Accounting Quesions 4 ONLY NEED ASAP

ACC 212 SPRING 2017

EXAM#2

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1. A job cost sheet of Fugate Company is given below.

Job Cost Sheet

JOB NO. 172 Quantity 1,500

FOR James Company Date Completed 5/31

Date Direct Materials

Direct

Labor Manufacturing

overhead

5/10 1,330

550

825 12 1,120

15 22 480 720 24 1,000 27 1,870

.. 31 670 1,005 :.. :_.:......:..,_ ..:....-_..:.....:.·...:.;.::: ...: ·.·..:·:. .·..::.., ... _ ..;;_, . .......

Cost of completed job:

Direct materials

Direct labor

Manufacturing Overhead

Total cost

Unit cost

REQUIREMENTS:

(a) Answer the following questions.

(1) What is the predetermined manufacturing overhead rate?

(2) What are the total cost and the unit cost of the completed job? (b)

Prepare the entry to record the completion of the job.

(Problem is worth 50 points)

2. The Nitrogen Fixation Department of Tomco Company began the month of December with beginning

work in process of 4,000 units that are 100% complete as to materials and 30% complete as to conversion costs. Units transferred out are 12,000 units. Ending work in process contains 10,000 units that are 100% complete as to materials and 40% complete as to conversion costs.

REQUIREMENTS:

Compute the equivalent units of production for materials and conversion costs for the month of

December.

(Problem is worth 50 points)

ACC 212 SPRING 2017

EXAM#2

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3. Compute activity-based costing rates from the following budgeted data for Upton Golf Co.:

Activity Cost Pool Budgeted Cost Budgeted Cost Driver Designing $2,550,000 75,000 designer hours Machining 525,000 21,000 machine hours Packing 620,000 31,000 labor hours

(Problem is worth 50 points)

4. Caroline, Inc. planned to produce 20,000 units of product and work 100,000 direct labor hours In 2016. Manufacturing overhead at the 100,000 direct labor hours level of activity was estimated to be:

Variable manufacturing overhead $ 700,000

Fixed manufacturing overhead 300.000

Total manufacturing overhead $1,000,000

At the end of 2016, 19,000 units of product were actually produced and 98,000 actual direct labor

hours were worked. Total actual overhead costs for 2016 were $935,000.

IREQUIREMENTS: (a) Compute the total overhead variance.

(b) Compute the overhead controllable variance.

(c) Compute the overhead volume variance.

(Problem is worth 50 points)