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Project: Bravo Baking Company 100% Original This course has a six-part project with deliverables due in 6 of the 8 weeks.
The Course Project takes a new company through hypothetical scenarios to reinforce the TCOs. By using a single entity in a variety of business situations, you will see the practical application of a number of managerial accounting concepts taught in this course.
ACCT 346 Managerial Accounting Discussions Week 1-7 -All Students DeVry ACCT 346 DQ 1 Week 1 Ethics and Ethical Behavior ACCT 346 DQ 1 Week 2-Job-Order Costing ACCT 346 DQ 1 Week 3 Cost Volume Profit Analysis ACCT 346 DQ 1 Week 4 Activity-Based Costing
ACCT 346 DQ 1 Week 5 Pricing Techniques
ACCT 346 DQ 1 Week 6 Budgeting ACCT 346 DQ 1 Week 7 Responsibility Centers ACCT 346 DQ 2 Week 1 Managerial and Financial Accounting ACCT 346 DQ 2 Week 2 Process Costing ACCT 346 DQ 2 Week 3 Variable Costing and Full Costing ACCT 346 DQ 2 Week 4 Incremental Cost Analysis ACCT 346 DQ 2 Week 5 Capital Budgeting Techniques ACCT 346 DQ 2 Week 6 Standard Costs and Variance Analysis ACCT 346 DQ 2 Week 7 Financial Statement Analysis
Quiz Week 3 Graded 1. (TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year, overhead is estimated at $1,150,000, and direct labor hours are budgeted at 162,000 hours. Actual overhead was $1,100,000 and actual overhead hours worked were 150,000. (a) Calculate the predetermined overhead rate. (b) Calculate.... (c) Determine..... 2. (TCO 2) Thibodeaux Limousine Corporation is trying to determine a predetermined manufacturing overhead. Estimated overhead for the upcoming year is $547,000. Budgeted machine hours are 101,000 hours, and budgeted labor hours are 18,000 hours, at a rate of $9.00 per hour. Compute the predetermined overhead rate based on (a) direct.... (b) direct.... (c) machine.... 3. (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting 4. (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX. Beginning balance in Finished Goods Ending balance in Finished Goods Beginning balance in Work in Process Ending balance in Work in Process Selling expenses General and administrative expenses Direct material cost Direct labor cost Manufacturing overhead Sales
$ 17,000 15,200 12,500 4,500 123,000 89,000 54,500 66,000 21,400 385,000
Prepare.... 5. (TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only once. 6. (TCO 2) Far Out Ceramics makes custom macaroni tile and applies job-order costing. The following information relates to the fiscal year
ending December 31, 20XX. Beginning balance in Raw Materials Inventory $ 12,500 Purchases of raw material 189,000 Ending balance in Raw Materials Inventory 14,300 Beginning balance in Work in Process 24,500 Ending balance in Work in Process 23,100 Direct labor cost 89,700 Manufacturing overhead applied 66,200 Actual manufacturing overhead 64,100 Beginning balance in Finished Goods 1,000 Ending balance in Finished Goods 24,300 Sales 432,000 Selling expenses 120,000 General and administrative expenses 86,000 How much is.... 7. (TCO 2) Match each of the six following terms with the phrase that most closely describes it. Each answer may be used only once. 8. (TCO 3) The marinade department began the period with 125,000 units. During this period, the department received another 180,000 units from the prior department, and at the end of the period, 124,000 units remained that were 19% complete. How much are equivalent units in the marinade department’s.... 9. (TCO 3) The Franc Zeppo Venture manufactures a product that goes through two processing departments. Information relating to the activity in the first department during April is given below. •Work in process, April 1: 50,000 units (80% completed for materials and 60% completed for conversion) •Work in process, April 30: 72,000 units (45% completed for materials and 75% completed for conversion) The department started 380,000 units into production during the month and transferred 385,000 completed units to the next department. Compute....
Quiz Week 6 Graded 1. (TCO 7) Elliot’s Escargots sells commercial and home snail extraction tools and serving pieces. Currently, the snail extraction line of products takes up approximately 50% of the company’s retail floor space. The CEO of Elliot’s wants to decide if the company should continue offering snail extraction tools or focus only on serving pieces. If the snail extraction tools are dropped, salaries and other direct fixed costs can be avoided and serving piece sales would increase by 13%. Allocated fixed costs are assigned based on relative sales. Snail Extraction Serving Tools Pieces Total Sales $1,200,000 $800,000 $2,000,000 Less cost of goods sold 500,000 700,000 1,200,000 Contribution margin 700,000 100,000 800,000 Less direct fixed costs: Salaries Prepare.... 2. (TCO 4) Paschal’s Parasailing Enterprises has estimated that fixed costs per month are $110,500 and variable cost per dollar of sales is $0.45 (6 points). (a) What is the break-even point per month in sales? (b) What level of sales is needed for a monthly profit of $80,000? (c) For the month of August, Paschal’s anticipates sales of $450,000. What is.... 3. (TCO 6) Princess Cruise Lines has the following service departments: concierge, valet, and maintenance. Expenses for these departments are allocated to Mediterranean and transatlantic cruises. Expenses for the departments are totaled (both variable and fixed components are combined) and as follows. Concierge $1,500,000 Valet $2,750,000 Maintenance $2,250,000 The sea miles logged are 6,000,000 for the Mediterranean and 18,000,000 for the transatlantic voyages. Based upon the sea miles logged.... 4. (TCO 9) Thurman Munster, the owner of Adams Family RVs, is considering the addition of a service center his lot. The building and equipment are estimated to cost $2,000,000, and both the building and equipment will be depreciated over 10 years using the straight-line method. The building and equipment have zero estimated residual value at the end of 10 years. Munster’s required rate of return for this project is 12%. Net income related to each year of the investment is as follows. Revenue $450,000 Less: Material Cost $60,000 Labor 100,000 Depreciation 110,000 (A) Determine the net present value of the investment in the service center. Should Munster invest in the service center? (B) Calculate the internal rate of return of the investment to the nearest 0.5%. (C) Calculate the.... (D) Calculate the.... 5. (TCO 5) The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations. Units produced 20,000
Units sold Selling price per unit Direct material per unit
(a)
17,000 $30 $5
Prepare.... (b) Prepare....
Midterm Exam Graded 1. (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for 2. (TCO 1) Which of the following costs does not change when the level of business activity changes? 3. (TCO 1) A retailer purchased some trendy clothes that have gone out of style and must be marked down to 40% of the original selling price in order to be sold. Which of the following is a sunk cost in this situation? 4. (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the... 5. (TCO 1) Which of the following costs is not part of manufacturing overhead? 6. (TCO 1) Which of the following is a period cost? 7. (TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is... 8. (TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows. Estimated Overhead cost Direct labor hours
Actual
$174,000
$171,000
5,800
5,900
Direct labor cost $ 87,000 $ 89,975 How much is.... 9. (TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000, and actual overhead was $1,670,000. What is the amount of under... 10. (TCO 3) Which of the following companies is most likely to use a process costing system? 11. (TCO 3) The blending department began the period with 45,000 units. During the period, the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in the blending... 12. Direct material cost is a part of: 13. (TCO 4) Total costs were $75,800 when 30,000 units were produced and $95,800 when 40,000 units were produced. Use the high-low method to find the estimated total costs for a production level of... 14. (TCO 4) The margin of safety is the difference between 15. (TCO 4) Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to.... 16. (TCO 4) Paula Corporation sells a single product at a price of $275 per unit. Variable cost per unit is $135 and fixed costs total $356,860. If sales are expected to be $825,000, which is Paula’s... 17. (TCO 5) In variable costing, when does fixed manufacturing overhead become an expense? 18. (TCO 5) Which of the following items appears on a variable costing income statement but not on a full costing income statement? 19. (TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are as follows. Direct material per unit: $20 Direct labor per unit: 12 Variable manufacturing overhead per unit: 10 Fixed manufacturing overhead per year: $148,500 In addition, the company has fixed selling and administrative costs of $150,000 per year. During the year, Peak produces 45,000 snow blowers and sells.... 20. (TCO 6) Costs may be allocated to 21. (TCO 5) An allocation base 22. (TCO 6) The building maintenance department for Jones Manufacturing Company budgets annual costs of $4,200,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. The following data relate to the potential allocation bases. Square footage Direct labor hours
Production Dept. 1 Production Dept. 2 15,000 45,000 25,000 50,000
If Jones assigns costs to departments based on... 23. (TCO 7) A company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to finish the goods and sell them as complete units. Which of the following is not relevant to the decision? 24. (TCO 7) BigByte Company has 20 obsolete computers that are carried in inventory at a cost of $15,000. If these computers are upgraded at a cost of $8,000, they could be sold for $17,700. Alternatively, the computers could be sold as is for $8,500. Which is the... 25. TCO 7) YXZ Company’s market for the Model 55 has changed significantly, and YXZ has had to drop the price per unit from $275 to $135. There are some units in the Work In Process Inventory that have costs of $160 per unit associated with them. YXZ could sell these units in
their current state for $100 each. It will cost YXZ $10 per unit to complete these units so that they can be sold for $135 each. Which of the following is the... 26. (TCO 3) Why is it necessary to use equivalent units in a process costing system? 27. (TCO 7) Computer Boutique sells computer equipment and home office furniture. Currently, the furniture product line takes up approximately 50% of the company's retail floor space. The president of Computer Boutique is trying to decide whether the company should continue offering furniture or just concentrate on computer equipment. If furniture is dropped, salaries and other direct fixed costs can be avoided. In addition, sales of computer equipment can increase by 13%. Allocated fixed costs are assigned based on relative sales. Computer Home Office Equipment Furniture Total Sales $1,200,000 $800,000 $2,000,000 Less cost of goods sold $700,000 $500,000 $1,200,000 Contribution margin $500,000 $300,000 $800,000 Less direct fixed costs
28. (TCO 4) The following monthly data are available for RedEx, which produces only one product that it sells for $84 each. Its unit variable costs are $28, and its total fixed expenses are $64,960. Sales during April totaled 1,600 units. (a) How much is the break-even point in sales dollars for RedEx? (b) How many units must RedEx sell in order to earn a profit of $24,640? (c) A new employee suggests that RedEx sponsor a company softball team as a form of advertising. The cost to sponsor the team is $1,792. How many....
Final Exam Graded 100% Correct 1. (TCO 1) Who are the users of managerial accounting information? How does their use of accounting information differ from the users of financial accounting information? 2. (TCO 2) What is an indirect labor cost? What is an example of an indirect labor cost? 3. (TCO 3) What is job-order costing? What type of company would us job-order costing? 4. (TCO 4) What is a variable cost? What is an example of a variable cost? 5. (TCO 5) What is full costing? How does it differ from variable costing? 6. (TCO 6) Explain why companies might choose to allocate the costs of their service departments (ie. Human Resources, Maintenance, Mailroom, etc...) to their production departments. Also describe some typical bases companies use to base their allocations on. Last, what should a company be mindful of when analyzing the profitability of segments that have allocated costs. 7. (TCO 7) What is an incremental cost? What is an example of one? 8. (TCO 8) What is cost plus pricing? How does the company determine the profit level? 9. Gina's Boutique makes custom jewelry. One item, the guru necklace, is a best seller and sales in units for the first quarter are as follows: January 100,000 units February 150,000 units March 180,000 units Desired ending inventory is budgeted at 20% of next month sales. Compute... 10. Acme Fireworks uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $1,000,000 and direct labor hours are budgeted at 200,000 hours. Actual hours worked were 195,000 and actual overhead was $978,000. (a) Compute the predetermined manufacturing overhead rate. (b) Compute the applied manufacturing overhead. (c) Compute.... 11. Joanie Corp sells it products on a credit basis only . Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows: January $100,000 February $150,000 March $125,000 Compute... 12. (TCO 9) A project will require an initial investment of $300,000 and will return $75,000 each year for eight years. If taxes are ignored and the required rate of return is 9%, what is the project's net present value? Based on this analysis, should the company proceed with the project? 13. The following data (in thousands of dollars) have been taken from the accounting records of Karmana Corporation for the just-completed year. Sales ...............................................................$950 Raw materials inventory, beginning .....................$10 Raw materials inventory, ending .........................$30