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    Ch3 Acct Quiz

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    Which of the following would not likely be a user of job-costing systems?

    - Custom-furniture manufacturers

    - Repair shops - Hospitals - Accounting firms

    - None of these, because all are likely users

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    None of these, because all are likely users

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    When using normal costing, the total production cost of a job is composed of:

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    direct materials, direct labor, and applied manufacturing overhead

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    1/6 Created by savannahhowell11

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    Which of the following would not likely be a user of job-costing systems?

    - Custom-furniture manufacturers

    - Repair shops - Hospitals - Accounting firms

    - None of these, because all are likely users

    None of these, because all are likely users

    When using normal costing, the total production cost of a job is composed of:

    direct materials, direct labor, and applied manufacturing overhead

    Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January.

    Jan 1 Jan 31

    Finished goods$125,000 $117,000 Work in process 233,000 251,000 Raw material 133,000 124,000

    The following additional data pertain to January operations.

    Raw material purchased$190,000 Direct labor 350,000

    Actual manufacturing overhead 170,000

    Actual selling and administrative expenses 110,000

    The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year.

    Compute the company's prime cost for January.

    $549,000

    Raw materials inventory Jan 1 + Raw materials purchase - Raw-materials inventory Jan 31 + Direct labor

    Same info for Bodin Company:

    Compute the total manufacturing cost for January.

    $759,000

    Total prime cost incurred in January + Applied manufacturing overhead (60% * Direct Labor)

    Same info for Bodin Company:

    Compute the cost of goods manufactured for January.

    $741,000

    Total manufacturing cost for January + Work-in-process inventory Jan 1 - Work-in-process inventory Jan 31

    Same info for Bodin Company:

    Compute the cost of goods sold for January.

    $749,000

    Finished-goods inventory, Jan 1 + Cost of goods manufactured - Finished-goods inventory, Jan 31

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    ACCOUNTING

    Laverty Clinic plans to purchase a new centrifuge machine for its New York facility. The machine costs $94,000 and is expected to have a useful life of 6 years, with a terminal disposal value of$9,000. Savings in cash operating costs are expected to be $24,900 per year. However, additional working capital is needed to keep the machine running efficiently. The working capital must continually be replaced, so an investment of$4,000 needs to be maintained at all times, but this investment is fully recoverable (will be “cashed in”) at the end of the useful life. Laverty Clinic’s required rate of return is 12%. Ignore income taxes in your analysis. Assume all cash flows occur at year-end except for initial investment amounts. Laverty Clinic uses straight-line depreciation for its machines. Required: 1. Calculate net present value. 2. Calculate internal rate of return. 3. Calculate accrual accounting rate of return based on net initial investment. 4. Calculate accrual accounting rate of return based on average investment. 5. You have the authority to make the purchase decision. Why might you be reluctant to base your decision on the DCF methods?

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    Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm...

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    Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm...

    Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January.

    January 1 January 31

    Finished goods $ 125,000 $ 117,000

    Work in process 235,000 251,000

    Raw material 134,000 124,000

    The following additional data pertain to January operations.

    Raw material purchased $ 191,000

    Direct labor 350,000

    Actual manufacturing overhead 170,000

    Actual selling and administrative expenses 115,000

    The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year.

    Exercise 3-27 Part 1

    Required:1. Compute the company’s prime cost for January.

    prime cost=

    2. Compute the total manufacturing cost for January.

    total manufacturing cost=

    3. Compute the cost of goods manufactured for January.

    cost of goods manufactured=

    4. Compute the cost of goods sold for January.

    cost of goods sold=

    5. Compute the balance in the manufacturing overhead account on January 31. Debit or credit?

    Manufacturing overhead account balance on January 31 is

    business   accounting

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    Homework Answers

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    Answer #1

    1) Direct material used = 134000+191000-124000 = 201000

    Prime cost = Direct material+Direct labor = 201000+350000 = 551000

    2) Total manufacturing cost = 551000+350000*60% = 761000

    3) Cost of goods manufactured = 235000+761000-251000 = 745000

    4) Cost of goods sold = 125000+745000-117000 = 753000

    5) Applied overhead = 350000*60% = 210000

    Actual overhead = 170000

    Manufacturing overhead balance = $40000 Credit

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    Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm...

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    Chapter 3 Homework

    Chapter 3 Homework following information applies to the questions displayed bodin company manufactures finger splints for kids who get tendonitis from playing

    Chapter 3 Homework Course:

    Cost Analysis And Control (ACCT 6320)

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