### ACCT 346 All Homework Week 1 7

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ACCT 346 Week 1 Homework Assignment

1. Identify whether each of the items below is a Product Cost or Period Cost:

2. Identify whether each of the items below is a Direct Cost or Indirect Cost:

3. Identify whether each of the below is a Fixed Cost or Variable Cost:

4. Classify each as direct material, direct labor, indirect labor, indirect labor, other manufacturing overhead or period cost, and then answer the 5 questions below:

ACCT 346 Week 2 Homework Assignment

Complete the three questions below and please be sure to show all of your calculation work along with the final answers:

1. Biltz Company uses a predetermined manufacturing overhead rate based on direct labor hours to allocate (apply) manufacturing overhead costs to jobs. During the year, the company actually incurred total manufacturing overhead costs of \$582,000 and 135,000 direct labor hours were worked. The company originally estimated that it would incur \$525,000 of manufacturing overhead during the year and that 150,000 direct labor hours would be worked.

2. The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company:

3. Vintage Fun reproduces old-fashioned style roller skates and skateboards. The annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. The company has traditionally used direct labor hours to allocate its overhead to products. Roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. The total estimated overhead for the period is \$114,300. The company is looking at the possibility of changing to an activity-based costing system for its products. If the company used an activity-based costing system, it would have the following three activity cost pools:

ACCT 346 Week 3 Homework Assignment

1. Beginning WIP inventory is 15,500 units, 75% complete for materials. During the month, 90,000 units were started; 87,000 were finished and ending WIP was 18,500 units that were 50% complete for materials.

2. During a period, 38,200 units were completed and 4,200 units were in ending WIP inventory. Ending WIP was 75% complete for direct materials and 50% complete for conversion costs.

2a. What are the total equivalent units for direct materials?

2b. What are the total equivalent units for conversion costs?

ACCT 346 Week 4 Homework Assignment

1. MountainAir Company has the following selected data for the past year:

1a. Prepare an income statement for last year using absorption costing.

1b. Calculate the value of the ending inventory using absorption costing.

1c. Prepare an income statement for last year using variable costing.

1d. Calculate the value of the ending inventory using variable costing.

ACCT 346 Week 5 Homework Assignment

1. Palmer's Gourmet Chocolates produces and sells assorted boxed chocolates. The unit selling price is \$50, unit variable costs are \$25, and total fixed costs are \$2,000.

1a. How many boxes of chocolates must Palmer's Gourmet Chocolates sell to breakeven?

1b. What are breakeven sales in dollars?

1. Extreme Sports received a special order for 1,000 units of its extreme motorbike at a selling price of \$250 per motorbike. Extreme Sports has enough extra capacity to accept the order. No additional selling costs will be incurred. Unit costs to make and sell this product are as follows: Direct materials, \$100; direct labor, \$50; variable manufacturing overhead, \$14; fixed manufacturing overhead, \$10, and variable selling costs, \$2.

2a. List the relevant costs.

2b. What will be the change in operating income if Extreme Sports accepts the special order?

2c. Should Extreme Sports accept the special order? Why or why not?

1. Totally Technology manufactures Cameras and Video Recorders. The company's product line income statement follows:

ACCT 346 Week 6 Homework Assignment

1. Cave Hardware's forecasted sales for April, May, June, and July are \$200,000, \$230,000, \$190,000, and \$240,000, respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 75% of sales and ending inventory is maintained at \$60,000 plus 10% of the following month's cost of goods sold. All inventory purchases are paid 22% in the month of purchase and 78% in the following month.

What are the cash collections budgeted for June?

1. Madden Corporation manufactures t-shirts, which is its only product. The standards for t-shirts are as follows:

2a. What is the direct labor rate variance for the month? Is it favorable or unfavorable?

2b. What is the direct labor efficiency variance for the month? Is it favorable or unfavorable?

ACCT 346 Week 7 Homework Assignment

1. Gomez Corporation is considering two alternative investment proposals with the following data:

1a. How long is the payback period for Proposal X?

1b. What is the accounting rate of return for Proposal Y?

1. You have been awarded a scholarship that will pay you \$500 per semester at the end of each of the next 8 semesters that you earn a GPA of 3.5 or better. You are a very serious student and you anticipate receiving the scholarship every semester. Using a discount rate of 3% per semester, which of the following is the correct calculation for determining the present value of the scholarship? PLEASE STATE WHY YOU CHOSE THE ANSWER THAT YOU DID.

2. Maersk Metal Stamping is analyzing a special investment project. The project will require the purchase of two machines for \$30,000 and \$8,000 (both machines are required). The total residual value at the end of the project is \$1,500. The project will generate cash inflows of \$11,000 per year over its 8-year life.

3. Hincapie Manufacturing is evaluating investing in a new metal stamping machine costing \$30,924. Hincapie estimates that it will realize \$12,000 in annual cash inflows for each year of the machine's 3-year useful life.

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