Acc/400 Accounting for Decision Making Final Exam

ACC/400 Accounting for Decision Making Final Exam

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ACC/400 Accounting for Decision Making Final Exam

FINAL EXAM

ACC/400

Accounting for Decision Making

* Trim Force Corp. had the following information in their accounting records:

Work in process inventory, beginning balance | $50,000 |

Cost of direct materials used | $350,000 |

Direct labor cost applied to production | $200,000 |

Cost of finished goods manufactured | $750,000 |

Manufacturing overhead during production was $250,000. What was the work in process inventory on hand at the end of the year?

* Walsh Corp. uses direct labor hours to determine their applied manufacturing overhead. They use a rate of $30 per direct labor hour. During the production period, company employees worked 10,000 direct labor hours, and had actual overhead costs of $305,000.

* Record the year-end journal entry to close out the Manufacturing Overhead account to the Cost of Goods Sold account.

* Was manufacturing overhead underapplied or was it overapplied?

* Sorin Corp. uses process costing for its two production departments: Cutting and Painting. The company’s manufacturing information for the month of August is provided below:

  | Cutting | Painting |

Beginning work in process | $1,000 | $1,200 |

Costs transferred in | ? | ? |

Costs incurred in Aug | $3,500 | $5,000 |

Ending work in process | $2,000 | $2,500 |

* Record the transfer costs from the cutting department to the painting department in Aug.

* Record the transfer costs from the painting department to the finished goods inventory account in Aug.

* Badin Corp. has the following information about its most popular product line:

Sales price per unit | $50 |

Variable cost per unit | $25 |

Total fixed manufacturing & overhead costs | $400,000 |

Compute the following:

* Unit contribution margin.

* Units that...