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ACC 561 Accounting Systems to Determine Product Costs

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Acc 561 Week 3 Exercises
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Top of Form | |
| Question 1 |
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In January, Reyes Tool & Dye requisitions raw materials for production
as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory
use $600. During January, time tickets show that the factory labor of
$5,000 was used as follows: Job 1 $1,200, Job 2 $1,600 Job 3 $1,400,
and general factory use $800. Prepare the job cost sheets for each of
the three jobs. (If answer is zero, please enter 0, do not leave any fields
blank.) | Job 1 |
| Date | Direct Materials | Direct Labor |
| 1/31 | | |
| 1/31 | | |
| Job 2 |
| Date | Direct Materials | Direct Labor |
| 1/31 | | |
| 1/31 | | |
| Job 3 |
| Date | Direct Materials | Direct Labor |
| 1/31 | | |
| 1/31 | | |
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Bottom of Form |
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| Question 2 |
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Doc Gibbs has prepared the following list of statements about process
cost accounting. Identify each statement as true or false. 1. Process cost
systems are used to apply costs to similar products that are mass-
produced in a continuous fashion.
2. A process cost system is used when each finished unit is
indistinguishable from another.
3. Companies that produce soft drinks, motion pictures, and computer
chips would all use process cost accounting.
4. In a process cost system, costs are tracked by individual jobs.
5. Job order costing and process costing track different manufacturing
cost elements.
6. Both job order costing and process costing account for direct
materials, direct labor, and manufacturing overhead.
7. Costs flow through the accounts in the same basic way for both job
order costing and process costing.
8. In a process cost system, only one work in process account is used.
9. In a process cost system, costs are summarized in a job cost sheet.
10. In a process cost system, the unit cost is total manufacturing costs
for the period divided by the units produced during the period.
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| Question 3 |

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Peter Catalano's Verde Vineyards in Oakville, California produces three
varieties of wine: Merlot, Viognier, and Pinot Noir. His winemaster, Kyle
Ward, has identified the following activities as cost pools for
accumulating overhead and assigning it to products. For each of Verde's
fifteen activity cost pools, identify a probable cost driver that might be
used to assign overhead costs to its three wine varieties. 1. | Culling and
replanting. Dead or overcrowded vines are culled, and new vines are
planted or relocated. (Separate vineyards by variety.) | |
2. | Tying. The posts and wires are reset, and vines are tied to the wires
for the dormant season. | |
3. | Trimming. At the end of the harvest the vines are cut and trimmed
back in preparation for the next season. | |
4. | Spraying. The vines are sprayed with chemicals for protection
against insects and fungi. | |
5. | Harvesting. The grapes are hand-picked, placed in carts, and
transported to the crushers. | |
6. | Stemming and crushing. Cartfuls of bunches of grapes of each
variety are separately loaded into machines which remove stems and
gently crush the grapes. | |
7. | Pressing and filtering. The crushed grapes are transferred to presses
which mechanically remove the juices and filter out bulk and impurities. |
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8. | Fermentation. The grape juice, by variety, is fermented in either
stainless-steel tanks or oak barrels. | |
9. | Aging. The wines are aged in either stainless-steel tanks or oak
barrels for one to three years depending on variety. | |
10. | Bottling and corking. Bottles are machine-filled and corked. | |
11. | Labeling and boxing. Each bottle is labeled, as is each nine-bottle
case, with the name of the vintner, vintage, and variety. | |
12. | Storing. Packaged and boxed bottles are stored awaiting shipment.
| |

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