Devry Acct 505 Final Exam

Devry ACCT 505 Final Exam

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Question

1.(TCO F) Escatel Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. Data for the most recently completed year appear below.

Estimates made at the beginning of the year 24,000

Estimated labor hours $6.86 per labor hour

Estimated variable manufacturing overhead $394,560

Estimated total fixed manufacturing overhead 24,500

Actual labor hours for the year

Required:

Compute the company's predetermined overhead rate for the recently completed year.(Points : 25)

2.(TCO C) The selling and administrative expense budget of Fenley Corporation is based on the number of units sold, which are budgeted to be 2,500 units in January. The variable selling and administrative expense is $4.40 per unit. The budgeted fixed selling and administrative expense is $35,750 per month, which includes depreciation of $4,000. The remainder of the fixed selling and administrative expense represents current cash flows.

Required:

Prepare the selling and administrative expense budget for January.(Points : 25)

1.(TCO C) The following overhead data are for a department of a large company.

Actual Costs Incurred Static Budget

Activity level (in units) 800 750

Variable costs:

Indirect materials $6,850 $6,600

Electricity $1,312 $1,275

Fixed costs:

Administration $3,570 $3,700

Rent $3,320 $3,200

Required: Construct a flexible budget performance report that would be useful in assessing how well costs were controlled in this department.

(Points : 30)

2.(TCO D) Mr. Earl Pearl, accountant for Margie Knall, Inc. has prepared the following product-line income data.

PRODUCT

Total A B C...