. There are 8 pages and 6 questions in this exam. 2. Please insert your answers below each question. 3. For each question‚ please provide detailed explanations supporting your answers where appropriate. 4. The duration of the exam is 2 hours and 30 minutes (You should finish by 10 PM). 5. After finishing the exam‚ please email me back your answers through Blackboard messages. Question 1 (20
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reduction in the number of parts to activity reductions and cost savings. The labor-direct-based standard cost system reflects the cost of A12 is distorted. Using the ABC system‚ according to the activities of A12 allocate the overhead cost to A12 that could find that the current overhead cost of A12 was overstated by the standard cost system. At last‚ A12 Junction Box could be identified it is an attractive and profitable product‚ at the same time‚ it demonstrates the value of ABC. Introduction Alice
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