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Cost accounting can be categorized into standard costing, lean accounting, marginal costing, and activity-based costing, among others.

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Key topics include activity-based costing, process costing, standard cost accounting, and various cost analysis methodologies essential for effective business management.

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The main objective of cost accounting is to capture production costs for better financial decision-making, budgeting, and identifying areas for cost reduction.

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Q1:Question 7 Not yet answered Marked out of 4.00 Flag question subject Select one: O A. 167,500 O B. 19,000 O C. 164,960 O D. 127,727 Comment Am & Co makes and sells an extensive range of products. Their total estimated sales for the year are £13110. Total variable costs are £11600. The total fixed costs are £19000. Calculate the breakeven point for Am & CoSee Answer
Q2:Question 2 Not yet answered Marked out of 4.00 Flag question Label the graphs below using the cost behaviour text provided (drag and drop the text into the box provided) £ Value 1 2 3 4 5 6 7 8 9 Activity Stepped Cost per Unit Total Costs £ Value 1 2 3 4 5 6 7 8 9 Activity Fixed cost per unit Variable Cost per unitSee Answer
Q3:Question 4 Not yet answered Marked out of 6.00 Flag question Total production costs for the six months to June 200X are as follows; Cost Month Jan-OX Feb-0X Mar-OX Apr-OX May-OX Jun-OX Units produced 170 150 190 210 200 180 Fixed Costs = £ £ 1,808 1,728 1,856 1,968 1,840 1,813 Use the table above to calculate the following; Enter your values to 2 decimals places with no £ sign Variable cost per unit = £ Total Costs for 1200 units = £See Answer
Q4:Question 5 Not yet answered Marked out of 4.00 Flag question Please select the limitations of CVP Analysis from the list below; Select one or more: Oi. Oii. It can help calculate the impact of changing the selling price, variable and fixed costs Cannot be used for What if Scenarios iii. It does not consider the impact of the demand curve on prices Oiv. Always assumes that fixed do not change Ov. It is not very useful for planning vi. Variable costs per unit is assummed to be constantSee Answer
Q5:Question 3 Not yet answered Marked out of 4.00 Flag question A kitchen fitting company receives an invoice for sub-contractors who were used to connect the gas supply to a cooker installed in a new kitchen. How would this invoice be classified? Select one: Comment O a. Direct labour O b. Indirect expenses O c. indirect labour O d. Direct expensesSee Answer
Q6:Question 1 Not yet answered Marked out of 2.00 Flag question Management accounting is concerned with which kind of decision? Select one: O A. continuous operational improvement OB. financial control O C. product costing and pricing O D. all of the aboveSee Answer
Q7:Q3. TTL Corporation is in the manufacturer of several plastic products. TTL sells its one of the plastic product for SAR 500. The variable costs per unit are SAR 200, and the total fixed costs are SAR 510,000. Based on cost-volume profit analysis, calculate: (4 Marks) a) Contribution margin per unit and contribution margin ratio. b) Break-even point in units and sales SAR. c) Pretax profit if the company sells 2,200 units. d) Profit/loss if the company sells 1,500 units. e) Units needed to reach target pretax profit of SAR 180,000. f) Sales SAR needed to reach the target pretax profit of SAR 180,000. (Chapter 3, Week 3) Answer:See Answer
Q8: Question 2 Not yet answered Marked out of 2.00 Flag question Question 3 Not yet answered Marked out of 2.00 Flag question General Insurance ✓ Choos.. Allocate Apportion Redecorating Moulding Department Choose... Question 2 Not yet answered Marked out of 2.00 Flag question Question 3 Not yet answered Marked out of 2.00 Flag question General Insurance; Choose... Redecorating Moulding Departmen✓ Choore... Allocate Apportion !!! ab esc Question 5 Not yet answered Marked out of 6.00 P Flag question 300 BO 301 ! 1 Q F1 A B 1 Monthly production 2 3 Month 4 Jan 5 Feb 6 Mar 7 Apr 8 May 9 Jun 10 Jul 11 Aug 12 Sep 13 Oct 14 Nov 15 Dec 16 17 Total 18 19 Average (@ 2 Units 298 The information in the table shows a schedule of working for a production department Which of the following would achieve the total in Cell B171 ✔ Choose... Autosum Ctrl + t Ctrl + s F2 F4 What is the best formula to achieve the result in cell B19? Choose... Which of the following statements is true regarding the au of items within a cell, before any editing? Choose... F2 149 247 382 451 300 298 187 361 85 394 322 400 W 3576 #3 3 F3 E S4 FEB 23 Q F4 R % 5 0 m İ F5 T 6 ning F6 Y & esc Question 5 Not yet answered Marked out of 6.00 P Flag question BO ! 1 Q F1 ở A B 1 Monthly production 2 3 Month 4 Jan 5 Feb 6 Mar 7 Apr 8 May 9 Jun 10 Jul 11 Aug 12 Sep 13 Oct 14 Nov 15 Dec 16 17 Total 18 19 Average ✓ Choose... 298 The information in the table shows a schedule of working for a production department Which of the following would achieve the total in Cell B17? What is the best formula to achieve the result in cell B19? =TOTAL (B4:B15) 2 =SUM(B4:$B15)/12 =AVERAGE(B$4:$B15) =SUM(B4:B15) =AVERAGE(C4:C15) =SUM(B4:B15)/12 Units F2 W 149 247 382 451 300 298 187 361 85 394 322 400 #3 3576 80 C ements is true regarding the automatic positioning e any editing? Choose... ◆ F3 E 4 FEB 23 Q F4 R % 175 0 Choose... F5 T < 6 c F6 Y BC Mar 7 Apr 8 May 9 Jun 10 Jul 11 Aug 12 Sep 13 Oct 14 Nov 15 Dec 16 17 Total 18 19 Average O 298 The information in the table shows a schedule of working for a production department Which of the following would achieve the total in Cell B17? What is the best formula to achieve the result in cell B19? Choose... F1 D 382 451 300 298 187 361 85 394 322 400 Which of the following statements is true regarding the automatic positioning of items within a cell, before any editing ✓ Choose... Text is right aligned Numbers are right aligned Text is centre aligned Numbers are centred F2 3576 # 80 F3 FEB 23 ㅇ F4 0/ DI Choose... 3₁ F5 <> 00 F6See Answer
Q9:5 Ch ** Tableau DA 17-1(Static): Quick Study. Computing plentwide overheed rates LO PI LO Cha Complectures two modes. 5 Table DA 17-1 Guick Study. Computing planbide overhead rates LO PI 5 todo C 1: HomewarkⒸ Budgeted Overhead Costs by Budgeted Direct Labor Hours & Department Machine Hours by Department trents Assently and firing The company t the profitability of each model. The Total: $8,000,000 Supervision Not $8,000,000 Budgeted Overhead Costs by Cost Driver & Budgeted Usage Activity by Activity Birect Labor Hours Machines Nate: Total overhead casts by department and total overhead costs by activity are equal. The cents are presented in two different ways here. o/n5 Note: Total overhead costs by department and total overhead costs by activity are equal. The costs are presented in two different ways here. wwsSee Answer
Q10:30 4 30 Exercise 17-15 (Algo) Computing activity rates, overhead allocation, and cost per unit LO P3 Lace Company reports the following for severhed for the Budget Cost Budgeted Activity a 3,4ackie urs etape MES belevering suppert Electricity Setup 1 Computerte for each aty ng est 2. The company's Pre model used these activities to produce 1250 unts during the year 3 design changes, 160 machine hours, and setups Allocate overhead cost to the Pro model and compute its overhead cost per unit using activity-based costing Complete this question by entering your answers in the tabs below. Compute the activity rate for each activity using activity-based costing CH17 HORING I 4 Exercise 17-15 (Algo) Computing activity rates, overhead allocation, and cost per unit LO P3 Lace Company reports the following for its overhead cost for the per TY Electricity Setup st T Engineering suppor Ov Red s.com/lext/map/index.front conncon&etermal_browse&aunch253A%252F%252Fconnect.meducation.comcom.tr 3,4 4 of 5 Stud design changes etape Net > 1 Computerte for each aty ng est 2. The company's Pre model used these activities to produce 1250 unts during the year 3 design changes, 160 machine hours, and setups Allocate overhead cost to the Pro model and compute its overhead cost per unit using activity-based costing Complete this question by entering your answers in the tabs below. €TMY The company's Pro model used these activities to produce 1,258 units during the year: 3 design changes, 160 machine hours, and 16 setup. cost to the and per unit using A Help Save & Subt Allocated Cost N>See Answer
Q11:Ch 1: Homework eta education.com/x/map/index.front_consconnemal_brownunchur 3 ponts pela Use the following information for the Exercises below. (Algo) The followtion applies to the questions diplayed before The first production department of Stone Incorporated reports the flowing for Apri beginning work in process inventary its started this period Completed and transferred t et terr Conversion Conta Birect materials Conversion Total costs to account for Materiale Complete Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and Inventory LO PI 210.215 1.214.215 B $ 358,115 2,279,99 $2,400,0 Con la connect.education.com Fors Note Round "Cast per EUP to 2 decima b. Using the weighted average method, assign Apri's costs to the department's output-specifically, its units transfered to the next department and its ending work in processidary Neend "Casper EUP to 2 decimal places. Check my work/nesta.meducation.com/ext/map/index.tran_conco&temal browserunch53A%252F%252Fconnect.meducation.com%2Fconne CHⒸ 3 ke Meginda ost per equivalent unit af production: Weighted avenge metad Total costs + Equivalent units of production completed and refered out Conversion CUP CUP < PHY C Cost per $ $ Q 000 000 Fors T $ 2012 12002200 1500500 Total cost T 3.71 ON O Net > Co EUP Conversion 1 360 www 100/neducation.com/ex/maplinestran conconnemal browser Ch 17: Homework 3 Need-to-Know 17-3 Video, Activity-Based Coating LO P3 <DAY Fors education.com Help Save & SubSee Answer
Q12:esta.meducation.com/lext/map/index.front_conncon&eternal_browser&launch253A%252F% Ch 1: Homework 2 SK Need to Know 16-2 Video, Compute EUP-(Weighted Average) LO P1 taf begawing with in proc 3.Mangompande Ending $8.000 58.000 4.800 $15.000 CUP STO <THY 2015 Ne > nect.meducation.com252FcomⱭⓇI Help Save & Exit Submit/nCh 17: Home Ⓒ 2 30 ¹** eynette Lan Exercise 17-1(Algo) Using plantwide overhead rate to allocate overhead LO P1 She Company bugsoverhead cost of $6.000 for the year. The company reports the following for its standeed and deluxe models Cost per Unit Strect materials Birect Later Required Required Standard Delaxe 1. Computea single plantvide overhead rate assuming the company allocates overhead cast based on 6300 direct inbor hours 2. The standard model uses 3 direct labor hours per unit and the del model uses 4 direct labor hours per unit Compute overhead rant for each mode & Compute the product cast per unit for both mode Complete this question by entering your answers in the tabe below. Set De Que-th Help & Subt 2015/nCN 17: Hàm sốn 2 30 Exercise 17-1(Algo) Using plantwide overhead rate to allocate overhead LO P1 She Company bugetsoverhead cost of $81.000 for the year. The company reports the following for its standerd and deluxe Cost per Eirect eaterials Birect later Standard Delaxe 1. Computea single plantvide overhodete oseming the company allocates overeed cast based on 6300 receber hours 2. The standdel uses 3 direct leber hours per unit and the del model uses 4 receber hours per un Compute cost per unit for each model 3. Compute the total product cast per unit for both mode Complete this question by entering your answers in the tabs below. Required 23 The standard modelus 3 direct laber hours per unit and the deluse model use direct laber hours per unit. Compute owhead cost per unit for each model Standa D Vasturis: Dotnd Rake 2015 per unit Check my work/nCh 17: Home 30 esta.meducation.com/lext/map/index.front_conncondenternal_browser&launch253A%252F%252Fconnect.meducation.com/come Ⓡ 2 10 Exercise 17-1(Algo) Using plantwide overhead rate to allocate overhead LO P1 She Company bugetsoverhead cost of $6.000 for the year. The company reports the following for its standeed and deluxe models Standard Dela Conte Strect materials 1. Computea single plantvide overhead rate assuming the company allocates overhead cast based on 6300 direct inbor hours 2. The standard model uses 3 direct labor hours per unit and the deluxe model uses 4 direct labor hours per unit Compute overhead cest perfor each mode 3. Con the product cat per unit for b Complete this question by entering your answers in the tabe below. Deta Disset Laber Overhed Help Save & Subt 2015 Check my workSee Answer
Q13:1 20 points eBook Print References Mc Graw Tableau DA 16-1 (Static): Quick Study, Computing equivalent units LO P1 Monsta Cola hires us to help assign and report costs. The company has two departments: mixing and bottling. To aid our analysis, the following Tableau Dashboard is provided with information for the mixing department. The company uses the weighted average method. Work in Process Inventory (In Units) 0 Beginning inventory 100% 80% 60% 100,000 Units completed and transferred 200,000 Units started this period 300,000 400,000 500,000 600,000 Ending inventory < Prev 1 of 5 700,000 Work in Process Inventory Percent Complete Beginning Ending Next > 800,000 Check my work/n1 20 points eBook Mc Print References 80% 60% 40% 20% 0% Direct Materials Conversion Direct Materials Beginning Inventory Costs Work in Process Inventory Costs Direct Materials Conversion Inventory Costs Added During Month Direct Materials Conversion * Mord Conversion Check my work/n1 20 points eBook Print References Mc Graw View on Tableau Public 1. Compute the number of units completed and transferred out. 2. Compute the total equivalent units of production for direct materials. 3. Compute the total equivalent units of production for conversion. Complete this question by entering your answers in the tabs below. Required 2 Required 1 Compute the total equivalent units of production for direct materials. EUP for direct materials-Weighted average method Required 3 Completed and transferred out Ending work in process Total DCDO Units < Required 1 380 Direct Materials Percent Complete < Prev EUP Required 3 > 1 of 5 380 Next > Share Check my work/nSee Answer
Q14:2 ~345 Production Budget 5 Budgeted sales volume Add: Target ending FG inventory 6 7 8 9 10 11 12 13 15 14 x Pounds of DM per unit Total production needs (pounds) Add:Target ending DM inventory (pounds) Total DM inventory needs (pounds) Less: Beginning DM inventory (pounds) Budgeted pounds of DM to be purchased 20 x DM cost per pound Total budgeted cost of DM purchases 19 16 17 18 21 Total units needed Less: Beginning FG inventory Budgeted units to be produced 22 23 24 DM Purchases Budget Budgeted units to be produced Posey's Pet Emporium July [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] July [insert formula] [Insert formula] [Insert formula] [Insert formula] August [Insert formula [insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] August [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] September [Insert formula] [insert formula] [Insert formula] [Insert formula] September [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] Quarter [Insert formula] [insert formula] [Insert formula] [Insert formula] Quarter [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula]/nPosey's Pet Emporium Selling price Less: Target gross margin percentage Cost of goods sold Less: DM cost per unit Additional cost per unit to cover DL and MOH [Insert formula] [Insert formula] [Insert formula] [Insert formula] [Insert formula]/nsnhu ACC 311 Project Two Scenario You are the cost accountant at Posey's Pet Emporium tasked with preparing quarterly budgets that determine the cash effects of the company's sales and production-related expenditures. The company uses a calendar year, and it is time to prepare the third-quarter budget. You have the following information: 1. The budgeted selling price for the year is $4.99 per unit. Sales volumes are budgeted as follows for the last month of quarter two, for all of quarter three, and for part of quarter four. June September 35,000 2. Historically, 20% of Posey's sales are cash sales. Of the remaining credit sales, 45% are collected in the month of sale, while 52% are collected the following month. The remainder is deemed uncollectible. July 33,500 August 32,000 October 35,200 34,000 3. Management sets its ending finished goods inventory goal at 15% of the following month's sales volume. The accounting team expects this policy will be met at the beginning of the second quarter. 4. The target ending inventory for Posey's primary direct material is 20% of the following month's production needs. Each completed unit requires five pounds of direct materials at an expected cost of $0.25 per pound. The budgeted production for October is 34,000. 5. Posey's pays for 40% of its purchases in the month of purchase and 60% the month after purchase. Total budgeted purchases in June are $20,000. 6. Posey's ending cash balance on June 30 was $57,950. 7. Posey's non-production cash disbursements are estimated at $80,000 per month.See Answer
Q15: Managerial Accounting Chapter 19 Exam Last year Interchange Inc. had sales of $495,000, based on a unit selling price of $225. The variable cost per unit was $175, and fixed costs were $105,000. The maximum sales within Interchange Inc.'s relevant range are 2,750 units. This year Interchange Inc. spent an additional $37,750 on billboard advertising to increase sales and utilize unused capacity. a. Illustrate a cost-volume-profit chart indicating the break-even sales for last year. Verify your answer using both the break-even sales units and dollars equations. Show your work. b. Based on last year's activity determine: (Use the chart in (a) to check your answers) the income from operations for last year and i. ii. the maximum income from operations that could have been realized during the year. Verify your answers using the mathematical approach to cost-volume-profit analysis. C. Illustrate a cost-volume-profit chart indicating the break-even sales for the current year, assuming that a noncancellable contract is signed for the additional billboard advertising. No changes are expected in the unit selling price or other costs. Verify your answer using both the break-even sales units and dollars equations. Show your work. d. Based on this year's activity determine: (Use the chart in (c) to check your answers) i. the income from operations if sales total 2,500 units and ii. the maximum income from operations that could be realized during the year if the additional advertising increases the relevant range to 3,100. Verify your answers using the mathematical approach to cost-volume-profit analysis. e. Was the additional advertising expense worth it? Explain your reasoning.See Answer
Q16: MA1 - #27 Flashlight, Inc. makes two types of flashlights and is implementing an activity-based costing system. Previously, all overhead had been applied on the basis of machine hours. The company produces 11,250 units of the Deluxe model and 21,142 units of the Compact model. Additional data is as follows: Cost Pool Cost Driver and Estimated Estimated Level of Activity Equipment Setup 100 setups Use of Cost Driver by Use of Cost Driver Deluxe by Compact 35 setups Overhead Cost $20,000 65 setups Materials 140 orders $21,000 95 orders 45 orders Ordering Quality Control 200 inspections $22,000 150 inspections Mixing 9,000 machine hours $18,000 5,000 machine hours 50 inspections 4,000 machine hours Total Overhead Cost $81,000 What is the total overhead cost applied to Compact when all overhead is applied based on machine hours? $617 $45,000 $2,864 ○ $36,000 MA1 - #28 Flashlight, Inc. makes two types of flashlights and is implementing an activity-based costing system. Previously, all overhead had been applied on the basis of machine hours. The company produces 11,250 units of the Deluxe model and 21,142 units of the Compact model. Additional data is as follows: Use of Driver by Use of Cost Driver Deluxe by Compact Cost Driver and Estimated Cost Pool Level of Activity Equipment 100 setups Estimated Overhead Cost $20,000 65 setups 35 setups Setup Materials 140 orders $21,000 95 orders 45 orders Ordering Quality Control 200 inspections $22,000 150 inspections 50 inspections Machining 9,000 machine hours $18,000 5,000 machine 4,000 machine hours hours Total Overhead Cost $81,000 What is the overhead cost per unit for Deluxe when all overhead is applied based on machine hours? $7.20 ○ $18.00 ○ $4.00 $27.20 MA1 - #29 Flashlight, Inc. makes two types of flashlights and is implementing an activity-based costing system. Previously, all overhead had been applied on the basis of machine hours. The company produces 11,250 units of the Deluxe model and 21,142 units of the Compact model. Additional data is as follows: Use of Driver by Use of Cost Driver Deluxe by Compact Cost Pool Cost Driver and Estimated Level of Activity Estimated Overhead Cost Equipment 100 setups $20,000 65 setups 35 setups Setup Materials 140 orders $21,000 95 orders 45 orders Ordering Quality Control Machining 200 inspections $22,000 150 inspections 50 inspections 9,000 machine hours $18,000 5,000 machine 4,000 machine hours hours Total Overhead Cost $81,000 Using activity-based costing, what is the cost per order for the Materials Ordering activity? $462 $110 O $150 $200 MA1 - #30 Flashlight, Inc. makes two types of flashlights and is implementing an activity-based costing system. Previously, all overhead had been applied on the basis of machine hours. The company produces 11,250 units of the Deluxe model and 21,142 units of the Compact model. Additional data is as follows: Use of Driver by Use of Cost Driver Deluxe by Compact Cost Pool Cost Driver and Estimated Level of Activity Estimated Overhead Cost Equipment Setup 100 setups $20,000 65 setups 35 setups Materials 140 orders $21,000 95 orders 45 orders Ordering Quality Control 200 inspections $22,000 150 inspections 50 inspections Machining 9,000 machine hours $18,000 5,000 machine 4,000 machine hours hours Total Overhead Cost $81,000 What is the total overhead cost applied to Deluxe using activity-based costing? ○ $53,750 $57,564 ○ $23,945 $76,271 MA1 - #31 Diablo, Inc. uses the department approach for allocating overhead. The Assembly Department uses direct labor hours as its allocation base and the Finishing Department uses machine hours as its allocation base. The data for each is as follows: Estimated Cost Pool Allocation base Assembly Department Finishing Department $2,400,000 $900,000 300,000 direct labor hours 15,000 machine hours What is the allocation rate for each Department (round to the nearest cent)? Assembly = $11.00 per direct labor hour, Finishing = $220.00 per machine hour. Assembly = $8.00 per direct labor hour; Finishing = $60.00 per machine hour. Assembly = $0.13 per direct labor hour; Finishing = $0.02 per machine hour. ○ Assembly = $10.48 per direct labor hour, Finishing = $10.48 per machine hour. MA1 - #37 Metro, Inc. has two production departments (Sanding and Painting) and three service departments (Maintenance, Computer Support, and Purchasing). Service department costs are allocated to production departments using the direct method. The $400,000 costs for Maintenance are allocated based on the square footage in each production department. The $800,000 costs for Computer Support are allocated based on hours of technology support used by each production department. The $240,000 for Purchasing is allocated on the pounds of raw materials purchased for each production department. Information for each production department is as follows: Square Footage Sanding 4,000 Painting 12,000 Total 16,000 Technology Support Hours Pounds of Raw Materials 500 3,000 2,000 7,000 2,500 10,000 Using the direct method of allocating service department costs to production departments, how much of the Maintenance service department costs should be allocated to the Sanding Department? ○ $140,000 $100,000 $300,000 $80,000 MA1 - #38 Metro, Inc. has two production departments (Sanding and Painting) and three service departments (Maintenance, Computer Support, and Purchasing). Service department costs are allocated to production departments using the direct method. The $400,000 costs for Maintenance are allocated based on the square footage in each production department. The $800,000 costs for Computer Support are allocated based on hours of technology support used by each production department. The $240,000 for Purchasing is allocated on the pounds of raw materials purchased for each production department. Information for each production department is as follows: Square Footage Sanding Painting 4,000 12,000 Total 16,000 Technology Support Hours Pounds of Raw Materials 500 3,000 2,000 7,000 2,500 10,000 Using the direct method of allocating service department costs to production departments, how much of the Maintenance service department costs should be allocated to the Painting Department? ○ $140,000 $100,000 $300,000 ○ $320,000 MA1 - #41 The Mixing Department at Aspen, Inc. had 102,000 units in beginning inventory. During the period, the department started 480,000 units. Ending inventory consisted of 36,000 units. How many units were transferred out? 718,000 582,000 ○ 546,000 ○ 564,000 MA1 - #42 Assume Sanchez Corporation uses the weighted average process costing method. The Packaging Department had 17,000 units in beginning inventory. These units contained $176,000 in direct materials, $160,000 in direct labor, and $120,000 in overhead. During the period, the department incurred costs of $600,000 in direct materials, $800,000 in direct labor and $400,000 in overhead and started 80,000 units. Ending inventory consisted of 6,000 units which were 100% complete with respect to direct materials and 50% complete with respect to direct labor and overhead. What is the cost per equivalent unit for direct materials (rounded to the nearest cent)? $8.24 ○ $8.00 ○ $7.52 ○ $8.52 MA1 - #43 Randall Company had 24,000 units in WIP Inventory at March 1 that were 70% complete with respect to direct labor and overhead. During March, 80,000 units were completed. On March 31, the 28,000 units in WIP Inventory were 30% complete as to direct labor and overhead. Direct materials are added at the beginning of the process. How many units were started during March? 64,000 84,000 O 132,000 ○ 76,000See Answer
Q17:Requirements: Read the Giberson's Glass Studio Case on pages 9-15 of your case book. Answer the following questions using the red tabs provided for each question. Note that Exhibit 1 and 2 have been reproduced for your convenience (see yellow tabs). Please rename the file. For Individual Files (Last & First Name, Case Name). For Group Files (Group #, Case Name). 1A. Analyze the costs in Exhibit I. Categorize them as fixed or variable. 1B. Prepare a traditional income statement for the business for the year ended August 31, 2007. Assume 40 weeks of production. Prepare a contribution margin income statement for the business for the year ended August 31, 2007. How would you describe the overall cost behavior of this business (Are variables costs significant or is it primarily a fixed cost structure)? At this point, what would be your #1 recommendation to Mr. Giberson to eliminate the net loss? 2. Prepare a variable cost analysis per unit, per product line (see tab 2.). What percentage of the materials (glass) are wasted each year? Calculate the contribution margin per unit and per minute per product line (Mr. Giberson's time is a constraining resource). Rank the products in terms of profitability (1 is most profitable and 4 is least). What's his productivity ratio? What would you tell Mr. Giberson about the product lines, the waste and his productivity ratio? If he sold only his #1 product, what would his CM be in total? How much better is this than the prior CM in total? Is it enough to breakeven? 3. What's his breakeven point in CM per minute? Explain to Mr. Giberson what it means in terms of setting prices. 4. Using the breakeven point CM per minutes, determine a set of new prices to cover Mr. Giberson's costs. Calculate the change in dollars and percentage terms. Explain the results to Mr. Giberson. 5. What else would you recommend to Mr. Giberson? 6. Prepare a proof of the break-even point (zero profit) using the new prices you calculated in 4. 7. Complete the three potential scenarios below to determine the net impact on income from hiring a new employee to do the cold work and allocating the cold time to the hot time required to produce the additional units (PINK AREAS ONLY). What do you make of the necessary increases in volume? What additional information would you need to evaluate potential achievement of the scenarios? 8. Mr. Giberson received a call from a lighting manufacturer to create custom globes for a unique glass fixture. The company was interested in purchasing 250 of the custom glass globes and had stipulated that they would pay no more than $25 per globe. Now that Mr. Giberson had some of your suggested pricing tools, he was equipped to go after the job. After Mr. Giberson assessed the particulars of the job, he determined the job would require the following materials and labor per globe: Materials: .5 pounds of material per globe Equivalent units: he estimated that each glass globe would be equivalent to 1 pieces of his regular work (for applying the variable operating expenses). Labor: 20 minutes per globe (15 minutes of hot time and 5 minutes of cold time) Fixed cost would be applied at the rate of $.65 per minute of total hot and cold time Complete the job cost sheet and calculate the expected profit if markup on cost is set at 50%. Using the maximum price, what's his expected profit on the job? Should he take the job? 9. Create a prioritized list of recommendations for Mr. Giberson. Evaluate whether you have sufficient data to back up these recommendation or if you need additional information to advise him appropriately. Explain to him the difference between job-order costing and process costing and advise him on which method is best for his business?See Answer
Q18: Part 1 Income statement J. L. Video Sales Ltd. Income Statements for the Years Ended (Amounts in millions) Net sales revenue 20X3 $ 39 20X2 $ 36 20X1 $ 33 33 Cost of goods sold: Beginning inventory Purchases $ 14 $ 13 $ 30 28 Goods available for sale 44 41 (15) (14) (13) 228 3 12 26 38 Less: Ending inventory Cost of goods sold Gross profit ** 29 27 25 10 9 8 1 1 Total operating expenses $ 8 $ 7 Net income J. L. Video Sales Ltd. reported the following data. The shareholders are very happy with J. L.'s steady increase in net income. View the Income Statement. Auditors discovered that the ending inventory for 20X1was understated by $2million, and that the ending inventory for 20X2was also understated by $2million. The ending inventory on December 31, 20X3was correct. Read the requirements. Requirement 1. Show corrected income statements for each of the three years. (Enter amounts in millions as provided in the problem statement.) J. L. Video Sales Ltd. Income Statements (adapted; amounts in millions) For the Years Ended December 31, 20X3, 20X2, and 20X1 Net sales revenue 20X3 20X2 20X1 Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: Ending inventory Cost of goods sold Gross profit Total operating expenses Net income Requirement 2. How much did these assumed corrections add to or take away from J. L.'s total net income over the three-year period? How did the corrections affect the trend of net income? How much did these assumed corrections add to or take away from J. L.'s total net income over the three-year period? The assumed corrections How did the corrections affect the trend of net income? ▼ over the three-year period. Requirement 2. How much did these assumed corrections add to or take away from J. L.'s total net income over the three-year period? How did the corrections affect the trend of net income? How much did these assumed corrections add to or take away from J. L.'s total net income over the three-year period? The assumed corrections How did the corrections af The corrections Requirement 3. Will J. L.' Will J. L.'s shareholders st The shareholders over the three-year period. did not change total net income I of net income? Give a reason for your answer. overstated total net income by $2 million understated total net income by $2 million company is How did the corrections affect the trend of net income? The corrections made the company's trend look more variable. made the company's trend look worse with a steady decrease in net income. made the company's trend look better with a steady increase in net income. changed the trend from an increasing pattern to a flat pattern. Requirement 3. Will J. L.'s shareholders still be happy with the company's trend of net income? Give a reason for your answer. Will J. L.'s shareholders still be happy with the company's trend of net income? The shareholders be happy with the trend of net income because the company is Choices: How did the correc The corrections will Requirement 3. W Will J. L.'s sharehc will not The shareholders nd of net income? lers still be happy with the company's trend of net income? Give a reason for your answer. with the company's trend of net income? be happy with the trend of net income because the company is making no progress with its profits. consistently increasing its profits. decreasing its profit each year. Part 2 Purchases April (29,000 units @ cost of $55) August (49,000 units @ cost of $59) November (59,000 units @ cost of $65) $ 1,595,000 2,891,000 3,835,000 Total purchases Additional Information $ 8,321,000 Cash payments on account totalled $7,921,000. During the current fiscal year, the store sold 155,000 units of merchandise for $14,880,000. Cash accounted for $5,100,000 of this, and the balance was on account. Movie Buy uses the FIFO method for inventories. Operating expenses for the year were $2,000,000. The store paid 75% in cash and accrued the rest as accrued liabilities. The store accrued income tax at the rate of 32%. Print Done Movie Buy purchases merchandise inventory by the crate; each crate of inventory is a unit. The fiscal year of Movie Buy ends each February 28. Assume you are dealing with a single Movie Buy store in Quebec City, Quebec, and that the store experienced the following: The store began the current fiscal year with an inventory of 22,000 units that cost a total of $1,100,000. During the year, the store purchased merchandise on account as follows: View the purchases. Read the requirements. View the additional information. Requirement 1. Make summary journal entries to record the store's transactions for the current fiscal year ended February 28, 20XX. Movie Buy uses a perpetual inventory system. Let's start with the entry to record the purchases. (Record debits first, then credits. Exclude explanations from journal entries.) Date February 28 Account Titles Debit Credit Next, record the cash payments on account. (Record debits first, then credits. Exclude explanations from journal entries.) Date February 28 Account Titles Debit Credit Now, record the cash received from sales and the balance on account. Do not yet record the cost related to the sale. We will do this in the next journal entry. (Record debits first, then credits. Exclude explanations from journal entries.) Date February 28 Account Titles Debit Credit Record the inventory transaction associated with the sale of merchandise. (Record debits first, then credits. Exclude explanations from journal entries. Round your answer to the nearest whole dollar.) Date February 28 Account Titles Debit Credit Now, record the operating expenses. (Record debits first, then credits. Exclude explanations from journal entries. Round your final answers to the nearest whole dollar.) Date February 28 Account Titles Debit Credit Finally, record the entry to accrue income tax. (Record debits first, then credits. Exclude explanations from journal entries. Round your final answers to the nearest whole dollar.) Account Titles Date Debit Credit February 28 Requirement 2. Prepare a T-account to show the activity in the Inventory account. Post the beginning balance and activity to the T-account, and calculate the ending inventory balance. (Abbreviation used: COGS = cost of goods sold. Only complete the necessary input fields.) Inventory Requirement 3. Prepare the store's Income Statement for the year ended February 28, 20XX. Show totals for gross profit, income before tax, and net income. Movie Buy Store in Quebec City, Quebec Income Statement For the Year Ended February 28, 20XX Net income Requirement 4. Compute the gross profit percentage. How does this compare with last year's gross profit percentage of 41%? What are some possible reasons for the change? Compute the gross profit percentage. Only enter the percentage value in the input field. Do not enter a percentage symbol in the input field. (Round the percentage to the nearest tenth percent, X.X% Gross profit percentage: How does this compare with last year's gross profit percentage of 41%? What are some possible reasons for the change? This year's gross profit percentage is last year's percentage of 41%. Possible causes could be that inventory is or the selling price is Choices for Req 4: Question Viewer Requirement 4. Compute the gross p Compute the gross profit percentage. Gross profit percentage: How does this compare with last year' This year's gross profit percentage is exactly the same as higher than lower than compare with last year's gross profit percentage of 41%? What are some possible reasons for the change? in the input field. Do not enter a percentage symbol in the input field. (Round the percentage to the nearest tenth percent, X.X%. ? What are some possible reasons for the change? ▼ last year's percentage of 41%. Possible causes could be that inventory is ▼or the selling price is Question Viewer 4. Compute the gross profit percentage. How does this compare with last year's gross profit percentage of 41%? What a Compute the gross profit percentage. Only enter the percentage value in the input field. Do not enter a percentage symbol in the input Gross profit percentage: the change? costing too little e to the nearest tenth percent, X.X%. costing too much priced just right ▼last year's percentage of 41%. Possible causes could be that inventory is or the selling price is How does this compare with last year's gross profit percentage of 41%? What are some possible reasons for the change? This year's gross profit percentage is Requirement 4. Compute the gross profit percentage. How does this compare with last year's gross profit percentage of 41%? What are some possible reasons for the change Question Viewer Compute the gross profit percentage. Only enter the percentage value in the input field. Do not enter a percentage symbol in the input field. (Round the percentage to the nea Gross profit percentage: not low enough. not high enough. just right. last year's percentage of 41%. Possible causes could be that inventory is ▼or the selling price is How does this compare with last year's gross profit percentage of 41%? What are some possible reasons for the change? This year's gross profit percentage is Part 3 Transactions March 3 March 5 March 7 March 15 Sold $15,600 of merchandise to Watford Company on account. Watford Company returned $440 of the merchandise from March 3. Sold $1,300 of merchandise to Mason, Inc., on account. Watford Company paid the balance of what it owed for the purchase on March 3. March 19 Sold $22,600 of merchandise to Zuber Co. on account. March 21 Zuber reported that some of the merchandise received was the wrong colour and returned $1,040 worth of merchandise to Sawyer. March 23 Sold $33,500 of merchandise to Nesbits Co. on account. March 31 Zuber paid the balance of what it owed for the purchase on March 19. Print Done Requirement 1. Record Sawyer's transactions, including the cost of goods sold entry for each sale. March 3: Sold $15,600 of merchandise to Watford Company on account. In this step, record the sales transaction. The journal entry for the cost of goods sold will be recorded in the next step. (Record debits first, then credits. Exclude explanations from any journal entries.) Date March 3 Account Titles Debit Credit Now, record the cost of goods sold for the sale of merchandise on March 3. (Record debits first, then credits. Exclude explanations from any journal entries. Round your answers to the nearest whole dollar.) Date March 3 Account Titles Debit CreditSee Answer
Q19: B392 AOU الجامعة العربية المفتوحة TMA, Spring 2023 - 2024 Arab Open University Arab Open University B392: TMA - Spring Semester 2023 - 2024 About TMA: The essence of this TMA is to allow students to practice various theories and concepts of the B392 course. Case studies allow students to demonstrate their understanding of the studied materials. Since all questions depend extensively on student's justification, there is no typical answer for TMA questions. This marking guideline offers general framework to mark TMA where a tutor needs to apply his personal judgment in grading each question. The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students' understanding of some of the learning points within Units 2, 3, 4, 5 and 6 beside the supplementary material. This TMA requires you to apply the course concepts. The TMA is intended to: Assess students' understanding of key learning points within the first four units. Increase the students' knowledge about the reality of the Managerial Accounting as a profession. Develop students' communication skills, such as memo writing, essay writing, analysis and presentation of material. ➤ Develop the ability to understand and interact with the nature of the managerial accounting tools in reality. ➤ Develop basic ICT skills such as using the internet. The TMA: This TMA is based around two parts of "Yalla Momos: expansion dilemmas for a small business" and "Performance management". Marks will be awarded for blending the context of each case and with relevant theory by means of your own interpretation. In addition to this, some research is required. The TMA requires you to: 1- Review various study sessions beside the supplementary materials. 2- Conduct a simple information search using the internet and the e-library. 3- Present your findings in not more than 1,150 words ± 10% (900 words for part A and 250 for part B). 4- You should use a Microsoft Office Word and Times New Roman Font of 12 points. 1 Page B392 TMA, Spring 2023 - 2024 5- You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment. Criteria for Mark Distribution: Criteria Essays In-text discussion citation Marks 100 (2.5) End-text referencing (2.5) Word Presentation Total Count marks (2.5) (2.5) Out of 100 marks Mark Deduction for Plagiarism Total Mark After Accounting for Plagiarism Out of 100 1-1.5 marks deduction In-text citation marks deductions 2.5 marks deduction If no evidence of any in-text citation If in-text citations are evident but are not conducted in the right Harvard style referencing format and /or enough End-text Referencing marks deductions 2.5 marks deduction If no evidence of any referencing 1-1.5 marks deduction 1-1.5 marks deduction If referencing is present but not If references are present but not in the proper format sufficient (A minimum of three references is required). Word Count marks deductions Zero mark Within 10% below or over specified word count 1-1.5 marks deduction Above or below 15% specified word count 2-2.5 marks deduction of If exceeded word limit by more than 20 % of specified word count Presentation marks deductions Zero mark 1-1.5 marks deduction 2-2.5 marks deduction using PT3 form but with poor If neither a PT3 form was used presentation nor a clear presentation is evident Good presentation, using PT3 form with a clear presentation (paragraphs and paragraph titles are clear, essay form is but without a PT3 form well respected, etc.) or using clear presentation Important Marking Schemes for Assignments (Exams and TMA) All forms of assessments at AOU are based on predefined marking schemes. The award of marks and grades to any paper submitted by a student for assessment and examination purposes shall be determined by reference to an agreed marking scheme/ general grade descriptors approved by faculties. 1. Principles for marking assessments: 2 | Page B392 TMA, Spring 2023 - 2024 • • • Marking should be in the context of course content and learning outcomes. Marks should be awarded for demonstrating achievements of learning outcomes addressed by the question (the knowledge and skills requested by the question/task) Marking should address different levels of performance. Marking should indicate the quality of response required to gain a mark. The language of marking should be clear, unambiguous to ensure consistency in marking 2. Marking guides • Marking should be addressed towards content and form. A. Content is about the quality of the discussion the student raise. This includes the depth and coverage of explanations and descriptions, the type of evidence used to support view points, and how well the student is able to evaluate the issues raised in general. B. Form relates to technical aspects of writing, such as whether the student has followed grammatical rules and correct spelling, terminology and how clearly he/she have documented evidence in the body of the assignment and in the reference list at the back of the assignment. Form also extends to the physical presentation of the assignment, which involves conforming to the instructions given for structure and layout in the exams or TMA questions. 3. Basic Marking Guide may be used as a generic marking guide in allocating appropriate grades in assessing in the assessment Outstanding Very good • Good • Answer demonstrates a high degree of perception and originality. Comprehensive in coverage of salient points Shows complete comprehension of material and exceptional insight in interpretation/analysis/evaluation. Evidence of extensive appropriate reading and independent research Arguments supported by appropriate examples/evidence/case studies Structure/grammar/referencing is outstanding Answer demonstrates some perception and originality. Is factually sound and covers most salient points. Shows high level of understanding of relevant material Interpretation/analysis/evaluation is very good. Evidence of considerable wider reading Use of examples reasonable Structure/grammar/referencing is high standard. A competent answer but with no evidence of insight and originality Answer demonstrates satisfactory understanding of the material but with minor errors or inaccuracies • Interpretation/analysis/evaluation present but not highly developed Some use of appropriate examples • • • Satisfactory • Reliance on lecture notes is evident Only basic texts consulted Structure/grammar/referencing of moderate standard A competent answer demonstrating only basic understanding Material mostly relevant but with errors and inaccuracies Some interpretation/analysis/evaluation but shallow and poorly substantiated 3 | Page B392 Unsatisfactory • • TMA, Spring 2023 - 2024 Limited use of relevant examples Significant reliance on lecture notes Only basic texts consulted Structure/grammar/referencing of moderate to week standard Answer largely irrelevant. Only partial understanding of the question Very weak interpretative/analytical/evaluative skills Lacking material to answer the question Considerable errors and inaccuracies Structure/grammar/referencing very poor Very poor or nonexistent use of examples TMA instructions Please read these instructions carefully, and contact your tutor if you require any further clarifications. You should submit your completed assignment to your tutor to arrive no later than the cut-off Date mentioned above. This tutor-marked assignment accounts for 20% of the total grade assigned to the course. This assignment will be graded out of 100 marks. General Marks (Up to 10% Deduction) Marks distribution: This assignment will be graded out of 100 marks, which will be allocated to your answer for the two mini cases' questions. 10% will be deducted based on the following criteria: • • 5% for improper referencing (2.5% in-text referencing and 2.5% end-text references). 2.5% for improper presentation (using PT3 form with a clear presentation). 2.5% for not adhering to the word count (when applicable) Please use standard A4 size paper for submitting the hard copy of your TMA. Your name, personal identifier, course and assignment numbers must appear at the top of each sheet. A soft copy of your TMA must be uploaded to the university moodle within the indicated cut-off date. The hard & soft copies must be identical. Please leave wide margins and space at the end of each sheet for tutor comments. It is better to use double spacing so that you can easily handwrite corrections to your drafts and tutors have space to include their feedback on the script. Start each question in the assignment on a new page. Completing and sending your assignments When you have completed your TMA, you must fill in the assignment form (PT3), taking care to fill all information correctly including your personal identifier, course code, section & tutor, and assignment numbers. Each TMA and its PT3 form should be uploaded on the AOU branch moodle within the cut-off date. Late submissions require approval from the branch course coordinator and will be subject to grade deductions. All assignments are treated in strict confidence. 4 | Page B392 TMA, Spring 2023 - 2024 Plagiarism The Arab Open University Definitions of cheating and plagiarism According to the Arab Open University By-laws, "The following acts represent cases of cheating and plagiarism: • • Verbatim copying of printed material and submitting them as part of TMAs without proper academic acknowledgement and documentation. Verbatim copying of material from the Internet, including tables and graphics. • Copying other students' notes or reports. • Using paid or unpaid material prepared for the student by individuals or firms. Utilization of, or proceeding to utilize, contraband materials or devices in examinations." Penalty on plagiarism The following is the standard plagiarism penalty applied across branches as per Article 11 of the university by-laws: 1) Awarding of zero for a TMA wherein more than 20% of the content is plagiarized. 2) Documentation of warning in student record. 3) Failure in the course to dismissal from the University. All University programmes are required to apply penalties that are consistent with the University by laws. Examples of Plagiarism Copying from a single or multiple sources, this is where the student uses one or more of the following as the basis for the whole, or a good part, of the assignment: Published or unpublished books, articles or reports • The Internet The media (e.g.TV programmes, radio programmes or newspaper articles) • An essay from an essay bank • A piece of work previously submitted by another student . Copying from a text which is about to be submitted for the same assignment The TMA Questions PART A: YALLA MOMOS: EXPANSION DILEMMAS OF A SMALL BUSINESS As he sat in his office and watched customers walk in on a busy Friday night in April 2016, Prashant Goel, the owner and founder of Yalla Momos restaurant, contemplated its future expansion. He had started the business in 2012 and, within four years, had taken it to great heights. With total sales of AED504,000 in 2015, it seemed he was right on track. While sales in 2015 were 5 per cent higher than in 2014, Goel was concerned with sales growth in 2016. As the Dubai market prepared for the much-awaited Expo 2020, competition was getting tough and it had become hard 5 | PageSee Answer
Q20:PART 1 (25 marks) Carib Tings & More does hand-crafted memorabilia for the tourism industry, in which each batch of items is a job. The company has a highly machine intensive production process, so it allocates manufacturing overhead based on machine hours. Carib Tings & More pre-determined overhead application rate for 2024 was computed from the following data: Total estimated factory overheads $2,400,000 Total estimated machine hours 40,000 At the end of May 2024, Carib Tings & More reported work in process inventory of $176,000. During June 2024, Carib Tings & More actually used 3,000 machine hours and recorded the following transactions. Purchased $324,000 worth of materials on account. Separately, Carib Tings & More paid a $2,500 bill for freight in. i) ii) Manufacturing wages incurred $400,000 iii) Materials requisitioned (includes $30,000 of indirect materials) $420,000 v) vi) iv) Assigned manufacturing wages, 85% direct labour, 15% indirect labour Depreciation expense on factory equipment used on the different jobs Other manufacturing overhead incurred $95,000 $35,000 vii) Allocated manufacturing overhead for June 2024 viii) Cost of jobs completed ix) Cost of jobs sold (on account) at a margin of 33%% on sales $1,015,000 $985,000 Required: (2 mark) (a) Compute Carib's predetermined manufacturing overhead rate for 2024. (b) State the journal entries necessary to record the above transactions in the general journal. Assume that Carib uses the perpetual inventory system. (10% marks) (c) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account and state the balance on the account before performing end of period closing entries. Show the journal entries necessary to dispose of the variance. (3 marks) (d) What is the balance in the Cost of Goods Sold account after the adjustment? (2 marks) (e) Compute Carib's gross profit earned on the jobs completed and sold, after adjusting for the manufacturing overhead variance. (2 marks) (f) Post the appropriate entries to Work in Process Inventory Control account & determine the account balance on June 30, the end of the month. (2½ marks) (g) State and explain three (3) differences between a job costing system and a process costing system. (3 marks)See Answer

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