Liberty University ACCT 212 Exam 4 excel answers

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Question 1 Cleveland Choppers manufactures two types of motorcycles, a Base and a Loaded model. The following activity and costs have been gathered: Product Number of Number of Number of Components... Setups Direct Labor Hrs Base 15 20 700 Loaded 25 40 600 Overhead costs 27000 22500 The number of components and number of setups are chosen as activity-cost drivers for overhead. Assuming an ABC costing system is being used, what is the total overhead cost assigned to the Base model? Question 2 Over recent decades, overhead costs have steadily decreased while direct labor costs have increased as a percentage of total manufacturing costs. Question 3 The following information relates to the manufacturing operations of the JNR Printing Company for the year: Beginning Ending Raw materials inventory57000 60000 Finished goods 68000 60000 The raw materials used in manufacturing during the year totaled $118,000. Raw materials purchased during the year amount to: 118000 Answer Question 4 Which of the following items does not represent a difference between financial and managerial accounting? Question 5 CWN Company uses a job order costing system and last period incurred $80,000 of actual overhead and $100,000 of direct labor. CWN estimates that its overhead next period will be $75,000. It also expects to incur $100,000 of direct labor. If CWN bases applied overhead on direct labor cost, its predetermined overhead rate for the next period should be: 80000 100000 75000 100000 Answer Question 6 If actual overhead incurred during a period exceeds applied overhead, the difference will be a debit balance in the Factory Overhead account at the end of the period. Question 7 Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion. Units started and completed: 250,000. Units completed and transferred out: 330,000. Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion. 80000 60% 20% 250000 330000 30000 40% Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process - Conversion: $79,700. Costs incurred in October - Direct Materials: $646,800. Costs incurred in October - Conversion: $919,300. 37200 79700 646800 919300 Calculate the equivalent units of conversion. Answer Question 8 Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. The number of units transferred to finished goods during the year is: Beginning Work in Process (40% complete, $1,100) 200 Ending inventory of Work in Process (80% complete) 400 Total units started during the year 3200 Answer Question 9 Carver Packing Company reports total contribution margin of $72,000 and pretax net income of $24,000 for the current month. In the next month, the company expects sales volume to increase by 8%. The degree of operating leverage and the expected percent change in income, respectively, are: 72000 24000 8% Answer Question 10 A company manufactures and sells a product for $120 per unit. The company's fixed costs are $68,760, and its variable costs are $90 per unit. The company's break-even point in dollars is: 120 68760 [Show More]

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