ACCT 505 complete class

1
ACCT 505

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ACCT 505 Complete Class

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• ACCT 505 Week 1-7 Discussion Question
• ACCT 505 Week 2 Quiz Job Order and Process
  Costing Systems
• ACCT 505 Week 2 Quiz Set 2
• ACCT 505 Week 3 Case Study II
• ACCT 505 Week 3 Case Study II
• ACCT 505 Week 4 Midterm Exam
• ACCT 505 Week 5 Course Project 1 LBJ Company
• ACCT 505 Week 6 Managerial Accounting Segment
  Reporting and Relevant Costs for Decisions Quiz
• ACCT 505 Week 6 Quiz Segment Reporting and
  Relevant Costs for Decisions
• ACCT 505 Week 6 Quiz Set 2
• ACCT 505 Week 7 Course Project 2 Capital
  Budgeting Decision
• ACCT 505 Final Exam ALL 3 Set

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ACCT 505 Final Exam ALL 3 Set

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• Score 248/250
• Multiple Choice 2
• Short 2
• Essay 7
• Question 1  (TCO E) Designing a new product is a(
  n)
• 2. Question  (TCO G) Given the following data, wh
  at would ROI be?
• Sales 70,000
• Net operating income 10,000
• Contribution margin 20,000
• Average operating assets 50,000
• Stockholder's equity 25,000
• 1. Question  (TCO C) Longiotti Corporation produc
  es and sells a single product. Data
• concerning that product appear below.

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ACCT 505 Final Exam Guide Set 1

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• Question 1  (TCO E) Designing a new product is a(
  n)
• 2. Question  (TCO G) Given the following data, wh
  at would ROI be?
• Sales 70,000
• Net operating income 10,000
• Contribution margin 20,000
• Average operating assets 50,000
• Stockholder's equity 25,000
• 1. Question  (TCO C) Longiotti Corporation produc
  es and sells a single product. Data
• concerning that product appear below.
• Selling price per unit 375.00
• Variable expense per unit 144.00
• Fixed expense per month 1,686,300

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ACCT 505 Final Exam Guide Set 2

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• 1. (TCO C) Madlem, Inc., produces and sells a sing
  le product whose selling price is 120.00 per unit
   and whose variable expense is 46.20 per unit. Th
  e company's fixed expense is 405,900 per month.
•  
• Required Determine the monthly breakeven in eithe
  r unit or total dollar sales. Show your work! (Poi
  nts  25)
• Question 2.2. (TCO B) Industrial Supply Corporatio
  n uses the weighted-average method in its process 
  costing system. Data concerning the first processi
  ng department for the most recent month are listed
   below.
• Work in process, beginning  
•   Units in beginning work in process inventory
  400
•   Materials costs 6,900
•   Conversion costs 2,500
•   Percent complete for materials 80
•   Percent complete for conversion 15
•   Units started into production during the month
  6,000
•   Units transferred to the next department during 
  the month 5,200
•   Materials costs added during the month 112,500

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ACCT 505 Final Exam Guide Set 3

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• (TCO E) Preparing purchase orders is a(n) (Points 
   5) 
•         batch-level activity.
•         product-level activity.
•         unit-level activity.
•         organization sustaining activity. 
•  
•    2. (TCO G) Given the following data, what would
   ROI be? 
• Sales  70,000 
• Net operating income  10,000 
• Contribution margin  20,000 
• Average operating assets  50,000 
• Stockholder's equity  25,000 
• (Points  5) 

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ACCT 505 Final Exam Guide

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• ACCT 505 Final Exam Guide

8
ACCT 505 Midterm Exam Set 1

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• 1. (TCO A)  Direct material cost is a part of (Poi
  nts  6)
•          Conversion Cost NO.... Prime Cost NO.
•          Conversion Cost YES.... Prime Cost NO.
•          Conversion Cost YES.... Prime Cost YES.
•          Conversion Cost NO.... Prime Cost YES.
• Question 2.2. (TCO A)  Total fixed costs (Points 
   6)
•          will increase with increases in activity.
  
•          will decrease with increases in activity.
  
•          are not affected by activity.
•          should be ignored in making decisions bec
  ause they can never change.
• Question 3.3. (TCO A) Property taxes on a company'
  s factory building would be classified as a(n) (Po
  ints  6)
•          variable cost.
•          opportunity cost.

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ACCT 505 Midterm Exam Set 2

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• Multiple Choice 10 9
• Essay 4 
• Question 1. Question  (TCO A) The variable portio
  n of advertising costs is a
• Student Answer  Conversion YES... Period NO.  
•    Conversion YES .... Period YES.  
•    Conversion NO.... Period NO.  
•      Conversion NO.... Period YES.  
•   Question 2. Question  (TCO A)  A cost incurred 
  in the past that is not relevant to any current de
  cision is classified as a(n)
•  
•  Student Answer  period cost.  
•    incremental cost.  
•    opportunity cost.  
•      None of the above  

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ACCT 505 Week 1 Case Study

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• Top Switch Inc. designs and manufactures switches
  used in telecommunications. Serious flooding
  throughout the state of Tennessee affected Top
  Switchs facilities. Inventory was completely
  ruined, and the companys computer system,
  including all accounting records, was
  destroyed.Before the unfortunate incident,
  recovery specialists cleaned the buildings. The
  company controller is very nervous and anxious to
  recover whatever records he can to support the
  insurance claim for the destroyed inventory.
  After consulting with the cost accountant, they
  decide to retrieve the previous years annual
  report for the beginning inventory numbers. In
  addition, they also agreed that they need first
  quarter cost data.The cost accountant was
  working on the first quarter results before the
  storm hit, and to his surprise, the report was
  still in his desk drawer. After reviewing the
  data , the information shows the following
  information Material purchases were 325,000
  Direct Labor was 220,000. Further discussions
  between the controller and the cost accountant
  revealed that sales were 1,350,000 and the
  gross margin was 30 of sales. The cost
  accountant also discovered, while sifting through
  the information, that cost of goods available for
  sale was 1,020,000 at cost. While assessing the
  damage, the controller determined that the prime
  costs were 545,000 up to the time of the damage
  and that manufacturing overhead is 65 of
  conversion cost. The cost accountant is not sure
  about all of this, but he decides to see what he
  can do with the information.The beginning
  inventory numbers are as follows
• Raw Materials, 41,000Work in Process,
  56,000Finished Goods, 35,000

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ACCT 505 Week 1-7 Discussion Question

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• Week 1DQ 1 Cost Terms, Classifications, and
  Behavior
• Week 1DQ 2 Research and Application
• Week 2DQ 1 Job Order and Process Costing Systems
• Week 2DQ 2 Research and Application
• Week 3DQ 1 Variable Costing and CVP Concepts
• Week 3DQ 2 Research and Application
• Week 4DQ 1 Budgeting Case Study
• Week 4DQ 2 Exam Review
• Week 5DQ 1 Standards, Variances, Flexible Budgets
• Week 5DQ 2 Research and Application
• Week 6DQ 1 Segment Reporting and Relevant Costs
• Week 6DQ 2 Research and Application
• Week 7DQ 1 Capital Budgeting

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ACCT 505 Week 2 Quiz Job Order and Process
Costing Systems

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• Question
• (TCO F) For which situation(s) below would an
  organization be more likely to use a job-order
  costing system of accumulating product costs
  rather than a process costing system?
• 2.
• Question
• (TCO F) Process costing would be appropriate for
  each of the following except
• 3.
• Question
• (TCO F) Lucas Company uses the weighted-average
  method in its process costing system. The company
  adds materials at the beginning of the process in
  the Forming Department, which is the first of two
  stages in its production process. Information
  concerning operations in the Forming Department
  in October follows
• Units
• Material Cost
• 50,000

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ACCT 505 Week 2 Quiz Set 2

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• Question 1. Question  (TCO B) Assume there is no 
  beginning work in process inventory and the ending
   work in process inventory is 100 complete with r
  espect to materials costs. The number of equivalen
  t units with respect to materials costs under the 
  weighted average method is
•  
•   Student Answer  the same as the number of units
   completed.  
•    less than the number of units put into producti
  on.  
•      the same as the number of units put into prod
  uction.  
•    less than the number of units completed.  
•  
• Question 2. Question  (TCO B) For which situation
  (s) below would an organization be more likely to 
  use a job-order costing system of accumulating pro
  duct costs rather than a process costing system?
•  
•   Student Answer  A steel factory that processes 
  iron ore into steel bars  
•      A computer consulting firm  
•    A factory that processes sugar and other ingred
  ients into candy  
•    All of the above  

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ACCT 505 Week 3 Case Study II

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• Springfield Express is a luxury passenger carrier
  in Texas. All seats are first class, and the
  following data are available
• Number of seats per passenger train car
• 90
• Average load factor (percentage of seats filled)
• 70
• Average full passenger fare
• 160
• Average variable cost per passenger
• 70
• Fixed operating cost per month
• 3,150,000
• What is the break-even point in passengers and
  revenues per month? What is the break-even point
  in number of passenger train cars per month? If
  Springfield Express raises its average passenger
  fare to 190, it is estimated that the average
  load factor will decrease to 60 percent. What
  will be the monthly break-even point in number of
  passenger cars? (Refer to original data.) Fuel
  cost is a significant variable cost to any
  railway. If crude oil increases by 20 per
  barrel, it is estimated that variable cost per
  passenger will rise to 90. What will be the new
  break-even point in passengers and in number of
  passenger train cars? Springfield Express has
  experienced an increase in variable cost per
  passenger to 85 and an increase in total fixed
  cost to 3,600,000. The company has decided to
  raise the average fare to 205.

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ACCT 505 Week 4 Midterm Exam

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• Question
• (TCO A) Wages paid to an assembly line worker in
  a factory are a
• 2.
• Question
• (TCO A) A cost incurred in the past that is not
  relevant to any current decision is classified as
  a(n)
• 3.
• Question
• (TCO A) Depreciation of office buildings and
  office equipment is also known as
• 4.
• Question
• (TCO A) When the activity level is expected to
  increase within the relevant range, what effects
  would be anticipated with respect to each of the
  following?

16
ACCT 505 Week 5 Course Project 1 LBJ Company

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• COURSE PROJECT 1 INSTRUCTIONS
• You have just been contracted as a budget consulta
  nt by LBJ Company, a distributor of bracelets to v
  arious retail outlets across the country. The comp
  any has done very little in the way of budgeting a
  nd at certain times of the year has experienced a 
  shortage of cash.
• You have decided to prepare a cash budget for the 
  upcoming fourth quarter in order to show managemen
  t the benefits that can be gained from proper cash
   planning.  You have worked with accounting and ot
  her areas to gather the information assembled belo
  w.
• The company sells many styles of bracelets, but al
  l are sold for the same 10 price.  Actual sales o
  f bracelets for the last three months and budgeted
   sales for the next six months follow
• The concentration of sales in the fourth quarter i
  s due to the Christmas holiday. Sufficient invento
  ry should be on hand at the end of each month to s
  upply 40 of the bracelets sold in the following m
  onth.
• Suppliers are paid 4 for each bracelet.  Fifty-pe
  rcent of a month's purchases is paid for in the mo
  nth of purchase the other 50 is paid for in the 
  following month.  All sales are on credit with no 
  discounts.  The company has found, however, that o
  nly 20 of a month's sales are collected in the mo
  nth of sale. An additional 70 is collected in the
   following month, and the remaining 10 is collect
  ed in the second month following sale.  Bad debts 
  have been negligible.
• Monthly operating expenses for the company are giv
  en below
• Variable expenses
• Sales commissions  4 of sales 

17
ACCT 505 Week 6 Managerial Accounting Segment
Reporting and Relevant Costs for Decisions

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• -
• Question
• (TCO D) Return on investment (ROI) is equal to
  the margin multiplied by
• 2.
• Question
• (TCO D) For which of the following decisions are
  opportunity costs relevant?
• The decision to make or buy a needed part
• The desision to keep or drop a product line
• (A)
• Yes
• Yes
• (B)
• Yes
• No

18
ACCT 505 Week 6 Quiz Set 2

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• Multiple Choice 3
• Short 5
• Question 1. Question  (TCO D) Return on investmen
  t (ROI) is equal to the margin multiplied by
• Question 2. Question  (TCO D) For which of the fo
  llowing decisions are opportunity costs relevant? 
  
•   The decision to make or buy a needed part
  The decision to keep or drop a product line
• Question 3. Question  (TCO D) Last year, the Hous
  e of Orange had sales of 826,650, net operating i
  ncome of 81,000, and operating assets of 84,000 
  at the beginning of the year and 90,000 at the en
  d of the year. What was the company's turnover, ro
  unded to the nearest tenth?
•  
• Question 1. Question  (TCO D) Data for December c
  oncerning Dinnocenzo Corporation's two major busin
  ess segments-Fibers and Feedstocks-appear below.
• Sales revenues, Fibers 870,000
• Sales revenues, Feedstocks 820,000
• Variable expenses, Fibers 426,000
• Variable expenses, Feedstocks 344,000
• Traceable fixed expenses, Fibers 148,000

19
ACCT 505 Week 7 Course Project 2 Capital
Budgeting Decision

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• ACCT 505 Course Project 2 Hampton Company
• Capital Budgeting Decision
• Hampton Company The production department has bee
  n investigating possible ways to trim total produc
  tion costs. One possibility currently being examin
  ed is to make the cans instead of purchasing them.
   The equipment needed would cost 1,000,000, with 
  a disposal value of 200,000, and would be able to
   produce 27,500,000 cans over the life of the mach
  inery. The production department estimates that ap
  proximately 5,500,000 cans would be needed for eac
  h of the next 5 years.
• The company would hire six new employees. These si
  x individuals would be full-time employees working
   2,000 hours per year and earning 15.00 per hour.
   They would also receive the same benefits as othe
  r production employees, 15 of wages in addition t
  o 2,000 of health benefits.
• It is estimated that the raw materials will cost 3
  0 per can and that other variable costs would be 
  10 per can. Because there is currently unused spa
  ce in the factory, no additional fixed costs would
   be incurred if this proposal is accepted.
• It is expected that cans would cost 50 each if pu
  rchased from the current supplier. The companys m
  inimum rate of return (hurdle rate) has been deter
  mined to be 11 for all new projects, and the curr
  ent tax rate of 35 is anticipated to remain uncha
  nged. The pricing for the companys products as we
  ll as number of units sold will not be affected by
   this decision. The unit-of-production depreciatio
  n method would be used if the new equipment is pur
  chased.
• Required 
• 1. Based on the above information and using Excel,
   calculate the following items for this proposed e
  quipment purchase.