Acc/400 Accounting for Decision Making Final Exam

ACC/400 Accounting for Decision Making Final Exam

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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 must be sold to break even.

Units that must be sold to earn an...