Top Accounting Grades Achieved

Top Accounting Grades Achieved
avatar
Published: 4 days ago

Top Accounting Grades Achieved

categories:   Online course help
126.During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 110,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method.


A. 165,000; 165,000.
B. 135,000; 119,000.
C. 140,000; 130,250.
D. 165,000; 144,000.
E. 144,000; 144,000.
127.During November, the production department of a process operations system completed and transferred to finished goods 35,000 units that were in process at the beginning of November and 110,000 units that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of November, 40,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to conversion. Compute the number of equivalent units with respect to materials for November using the weighted-average method.


A. 145,000.
B. 40,000.
C. 105,000.
D. 112,000.
E. 185,000.
128.During November, the production department of a process operations system completed and transferred to finished goods 35,000 units that were in process at the beginning of November and 110,000 that were started and completed in November. November's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to conversion. At the end of November, 40,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to conversion. Compute the number of equivalent units with respect to conversion for November using the weighted-average method.


A. 145,000.
B. 157,000.
C. 55,500.
D. 83,500.
E. 185,000.
129.During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 110,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 55% complete with respect to labor. At the end of March, 30,000 additional units were in process in the production department and were 100% complete with respect to materials and 30% complete with respect to labor. The production department incurred direct materials cost of $253,000 and its beginning inventory included materials cost of $93,500. Compute the direct materials cost per equivalent unit for the department using the weighted-average method.


A. $1.53.
B. $2.48.
C. $2.10.
D. $2.57.
E. $2.40.
16. ROCK THE AGES, LLC TAX FORM 1065
Hello,I need help with preparing the form 1065.
Document Preview:
Ryan Ross (111-11-1111), Oscar Oleander (222-22-2222), Clark Carey (333-33-3333), and Kim Kardigan (444-44-4444) are equal members in ROCK the ages, LLC. ROCK serves as agents and managers for prominent musicians in the Los Angeles area. The LLC’s Federal ID number is 55-5555555. It uses the cash basis and the calendar year and began operations on January 1, 2002. Its current address is 6102 Wilshire Boulevard, Suite 2100, Los Angeles, CA 90036. ROCK was the force behind such music icons as Rhiannon and Ulster and has had a very profitable year. The following information was taken from the LLC’s income statement for the current year: Revenues: Fees and commissions $4,800,000 Taxable interest income from bank deposits 1,600 Tax-exempt interest 3,200 Gains and losses on stock sales 4,000 Total revenues $4,808,800 Expenses: Advertising and public relations $ 380,000 Charitable contributions 28,000 Section 179 expense 20,000 Employee salaries 1,000,000 Guaranteed payment, Ryan Ross, office manager 800,000 Guaranteed payment, other members 600,000 Entertainment, subject to 50% disallowance 200,000 Travel 320,000 Legal and accounting fees 132,000 Office rentals paid 80,000 ...
17. The Beal Manufacturing Company’s costing system has two direct-c
The Beal Manufacturing Company’s costing system has two direct-cost categories: direct materials and direct manufacturing labor. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard direct manufacturing labor hours (DLH). At the beginning of 2009, Beal adopted the following standards for its manufacturing costs:


The denominator level for total manufacturing overhead per month in 2009 is 40,000 direct manufacturing labor-hours. Beal’s flexible budget for January 2009 was based on this denominator level. The records for January indicated the following:


1. Prepare a schedule of total standard manufacturing costs for the 7,800 output units in January 2009.
2. For the month of January 2009, compute the following variances, indicating whether each is favorable (F) or unfavorable (U):
a.Direct materials price variance, based on purchases
b. Direct materials efficiency variance
c. Direct manufacturing labor price variance
d. Direct manufacturing labor efficiency variance
e. Total manufacturing overhead spending variance
f. Variable manufacturing overhead efficiency variance
g. Production-volume variance
18. Francis Equipment Co. closes its books regularly on December 31, but at the end of 2012 it held its...
P7-1 (Determine Proper Cash Balance) Francis Equipment Co. closes its books regularly on December 31, but at the end of 2012 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The information is given below.
1. January cash receipts recorded in the December cash book totaled $45,640, of which $28,000 represents cash sales, and $17,640 represents collections on account for which cash discounts of $360 were given.
2. January cash disbursements recorded in the December check register liquidated accounts payable of $22,450 on which discounts of $250 were taken.
3. The ledger has not been closed for 2012.
4. The amount shown as inventory was determined by physical count on December 31, 2012. The company uses the periodic method of inventory.
Instructions
(a) Prepare any entries you consider necessary to correct Francis’s accounts at December 31.
(b) To what extent was Francis Equipment Co. able to show a more favorable balance sheet at December 31 by holding its cash book open? (Compute working capital and the current ratio.) Assume that the balance sheet that was prepared by the company showed the following amounts:
Dr. Cr.
Cash $39,000
Accounts receivable 42,000
Inventory 67,000
Accounts payable $45,000
Other current liabilities 14,200
19. WoodGrain Technology makes home office furniture from fine hardwoods. The company uses a...
WoodGrain Technology makes home office furniture from fine hardwoods. The company uses a job-order costing system and predetermined overhead rates to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Preparation Department is based on machine- hours. and the rate in the Fabrication Department is based on direct labor-hours. At the beginning of the year, the company's management made the following estimates for the year:
Department
Preparation Fabrication
Machine-hours 80,000 21,000
Direct labor-hours a 35,000 50,000
Direct materials cost $190,000 $400,000
Direct labor cost $280,000 $530,000
Fixed manufacturing overhead cost $256,000 $520,000
Variable manufacturing overhead per machine-hour $2.00 -
Variable manufacturing overhead per direct labor-hour - $4.00
Job 127 was started on April 1 and completed on May 12. The company's cost records show the following information concerning the job:
Department
Preparation Fabrication
Machine-hours 350 70
Direct labour-hours 80 130
Direct materials cost $940 $1,200
Direct labour cost $710 $980
Required:
1. Compute the predetermined overhead rate used during the year in the Preparation Department. Compute the rate used in the Fabrication Department.
2. Compute the total overhead cost applied to Job 127.
3. What would be the total cost recorded for Job 127? If the job contained 25 units, what would be the unit product cost?
4. At the end of the year, the records of WoodGrain Technology revealed the following actual cost and operating data for all jobs worked on during the year:
Department
Preparation Fabrication
Machine-hours 73,000 24,000
Direct labour-hours 30,000 54,000
Direct materials cost $165,000 $420,000
Manufacturing overhead cost $390,000 $740,000
What was the amount of underapplied or overapplied overhead in each department at the end of the year?
20. 5.6 - Please use my question and explain how you got your answer!
"Blast it!" said David Wilson, president of Teledex Company. "We've just lost the bid on the Koopers job by $10,200. It seems we're either too high to get the job or too low to make any money on half the jobs we bid."


Teledex Company manufactures products to customers' specifications and operates a job- order costing system. Manufacturing overhead cost is applied to jobs on the basis of direct labor cost. The following estimates were made at the beginning of the year:
Department
Fabricating Machining Assembly Total plant
Direct labor $300,000 $201,000 $401,000 $902,000
Manufacturing overhead $540,000 $804,000 $100,250 $1,444,250
Jobs require varying amounts of work in the three departments. The Koopers job, for example, would have required manufacturing costs in the three departments as follows:


Department
Fabricating Machining Assembly Total plant
Direct materials $11,900 $900 $5,500 $18,300
Direct labor $6,500 $1,700 $13,100 $21,300
Manufacturing overhead ? ? ? ?
The company uses a plantwide overhead rate to apply manufacturing overhead cost to jobs.
Requirement 1:
Assuming the use of a plantwide overhead rate:
a. Compute the rate for the current year. (Round your answer to the nearest whole percent. Omit the "%" sign in your response.)
Predetermined overhead rate % of direct labor cost
Requirement 2:
Suppose that instead of using a plantwide overhead rate, the company had used a separate predetermined overhead rate in each department. Under these conditions:


a. Compute the rate for each department for the current year. (Omit the "%" sign in your response.)
Predetermined
overhead rate
Fabricating Department %
Machining Department %
Assembly Department %
21. Gunflint Adventures operates an airplane service that takes fishing parties to a remote lake...
Gunflint Adventures operates an airplane service that takes fishing parties to a remote lake resort in northern Manitoba, Canada. Individuals must purchase their tickets at least one month in advance during the busy summer season. The company adjusts its accounts only once each month. Selected balances appearing in the company’s June 30 adjusted trial balance appear as follows:

Prepaid airport rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,200
Unexpired insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500
Airplane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240,000
Accumulated depreciation: airplane . . . . . . . . . . . . . . . . . . . . . . . . . . . . $36,000
Unearned passenger revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000


Debit Credit







Other Information
1. The airplane is being depreciated over a 20-year life with no residual value.
2. Unearned passenger revenue represents advance ticket sales for bookings in July and August at $300 per ticket.
3. Six months’ airport rent had been prepaid on May 1.
4. The unexpired insurance is what remains of a 12-month policy purchased on February 1.
5. Passenger revenue earned in June totaled $75,000.

Instructions
a. Determine the following:
1. The age of the airplane in months.
2. The monthly airport rent expense.
3. The amount paid for the 12-month insurance policy on February 1.
b. Prepare the adjusting entries made on June 30 involving the following accounts:
1. Depreciation Expense: Airplane
2. Airport Rent Expense
3. Insurance Expense
4. Passenger Revenue Earned
22. The following information is available for Robstown Corporation for 20Y8: Inventories January...
The following information is available for Robstown Corporation for 20Y8:
Inventories January 1 December 31
Materials $351,000 $435,800
Work in process 625,200 590,400
Finished goods 607,400 571,000
December 31
Advertising expense $ 296,600
Depreciation expense-office equipment 43,560
Depreciation expense-factory equipment 55,880
Direct labor 669,000
Heat, light, and power-factory 22,060
Indirect labor 76,000
Materials purchased 658,200
Office salaries expense 183,300
Property taxes-factory 18,300
Property taxes-office building 31,200
Rent expense-factory 32,500
Sales 3,011,000
Sales salaries expense 417,000
Supplies-factory 16,000
Miscellaneous costs-factory 9,200
Required:
a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.*
b. Prepare the 20Y8 income statement. Enter all amounts as positive numbers.*
* Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Amount Descriptions
Advertising expense
Cost of direct materials used in production
Cost of finished goods available for sale
Cost of goods manufactured
Cost of goods sold
Cost of materials available for use
Depreciation expense-factory equipment
Depreciation expense-office equipment
Direct labor
Finished goods inventory, December 31, 20Y8
Finished goods inventory, January 1, 20Y8
Gross profit
Heat, light, and power-factory
Indirect labor
Materials inventory, December 31, 20Y8
Materials inventory, January 1, 20Y8
Miscellaneous cost-factory
Net income
Office salaries expense
Property taxes-factory
Property taxes-office building
Purchases
Rent expense-factory
Sales
Sales salaries expense
Supplies-factory
Total manufacturing costs incurred
Total operating expenses
Work in process inventory, December 31, 20Y8
Work in process inventory, January 1, 20Y8


23. Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the...
Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2017 are presented below.
Production Data June
Beginning work in process units 0
Units started into production 25,080
Ending work in process units 2,280
Percent complete—ending inventory 40 %
Cost Data
Materials $225,720
Labor 61,104
Overhead 128,592
Total $415,416
ROSENTHAL COMPANY
Molding Department
Production Cost Report
For the Month Ended June 30, 2017
Equivalent Units
Quantities Physical
Units
Materials Conversion
Costs
Units to be accounted for
Work in process, June 1
Started into production
Total units

Units accounted for
Transferred out
Work in process, June 30
Total units


Costs
Materials Conversion
Costs
Total
Unit costs
Total Costs $
$
$

Equivalent units
Unit costs $
$
$


Costs to be accounted for
Work in process, June 1 $

Started into production
Total costs $


Cost Reconciliation Schedule
Costs accounted for
Transferred out $

Work in process, June 30
Materials $

Conversion costs
Total costs $

24. 1-27 LO 1 What factors create a demand for an independent external audit? 1-28 LO 1 How does an...
1-27 LO 1 What factors create a demand for an independent external
audit?
1-28 LO 1 How does an audit enhance the quality of financial state-
ments and management’s reports on internal control? Does an audit guarantee a fair presentation of a company’s financial statements?

25. Wilmington Office Equipment Corporation manufactures two types of filing cabinets—Deluxe and...
Wilmington Office Equipment Corporation manufactures two types of filing cabinets—Deluxe and Executive—and applies manufacturing overhead to all units at the rate of $80 per machine hour. Produc- tion information follows.
Deluxe Executive
Direct-material cost ................................................................................................ $40 $65
Direct-labor cost ..................................................................................................... 25 25
Budgeted volume (units) .......................................................................................... 16,000 30,000

The controller, who is studying the use of activity-based costing, has determined that the firm’s over- head can be identified with three activities: manufacturing setups, machine processing, and product shipping. Data on the number of setups, machine hours, and outgoing shipments, which are the activi- ties’ three respective cost drivers, follow.



Setups ............................................................................................ Deluxe
100 Executive
60 Total
160
Machine hours ................................................................................. 32,000 45,000 77,000
Outgoing shipments ......................................................................... 200 150 350

The firm’s total overhead of $6,160,000 is subdivided as follows: manufacturing setups, $1,344,000; machine processing, $3,696,000; and product shipping, $1,120,000.
Required:
1. Compute the unit manufacturing cost of Deluxe and Executive filing cabinets by using the com- pany’s current overhead costing procedures.
2. Compute the unit manufacturing cost of Deluxe and Executive filing cabinets by using activity- based costing.
3. Is the cost of the Deluxe filing cabinet overstated or understated (i.e., distorted) by the use of machine hours to allocate total manufacturing overhead to production? By how much?
4. Calculate the aggregate amount by which the Deluxe cabinet line is undercosted by the company’s current traditional overhead costing procedures. Then calculate the aggregate amount by which the traditional system overcosts the Executive cabinet line.
5. Assume that the current selling price of a Deluxe filing cabinet is $270 and the marketing manager is contemplating a $30 discount to stimulate volume. Is this discount advisable? Briefly discuss.