ACCT 346 Managerial Accounting

ACCT 346 Week 1 Homework Assignment

ACCT 346 Week 1 DQ 1 Ethics and Ethical Behavior
ACCT 346 Week 1 DQ 2 Managerial and Financial Accounting
ACCT 346 Week 2 Homework Assignment
ACCT 346 Week 2 DQ 1 Job Order Costing
ACCT 346 Week 2 DQ 2 Process Costing
ACCT 346 Week 3 Homework Assignment
ACCT 346 Week 3 DQ 1 Cost-Volume-Profit Analysis
ACCT 346 Week 3 DQ 2 Variable Costing and Full Costing
ACCT 346 Week 4 Homework Assignment
ACCT 346 Week 4 DQ 1 Activity Based Costing
ACCT 346 Week 4 DQ 2 Incremental Cost Analysis
ACCT 346 Week 5 Homework Assignment
ACCT 346 Week 5 Midterm (2 Versions)
ACCT 346 Week 5 DQ 1 Pricing Techniques
ACCT 346 Week 5 DQ 2 Capital Budgeting Techniques
ACCT 346 Week 6 Homework Assignment
ACCT 346 Week 6 DQ 1 Budgeting
ACCT 346 Week 6 DQ 2 Standard Costs and Variance Analysis
ACCT 346 Week 7 Homework Assignment
ACCT 346 Week 7 DQ 1 Responsibility Centers
ACCT 346 Week 7 DQ 2 Financial Statement Analysis
ACCT 346 Week 8 Final Exam (2 Versions)

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ACCT 346 All Homework, Midterm, Final Exam

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ACCT 346 All Discussions Week 1 - 7 (Taken 2013 & 2015)

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ACCT 346 Full Week 2 (Homework & Discussions)

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ACCT 346 Week 5 Midterm Package (2 Different Versions)

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ACCT 346 Week 5 Midterm (Version 1)

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Page 1
Question 1.1. (TCO 1) The goal of managerial accounting is to provide information that managers need for which
of the below? (Points : 7)
Question 2.2. (TCO1) Josies Grill budgeted the following costs for a month in which 1,500 steak dinners will be
produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and
other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?
(Points : 7)
Question 3.3. (TCO 1) Which of the following costs is NOT part of manufacturing overhead? (Points : 7)
Question 4.4. (TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work-in-Process Inventory account
of $62,000. On January 1, 2015, the balance was $55,000. Current manufacturing costs for the year are $292,000,
and cost of goods sold is $284,000. How much is cost of goods manufactured? (Points : 7)
Question 5.5. (TCO 2) Paul Company applies manufacturing overhead based on direct labor cost. Information
concerning manufacturing overhead and labor for August follows..How much is the predetermined
overhead rate? (Points : 7)
Question 6.6. (TCO 2) During 2015, Michael Company applied overhead using a job-order costing system at a rate
of $15 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the
year was $2,250,000. Actual direct labor hours for 20x1 were 140,000, and actual overhead was
$2,400,000..What is the amount of under- or over-applied overhead for the year? (Points : 7)
Question 7.7. (TCO 2) Manufacturers follow four steps to implement a manufacturing overhead allocation system.
What is the first step? (Points : 7)
Page 2
Question 1.1. (TCO 1) Which of the following types of costs are conversion costs? (Points : 7)
Question 2.2. (TCO 6) In an activity-based costing system, cost reduction is accomplished by identifying and
eliminating:

Question 3.3. (TCO 3) Kerner Manufacturing uses a process cost system to manufacture laptop computers. The
following information summarizes operations relating to laptop computer model #KJK20 during the quarter ending
March 31:Beginning work-in-process inventory was 50% complete for direct labor costs. Ending work-inprocess inventory was 75% complete for direct labor costs. What is the equivalent amount of units of production
using the weighted-average unit cost inventory valuation method? (Points : 7)
Question 4.4. (TCO 2) Sweet Co. uses budgeted overhead rates to apply overhead to individual jobs. They use a
system based on direct labor hours. Last year, the company made the following estimates for this year..(a) What
is the budgeted overhead rate for the company? (b) If Job #34567 had the following:then what is the total
cost of Job #34567? (Points : 30)
Question 5.5. (TCO 3) Adnan Company uses process costing. At the beginning of the month, there were 6,000
units in process, 80% complete with respect to material and 70% complete with respect to conversion costs. 30,000
units were started during the month and 30,000 units were completed. The units in ending Work-In-Process
Inventory were 80% complete with respect to material and 20% complete with respect to conversion costs. How
many equivalent units will be used in calculating the cost per unit for materials? (Points : 30)
Question 6.6. (TCO 6) Handy Display Company manufactures display cases to be sold to retail stores. The cases
come in three sizes: large, medium, and small. Currently, Handy Display Company uses a single plant-wide
overhead rate to allocate its $3,357,800 of annual manufacturing overhead. Of this amount, $900,000 is associated
with the Large Case line, $1,404,480 is associated with the Medium Case line, and $1,350,000 is associated with the
Small Case line. Handy Display Company is currently running a total of 39,600 machine hours: 12,000 in the Large
Case line, 15,960 in the Medium Case line, and 12,000 in the Small Case line. Handy Display Company uses
machine hours as the cost driver for manufacturing overhead costs..Requirement: Calculate the departmental
overhead rate for each of the three departments listed. (Points : 30)
Question 7.7. (TCO 2)
Fred Co. incurred costs of $700,000 for direct materials (raw) purchased. Direct labor was $5,000 and factory
overhead was $20,000 for March..What is the cost of goods manufactured? Please show your work. (Points :
30)

ACCT 346 Week 5 Midterm (Version 2)

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1. Question (TCO 4) Which of the following will have no effect on the break-even point in units? (Points : 4)
2. Question (TCO 4) Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how
many dollars of revenue must the company generate in order to reach the break-even point? (Points : 4)
3. Question (TCO 4) Paula Corporation sells a single product at a price of $275 per unit. Variable cost per unit is
$135 and fixed costs total $356,860. If sales are expected to be $825,000, what is Paulas margin of safety? (Points :
4)
4. Question (TCO 5) Which of the following is treated differently in full costing than in variable costing? (Points :
4)
5. Question (TCO 5) Which of the following items on a variable costing income statement will change in direct
proportion to a change in sales? (Points : 4)
6. Question (TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs
involved in production are: (Points : 4)
7. Question (TCO 5) The cost objective is the (Points : 4)
8. Question (TCO 6) Which of the following statements about cost pools is not true? (Points : 4)
9. Question (TCO 6) AC Consulting Company has purchased a new $18,038 copier. This overhead cost will be
shared by the purchasing, accounting, and information technology departments since those are the only departments
which will be able to access the machine. The company has decided to allocate the cost based on the number of
copies made by each department. Each department has estimated the number of copies which will be made over the
life of the copier. (Points : 4)
10. Question (TCO 7) A company is trying to decide whether to keep or drop the sporting goods department in its
department store. If the segment is dropped, the manager will be fired. The manager's salary, in relation to the
decision to keep or drop the sporting goods department, is (Points : 4)
11. Question (TCO 7) BigByte Company has 12 obsolete computers that are carried in inventory at a cost of
$13,200. If these computers are upgraded at a cost of $7,500, they could be sold for $15,300. Alternatively, the
computers could be sold "as is" for $9,000. What is the net advantage or disadvantage of reworking the computers?
(Points : 4)

12. Question (TCO 7) YXZ Companys market for the Model 55 has changed significantly, and YXZ has had to
drop the price per unit from $275 to $135. There are some units in the work in process inventory that have costs of
$160 per unit associated with them. YXZ could sell these units in their current state for $100 each. It will cost YXZ
$10 per unit to complete these units so that they can be sold for $135 each. Which of the following is the amount of
sunk costs in this problem? (Points : 4)
10. Question (TCO 3) Which of the following companies is most likely to use a process costing system? (Points : 4)
11. Question (TCO 3) The Blending Department began the period with 45,000 units. During the period the
department received another 30,000 units from the prior department and completed 60,000 units during the period.
The remaining units were 75% complete. How much are equivalent units in The Blending Departments work in
process inventory at the end of the period? (Points : 4)
13. Question (TCO 4) Total costs were $75,800 when 30,000 units were produced and $95,800 when 40,000 units
were produced. Use the high-low method to find the estimated total costs for a production level of 32,000 units.
(Points : 4)

ACCT 346 Week 8 Final Exam (Version 1)

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Page 1
Question 1.1. (TCO 4) Assumptions underlying cost-volume-profit analysis include all of the following, except:
(Points : 5)
Question 2.2. (TCO 6) Which of the following is true about activity-based costing? (Points : 5)
Question 3.3. (TCO 2) In a traditional job order cost system, the issue of direct materials to a production
department increases: (Points : 5)
Question 4.4. (TCO 5) A cost driver is defined as: (Points : 5)
Question 5.5. (TCO 8) Wood Co. has considerable excess manufacturing capacity. A special job order's cost sheet
includes the following applied manufacturing overhead costs: Fixed costs: 25,000.Variable costs:
36,000The fixed costs include a normal $4,500 allocation for in-house design costs, although no in-house
design will be done. Instead, the job will require the use of external designers costing $9,250. What is the total
amount to be included in the calculation to determine the minimum acceptable price for the job? (Points : 5)
Question 6. 6. (TCO 1) How does managerial and financial accounting differ in terms of the amount of detail
presented and nonmonetary and monetary information? (Points : 25)
Question 7. 7. (TCO 2) Wolf Co. estimates that its employees will work 500,000 direct labor hours during the
coming year. Total overhead costs are estimated to be $9,600,000 and direct labor costs are estimated to be
$12,500,000. Direct Labor hours are actually 450,000.If Wolf Co. allocates overhead based on direct
labor HOURS, what is the predetermined overhead rate? (Points : 25)
Page 2
Question 1. 1. (TCO 3) The Mixing Department is the third department in the MZS Inc. factory. During January,
there were 4,000 units of beginning inventory in the Mixing Department, and 90,000 units were transferred in from
the prior process. There were 8,000 units in ending inventory. The transferred-in cost in the beginning inventory was
$170,000 and there was $600,000 in transferred-in cost during the month.What is the cost per equivalent unit
for transferred-in cost? (Points : 25)
Question 2. 2. (TCO 4) Assume that we are manufacturing a product and assume that the sales price per unit is $60
and the variable cost is $20 per unit and the fixed cost is $80,000; a) how many units would we need to sell to break
even? b) How many units would we need to sell to earn a profit of $120,000? c) How many units do we need to sell
to double that profit to $240,000? D) Why didn't the number of units double from Part B to Part C? (Points : 25)
Question 3. 3. (TCO 5) Sivan Co. manufactures and sells one product. For the year, they started with no opening
inventory; produced 100,000 units, but only sold 70,000 units. The selling price per each unit is $60.
(a) Prepare the Income Statement using Absorption Costing. (b) Prepare the Income Statement using Variable
Costing. (Points : 25)
Question 4. 4. (TCO 6) At Long Co. electricity cost starts with a minimum fixed cost, and after that, there is a
perfectly variable expense. Using estimated machine hours:..What is the a) estimated variable cost per
machine hour and what is the b) estimated TOTAL fixed cost? (Points : 25)
Question 5. 5. (TCO 7) North Company produces a small part that it uses in the production of its Product H. The
company's unit product cost for the part, based on a production of 100,000 parts per year, is as follows:
..100% of the traceable or avoidable fixed manufacturing cost is supervisor salaries and other costs
that can be ELIMINATED if the parts are purchased. The decision to buy the parts from the outside supplier would

have no effect on the common fixed costs of the company, and the space being used to produce the parts would
otherwise be idle. Ignore the impact of income taxes in your calculation.How much would profits increase or
decrease as a result of purchasing the parts from theoutside supplier rather than making them inside the company?
(Points : 25)
Question 6. 6. (TCO 9) Harry Corp buys equipment for $224,888 that will last for 9 years. The equipment will
generate cash flows of $36,000 per year and will have no salvage value at the end of its life. Ignore taxes. Use 10%
required rate of return..(a) What is the Present Value (PV) of this investment (at 10%)? (b) What is the NET
Present Value (NPV) of this investment? If you need 10%, should you buy the equipment? (c) What is the Internal
Rate of Return (IRR) of this investment? (d) What is the payback period? . (Points : 25)
Question 7. 7. (TCO 10) Tanya Corp sells its products on both credit and cash basis. Monthly sales are sold 20% for
cash, 80% for credit. Credit sales are collected 65% in the month of sale and 35% the following month. Sales for the
first quarter are BUDGETED as follows: January $200,000; February $300,000; March $300,000. Compute cash
collections Budgeted for February. How much cash was collected in the month? (Points : 25)

ACCT 346 Week 8 Final Exam (Version 2)

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Page 1
1. Question (TCO 1) A difference between actual costs and planned costs (Points : 4)
2. Question (TCO 1) Which of the following is not likely to be a fixed cost? (Points : 4)
3. Question (TCO 2) Which of the following is not a manufacturing cost? (Points : 4)
4. Question (TCO 2) A job-order costing system is likely used by a (Points : 4)
5. Question (TCO 3) Equivalent units are calculated by (Points : 4)
6. Question (TCO 3) The Freedom Corporations painting department had a beginning inventory of 580 units,
which had direct material costs of $22,715. During June, 9,290 units were started and costs of $1,268,085 were
incurred for direct material. Ending inventory consists of 1,000 units, which are 35% complete with respect to direct
material. What is the cost per equivalent unit for direct material? (Points : 4)
7. Question (TCO 4) Which of the following is not an assumption of C-V-P analysis? (Points : 4)
8. Question (TCO 4) The contribution margin per unit is the difference between (Points : 4)
9. Question (TCO 5) Full costing (Points : 4)
10. Question (TCO 5) Which of the following is not true when units sold exceed units produced? (Points : 4)
11. Question (TCO 6) Cost-plus contracts are common in which of the following industries? (Points : 4)
12. Question (TCO 6) Which of the following is not generally true when a company compares ABC and traditional
costing? (Points : 4)
13. Question (TCO 7) Fixed costs that will be eliminated if a particular course of action is undertaken are called
(Points : 4) 2121221212212121212121212121212
Page 2
1. Question (TCO 7) Two or more products that result from common inputs are called (Points : 4)
2. Question (TCO 8) Activity based pricing seeks to (Points : 4)
3. Question (TCO 8) When deciding to accept or reject a special order, which of the following costs would most
likely not be relevant? (Points : 4)
4. Question (TCO 9) Present value techniques (Points : 4)
5. Question (TCO 9) The internal rate of return (Points : 4)
6. Question (TCO 10) A method of budget preparation that requires all budgeted amounts to be justified by the
department, even if the amounts were supported in prior periods, is called (Points : 4)
7. Question (TCO 10) Which budget is prepared first? (Points : 4)
8. Question (TCO 10) The difference between standard costs and budgeted costs is that standard costs (Points : 4)
9. Question (TCO 10) The overhead volume variance indicates that (Points : 4)
10. Question (TCO 10) A subunit that has responsibility for controlling cost but not revenues is a(n) (Points : 4)
11. Question (TCO 10) Which of the following is not an advantage of decentralization for a company? (Points : 4)
12. Question (TCO 10) The ratio that measures the return earned independently of how the firm is financed is the
(Points : 4) 12212121212122121212212122121
Page 3
1. Question (TCO 1) Distinguish between product costs and period costs. Define both types of costs and provide
examples. (Points : 20)

2. Question (TCO 6) Pacific Airlines has three service departments; ticketing, baggage handling, and aircraft
maintenance. Costs of these departments are allocated to two revenue producing departments, domestic and
international flights. Costs for the service departments are not separated into fixed and variable:
3. Question (TCO 10) Gina's Boutique makes custom jewelry. One item, the guru necklace, is a best seller and sales
in units for the first quarter are as follows:
4. Question (TCO 2) Singleton Company is trying to determine a predetermined manufacturing
overhead. Estimated overhead for the upcoming year is $600,000. Budgeted machine hours are 120,000 hours, and
budgeted labor hours are 15,000 hours at a rate of $20.00 per hour. Compute the predetermined overhead rate based
on:
Page 4
1. Question (TCO 9) A project will require an initial investment of $600,000 and is expected to generate the
following cash flows:
2. Question (TCO 4) Legal Docs Inc is a legal services firm that files incorporation papers for small
businesses. They charge $1,000 per application. This year's income statement shows the following:
3. Question (TCO 5) The following data has been taken from Air-Tite company in its first year of business.