Category Archives: ACG 3341

ACG 3341 Week 1 Individual Work Latest

ACG 3341 Week 1 Individual Work Latest

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ACG 3341 Week 1 Individual Work Latest

1-18 Value chain and classification of costs, fast food restaurant. Burger King, a hamburger fast food restaurant, incurs the following costs.

 

1-20 Planning and control decisions. Conner Company makes and sells brooms and mops. It takes the following actions, not necessarily in the order given. For each action (a–e) state whether it is a planning decision or a control decision.

 

1-22 Five-step decision-making process, service firm. Brite Exteriors is a firm that provides house painting services. Robert Brite, the owner, is trying to find new ways to increase revenues. Mr. Brite performs the following actions, not in the order listed.

 

1-25 Strategic decisions and management accounting. A series of independent situations in which a firm is about to make a strategic decision follow.

 

1-27 Role of controller, role of chief financial officer. George Perez is the controller at Allied Electronics, a manufacturer of devices for the computer industry. He is being considered for a promotion to chief financial officer.

 

 

ACG 3341 Week 2 Individual Work Latest

ACG 3341 Week 2 Individual Work Latest

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ACG 3341 Week 2 Individual Work Latest

E2-20

E2-21

E2-24

Problem 2-31

Problem 2-34

ACG 3341 Week 3 Individual Work Latest

ACG 3341 Week 3 Individual Work Latest

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ACG 3341 Week 3 Individual Work Latest

Chapter 3 Exercises 3-16, 3-24, and 3-31

ACG 3341 Week 4 Individual Work Latest

ACG 3341 Week 4 Individual Work Latest

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ACG 3341 Week 4 Individual Work Latest

E4-19 (Budgeted Manufacturing Overhead Rate, Allocated Manufacturing Overhead, pages 127-128) (Horngren, Datar, & Rajan, 2012) Gammaro Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2011:

Budgeted manufacturing overhead costs

 

Budgeted machine-hours

 

Actual manufacturing overhead costs

 

Actual machine-hours

 

$4,200,000

 

175,000

 

$4,050,000

 

170,000

 

Required

 

Calculate the budgeted manufacturing overhead rate.

Calculate the manufacturing overhead allocated during 2011.

Calculate the under- or overallocated manufacturing overhead.

 

 

E4-23 (Accounting for Manufacturing Overhead, page 129)Consider the following selected cost data for the Pittsburgh Forging Company for 2011.

 

Budgeted manufacturing overhead costs

 

Budgeted machine-hours

 

Actual manufacturing overhead costs

 

Actual machine-hours

 

$7,500,000

 

250,000

 

$7,300,000

 

245,000

 

The company uses normal costing. Its job-costing system has a single manufacturing overhead cost pool. Costs are allocated to jobs using a budgeted machine-hour rate. Any amount of under- or overallocation is written off to Cost of Goods Sold.

 

Required

 

Compute the budgeted manufacturing overhead rate.

Prepare the journal entries to record the allocation of manufacturing overhead.

Compute the amount of under- or overallocation of manufacturing overhead. Is the amount material? Prepare a journal entry to dispose of this amount.

 

 

E4-24 (Job Costing, Journal Entries, pages 129-130) The University of Chicago Press is wholly owned by the university. It performs the bulk of its work for other university departments, which pay as though the press were an outside business enterprise. The press also publishes and maintains a stock of books for general sale. The press uses normal costing to cost each job. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead, allocated on the basis of direct manufacturing labor costs).

 

The following data (in thousands) pertain to 2011:

 

Direct materials and supplies purchased on credit

 

Direct materials used

 

Indirect materials issued to various production departments

 

Direct manufacturing labor

 

Indirect manufacturing labor incurred by various production departments

 

Depreciation on building and manufacturing equipment

 

Miscellaneous manufacturing overhead incurred by various production departments (ordinarily would be detailed as repairs, photocopying, utilities, etc.)

 

Manufacturing overhead allocated at 160% of direct manufacturing labor costs

 

Cost of goods manufactured

 

Revenues

 

Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead)

 

Inventories, December 31, 2010 (not 2011):

 

Materials Control

 

Work-in-Process Control

 

Finished Goods Control

 

$800

 

710

 

100

 

1,300

 

900

 

400

 

550

 

?

 

4,120

 

8,000

 

4,020

 

100

 

60

 

500

 

Required

 

Prepare an overview diagram of the job-costing system at the University of Chicago Press.

Prepare journal entries to summarize the 2011 transactions. As your final entry, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to Cost of Goods Sold. Number your entries. Explanations for each entry may be omitted.

Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated.

E4-29 (Job-order Costing: Actual, Normal, and Variation from Normal Costing, pages 131-132) Braden Brothers, Inc., is an architecture firm specializing in high-rise buildings. Its job-costing system has a single direct-cost category (architectural labor) and a single indirect-cost pool, which contains all costs of supporting the office. Support costs are allocated to individual jobs using architect labor-hours. Braden Brothers employs 15 architects.

 

Budgeted and actual amounts for 2010 are as follows:

 

Required

 

Compute the direct-cost rate and the indirect-cost rate per architectural labor-hour for 2010 under (a) actual costing, (b) normal costing, and (c) the variation from normal costing that uses budgeted rates for direct costs.

Braden Brother’s architectural sketches for Champ Tower in Houston was budgeted to take 275 hours of architectural labor time. The actual architectural labor time spent on the job was 250 hours. Compute the cost of the Champ Tower sketches using (a) actual costing, (b) normal costing, and (c) the variation from normal costing that uses budgeted rates for direct costs.

 

 

ACG 3341 Week 6 Individual Work Latest

ACG 3341 Week 6 Individual Work Latest

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ACG 3341 Week 6 Individual Work Latest

Exercise 6-17: Sales and production budget

Exercise 6-1: Direct materials budget

 

Exercise 6-24: Activity-based budgeting

ACG 3341 Week 7 Individual Work Latest

ACG 3341 Week 7 Individual Work Latest

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ACG 3341 Week 7 Individual Work Latest

E7-16 (Flexible Budget) Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2014, it budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire and total fixed

costs of $54,000. The budgeted selling price was $110 per tire. Actual results in August 2014 were 2,800 tires manufactured and sold at a selling price of $112 per tire. The actual total variable costs were $229,600,

and the actual total fixed costs were $50,000.

 

 

1) Prepare a performance report that uses a flexible budget and a static budget.

 

 

2) Comment on the results in requirement 1.

 

 

E7-20 (Flexible-Budget and Sales Volume Variances) Luster, Inc., produces the basic fillings used in many popular frozen desserts and treats – vanilla and chocolate ice creams, puddings, meringues, and fudge.

 

Luster uses standard costing and carries over no inventory from one month to the next. The ice-cream product group’s results for June 2014 were as follows:

 

 

Performance Report, June 2014

 

 

Actual

 

Static

 

 

Results

 

 

 

Budget

 

 

Units (pounds)

 

350 000

 

335 000

 

 

Revenues

 

$2 012 500

 

$1 976 500

 

 

Variable manufacturing costs

 

1 137 500

 

1 038 500

 

 

Contribution margin

 

$875 000

 

$938 000

 

 

Sam Adler, the business manager for ice-cream products, is pleased that more pounds of ice cream were sold than budgeted and that revenues were up. Unfortunately, variable manufacturing costs went up, too.

The bottom line is that contribution margin declined by $63,000, which is less than 3% of the budgeted revenues of $1,976,500. Overall, Adler feels that the business is running fine.

1) Calculate the static-budget variance in units, revenues, variable manufacturing costs, and conribution margin. What percentage is each static-budget variance relative to its static-budget amount?

2) Break down each static-budget variance into a flexible-budget variance and a sales-volume variance.

 

 

3) Calculate the selling-price variance.

 

 

4) Assume the role of management accountant at Luster. How would you present the results to Sam Adler? Should he be more concerned? If so, why?

ACG 3341 Week 8 Individual Work Latest

ACG 3341 Week 8 Individual Work Latest

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7-22 Materials and manufacturing labor variances. Consider the following data collected for Great Homes, Inc.

7-23 Direct materials and direct manufacturing labor variances.GloriaDee, Inc. designs and manufactures T-shirts to brand-name clothes retailers in lots of one dozen. GloriaDee’s May 2011 static budget and actual results for direct inputs are as follows:

 

7-16 Flexible budget. Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2012, it budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire and total fixed costs of $54,000. The budgeted selling price was $110 per tire. Actual results in August 2012 were 2,800 tires manufactured and sold at a selling price of $112 per tire. The actual total variable costs were $229,600, and the actual total fixed costs were $50,000.

 

7-20 Flexible-budget and sales volume variances, market-share and market-size variances. Marron, Inc., produces the basic fillings used in many popular frozen desserts and treats—vanilla and chocolate ice creams, puddings, meringues, and fudge. Marron uses standard costing and carries over no inventory from one month to the next. The ice-cream product group’s results for June 2012 were as follows:

ACG 3341 Week 9 Individual Work Latest

ACG 3341 Week 9 Individual Work Latest

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ACG 3341 Week 9 Individual Work Latest

Exercise 8-18, page 291: Variable manufacturing overhead variance analysis.

 

Exercise 8-20, page 291: Manufacturing overhead, variance analysis.

ACG 3341 Week 10 Individual Work Latest

ACG 3341 Week 10 Individual Work Latest

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ACG 3341 Week 10 Individual Work Latest

E8-26 (Overhead variances, missing information; page 293) (Horngren, Datar, & Rajan, 2012) Dvent budgets 18,000 machine-hours for the production of computer chips in August 2011. The budget variable overhead rate is $6 per machine-hour. At the end of August, there is a $375 favorable spending variance for variable overhead and a $1,575 unfavorable spending variance for fixed overhead. For the computer chips produced, 14,850 machine-hours are budgeted and 15,000 machine-hours are actually used. Total actual overhead costs are $120,000.

 

Required

 

Compute efficiency and flexible-budget variances for Dvent’s variable overhead in August 2011. Will variable overhead be over- or underallocated? By how much?

Compute production-volume and flexible-budget variances for Dvent’s fixed overhead in August 2011. Will fixed overhead be over- or underallocated? By how much?

E8-27 (Identifying favorable and unfavorable variances; page 293) Purdue, Inc. manufactures tires for large auto companies. It uses standard costing and allocates variable and fixed manufacturing overhead based on machine-hours. For each independent scenario given, indicate whether each of the manufacturing variances will be favorable or unfavorable or, in case of insufficient information, indicate “CBD” (cannot be determined).