The following transactions were recorded for the month of April: a. Purchased materials on account, $160,000 b. Issued $180,000 of materials to production, $6,000 of which was for indirect materials. Cost of direct materials issued: c. Incurred and paid payroll cost of $40,920 Direct labor cost ($20/hour; total 1,196 hours) d. Recognize deprecation (overhead) for the month:
• debit to Allowance for Doubtful Accounts for $3,300. Multiple Choice Question 182 The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? • 60.8 • 96.1 • 36.5 • 48.7 Find the final exam answers here ACC 291 Final Exam Answers Multiple Choice Question 119 Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer.
1.7 5.2 8.7 2.4 4.9 Study tines equals 22.9 Number of times studied = 5 Answer: 22.9/5 = 4.58 hours 5. The distances (in miles) driven in the past week by each of a company's sales representatives are listed below. Find the median distance driven. 45 70 142 268 290 352 The two middle values are 142 + 268 Find the average = (142 + 268)/2= 410 410/2 = 205 Answer: 205 miles driven Case Assignment Expectations: Use information from the modular background readings as well as any good quality resource you can find. Please cite all sources and provide a reference list at the end of your paper.
Required start-up material is 3,700 pounds at $ 2.70 per pound = $9,990.00 5. Company labor for installation requires two maintenance specialists for two days at eight hours per day and $ 35 per hour = $1,120.00 6. Contract labor is estimated at a fixed price of $ 7,500.00 7. Engineering is estimated to be 15% of (equipment / material) cost based on past experience = 10,678.50 8. Inspection is estimated to be 3% of (labor) cost based on past experience = 258.60 9.
Product Revenue, Utility Expense, Supplies Expense c. Utility Expense, Supplies Expense d. Product Revenue, Utility Expense, Supplies Expense 3. 1) The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one half of this amount had been earned. a. B. adjustment of an unearned revenue MM-DD-YY | Cash | | | $ 1,500 | | | Unearned Revenue | | $ 1,500 | | Advance collection from client | | | 12-31-YY | Unearned Revenue | | $ 750 | | | Revenue | | | $ 750 | | Adjusting entry for earned portion of prepayment | b. c. Increase total revenue by $750 2) Sally Corporation provided $1,500 of services to Artech Corporation; no billing had been made by December 31. a. D. adjustment to record an accrued revenue 12-31-YY | Accounts Receivable | | $ 1,500 | | | Revenue | | | $ 1,500 | | Adjusting entry to reflect services provided | | b. C. Increase total revenue by $1,500 3) Salaries owed to employees at year-end amounted to $1,000.
Accounting 381 Winter 2010 Name ________________________________ Quiz 2: 15 points (1 point each) 1. Which of the following is an example of managing earnings down? a. Changing estimated bad debts from 3 percent to 2.5 percent of sales. b. Revising the estimated life of equipment from 10 years to 8 years.
(Points : 1) 34,000 35,000 36,500 41,500 7. Which one of the following accounts is not used in an activity-based costing (ABC) system? (Points : 1) Materials Inventory Work-in-Process Inventory Finished Goods Inventory Overhead Applied Allocations Incurred 8. The ALG Manufacturing Company has gathered the following information for the month of September: · 6,000 units in the beginning Work-in-Process Inventory (75% complete as to materials, 1/3 complete with respect to the conversion costs) · 60,000 units were started into production · 50,000 units were completed and transferred to the next department · The ending Work-in-Process Inventory is complete as to materials but only 3/8 complete with respect to conversion costs. What are the equivalent units of production (EUP) for materials in the month of September assuming ALG uses weighted-average process costing?
The equipment was acquired on January 1. It had a $1,000 estimated salvage value and a three-year useful life. 7. Sold inventory to customers for $25,000 that had cost $14,000 to make. Required Explain how these events would affect the balance sheet, income statement, and statement of cash flows by recording them in a horizontal financial statements model as indicated here.
And the steel deliveries are in a three-day window. Moreover, Kenco implements the cycle counting where 100 items making up 80% of the sales volume are counted every four weeks. What is left in inventory in 12 months is discounted to sell or scrapped. 5) Describe Kenco’s CI system and compare this process change using traditional budgeting Kenco CI system is following four steps: _ Activities for improvement must be selected _ Root causes for the activities performance as it exists must be determined _Modifications must be discovered and implemented _The impact of the change must be assessed. Traditional budgeting always plans and setting a budget for revenues and expenses, and it only focuses on short-term but not planning on long-term vision.