Complete questions for Managerial Accounting Course

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Business Finance

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Application Problems 3 •Page 120: Brief Exercises 3-7 and 3-9 •Page 123: Exercise 3-7 •Pages 164-165: Brief Exercise 4-2, and 4-8 •Page 170: Exercise 4-8

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Running head: MANAGERIAL VS FINANCIAL ACCOUNTING Managerial Accounting 1 2 MANAGERIAL VS FINANCIAL Managerial vs Financial Accounting Page 120: Brief Exercises 3-7 and 3-9 Page 123: Exercise 3-7 Pages 164-165: Brief Exercise 4-2, and 4-8 Page 170: Exercise 4-8 Page 209: Brief Exercises 5-1, 5-2, 5-4 Pages 260-261: Exercises 6-2, 6-5, 6-7 Page 298: Brief Exercises 7-1, 7-2 Pages 300-301: Exercises 7-1, 7-4 Page 303: Exercise 7-9 BE 3-7 Trek Company has the following production data for April: units transferred out 40,000, and ending work in process 5,000 units that are 100% complete for materials, and 40% complete for conversion costs. If unit materials cost $4 and unit conversion cost is $7, determine the costs to be assigned to the units transferred out and the units in ending work in process. BE3-9 Data for Hollins Company are given in BE3-8. Production records indicate that 18,000 units were transferred out, and 2,000 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a cost reconciliation schedule E3-7 The Sanding Department of Quick Furniture Company has the following production and manufacturing cost data for March 2017, the first month of operation. Production:7,000 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs. 3 MANAGERIAL VS FINANCIAL Manufacturing costs: Materials $33,000;labor $21,000; and overhead $36,000. Instructions: Prepare a production cost report. E4-2 Finney Inc. has conducted an analysis of overhead costs related to one of its product lines using a traditional costing system(volume-based) and an activicty based costing system. Here are its results. Traditional Costing Sales revenue $600,000 ABC $6000,000 Overhead costs: Product RX3 Product Y12 $34,000 $50,000 36,000 20,000 $70,000 $70,000 Explain how a difference in the over head costs between the two systems may have occurred. BE4-8 Rich Novelty Company identified the following activities in its production and support operations. Classify each of these activities as either value-added or non-value-added. (a) Machine setup. (b) Design engineering. (c) Storing inventory. (d) Moving work in process. (e) Inspecting and testing. (f) Painting and packing. E4-8 Wilmington Inc. manufactures five models of kitchen appliances. The company is installing activity-based costing and has identified the following activities performed at its Mesa plant. Designing new models Purchasing raw materials and parts. Storing and managing inventory Receiving and inspecting raw materials and parts MANAGERIAL VS FINANCIAL 4 Interviewing and hiring new personnel Machine forming sheet steel into appliance parts Manually assembling parts into appliances Training all employees of the company Insuring all tangible fixed assets Supervising production Maintaining and repairing machinery and equipment Painting and packaging finished appliances Having analyzed its Mesa plant operations for purposes of installing activity-based-costing, Wilmington, Inc. identified its activity cost centers. It now needs to identify relevant activity cost drivers in order to assign overhead to Wilmington’s five products. Instructions: Using the activities listed above, identify for each activity one or more cost drivers that might be used to assign overhead to Wilmington’s five products.
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Running head: ANSWERS

1

Managerial Accounting

ANSWERS

2

Managerial vs Financial Accounting
BE 3-7 solution

Items

cost of conversion

Number of transferred units
Ongoing task, task at end
(5,000* 100%)
(5,000* 40%)
Total equivalent units

40,000

40,000

+5,000
+2,000
=42,000

=45,000

Transfer out cost accounted (40,000 *$11)
440,000
Ongoing work, at end
Ma...


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