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ACC 400 Final Exam (Written Type)
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ACC 400 Final Exam (Written Type)

This Tutorial was purchased 4 times & rated A+ by student like you.

 

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1.) Trim Force Corp. had the following information in their accounting records: Work in process inventory, beginning balance $50,000 Cost of direct materials used $350,000 Direct labor cost applied to production $200,000 Cost of finished goods manufactured $750,000 Manufacturing overhead during production was $250,000. What was the work in process inventory on hand at the end of the year? 2.) Walsh Corp. uses direct labor hours to determine their applied manufacturing overhead. They use a rate of $30 per direct labor hour. During the production period, company employees worked 10,000 direct labor hours, and had actual overhead costs of $305,000. a.) Record the year-end journal entry to close out the Manufacturing Overhead account to the Cost of Goods Sold account. b.) Was manufacturing overhead underapplied or was it overapplied? 3.) Sorin Corp. uses process costing for its two production departments: Cutting and Painting. The company’s manufacturing information for the month of August is provided below: Cutting Painting Beginning work in process $1,000 $1,200 Costs transferred in ? ? Costs incurred in Aug $3,500 $5,000 Ending work in process $2,000 $2,500 a.) Record the transfer costs from the cutting department to the painting department in Aug. b.) Record the transfer costs from the painting department to the finished goods inventory account in Aug. 4.) Badin Corp. has the following information about its most popular product line: Sales price per unit $50 Variable cost per unit $25 Total fixed manufacturing & overhead costs $400,000 Compute the following: a.) Unit contribution margin. b.) Units that must be sold to break even. c.) Units that must be sold to earn an operating income of $500,000. 5.) Complete Dillon Corp.’s flexible budget for 75,000 units using the information listed below: 25,000 Units 50,000 Units 75,000 Units Sales $375,000 $750,000 Cost of Goods Sold $250,000 $500,000 Gross Profit on Sales $125,000 $250,000 Operating expenses ($10,000 of it is fixed) $35,000 $60,000 Operating Income $90,000 $190,000 Income Taxes (30% of operating income) $27,000 $57,000 Net Income $63,000 $133,000 Assume that cost of goods sold and any variable operating expenses vary directly with sales and that income taxes remain constant at 30%. 6.) Del Sol Healthcare is considering two capital investment proposals. The information for both projects is listed below: Proposal #1 Proposal #2 Cost of the investment $250,000 $300,000 Estimated salvage value $25,000 $30,000 Average estimated net income $50,000 $60,000 Calculate the return on average investment for both proposals and discuss which one would be the best option for investment.

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