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ACC 349 Week 1 Connect Assignment

ACC 349 Week 1 Connect Assignment
 

Access Connect.

Complete the Week 1 Problems

1.

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
$
81,000
    Purchases of raw materials
$
138,000
    Manufacturing overhead
$
210,000
    Advertising expense
$
45,000
    Sales salaries
$
101,000
    Depreciation, office equipment
$
224,000
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Beginning 

of the Year
End of 

the Year
  Inventories:
 
 
 
 
 
 
    Raw materials
$
8,800
 
$
10,500
 
    Work in process
$
5,700
 
$
20,700
 
    Finished goods
$
71,000
 
$
25,900
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arden Company reported the following costs and expenses for the most recent month:
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
  Direct materials
$
75,000
 
  Direct labor
$
37,000
 
  Manufacturing overhead
$
15,000
 
  Selling expenses
$
18,000
 
  Administrative expenses
$
30,000
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mickley Company’s predetermined overhead rate is $23.00 per direct labor-hour and its direct labor wage rate is $13.00 per hour. The following information pertains to Job A-500:
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
  Direct materials
$210
  Direct labor
$130
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Required:
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.
What is the total manufacturing cost assigned to Job A-500?
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.
If Job A-500 consists of 70 units, what is the average cost assigned to each unit included in the job?
 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
55,000
75
%
 
40
%
 
  Work in process inventory, May 31
35,000
50
%
 
25
%
 
 
 
 
 
 
 
 
 
  Materials cost in work in process inventory, May 1
 
 
 
$
47,100
 
 
  Conversion cost in work in process inventory, May 1
 
 
 
$
12,900
 
 
  Units started into production
 
 
 
 
247,500
 
 
  Units transferred to the next production department
 
 
 
 
267,500
 
 
  Materials cost added during May
 
 
 
$
320,550
 
 
  Conversion cost added during May
 
 
 
$
186,000
 
 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

Managerial Accounting helps managers perform

Planning

Controlling

Decision-making

All of the above

 

 

 

 

 

7.

Financial accounting focuses on decisions affecting the future.

True

False

 

 

 

8.

The IMA Statement of Ethical Professional Practice standards include all of the following EXCEPT:

Honesty

Credibility

Confidence

Competence

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