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1. (TCO F) Willow Creek Corporation bases its
predetermined overhead rate on the estimated labor hours for the upcoming year.
At the beginning of the most recently completed year, the company estimated the
labor hours for the upcoming year at 38,500 labor hours. The estimated variable
manufacturing overhead was $7.37 per labor hour and the estimated total fixed
manufacturing overhead was $601,328. The actual labor hours for the year turned
out to be 41,721 labor hours.
Required:
Compute the company's predetermined overhead rate for the
recently completed year. (Points : 25)
2. (TCO F) 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.
Required:
Prepare the company's cash budget for October in good form.
(Points : 25)
2. (TCO D) Lindon Company uses 4,500
units of Part X each year as a component in the assembly of one of its
products. The company is presently producing Part X internally at a total cost
of $69,000 as follows:
|
Direct materials
|
$16,000
|
|
Direct labor
|
18,000
|
|
Variable manufacturing overhead
|
10,000
|
|
Fixed manufacturing overhead
|
25,000
|
|
Total costs
|
$69,000
|
An outside supplier has offered to provide Part X at a price of $11 per unit. If Lindon stops producing the part internally, one third of the manufacturing overhead would be eliminated.
Required: Prepare a make-or-buy analysis showing the annual
advantage or disadvantage of accepting the outside supplier's offer. (Points :
30)
2. (TCO D) Lindon Company uses 4,500
units of Part X each year as a component in the assembly of one of its
products. The company is presently producing Part X internally at a total cost
of $69,000 as follows:
|
Direct materials
|
$16,000
|
|
Direct labor
|
18,000
|
|
Variable manufacturing overhead
|
10,000
|
|
Fixed manufacturing overhead
|
25,000
|
|
Total costs
|
$69,000
|
An outside supplier has offered to provide Part X at a price of $11 per unit. If Lindon stops producing the part internally, one third of the manufacturing overhead would be eliminated.
Required: Prepare a make-or-buy analysis showing the annual
advantage or disadvantage of accepting the outside supplier's offer. (Points :
30)
3.(TCO E) Topple Company produces a single product. Operating data
for the company and its
4. (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.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)
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
Required: Calculate the equivalent units for materials (using
the weighted-average method) for the month in the first processing department.
(Points : 25)
2. (TCO G) (Ignore income taxes in
this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a
computerized radar system called W.A.S.T.E. (Watching Aliens Sent To Earth).
Recently, a sales rep from W.A.S.T.E. Radar Company told the city manager about
a new and improved radar system that can be purchased for $50,000. The rep also
told the manager that the company would give the city $10,000 in trade on the
old system. The new system will last 10 years. The old system will also last
that long but only if a $4,000 upgrade is done in 5 years. The manager
assembled the following information to use in the decision regarding which
system is more desirable:
Required:
(a) What is the City of Paranoya's net present value for the decision described above? Use the total cost approach.
(a) What is the City of Paranoya's net present value for the decision described above? Use the total cost approach.
(b) Should the City of Paranoya purchase the new system or keep
the old system? (Points : 35)
3. (TCO B) Aziz Corporation produces
and sells a single product. Data concerning that product appear below.
Required:
Determine the monthly break-even in either unit or total dollar
sales. Show your work! (Points : 25)
1. Bingham 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.
2. 1.(Ignore income taxes in this problem.) Five years ago, the
City of Paranoya spent $30,000 to purchase a computerized radar system called
W.A.S.T.E. (Watching Aliens Sent To Earth). Recently, a sales rep from
W.A.S.T.E. Radar Company told the city manager about a new and improved radar
system that can be purchased for $50,000. The rep also told the manager that
the company would give the city $10,000 in trade on the old system. The new
system will last 10 years. The old system will also last that long but only if
a $4,000 upgrade is done in 5 years. The manager assembled the following
information to use in the decision regarding which system is more desirable:
3. 1.Topple Company produces a single product. Operating data for
the company and its absorption costing income statement for the last year is
presented below:
4. (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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