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ACC 400 Week 1 Individual Assignment Textbook Problems

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ACC 400 Week 1 Individual Assignment Textbook Problems 1. BE16.9 – Star Repairs Co. does all the repair work for a medium-sized manufacturer of handheld computer games. The games are sent directly to Star, and after the games are repaired, Star bills the game manufacturer for cost plus a 20 percent markup. In the month of February, purchases of parts (replacement parts) by Star amounted to $97,000, the beginning inventory of parts was $38,500, and the ending inventory of parts was $15,250. Payments to repair technicians during the month of February totaled $52,500. Overhead incurred was $121,000. 2. E16.1 – Listed below are eight technical accounting terms introduced or emphasized in this chapter: Accounting Terminology Work in Process Inventory Cost of finished goods manufactured Conversion costs Cost of Goods Sold Period costs Management accounting Product costs Manufacturing overhead Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not correctly 3. E16.2 -Into which of the three elements of manufacturing cost would each of the following be classified? 4. E16.3 – Indicate whether each of the following should be considered a product cost or a period cost. If you identify the item as a product cost, also indicate whether it is a direct or an indirect cost. For example, the answer to item 0 is “indirect product cost.” Begin with item a. E16.6 – The Ryde and Rowe Inc. had the following account balances as of January 1: Flow of Costs through Manufacturing Accounts LO16-3 through LO16-5 Direct Materials Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 89,200 Work in Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,400 Finished Goods Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253,600 Manufacturing Overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . –0– During the month of January, all of the following occurred: Direct labor costs were $442,000 for 18,000 hours worked. Direct materials costing $335,750 and indirect materials costing $13,500 were purchased. Sales commissions of $216,500 were earned by the sales force. $326,000 worth of direct materials were used in production. Advertising costs of $36,300 were incurred. Factory supervisors earned salaries of $22,000. Indirect labor costs for the month were $23,000. Monthly depreciation on factory equipment was $24,500. Utilities expense of $17,800 was incurred in the factory. Equipment with manufacturing costs of $970,100 were transferred to finished goods. Monthly insurance costs for the factory were $4,200. $5,000 in property taxes on the factory were incurred and paid. Equipment with manufacturing costs of $1,089,000 were sold for $1,550,000.

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