ACCT 344 DeVry Entire Course

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c. Allocate joint production costs to each product using the constant gross margin percentage method. 2. Question: Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following…………….. Required: (Calculate relative quantity to three decimal points.) a. Determine the cost and gross profit percentage for each type of chicken using the physical units method of joint cost allocation. b. Repeat part (a) using the sales-value-at-split-off method of joint cost allocation. c. The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging is required, which will cost $300 per 1,000 lb. Assuming the physical unit method is used to allocate joint costs, should the offer be accepted? ACCT 344 DeVry Week 5 Quiz 1. Question: (TCO 7) A common cost occurs 2. Question: (TCO 7) Which would be the most appropriate base for allocating the costs of the housekeeping department? 3. Question: (TCO 7) The Ruling Company assigns plant administration costs to the production departments based on the number of employees. Which would NOT be a good combination of common costs with an activity driver? 4. Question: (TCO 7) Joint costs are allocated because of 5. Question: (TCO 7) Which method allocates support department costs? 6. Question: (TCO 7) Joint costs are 7. Question: (TCO 7) Which method allocates joint production costs based on the pounds of product produced? 8. Question: (TCO 7) DeeDee Corporation manufactures the following products in its factory. $400,000 of costs were incurred…………How much joint cost would be allocated to Product A based on the physical units method? 9. Question: (TCO 7) Sally Corporation manufactures four products. The following data were provided by the cost accountant for the current year………. 10. Question: (TCO 7) Lamb Inc. processes wool into four grades of yarn as follows…….Which is the amount of joint costs assigned to Superwash Wool using the constant gross margin percentage method? ACCT 344 DeVry Week 6 Homework 1. Question: The following information is used for Lucky's Inc.’s monthly master budget……………….. · Sales are 25% cash and 75% on credit. All credit sales are collected in the following month. There are no bad debts. · Gross margin percentage is 60% of sales. · The desired ending inventory is expected to be 20% of the following month's cost of goods sold. One fifth of the purchases are paid for in the month of purchase, and the remaining balance is purchased on credit and paid in the following month. · The monthly cash operating expenses are $80,000, including the monthly depreciation expense of $7,000. · During July, Lucky's Inc. will purchase new office equipment for $17,000 cash. · Dividends of $13,500 were declared and paid in July.
· The company must maintain a minimum cash balance of $25,000. A line of credit is used to maintain this balance. Borrowing will be made in increments of $1,000. All borrowing is done at the beginning of the month, and repayments are made at the end of the month. The annual interest rate is 12%, paid when the loan is repaid (ignore accrual of interest). Required: Prepare a balance sheet, income statement, and cash budget for the month of July. 2. Question: The Sparkly Corporation has the following budget and actual results………………Required: a. Prepare a performance report for all costs, showing static budget variances (indicate F or U). b. Prepare a performance report for all costs, showing flexible budget variances (indicate F or U). ACCT 344 DeVry Week 6 Quiz 1. Question: (TCO 5) Which is NOT a component of the master budget? 2. Question: (TCO 5) The budgets that are comprehensive financial plans made up of various individual departmental and activity budgets are the........... 3. Question: (TCO 5) The budget committee 4. Question: (TCO 5) Which is a financial budget? 5. Question: (TCO 5) When budgets are used for control, 6. Question: (TCO 5) Flexible budgets do NOT provide 7. Question: (TCO 5) Volume variances examine differences between 8. Question: (TCO 5) Goal congruence means 9. Question: (TCO 5) Participative budgeting has which potential problem? 10. Question: (TCO 5) Bored Manufacturing has projected the following………Which is the total amount of overhead included in the overhead budget? ACCT 344 DeVry Week 8 Final Exam Page 1 Question 1.1 (TCO 2) Which cost is NOT a period cost? (Points : 5) Question 2.2. (TCO 2) Which product would use job-order costing? (Points : 5) Question 3.3. (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in (Points : 5) Question 4.4. (TCO 8) A company keeps 60 days of materials inventory on hand to avoid shutdowns due to materials shortages. Carrying costs average $5,000 per day. A competitor keeps 30 days of inventory on hand, and the competitor's carrying costs average $2,000 per day. The value-added costs are (Points : 5) Question 5.5. (TCO 8) Which is a value-added activity? (Points : 5) Question 6.6. (TCO 1) The break-even point is (Points : 5) Question 7.7. (TCO 1) The Kringel Company provides the following information. Sales (200,000 units) $500,000 Manufacturing costs Variable $170,000 Fixed $30,000 Selling and administrative costs Variable $80,000 Fixed $20,000 Which is the break-even point in units for Kringel? (Points : 5) Question 8.8. (TCO 7) Which would be the most appropriate base for allocating the costs of the maintenance department? (Points : 5)
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Page 3: 9. Question: (TCO 3) The following

ACCT 344 DeVry Entire Course

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