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ACC 349 Week 1 Connect Assignment

ACC 349 Week 1 Connect Assignment PLDZ-10390
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  ---------------------------------------------------------------------------------------------------------ACC 349 Week 1 Connect Assignment
Access Connect.

Complete the Week 1 Problems

1.

Which of the following are forms of detective internal control?

Relating data sets to one another to identify and resolve discrepancies.

Comparing actual performance to various benchmarks to identify unexpected results.

Maintaining written and/or electronic evidence to support transactions.

Putting passwords on a computer to restrict access.
2.
The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed:
Costs incurred:
Direct labor cost $ 81,000
Purchases of raw materials $ 138,000
Manufacturing overhead $ 210,000
Advertising expense $ 45,000
Sales salaries $ 101,000
Depreciation, office equipment $ 224,000


Beginning
of the Year

End of
the Year
Inventories:
Raw materials $ 8,800 $ 10,500
Work in process $ 5,700 $ 20,700
Finished goods $ 71,000 $ 25,900
Required:
1. Prepare a schedule of cost of goods manufactured.
2. Prepare the cost of goods sold section of Mason Company’s income statement for the year.
3.
Arden Company reported the following costs and expenses for the most recent month


Direct materials $ 75,000
Direct labor $ 37,000
Manufacturing overhead $ 15,000
Selling expenses $ 18,000
Administrative expenses $ 30,000
Required:


1. What is the total amount of product costs?
2. What is the total amount of period costs?
3. What is the total amount of conversion costs?
4. What is the total amount of prime costs?
4.
Mickley Company’s predetermined overhead rate is $23.00 per direct labor-hour and its direct labor wage rate is $13.00 per hour. The following information pertains to Job A-500:
Direct materials $210
Direct labor $130

Required:
1. What is the total manufacturing cost assigned to Job A-500?

2. If Job A-500 consists of 70 units, what is the average cost assigned to each unit included in the job?
5.
Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow:


Percent Complete
Units Materials Conversion
Work in process inventory, May 1 55,000 75 % 40 %
Work in process inventory, May 31 35,000 50 % 25 %

Materials cost in work in process inventory, May 1 $ 47,100
Conversion cost in work in process inventory, May 1 $ 12,900
Units started into production 247,500
Units transferred to the next production department 267,500
Materials cost added during May $ 320,550
Conversion cost added during May $ 186,000
Required:
1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for May for the first process.
2. Compute the costs per equivalent unit for May for the first process. (Round your answers to 2 decimal places.)
3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in May. (Round your intermediate calculations to 2 decimal places.)
6.

Managerial Accounting helps managers perform

Planning

Controlling

Decision-making

All of the above

7.

Financial accounting focuses on decisions affecting the future.

True

False

8.

The IMA Statement of Ethical Professional Practice standards include all of the following EXCEPT:

Honesty

Credibility

Confidence

Competence

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