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1. (TCO F) Buckhorn Corporation bases its
predetermined overhead rate on the estimated machine hours for the upcoming
year. Data for the upcoming year appear below.
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Estimated
machine hours 85,000
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Estimated
variable manufacturing overhead $5.55 per machine hour
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Estimated
total fixed manufacturing overhead $951,888
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Required:
Compute the company's predetermined overhead rate. (Points : 25)
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Answer:
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Total
manufacturing overhead =
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Pretermined
overhead =
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Estimated
overhead / machine hours
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Matuseski
Corporation is preparing its cash budget for October. The budgeted beginning
cash balance is $17,000. Budgeted cash receipts total $187,000 and budgeted
cash disbursements total $177,000. The desired ending cash balance is
$40,000. The company can borrow up to $120,000 at any time from a local bank,
with interest not due until the following month.
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Required:
Prepare the company's cash budget for October in good form. (Points : 25)
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2.
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(TCO D)
McMullen Co. manufactures automatic door openers. The company uses 15,000
electronic hinges per year as a component in the assembly of the openers. You
have been engaged by McMullen to assist with an evaluation of whether the
company should continue producing the hinges or purchase them from an outside
vendor.
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The
Accounting Department provided the following detail regarding the annual cost
to produce electronic hinges.
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Direct
materials
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Direct labor
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Variable
manufacturing overhead
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Fixed
manufacturing overhead
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Total costs
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The
Procurement Department provided the following supplier pricing.
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Supplier A
price per hinge
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Supplier B
price per hinge
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Supplier C
price per hinge
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The supplier
pricing was obtained in response to a formal request for proposal (RFP). Procurement
has determined these suppliers meet McMullen's technical specifications and
quality requirements.
|
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If McMullen
stops producing the part internally, 10% of the fixed manufacturing overhead
would be eliminated.
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Required:
Prepare a make-or-buy analysis showing the annual advantage or disadvantage
of accepting an outside supplier's offer. (Points : 30)
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3.
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(TCO E)
Topple Company produces a single product. Operating data for the company and
its absorption costing income statement for the last year are presented
below.
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Units in
beginning inventory
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Units
produced
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Units sold
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Sales
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Less cost of
goods sold:
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Beginning
inventory
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Add cost of
goods manufactured
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Goods
available for sale
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Less ending
inventory
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Cost of goods
sold
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Gross margin
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Less selling
and admin. expenses
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Net operating
income
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Variable
manufacturing costs are $4 per unit. Fixed factory overhead totals $18,000
for the year. This overhead was applied at a rate of $2 per unit. Variable
selling and administrative expenses were $1 per unit sold.
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Required:
Prepare a new income statement for the year using variable costing. Comment
on the differences between the absorption costing and the variable costing
income statements. (Points : 30)
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4.
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TCO A) The
following data (in thousands of dollars) have been taken from the accounting
records of the Maroon Corporation for the just-completed year.
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Sales
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Raw materials
inventory, beginning
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Raw materials
inventory, ending
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Purchases of
raw materials
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Direct labor
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Manufacturing
overhead
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Administrative
expenses
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Selling
expenses
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Work-in-process
inventory, beginning
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Work-in-process
inventory, ending
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Finished
goods inventory, beginning
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Finished
goods inventory, ending
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Use the above
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. In addition,
what is the impact on the financial statements if the ending finished goods
inventory is overstated or understated? (Points : 25)
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1. (TCO F)
Carter Corporation uses the weighted-average method in its process costing
system. Data concerning the first processing department for the most recent
month are listed below.
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Work in
process, beginning:
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Units in
beginning work-in-process inventory
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Materials
costs
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Conversion
costs
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Percentage
complete for materials
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Percentage
complete for conversion
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Units started
into production during the month
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Units
transferred to the next department during the month
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Materials
costs added during the month
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Conversion
costs added during the month
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Ending work
in process:
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Units in
ending work-in-process inventory
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Percentage
complete for materials
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Percentage
complete for conversion
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Required:
Calculate the equivalent units for materials (using the weighted-average
method) for the month in the first processing department. (Points : 25)
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2. (TCO G)
(Ignore income taxes in this problem.) Axillar Beauty Products Corporation is
considering the production of a new conditioning shampoo that will require
the purchase of new mixing machinery. The machinery will cost $375,000, is
expected to have a useful life of 10 years, and is expected to have a salvage
value of $50,000 at the end of 10 years. The machinery will also need a
$35,000 overhaul at the end of Year 6. A $40,000 increase in working capital
will be needed for this investment project. The working capital will be
released at the end of the 10 years. The new shampoo is expected to generate
net cash inflows of $85,000 per year for each of the 10 years. Axillar's
discount rate is 16%.
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Required:
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(a) What is
the net present value of this investment opportunity?
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(b) Based on
your answer to (a) above, should Axillar go ahead with the new conditioning
shampoo? (Points : 35)
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3. (TCO B)
Aziz Corporation produces and sells a single product. Data concerning that
product appear below.
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Selling price
per unit
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Variable
expense per unit
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Fixed expense
per month
|
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Required:
Determine the monthly break-even in either unit or total dollar sales. Show
your work! (Points : 25)
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