(WIP) ACC 350 Exam 1 Study Material

Info

12.7-18 am InClass Problems – Chapter 2 #2 – COGM / COGS Hanks Corporation produced 120,000 toy pianos last year. These pianos sell for $100 each. Hanks had 11,350 pianos in finished goods inventory at the beginning of the year. At the end of the year, there were 7,600 pianos in finished goods inventory. Hanks uses FIFO method of accounting and the accounting records from last year show the following information a. Purchases of Raw Materials $900,000 b. Rent on the factory building 250,000 OH c. Utilities (50% factory, 50% sales office) 60,000 ½ OH ½ S&A d. Insurance on the factory 10,000 OH e. Depreciation, factory equipment 70,000 OH f. General Administration 175,000 S&A g. Raw Materials used as supplies 35,000 OH h. Plant receptionist, Plant landscaping, etc. 100,000 OH i. Salaries Direct labor $2,500,000 DL Factory Supervisors 500,000 OH Plant Manager 90,000 OH Plant Controller 40,000 OH Receiving personnel 60,000 OH Quality Inspectors 150,000 OH Salespeople 300,000 S&A Machine Maintenance salary 100,000 OH RM Inventory manager 40,000 OH Total Salaries $3,780,000 Raw Materials Inventory, January 1 $310,000 Raw Materials Inventory, December 31 100,000 Work In Process Inventory, January 1 450,000 Work In Process Inventory, December 31 600,000 Finished Goods Inventory, January 1 454,000 2 - 15
P . soft 7-19 InClass Problems – Chapter 2 Required: a. Prepare a Cost of Goods Manufactured Statement. Beginning RM Inventory $310,000 + Raw Material Purchases 900,000 = RM Available for Use $1,210,000 - RM used as supplies 35,000 - Ending RM Inventory 100,000 = DM Used in Production $1,075,000 + Direct Labor 2,500,000 + Manufacturing Overhead 1,475,000 = Total Manufacturing Cost $5,050,000 + Beginning WIP 450,000 - Ending WIP 600,000 = COGM $4,900,000 b. What was the cost of producing one toy piano last year? $4,900,000/120,000 = $40.83/unit c. Based on the COGM Statement, what is the value of ending FG inventory? $40.83 * 7,600 = $310,308 d. What was COGS? COGM $4,900,000 + Beginning FG 454,000 - Ending FG 310,308 = COGS $5,043,692 2 - 16
Page 1 and 2: Sarah Takash ACC 350 spring 2018 Ex
Page 3 and 4: Pg. 1 Sarah Allison Takash ACC 350,
Page 13 and 14: Pg. 11 Sarah Allison Takash ACC 350
Page 17 and 18: Ptt e. chs . Review 1132 Problems C
Page 19 and 20: P . 7 per - 3 solutions Ch. 2 Revie
Page 21 and 22: P . be 7-5 COMPUTATIONAL QUESTION 1
Page 23 and 24: P . Efg 7-7 Inventory balances for
Page 25 and 26: P . a. 7-9 8. The following informa
Page 27 and 28: 1=7-11 See Inventory balances for t
Page 29 and 30: P . 7-13 f- 8. The following inform
Page 31 and 32: p . Be 7-15 #2 - COGM / COGS Hanks
Page 33: a. t 7- it Solutions ACC 350 In-Cla
Page 37 and 38: 20. Cost hierarchy Pg. 16 Sarah All
Page 41 and 42: 29. Steps: Pg. 20 Sarah Allison Tak
Page 47 and 48: Solutions ACC 350 Practice problem
Page 49 and 50: Problem #2 - Activity Based Costing
Page 53 and 54: solutions ACC 350 In-Class Problems
Page 55 and 56: Requirements: 1. Determine the plan
Page 59 and 60: Standard: ($42,500 * .50) / 15,000
Page 61 and 62: Solutions Milwaukee Company Problem
Page 63 and 64: d. Determine the gross margin (per
Page 65 and 66: InClass Problems - Chapter 4 Requir
Page 67 and 68: Requirements: a. Determine the plan
Page 69 and 70: $1,715,071 $1,854,929 # of Units 50
Page 71 and 72: $1,715,071 $1,854,929 # of Units 50
Page 75: Summary of Article Pg. 27 Sarah All

(WIP) ACC 350 Exam 1 Study Material

Create successful ePaper yourself

Delete template?

Save as template?