ACCT 346 Managerial Accounting Entire Course

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ACCT 346 Managerial Accounting Entire Course 
The Course Project takes a new company through hypothetical scenarios to reinforce the TCOs. By using…

Description

ACCT 346 Managerial Accounting Entire Course

ACCT 346 Managerial Accounting Entire Course

A+ Course Project| Quiz Week 3, 6| Midterm Exam| Discussions Week 1-7|Final Exam

Course Project 

https://www.hiqualitytutorials.com/product/course-project-managerial-accounting/

Bravo Baking Company 100% Correct

Guidelines

This course has a six-part project with deliverables due in 6 of the 8 weeks.

The Course Project takes a new company through hypothetical scenarios to reinforce the TCOs. By using a single entity in a variety of business situations, you will see the practical application of a number of managerial accounting concepts taught in this course.

You will have access to an interactive Excel template in Doc Sharing to complete your work in proper format. Each week’s Assignment page will tell you which portion of the template you need to complete for that week.

You will have Dropbox deliverables in Weeks 1, 2, 3, 5, 6, and 7. Point values do vary, in that Week 1 is worth 10 points, Week 2 is worth 30 points, and the remaining Weeks (3, 5, 6, and 7) are 40 points apiece. See the Syllabus section “Due Dates for Assignments & Exams” for due date information.

ACCT 346 Managerial Accounting Entire Course

Quiz Week 3 

https://www.hiqualitytutorials.com/product/acct-346-quiz-week-3/

(TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year, overhead is estimated at $2,250,000, and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000, and actual overhead hours worked were 422,000.

(a) Calculate the predetermined overhead rate.
(b) Calculate the overhead applied.
(c) Determine the amount…. (Points : 6)

(TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year, overhead is estimated at $1,150,000, and direct labor hours are budgeted at 162,000 hours. Actual overhead was $1,100,000 and actual overhead hours worked were 150,000.
(a) Calculate the predetermined overhead rate.
(b) Calculate the overhead applied.
(c) Determine the amount of…(Points : 6)

(TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $776,000. Budgeted machine hours are 105,000 hours, and budgeted labor hours are 17,500 hours, at a rate of $10.00 per hour. Compute the predetermined overhead rate based on
(a) direct…
(b) direct…
(c) machine…(Points : 6)

(TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $547,000. Budgeted machine hours are 101,000 hours, and budgeted labor hours are 18,000 hours, at a rate of $9.00 per hour. Compute the predetermined overhead rate based on

(a) direct…
(b) direct…
(c) machine…(Points : 6)

(TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting. (Points : 4)

(TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX.

Beginning balance in Finished Goods                     $  17,000
Ending balance in Finished Goods                             15,200
Beginning balance in Work in Process                       12,500
Ending balance in Work in Process                             4,500
Selling expenses                                                         123,000

General and administrative expenses                                 89,000
Direct material cost                                                  54,500
……

Prepare a schedule of cost of goods manufactured. (Points : 4)

(TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only once.
G_____ 1. Activity-based costing
J______ 2. Cost of goods available for sale
E______ 3. Period costs
L______ 4. Process costing system
C______ 5. Just-in-time system
N______ 6. Work in process
(A) Costs assigned to the goods produced, also known as manufacturing costs
(B) Materials costs that are not traced directly to products produced
(C) System that seeks to minimize Raw Materials Inventory and Work in Process Inventory
(D) Cost of items that are completed and transferred from Work in Process Inventory to Finished Goods Inventory
(E) Costs that are identified with accounting periods rather than with goods produced
(F) Actual overhead greater than overhead that has been applied to products
(G) Method of assigning overhead costs…..(Points : 6)

(TCO 2) Far Out Ceramics makes custom macaroni tile and applies job-order costing. The following information relates to the fiscal year ending December 31, 20XX.

Beginning balance in Raw Materials Inventory   $  12,500
Purchases of raw material                                 189,000
Ending balance in Raw Materials Inventory           14,300
Beginning balance in Work in Process                 24,500
Ending balance in Work in Process                     23,100
Direct labor cost                                               89,700
Manufacturing overhead applied                         66,200
Actual manufacturing overhead                          66,200
Beginning balance in Finished Goods                           0
Ending balance in Finished Goods                      …………..

How much is cost of goods sold? (Points : 2)

(TCO 2) Match each of the six following terms with the phrase that most closely describes it. Each answer may be used only once.
B_____ 1. Direct costs
F_____ 2. Noncontrollable costs
H_____ 3. Opportunity costs
J_____ 4. Fixed costs
D_____ 5. Incremental costs
K_____ 6. Enterprise resource planning system

(A) Costs that increase or decrease in total in response to increases or decreases in the level of business activity
(B) Costs that are directly traceable to a product, activity, or department
(C) Costs that a manager can influence
(D) The difference in costs between decision alternatives
(E) Costs incurred in the past that are not….(Points : 6)

(TCO 3) The marinade department began the period with 150,000 units. During this period, the department received another 180,000 units from the prior department, and at the end of the period, 112,000 units remained that were 17% complete. How much are equivalent units in the marinade department’s Work In Process Inventory at the end of the period? (Points : 2)

(TCO 3) The marinade department began the period with 125,000 units. During this period, the department received another 180,000 units from the prior department, and at the end of the period, 124,000 units remained that were 19% complete. How much are equivalent units in the marinade department’s Work In Process Inventory at the end of the period?

(TCO 3) The Franc Zeppo Venture manufactures a product that goes through two processing departments. Information relating to the activity in the first department during April is given below.

  • Work in process, April 1: 50,000 units (80% completed for materials and 60% completed for conversion)
    •Work in process, April 30: 35,000 units (45% completed for materials and 60% completed for conversion)
    The department started 380,000 units into production during the month and transferred 385,000 completed units to the next department.
    Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs. (Points : 4)

(TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year, overhead is estimated at $1,150,000, and direct labor hours are budgeted at 162,000 hours. Actual overhead was $1,100,000 and actual overhead hours worked were 150,000.

(a) Calculate the predetermined overhead rate.
(b) Calculate the overhead applied.
(c) Determine the amount of overhead that is over- or underapplied.

(TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $547,000. Budgeted machine hours are 101,000 hours, and budgeted labor hours are 18,000 hours, at a rate of $9.00 per hour. Compute the predetermined overhead rate based on
(a) direct labor dollars;
(b) direct labor hours; and
(c) machine hours.

(TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting.

(TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX.

Beginning balance in Finished Goods                     $  17,000
Ending balance in Finished Goods                             15,200
Beginning balance in Work in Process                       12,500
Ending balance in Work in Process                             4,500
Selling expenses                                                    123,000
General and administrative expenses                                 89,000
Direct material cost                                                  54,500
Direct labor cost                                                                 66,000
Manufacturing overhead                                             21,400
Sales                                                                     385,000

Prepare a schedule of cost of goods manufactured.

(TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only once.
_____ 1. Activity-based costing
_____ 2. Cost of goods available for sale
_____ 3. Period costs
_____ 4. Process costing system
_____ 5. Just-in-time system
_____ 6. Work in process
(A) Costs assigned to the goods produced, also known as manufacturing costs
(B) Materials costs that are not traced directly to products produced
(C) System that seeks to minimize Raw Materials Inventory and Work in Process Inventory
(D) Cost of items that are completed and transferred from Work in Process Inventory to Finished Goods Inventory
(E) Costs that are identified with accounting periods rather than with goods produced
(F) Actual overhead greater than overhead that has been applied to products
(G) Method of assigning overhead costs that uses multiple allocation bases
(H) System that uses job-order sheets to collect costs for each individual job
(I) Cost of all materials and parts that are directly traced to the items produced
(J) Beginning balance in the Finished Goods Inventory plus cost of goods manufactured

(TCO 2) Far Out Ceramics makes custom macaroni tile and applies job-order costing. The following information relates to the fiscal year ending December 31, 20XX.

Beginning balance in Raw Materials Inventory    $   12,500
Purchases of raw material                                   189,000
Ending balance in Raw Materials Inventory              14,300
Beginning balance in Work in Process                   24,500
Ending balance in Work in Process                       23,100
Direct labor cost                                                  89,700
Manufacturing overhead applied                             66,200
Actual manufacturing overhead                              64,100
Beginning balance in Finished Goods                      1,000
Ending balance in Finished Goods                         24,300
Sales                                                                432,000
Selling expenses                                                120,000
General and administrative expenses                     86,000
How much is cost of goods sold?

(TCO 2) Match each of the six following terms with the phrase that most closely describes it. Each answer may be used only once.
_____ 1. Direct costs
_____ 2. Fixed costs
_____ 3. Incremental costs
_____ 4. Economic resource planning system
_____ 5. Noncontrollable costs
_____ 6. Opportunity costs

(A) Costs that increase or decrease in total in response to increases or decreases in the level of business activity
(B) Costs that are directly traceable to a product, activity, or department
(C) Costs that a manager can influence
(D) The difference in costs between decision alternatives
(E) Costs incurred in the past that are not relevant to present decisions
(F) Costs that cannot be influenced by a manager
(G) Financial plans prepared by management accountants
(H) Value of the benefits foregone when one decision alternative is selected over another
(I) Costs that cannot be directly traced to a product, activity, or department or are not worth tracing
(J) Costs that do not change in total with changes in the level of business activity
(K) Systems that prepare a master production system and all of the support across the company

(TCO 3) The marinade department began the period with 125,000 units. During this period, the department received another 180,000 units from the prior department, and at the end of the period, 124,000 units remained that were 19% complete. How much are equivalent units in the marinade department’s Work In Process Inventory at the end of the period?

(TCO 3) The Franc Zeppo Venture manufactures a product that goes through two processing departments. Information relating to the activity in the first department during April is given below.

  • Work in process, April 1: 50,000 units (80% completed for materials and 60% completed for conversion)
    •Work in process, April 30: 72,000 units (45% completed for materials and 75% completed for conversion)

The department started 380,000 units into production during the month and transferred 385,000 completed units to the next department.

Compute the equivalent units of production for the first department for….

ACCT 346 Managerial Accounting Entire Course

Midterm Exam 

https://www.hiqualitytutorials.com/product/acct-346-midterm-exam/

(TCO 1) Which of the following is not a difference between financial accounting and managerial accounting? (Points : 4)

Financial accounting is primarily concerned with reporting the past, whereas managerial accounting is more concerned with the future.

Managerial accounting uses more nonmonetary information than is used in financial accounting.

Managerial accounting is primarily concerned with providing information for external users, whereas financial accounting is concerned with internal users.
Financial accounting must follow GAAP, whereas managerial accounting is not required to follow GAAP.
(TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (Points : 4)

taxing authorities.

internal users of accounting information.

external users of accounting information.

the Securities and Exchange Commission (SEC).

(TCO 1) Which of the following statements regarding fixed costs is true? (Points : 4)

when production increases, fixed cost per unit increases

when production decreases, total fixed costs decrease

when production increases, fixed cost per unit decreases

when production decreases, total fixed costs increase

(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. Which is the budgeted total variable cost? (Points : 4)

$5,200
$9,280

$10,080

$2,300

(TCO 1) Which of the following is an example of a manufacturing overhead cost? (Points : 4)

Security at the manufacturing plant

Fabric used to produce shirts

Cost of shipping product to customers

The salary of the president of the company

(TCO 1) Which of the following is not a period cost? (Points : 4)

Advertising costs

Accounting staff salaries

Direct materials

Depreciation of accounting office equipment

(TCO 1) If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost of goods sold? (Points : 4)

$110,000

$190,000

$220,000

$250,000
(TCO 1) Which of the following costs does not change when the level of business activity changes?

Total fixed costs

Total variable costs

Total direct materials costs

Fixed costs per unit

(TCO 1) A retailer purchased some trendy clothes that have gone out of style and must be marked down to 40% of the original selling price in order to be sold. Which of the following is a sunk cost in this situation?

The current selling price

The original selling price

The original purchase price

The anticipated profit

(TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?

the trip to Cancun that you will not be able to take if you buy the car

the cost of the car you are trading in

the cost of your books for this term

the cost of your car insurance last year

(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?

$5.80

$7.74

$6.68

$3.25

(TCO 1) Product costs

Are also called manufacturing costs.

Are considered an asset until the finished goods are sold.

Become an expense when the goods are sold.

All of the above answers are correct.

(TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured?

$145,000

$115,000

$125,000

$135,000

TCO 1) Which of the following costs is not part of manufacturing overhead?

Electricity for the factory

Depreciation of factory equipment

Salaries for the production supervisors

Health insurance for sales staff

(TCO 1) Which of the following is an example of a manufacturing overhead cost?

Electricity for the factory

Depreciation of factory equipment

Salaries for the production supervisors

Health insurance for sales staff

(TCO 1) Which of the following is a period cost?

Rent on a factory building

Depreciation on production equipment

Raw materials cost

Commissions paid on each unit sold

(TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured?

$292,000

$299,000

$277,000

$285,000

(TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows.

Estimated       Actual
Overhead cost                         $174,000                     $171,000
Direct labor hours       5,800               5,900
Direct labor cost          $87,000                       $89,975

How much overhead should be applied in total during August? (Points : 4)

177,000

179,950

171,100

168,200

(TCO 2) Citrus Company incurred manufacturing overhead costs of $300,000. Total overhead applied to jobs was $306,000. What was the amount of overapplied or underapplied overhead? (Points : 4)

$7,000 overapplied

$6,000 overapplied

$130,000 underapplied

$130,000 overapplied

(TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,670,000.
What is the amount of under or over applied overhead for the year?

$10,000 underapplied

$10,000 overapplied

$130,000 underapplied

$130,000 overapplied

(TCO 3) Companies in which of the following industries would not be likely to use process costing? (Points : 4)

Cereals

Paints

Cosmetics

Auto body repairs

(TCO 4) Randy Company produces a single product that is sold for $85 per unit. If variable costs per unit are $26 and fixed costs total $47,500, how many units must Randy sell in order to earn a profit of $100,000? (Points : 4)

1,735

618

890

2,500

(TCO 5) Which of the following is treated differently in full costing than in variable costing? (Points : 4)

Direct materials

Fixed manufacturing overhead

Direct labor

Variable manufacturing overhead

(TCO 5) Variable costing income is a function of (Points : 4)

Units sold only

Units produced only

Both units sold and units produced

Neither units sold nor units produced

During the year, Peak produces 45,000 snow blowers and sells 30,000 snow blowers. How much fixed manufacturing overhead is in ending inventory under full costing?
(Points : 4)

$0

$49,500

$148,500

$99,000

(TCO 5) The cost objective is the (Points : 4)

Reason for allocating the cost

Calculation based on budgeted amounts

Product, service, or department that is to receive the allocation

Maximum amount to be allocated to any single department

(TCO 6) Which of the following statements about cost pools is not true? (Points : 4)

The costs in each of the cost pools should be homogeneous or similar

Managers must make a cost-benefit decision when determining how many cost pools are appropriate

Only four different kinds of costs may be included in a single cost pool

More cost pools usually provide more accurate information but are more expensive

(TCO 7) A company is trying to decide whether to keep or drop the sporting goods department in its department store. If the segment is dropped, the manager will be fired. The manager’s salary, in relation to the decision to keep or drop the sporting goods department, is (Points : 4)

Avoidable and therefore relevant

Not avoidable and therefore relevant

Sunk and therefore not relevant

The same for all alternatives and therefore not relevant

(TCO 7) YXZ Company’s market for the Model 55 has changed significantly, and YXZ has had to drop the price per unit from $275 to $135. There are some units in the Work In Process Inventory that have costs of $160 per unit associated with them. YXZ could sell these units in their current state for $100 each. It will cost YXZ $10 per unit to complete these units so that they can be sold for $135 each.

When the incremental revenues and expenses are analyzed, which is the financial impact? (Points : 4)

$25 per-unit profit if the units are completed

$125 per-unit profit if the units are completed

$65 per-unit loss if the units are completed

$150 per-unit loss if the units are completed

(TCO 3) Describe a process costing system, including the types of companies that commonly use this system. How can process costing information be used in incremental analysis? (Points : 20)

(TCO 7) Each year, ACE Engines surveys 7,600 former and prospective customers regarding satisfaction and brand awareness. For the current year, the company is considering outsourcing the survey to RBG Associates, who have offered to conduct the survey and summarize results for $50,000. Robert Ace, the president of ACE Engines, believes that RBG will do a higher quality job than his company has been doing but is unwilling to spend more than $12,000 above current costs. The head of bookkeeping for ACE has prepared the following summary of costs related to the survey in the prior year.

Mailing$27,000
Printing (done by Lester Print Shop)$9,000
Salary of Pat Fisher, part-time employee who stuffed envelopes and summarized data when surveys were returned (130 × $16)……….
Share of depreciation of computer and software used to track survey responses and summarize results………..
Share of electricity, phone, and so forth based on square feet of space occupied by Pat Fisher versus entire company………..
Total$39,880

Prepare an incremental analysis in good form to determine the impact on profit of going outside versus conducting the survey as in the past. Will ACE accept the RBG offer? Why or why not? (Points : 25)

(TCO 4) Beach Rentals has estimated that fixed costs per month are $79,200 and variable cost per dollar of sales is $0.52.
(a) What is the break-even point per month in sales?
(b) What level of sales is needed for a monthly profit of $24,000?
(c) For the month of July, the company anticipates sales of $240,000. What is the expected level of profit? (Points : 25)

(TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured?

$292,000

$299,000

$277,000

$285,000

(TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:
                         Estimated      Actual

Overhead cost       $174,000    $171,000

Direct labor hours        5,800        5,900

Direct labor cost      $ 87,000  $  …….

2.00

1.90

30.00

1.93
How much is the predetermined overhead rate?

(TCO 3) Which of the following describes the differences between job-order and process costing?

Job-order costing is used in financial accounting while process costing is used in managerial accounting.

Job-order costing can only be used by manufacturers; service enterprises must use process costing.

Job-order costing is voluntary while process costing is mandatory.

Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the period.

(TCO 3) Companies in which of the following industries would not be likely to use process costing?

A law office

A custom home builder

A car repair business

A food manufacturer

(TCO 3) Which of the following companies is most likely to use a process costing system?

A law office

A custom home builder

A car repair business

A food manufacturer

(TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?

30,000

22,500

15,000

11,250

(TCO 3) Direct material cost is a part of:

Conversion Cost YES…. Prime Cost NO

Conversion Cost NO…. Prime Cost YES

Conversion Cost YES…. Prime Cost YES

Conversion Cost NO…. Prime Cost NO

(TCO 3) During March, the varnishing department incurred costs of $90,250 for direct labor. The beginning inventory was 3,500 units and 10,000 units were transferred to the varnishing department from the sanding department during June. The direct labor cost in the beginning inventory was $27,270. The ending inventory consisted of 2,000 units, which were 25% complete with respect to direct labor. What is the cost per equivalent unit for direct labor?

$8.71

7.84

11.19

9.79

(TCO 3) Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in-process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:

Work in process, May 1:

Direct material $36,000

Conversion costs $45,000

Costs incurred during May:

Direct material $186,000

Conversion costs $255,000

How much is the cost per equivalent unit for direct materials?

$24.00

$16.20

$15.86

$13.58

(TCO 3) Describe a process costing system, including the types of companies that commonly use this system.  How can process costing information be used in incremental analysis?

(TCO 3) Why is it necessary to use equivalent units in a process costing system?

(TCO 4) The following monthly data are available for RedEx, which produces only one product that it sells for $84 each. Its unit variable costs are $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600 units.
(a) How much is the breakeven point in sales dollars for RedEx?
(b) How many units must RedEx sell in order to earn a profit of $24,640?
(c) A new employee suggests that RedEx sponsor a company softball team as a form of advertising. The cost to sponsor the team is $1,792. How many more units must be sold to cover this cost?

(TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost?

4,400

6,580

3,600

8,800

(TCO 4) The margin of safety is the difference between

total revenue and total fixed costs.

expected level of sales and the break-even point.

budgeted fixed costs and actual fixed costs.

selling price and variable cost per unit.

(TCO 4) Allen Company sells homework machines for $100 each. Variable costs per unit are $75 and total fixed costs are $62,000. Allen is considering the purchase of new equipment that would increase fixed costs to $84,000, but decrease the variable costs per unit to $60. At that level Allen Company expects to sell 3,000 units next year. What is Allen’s break-even point in units if it purchases the new equipment?

2,480 units

36,000 units

2,100 units

3,650 units

(TCO 4) Paula Corporation sells a single product at a price of $275 per unit. Variable cost per unit is $135 and fixed costs total $356,860. If sales are expected to be $825,000, what is Paula’s margin of safety?

$468,140

$124,025

$700,975

$405,000

(TCO 4) Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to reach the break-even point?

$1,105,000

$282,880

$1,060,800

$208,476

(TCO 4) Total costs were $75,800 when 30,000 units were produced and $95,800 when 40,000 units were produced. Use the high-low method to find the estimated total costs for a production level of 32,000 units.

$80,115

$76,000

$79,800

$91,800

(TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are as follows.
Direct material per unit: $20
Direct labor per unit: 12
Variable manufacturing overhead per unit: 10
Fixed manufacturing overhead per year: $148,500
In addition, the company has fixed selling and administrative costs of $150,000 per year.
(TCO 5) In variable costing, when does fixed manufacturing overhead become an expense?

Never

In the period when the product is sold

In the period when the expense is incurred

In the period when other expenses are at the lowest level

(TCO 5) Which of the following items appears on a variable costing income statement but not on a full costing income statement?

Sales

Gross margin

Net income

Contribution margin

(TCO 5) An allocation base

is the minimum amount to be allocated to a cost object

coordinates the manufacturing overhead costs as they are incurred

will always be less than the variable costs for a product

relates the cost pool to the cost objectives

(TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are:
Direct material per unit: $20
Direct labor per unit: 12
Variable manufacturing overhead per unit: 10
Fixed manufacturing overhead per year: $148,500
In addition, the company has fixed selling and administrative costs of $150,000 per year.
During the year, Peak produces 45,000 snow blowers and sells 30,000 snow blowers. How much is net income, using full costing?

$1,641,000

$1,590,000

$1,441,500

$1,491,000

(TCO 6) Costs may be allocated to

Products

Services

Departments

All of the above

(TCO 6) AC Consulting Company has purchased a new $18,038 copier. This overhead cost will be shared by the purchasing, accounting, and information technology departments, because those are the only departments that will be able to access the machine. The company has decided to allocate the cost based on the number of copies made by each department. Each department has estimated the number of copies that will be made over the life of the copier.
Department Copies
Purchasing: 250,000
Accounting: 300,000
Information Tech: 425,000
If cost allocations are computed to four significant digits and the purchasing department makes 58,000 copies this year, how much overhead will be allocated to purchasing? (Points : 4)

$4,185

$4,624

$77,750

$1,073

(TCO 6) The building maintenance department for Jones Manufacturing Company budgets annual costs of $4,200,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. The following data relate to the potential allocation bases:

Production Dept. 1                            Production Dept. 2
Square footage                        15,000                                     45,000
Direct labor hours                   25,000                                     50,000

If Jones assigns costs to departments based on square footage, how much total costs will be allocated to Production Department 1?

$1,400,000

$1,050,000

$1,575,000

$2,100,000

(TCO 7) A company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to finish the goods and sell them as complete units. Which of the following is not relevant to the decision?

The selling price of the completed units

The costs incurred to process the units to this point

The selling price of the partially completed units

The costs that will be incurred to finish the units

(TCO 7) BigByte Company has 12 obsolete computers that are carried in inventory at a cost of $13,200. If these computers are upgraded at a cost of $7,500, they could be sold for $15,300. Alternatively, the computers could be sold “as is” for $9,000. What is the net advantage or disadvantage of reworking the computers?

$1,200 advantage

-$1,200 disadvantage

$9,200 disadvantage

$9,700 advantage

(TCO 7) Olde Store has 12,000 cans of crab meat just a week past the expiration date. Each can cost $0.31. The cans could be sold as is for $0.20 each, or relabeled and sold as gourmet cat food. The cost of relabeling the cans would be $0.04 per can and the cans would then sell for $0.29 per can. What should be done with the cans and why?

The cans should be thrown away since there will be a loss with the other alternatives

The cans should be relabeled into cat food since the sales price increases $0.09 per can and the cost is only $0.04 per can

The cans should be put on clearance since there is no reason to put more money into something that is already selling below cost

It doesn’t matter what you do since all alternatives result in a loss

 (TCO 7) YXZ Company’s market for the Model 55 has changed significantly, and YXZ has had to drop the price per unit from $275 to $135. There are some units in the Work In Process Inventory that have costs of $160 per unit associated with them. YXZ could sell these units in their current state for $100 each. It will cost YXZ $10 per unit to complete these units so that they can be sold for $135 each.
Which of the following is the amount of sunk costs in this problem?

$160 per unit

$10 per unit

$125 per unit

$100 per unit

(TCO 7) Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company’s retail floor space. The president of Computer Boutique is trying to decide whether the company should continue offering furniture or just concentrate on computer equipment. If furniture is dropped, salaries and other direct fixed costs can be avoided. In addition, sales of computer equipment can increase by 13%. Allocated fixed costs are assigned based on relative sales

ComputerHome Office
EquipmentFurniture      Total
Sales$1,200,000$800,000$2,000,000
Less cost of goods sold$700,000$500,000$1,200,000
Contribution margin$500,000$300,000$800,000
Less direct fixed costs
          Salaries$175,000$175,000$350,000
          Other$60,000$60,000$120,000
Less allocated fixed costs
          Rent$14,118$9,882$24,000

………..

ACCT 346 Managerial Accounting Entire Course

Quiz Week 6 

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 (TCO 7) Elliot’s Escargots sells commercial and home snail extraction tools and serving pieces. Currently, the Serving Pieces Section takes up approximately 50% of the company’s retail floor space. The CEO of Elliot’s wants to decide if the company should continue offering Serving Pieces or focus only on Snail Extraction Tools. If the Serving Pieces are dropped, salaries and other direct fixed costs can be avoided and Snail Extraction sales would increase by 13%. Allocated fixed costs are assigned based on relative sales.

Snail ExtractionServing
ToolsPiecesTotal
Sales$1,200,000$800,000$2,000,000
Less cost of goods sold500,000700,0001,200,000
Contribution margin700,000100,000800,000
Less Avoidable direct fixed costs:
   Salaries175,000175,000350,000
   Other60,00060,000120,000
Less Unavoidable allocated fixed costs:
   Rent14,1189,88224,000
   Insurance3,5292,4716,000
   Cleaning4,1172,8837,000
   Executive salary76,47053,530130,000
   Other7,0584,94212,000
Total costs340,292308,708649,000
Net income$359,708 ($208,708) $151,000
   

Prepare an incremental analysis in good form to determine the incremental effect on profit of discontinuing the snail extraction tool line. (Points : 6)

(TCO 4) Paschal’s Parasailing Enterprises has estimated that fixed costs per month are $110,500 and variable cost per dollar of sales is $0.45

What is the break-even point per month in sales?
What level of sales is needed for a monthly profit of $80,000?
For the month of August, Paschal’s anticipates sales of $450,000. What is the expected level of profit? (Points : 6)

(TCO 6) Princess Cruise Lines has the following service departments: concierge, valet, and maintenance. Expenses for these departments are allocated to Mediterranean and transatlantic cruises. Expenses for the departments are totaled (both variable and fixed components are combined) and as follows.

Concierge         $1,500,000
Valet                $2,750,000
Maintenance     $2,250,000

The sea miles logged are 6,000,000 for the Mediterranean and 18,000,000 for the transatlantic voyages.

Based upon the sea miles logged, allocate the service department costs (6 points). (Points : 6)

(TCO 9) Thurman Munster, the owner of Adams Family RVs, is considering the addition of a service center his lot. The building and equipment are estimated to cost $1,200,000, and both the building and equipment will be depreciated over 10 years using the straight-line method. The building and equipment have zero estimated residual value at the end of 10 years. Munster’s required rate of return for this project is 12%. Net income related to each year of the investment is as follows.

Revenue$450,000
Less:
   Material Cost$60,000
   Labor100,000
   Depreciation120,000
   Other10,000290,000
Income before taxes160,000
Taxes at 40%64,000
Net Income$96,000

(A) Determine the net present value of the investment in the service center. Should Munster invest in the service center?
(B) Calculate the internal rate of return of the investment to the nearest 0.5%.
(C) Calculate the payback period of the investment.
(D) Calculate the accounting rate of return. (Points : 10)

(TCO 5) The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations.

Units produced20,000
Units sold15,000
Selling price per unit                                                                               Per Unit            TotalDirect materials                                                     $2.00         $600,000Direct labor                                                       $1.50             $450,000Variable manufacturing overhead                  $1.00         $300,000

Fixed manufacturing overhead                              $0.33         $100,000

Full costs (cost of goods sold)          $4.83         $1,450,000

Add: Period costs:

Variable selling & admin. Expenses               $0.10         $30,000

Fixed selling & admin. Expenses                                           …

Total Product and period

costs                            $…

Add: Desired return                            $…

Target sales revenue                                        $…

Divided by: Number of units                                                  …

Selling price per unit                                               $…

In the absorption costing approach, the fixed manufacturing overhead cost will form part of cost per unit.

$30
Direct material per unit$..

 

Direct labor per unit$…
Variable manufacturing overhead per unit$…
Variable selling cost per unit$…
Annual fixed manufacturing overhead$…
Annual fixed selling and administrative expense$…

(a) Prepare an income statement using full costing.
(b) Prepare an income statement using variable costing. (Points : 8)

(TCO 8) Leekee Shipyards has a new barnacle-removing product for ocean-going vessels. The company invests $1,000,000 in operating assets and plans to produce and sell 300,000 units per year. Leekee wants to make a return on investment of 20% each year. Leekee needs to know what price to charge for this product.

Use the absorption costing approach to determine the markup necessary to make the desired return on investment based on the following information.

Per UnitTotal
Direct Materials$2.00
Direct Labor$1.50
Variable Manufacturing Overhead…$1.00

(TCO 4) Paschal’s Parasailing Enterprises has estimated that fixed costs per month are $110,500 and variable cost per dollar of sales is $0.45 (6 points).

(a)  What is the break-even point per month in sales?
(b)  What level of sales is needed for a monthly profit of $80,000?
(c)  For the month of August, Paschal’s anticipates sales of $450,000. What is the expected level of profit?  (Points : 6)

(TCO 6) Princess Cruise Lines has the following service departments: concierge, valet, and maintenance. Expenses for these departments are allocated to Mediterranean and transatlantic cruises. Expenses for the departments are totaled (both variable and fixed components are combined) and as follows.

Concierge         $1,500,000
Valet                $2,750,000
Maintenance     $2,250,000

The sea miles logged are 6,000,000 for the Mediterranean and 18,000,000 for the transatlantic voyages.

Based upon the sea miles logged, allocate the service department costs (6 points).

(TCO 9) Thurman Munster, the owner of Adams Family RVs, is considering the addition of a service center his lot. The building and equipment are estimated to cost $2,000,000, and both the building and equipment will be depreciated over 10 years using the straight-line method. The building and equipment have zero estimated residual value at the end of 10 years. Munster’s required rate of return for this project is 12%. Net income related to each year of the investment is as follows.

Revenue$450,000
Less:
   Material Cost$60,000
   Labor100,000
   Depreciation110,000
   Other10,000280,000
Income before taxes170,000
Taxes at 40%68,000
Net Income$102,000

(A) Determine the net present value of the investment in the service center. Should Munster invest in the service center?
(B) Calculate the internal rate of return of the investment to the nearest 0.5%.
(C) Calculate the payback period of the investment.
(D) Calculate the accounting rate of return.  (Points : 8)

(TCO 5) The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations.

Units produced20,000
Units sold17,000
Selling price per unit$30
Direct material per unit$5
Direct labor per unit$5
Variable manufacturing overhead per unit$2
Variable selling cost per unit$3
Annual fixed manufacturing overhead$160,000
Annual fixed selling and administrative expense$80,000

(a) Prepare an income statement using full costing.
(b) Prepare an income statement using variable costing.  (Points : 14)

ACCT 346 Managerial Accounting Entire Course

Discussions Week 1-7

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Posted by ALL Students – 613 Pages

Ethics and Ethical Behavior and Managerial and Financial Accounting Week 1 – 75 Pages

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Ethics and Ethical Behavior Week 1 – Post 34 Pages

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The Sarbanes-Oxley Act of 2002 (SOX) has emphasized the importance of ethical behavior and codes of conduct. Discuss the costs and benefits of the ethical environment. If a poor ethical environment results in costs to an organization, what are they? Conversely, what are the benefits of a good ethical environment?…

Managerial and Financial Accounting Week 1 – 41 Pages

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What is the goal of Managerial Accounting and how does Managerial Accounting differ from Financial Accounting?…

Job Order Costing and Process Costing Week 2 – 81 Pages

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Job Order Costing Week 2 – 40 Pages

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The job cost sheet is used to accumulate the three product costs: direct material, direct labor, and factory overhead. Discuss the source documents for determining these amounts (that is, where do we get these numbers, and how we arrive at the overhead?). Why is overhead the most difficult to assign?…

Process Costing -Week 2 – 41 Pages

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Describe how the process costing system accumulates and assigns costs by comparing and contrasting to the job-order costing system….

Cost-Volume-Profit Analysis and Variable Costing and Full Costing Week 3 – 95 Pages

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Cost-Volume-Profit Analysis Week 3 – 49 Pages

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Since the break-even point represents the point at which the company makes zero profit, why would a company have any interest in it?  How could managers use the break-even point when introducing a new product?…

Variable Costing and Full Costing Week 3 – 46 Pages

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Discuss the difference between variable costing and full costing. Why would income computed under full costing exceed income computed under variable costing if production exceeds sales?…

Activity-Based Costing and Incremental Cost Analysis Week 4 – 96 Pages

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Activity-Based Costing Week 4 – 50 Pages

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How does activity-based costing differ from the traditional costing approach? When would it give more accurate costs than traditional costing systems?  What are cost allocations? What are 4 main reasons companies allocate costs to products? Choose ONE and explain how this process would benefit management….

Incremental Cost Analysis Week 4 – 46 Pages

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What is meant by relevant costs?  What is meant by differential costs? How do constraints relate to manufacturing companies? How would you tie all these ideas together with costs that need to be included in the decision making process?…

Pricing Techniques and Capital Budgeting Techniques Week 5 – 96 Pages

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Pricing Techniques Week 5 – Post 47 Pages

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Compare target costing and cost-plus pricing. When is each the most appropriate method to use? Provide an example of each. Why is cost-plus pricing inherently circular for a manufacturing firm?  What are the alternatives when considering a “special order”? What does “incremental revenue” mean?   How do you decide between the alternatives? Give examples of a special order and give examples of a special order coming into your company. What factors do you look at and what factors should you not look at?…

Capital Budgeting Techniques Week 5 – 49 Pages

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Suppose a company has five different capital budgeting projects from which to choose but has constrained funds and cannot implement all of the projects. Explain why comparing the projects’ NPVs is better than comparing their IRRs. How is the IRR determined if there are uneven cash flows? Why does the failure to consider soft benefits discourage investment?

Budgeting and Standard Costs and Variance Analysis Week 6 – 90 Pages

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Budgeting Week 6 – 46 Pages

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How are budgets used in the management roles of Planning and Control? Why are budgets important? Do you use Budgets in your job? What is the difference between Static Budgets and Flexible Budgets? How are static budgets and flexible budgets related? How does a company effectively use budgets in the planning and control process? As it is preparing the budget, what is the difference between the top-down and the bottom-up approach to development? Which do you think is more commonly used and why?…

Standard Costs and Variance Analysis Week 6 – 44 Pages

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Why do we try to get a standard cost for items going into the products we manufacture? What role do standard costs play in controlling the operations of a business? How are standard costs developed for direct materials, direct labor, and manufacturing overhead? Are there ever costs that we can’t develop standards for related to manufacturing the goods? What do we see when we analyze the variances?…

Responsibility Centers and Financial Statement Analysis Week 7 – 80 Pages

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Responsibility Centers Week 7 – 44 Pages

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Compare and contrast the three types of responsibility centers. What is the best way to evaluate a manager’s performance in each type of center? What is the problem with using only financial measures of performance?…

Financial Statement Analysis Week 7 – 36 Pages

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Why do managers analyze financial statements? What are they looking for? List three types of decisions that managers can make by analyzing financial statements.

  1. A) What are the differences between the “current ratio” and the “acid-test ratio”? What do these ratios tell management?
  2. B) Suppose net income is much higher than cash flows from operations. Why is this potentially indicative of earnings manipulation?…

ACCT 346 Managerial Accounting Entire Course

Final Exam 

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(TCO 1) How does managerial and financial accounting differ in terms of the amount of detail presented and nonmonetary and monetary information? (Points : 15)

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(TCO 2) What is an indirect labor cost?  What is an example of an indirect labor cost?  (Points : 15)

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(TCO 3) What is the difference between job order and process costing?  (Points : 15)

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(TCO 4)  What is a fixed cost?  What is an example of a fixed cost? (Points : 15)

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(TCO 5) What is full costing?  How does it differ from variable costing? (Points : 15)

(TCO 6)  What is the first step in the cost allocation process? What is done in this step? (Points : 15)

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(TCO 7)  What is an incremental cost?  What is an example of one? (Points : 15)

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(TCO 8) What is activity-based pricing?  How is the price determined? (Points : 15)

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(TCO 7) Products Kappa and Sigma are joint products. The joint production cost of the products is $800. Kappa has a market value of $450 at the split-off point. If Kappa is further processed at an additional cost of $600, its market value is $1,400. Product Sigma has a market value of $1,150 at the split-off point. If Product Sigma is further processed at an additional cost of $300, its market value is $1,400. Using the relative sales value method, calculate the joint product cost that would be allocated to Kappa and Sigma.  How do you know if one of the products should be further processed?
(Points : 30)

The relative sales value method is otherwise called as the sales value at split off method.

Step 1: To find the allocation percentages based on the sales value at the split-off point

Step 2: To allocate the joint

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(TCO 6) Name the steps in the ABC approach.  Describe each of them.  Which do you think is the most important step? Why? (Points : 30)

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(TCO 8) A company must incur annual fixed costs of $4,000,000 and variable costs of $400 per unit and estimates that it can sell 40,000 pumps annually and marks up cost by 30 percent.  Using cost-plus pricing, what is the cost per unit and the price? What are advantages and disadvantages of cost-plus pricing?(Points : 30)

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(TCO 9) A project will require an initial investment of $250,000 and will return $50,000 each year for seven years. If taxes are ignored and the required rate of return is 9%, what is the project’s net present value? Based on this analysis, should the company proceed with the project? (Points : 30)

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(TCO 10) Why does a company perform ratio analysis?  What are the debt-related ratios?  Describe the formula for one debt-related ratio and explain how to interpret the ratio. (Points : 30)

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(TCO 1) Who are the users of managerial accounting information?  How does their use of accounting information differ from the users of financial accounting information? (Points : 15)

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(TCO 3)  What is job-order costing?  What type of company would us job-order costing? (Points : 15)

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(TCO 4)  What is a variable cost?  What is an example of a variable cost? (Points : 15)

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(TCO 6)  Explain why companies might choose to allocate the costs of their service departments (ie. Human Resources, Maintenance, Mailroom, etc…) to their production departments.  Also describe some typical bases companies use to base their allocations on.  Last, what should a company be mindful of when analyzing the profitability of segments that have allocated costs.  (Points : 15)

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(TCO 8)  What is cost plus pricing?  How does the company determine the profit level? (Points : 15)

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(TCO 8)  Gina’s Boutique makes custom jewelry. One item, the guru necklace, is a best seller and sales in units for the first quarter are as follows: 

January 100,000 units

February 150,000 units
March 180,000 units

Desired ending inventory is budgeted at 20% of next month sales.  Compute production for.. (Points : 30)

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(TCO 8) Acme Fireworks uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $1,000,000 and direct labor hours are budgeted at 200,000 hours. Actual hours worked were 195,000 and actual overhead was $978,000. 

(a) Compute the predetermined manufacturing overhead rate.
(b) Compute the applied manufacturing overhead.
(c) Compute the amount of…(Points : 30)

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(TCO 8)  Joanie Corp sells it products on a credit basis only.  Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows:
January $100,000
February $150,000
March $125,000
Compute…. (Points : 30)

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(TCO 9) A project will require an initial investment of $300,000 and will return $75,000 each year for eight years. If taxes are ignored and the required rate of return is 9%, what is the project’s net present value? Based on this analysis, should the company proceed with the project?   (Points : 30)
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(TCO 9) The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just-completed year.
Sales ………………………………………………………$950
Raw materials inventory, beginning …………………$10
Raw materials inventory, ending …………………….$30
Purchases of raw materials ………………………….$120
Direct labor ………………………………………………$180
Manufacturing overhead ……………………………..$230
Administrative expenses ……………………………..$100
Selling expenses ………………………………………..$….
Work-in-process inventory, beginning ………………$…
Work-in-process inventory, ending ………………….$…
Finished goods inventory, beginning ………………$…
Finished goods inventory, ending ……………………$…
Use these 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. (Points : 30)

ACCT 346 Managerial Accounting Entire Course