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首页 期末考试卷.doc

期末考试卷.doc

期末考试卷.doc

上传者: 1141030616 2012-06-22 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《期末考试卷doc》,可适用于考试题库领域,主题内容包含Keyterms:()jobcosting()abnormalspoilage()normalcostingQuestions:()whatisth符等。

Keyterms:()jobcosting()abnormalspoilage()normalcostingQuestions:()whatisthedifferencebetweenthemeaningsofthetermscostandexpense()WhyareequivalentunitscomputedforprocesscostingMultiplechoicequestions:Items()through()arebasedonthefollowingdatapertainingtopacificCompany’smanufacturingoperations:InventoriesAprilAprilDirectmaterials………$,$,Workinprocess…………,,Finishedgoods…………,,AdditionalinformationforthemonthofApril:Directmaterialspurchased…………$,Directlaborcosts……………………,Manufacturingoverhead……………,()ForthemonthofApril,primecostswereA$,B$,C$,D$,()ForthemonthofApril,conversioncostswereA$,B$,C$,D$,()ForthemonthofApril,costofgoodssoldwasA$,B$,C$,D$,()PaigePrintingusesajobordercostsystemThefollowingdebits(credits)appearedintheWorkinProcessaccountforMay:DescriptionAmountMayBalance$,EntiremonthDirectmaterials,EntiremonthDirectlabor,EntiremonthFactoryoverhead,EntiremonthTofinishedgoods(,)PaigePrintingappliesoverheadtoproductionatapredeterminedrateofpercentbasedondirectlaborcostJob,theonlyjobstillinprocessattheendofMay,hasbeenchargedwithdirectlaborof$,RequiredWhatwastheamountofdirectmaterialschargedtoJobA$,B$,C$,D$,()Underwhichofthefollowingconditionswillthefirstin,firstoutmethodofprocesscostingproducethesamecostofgoodsmanufacturedastheweightedaveragemethodAWhengoodsproducedarehomogeneousBWhenthereisnobeginninginventoryCWhenthereisnoendinginventoryDWhenbeginningandendinginventoriesareeachpercentcompleteCalculations:()XavierCorporationestimatesitsmanufacturingoverheadtobe$,anditsdirectlaborcoststobe$,foryearTheactualdirectlaborcostswere$,forJob,$,forjob,and$,forJobduringyeartheactualmanufacturingoverheadwas$,ManufacturingoverheadisappliedtojobsonthebasisofdirectlaborcostsusingpredeterminedratesRequiredaHowmuchoverheadwasassignedtoeachjobduringyearbWhatwasthemanufacturingoverheadvarianceforyear()CreativepaintsCohadbeginningWIPinventoryof$,onOctoberOfthisamount,$wasthecostofdirectmaterials,and$,wereconversioncostsThe,unitsinthebeginninginventorywerepercentcompletewithrespecttobothdirectmaterialsandconversioncostsDuringOctober,,unitsweretransferredoutand,remainedintheendinginventoryTheunitsintheendinginventorywerepercentcompletewithrespecttodirectmaterialsandpercentcompletewithrespecttoconversioncostsCostsincurredduringtheperiodamountedto$,fordirectmaterialsand$,forconversionRequiredComputethecostperequivalentunitfordirectmaterialsandforconversioncostsusingtheFIFOmethodandcostofFG()Thefollowingdatareflectthecurrentmonth’sactivityforNugget,Inc:Actualtotaldirectlabor$ActualhoursworkedStandardlaborhoursallowedforactualoutput(Flexiblebudget)Directlaborpricevariance$UActualvariableoverhead$Standardvariableoverheadrateperstandarddirectlaborhour$RequiredVariableoverheadisappliedbasedonstandarddirectlaborhoursallowedComputethelaborandvariableoverheadpriceandefficiencyvariancesCasestudy:AudioCorporationproducestwotypesofaudiocassettes,standardandhighgradeThestandardcassettes,usedprimarilyinansweringmachines,aredesignedfordurabilityratherthanaccuratesoundreproductionThecompanyonlyrecentlybeganproducingthehigherqualityhighgrademodeltoenterthelucrativemusicrecordingmarketSincetheintroductionofthenewproduct,profitshavebeensteadilydecliningManagementbelievesthattheaccountingsystemmaynotbeaccuratelyallocatingcoststoproducts,particularlysincesalesofthenewproducthavebeenincreasingManagementhasaskedyoutoinvestigatethecostallocationproblemYoufindthatmanufacturingoverheadiscurrentlyassignedtoproductsbasedonthedirectlaborcostsintheproductsForyourinvestigation,youhavedatafromlastyearLastyear’smanufacturinggradecassettesDirectlaboranddirectmaterialscostswereasfollows:StandardHighGradeTotalDirectlabor$,$,$,Materials,,,ManagementdeterminedthatoverheadcostsarecausedbythreecostdriversThecostdriversandtheircostsforlastyearwereasfollows:ActivityLevelCostDriverCostsAssignedStandardHighGradeTotalNumberofproductionruns$,Qualitytestsperformed,Shippingordersprocessed,Totaloverhead$,RequiredaHowmuchoftheoverheadwillbeassignedtoeachproductifthesethreecostdriversareusedtoallocateoverheadWhatisthetotalcostperunitproducedforeachproductbHowmuchoftheoverheadwasassignedtoeachproductifdirectlaborcosthadbeenusedtoallocateoverheadWhatisthetotalcostperunitproducedforeachproductcHowmighttheresultsfromusingactivitybasedcostinginrequirement(a)helpmanagementunderstandAudio’sdecliningprofitsKeyterms:()Splitoffpoint()processcosting()equivalentunitsQuestions:()whatisthedifferencebetweentheproductcostsandperiodcosts()WhatisreworkDescribethetwomethodsofaccountingforthecostofreworkMultiplechoicequestions:Items()through()arebasedonthefollowingdataforaproductmanufacturedbyEasternCompany:Salesprice…………………$perunitFixedcostsMarketingandadministrative…………………$,perperiodManufacturingoverhead…………………$,perperiodVariablecostsMarketingandadministrative…………………$perunitManufacturingoverhead…………………$perunitDirectlabor(manufacturing)…………………$perunitDirectmaterials(manufacturing)…………………$perunitNumberofunitsproducedandsoldduringtheperiod…,unitsRequiredAnswereachquestionwiththecorrectamountperunit()HowmuchisthevariablecostperunitA$B$C$D$ESomeotheramount()HowmuchistheprimecostperunitA$B$C$D$ESomeotheramount()HowmuchistheprofitmarginperunitA$B$C$D$ESomeotheramount()OwingsCousesapredeterminedfactoryoverheadratebasedondirectlaborhoursForOctober,Owings’budgetedoverheadwas$,basedonabudgetedvolumeof,directlaborhoursActualoverheadamountedto$,withactualdirectlaborhourstotaling,RequiredHowmuchwasoverheadoverappliedorunderappliedA$,overappliedB$,underappliedC$,overappliedD$,underapplied()Incomputingthecostperequivalentunit,theweightedaveragemethodconsidersACurrentcostsonlyBCurrentcostspluscostsinbeginningWIPinventoryCCurrentcostspluscostofendingWIPinventoryDCurrentcostslesscostsinbeginningWIPinventoryCalculation:()VailCompanyhasthefollowingfactsregardingspoilage:UnitsDollarsBeginningWIPinventoryUnitsstarted,Costsincurredforunitsstarted$,Goodunitsofoutputproduced,SpoiledunitsEndingWIPinventoryManagementisconcernedaboutthecostofspoilageAssumethat,unitsweresoldandgoodunitsremainedinendingfinishedgoodsinventoryRequiredcalculatingCOGSandthecostofspoiledunitsassumingthatspoilageoccursattheendoftheprocessthereisnoneedtoincludeseparatecolumnsfordirectmaterialsandconversioncostssinceallunitsweretransferredoutofWIPinventorybytheendoftheperiod()pete’sDeliciousFoodshasacommissarythatsuppliesfoodandotherproductstoitsrestaurantsItstwoservicedepartments,ComputerService(S)andAdministrationandMaintenance(S),supporttwooperatingdepartment,FoodProducts(P)andSupplies(P)Asaninternalauditor,youarecheckingthecompany’sproceduresforcostallocationYoufindthefollowingcostallocationresultsforJune:fromtoPPS$S$Totalcostsforthetwoservicedepartmentsis$S’sservicesareprovidedasfollows:percenttoS,percenttoP,percenttoPthedirectmethodofallocatingcostsisusedRequired:awhatarethetotalservicedepartmentcosts(SS)allocatedtoPbcompletetheabovetablecwhatweretheproportionsofS’scostsallocatedtoPandP()InformationonAlmayCorporation’sdirectmaterialscostsfollows:Actualquantitiesofdirectmaterialsused,Actualcostsofdirectmaterialsused$,Standardpriceperunitofdirectmaterials$Flexiblebudgetfordirectmaterials$,AlmayCorporationhasnomaterialsinventoriesRequiredPrepareAshortreportformanagementshowingAlmayCorporation’sdirectmaterialspriceandefficiencyvariancesCasestudy:LakeviewCorporation’sunauditedrecordsshowthefollowingendinginventorybalances,whichmustbeadjustedtoactualcosts:UnitsUnauditedCostsWorkinprocessinventory,$,Finishedgoodsinventory,,,Astheauditor,yourhavelearnedthefollowinginformationEndingworkinprocessinventoryispercentcompletewithrespecttoconversioncostsMaterialsareaddedatthebeginningofthemanufacturingprocess,andoverheadisappliedattherateofpercentofthedirectlaborcostsTherewasnofinishedgoodsinventoryatthestartoftheperiodThefollowingadditionalinformationisalsoavailable:CostsUnitsDirectMaterialsDirectLaborBeginninginventory(completeastolabor),$,$,Unitsstarted,,Currentcosts,,,,Unitscompletedandtransferredtofinishedgoodsinventory,RequiredaPrepareaproductioncostreportforLakeviewCorporationusingweightedaverage(Hint:Youwillneedtocalculateequivalentunitsforcategoriesmaterials,labor,andoverhead)bShowthejournalentryrequiredtocorrectthedifferencebetweentheunauditedrecordsandactualendingbalancesofWorkinProcessInventoryandFinishedGoodsInventoryDebitorcreditCostofGoodsSoldforanydifferencecIftheadjustmentinrequirement(b)hadnotbeenmade,wouldthecompany’sincomeandinventorieshavebeenoverstatedorunderstatedKeyterms:()conversioncost()activitybasedcosting()firstinfirstoutcostingQuestions:()whatarethethreecategoriesofproductcostinmanufacturingoperationDescribeeachelementbriefly()WhatisthedifferencebetweennormalspoilageandabnormalspoilageMultiplechoicequestions:()ThefollowinginformationpertainstoAlexisCo’splantforthemonthofMay:NumberofUnitsCostofMaterialsBeginningworkinprocess,$,StartedinMay,,Unitscompleted,Endingworkinprocess,AllmaterialsareaddedatthebeginningoftheprocessRequiredUsingtheweightedaveragemethod,thecostperequivalentunitformaterialsisA$B$C$D$ESomeotheranswer()DepartmentAisthefirststageofJuanCo’sproductioncycleThefollowinginformationisavailableforconversioncostsforthemonthofApril:UnitsBeginningworkinprocess(complete),StartedinApril,CompletedinAprilandtransferredtoDepartmentB,Endingworkinprocess(complete),RequiredUsingtheFIFOmethod,theequivalentunitsfortheconversioncostcalculationareA,B,C,D,()MesaVerdeCohadthefollowingproductionforthemonthofJune:WorkinprocessatJune,unitsStartedduringJune,Completedandtransferredtofinishedgoods,Normalspoilageincurred,WorkinprocessatJune,MaterialsareaddedatthebeginningoftheprocessAstoconversioncosts,thebeginningworkinprocesswaspercentcompleteandtheendingworkinprocesswaspercentcompleteSpoilageisdetectedattheendoftheprocessRequiredUsingtheweightedaveragemethod,whatweretheequivalentunitsforJunewithrespecttoconversioncostsA,B,C,D,()()ThefollowingquestionsarebasedontheGreaseDepartmentoftheSpiritPetroleumCorporationConversioncostsforthisdepartmentwerepercentcompleteastobeginningWIPandpercentcompleteastoendingWIPInformationaboutconversioncostsforJanuaryisasfollows:UnitsconversioncostsWIPatJanuary(complete)$UnitsstartedandcostsincurredDuringJanuaryUnitscompletedandtransferredTonextdepartmentduringJanuaryThecompanyusesFIFOintheGreaseDepartment()whatwastheconversioncostofWIPintheGreaseDepartmentatJanuaryA$B$C$D$ENoneoftheabove()whatweretheconversioncostsperequivalentunitproducedlastperiodandthisperiod,respectivelyA$and$B$and$C$and$D$and$ENoneoftheaboveCalculation:()CustomTailors,Inc,hastwoservicedepartments(MaintenanceandGeneralFactoryAdministration)andtwooperatingdepartments(CuttingandAssembly)ManagementhasdecidedtoallocatemaintenancecostsonthebasisoftheareaineachdepartmentandgeneralfactoryadministrationcostsonthebasisoflaborhoursworkedbytheemployeesineachoftheirrespectivedepartmentsThefollowingdataappearinthecompanyrecordsforthecurrentperiod:GeneralFactoryAdministrationMaintenanceCuttingAssemblyAreaoccupied(squarefeet),,,LaborhoursDirectlaborcosts(operatingdepartmentsonly)$,$,Servicedepartmentdirectcosts$,$,RequiredUsethedirectmethodtoallocatetheseservicedepartmentcoststotheoperationdepartments()MillerManufacturingCompanyproducesthreeproductsbyajointproductionprocessRawmaterialsareputintoproductioninDepartmentA,andattheendofprocessinginthisdepartment,threeproductsappearProductXisimmediatelysoldatthesplitoffpoint,withnofurtherprocessingProductsYandZrequirefurtherprocessingbeforetheyaresoldProductYisprocessedinDepartmentB,andproductZisprocessedinDepartmentCThecompanyusestheestimatednetrealizablevaluemethodofallocatingjointproductioncostsFollowingisasummaryofcostsandotherdataforthequarterendedSeptemberAlltheunitsonhandattheendofthequarterwerefullycompleteastoprocessingProductsXYZPoundssold,,,PoundsonhandatSeptember,,Salesrevenues$,$,$,DepartmentsABCRawmaterialcost$,Directlaborcost,$,$,Manufacturingoverhead,,,RequiredaDeterminethefollowingamountsforeachproduct:()estimatednetrealizablevalueusedforallocatingjointcosts,()jointcostsallocatedtoeachofthethreeproducts,()costofgoodssold,and()finishedgoodsinventorycosts,SeptemberbAssumethattheentireoutputofproductXcouldbeprocessedfurtheratanadditionalcostof$perpoundandthensoldatapriceof$perpoundWhatistheeffectonoperatingprofitsifalltheproductXoutputforthequarterhadbeenprocessedandsold,ratherthanallbeingsoldatthesplitoffpoint()Miller,Inc,manufacturesconstructionequipmentandfarmmachinerytiresThefollowinginformationisavailableforJune,yearMillerproducedandsold,tiresfor$,eachBudgetedproductionwas,tiresStandardvariablecostspertirefollows:Directmaterials:poundsat$………$Direstlabor:hoursat$……………Variableproductionoverhead:machinehoursat$perhour………Totalvariablecosts………………………$Fixedproductionoverheadcosts:Monthlybudget$,Fixedoverheadisappliedattherateof$pertireActualproductioncosts:Directmaterialspurchasedandused:,poundsat$$,Directlabor:,hoursat$,Variableoverhead:,machinehoursat$perhour,Fixedoverhead,,Machinehours:,RequiredaPrepareacostvarianceanalysisforeachvariablecostforMillerbPrepareafixedoverheadcostvarianceanalysisCasestudy:PaigePrinting,Inc,isarapidlygrowingcompanythathasnotbeenprofitabledespiteincreasesinsalesIthashiredyouasaconsultanttofindwaystoimprovethesituationYoubelievethattheproblemresultsfrompoorcostcontrolandinaccuratecostestimationonjobsTogatherdataforyourinvestigation,youturntotheaccountingsystemandfindthatitisalmostnonexistentHowever,youpiecetogetherthefollowinginformationforApril:Production:CompletedJobStartedandcompletedJobStartedJobInventoryvalues:Workinprocessinventory:March:JobDirectmaterials$,Labor(hours$),April:JobDirectmaterials$,Labor(,hours$),Eachjobinworkinprocessinventorywasexactlypercentcompletedastolaborhourshowever,allofthedirectmaterialsnecessarytodotheentirejobwerechargedtoeachjobassoonasitwasstartedTherewerenodirectmaterialsinventoriesorfinishedgoodsinventoriesateitherMarchorAprilActualmanufacturingoverheadwas$,Costofgoodssold(beforeadjustmentforoverorunderappliedoverhead):JobMaterials$,LaborOverheadTotal$,JobMaterialsLaborOverheadTotalOverheadwasappliedtojobsu

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