Financial Accounting Questions On Impairment And Costs Homework Help
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1. The job order cost sheet for Job 550 contains the following information: 100 units; direct labor, $4,000; direct materials, $9,000; manufacturing overhead, $3,000. Thirty-three of the units will be shipped to the customer at a sales price of $150 each. Which of the following is one effect of recording the shipment to the customer?
A. Finished goods increases by $5,280.
B. Cost of goods sold increases by $4,950
C. Work in process decreases by $4,950.
D. Cost of goods sold increases by $5,280.
E. Some other answer
2. Beginning raw materials inventory for Johnson Inc. was $15,000. Ending raw materials was $7,000. Goods completed during the year were $30,000. Purchases of raw materials totaled $25,000. How much were the raw materials used in current manufacturing costs?
E. Some other answer
3. Harris Company sales revenue for 2005 was $300,000. Harris has one product that sells for $25 and has variable costs of $18. Fixed costs total $155,000. How many units must Harris sell to break even? Round your answer up to the nearest whole unit.
4. Manufacturing overhead during the year was overapplied. If the amount is immaterial, which one of the following is a part of the transaction that should occur to dispose of the overapplied amount?
A. Increase Cost of Goods Sold
B. Decrease Cost of Goods Sold
C. Increase Finished Goods Inventory, Work in process, and Cost of goods sold D. Decrease Finished Goods Inventory, Work in process, and Cost of goods sold
5. The delivery trucks of Slavin Transport Company incurred $3,600 of maintenance costs during the busiest month of 2004, in which 12,000 miles were driven collectively. During the slowest month, $2,800 in maintenance costs were incurred, and 8,000 miles were driven. Using the high-low method, what maintenance cost would the company expect to incur if 15,000 miles were driven?
Estimated manufacturing overhead
Actual manufacturing overhead
Estimated direct labor hours
Actual direct labor hours
6. Billings Rail CompanyAc€?cs sales for the next five months are as follows: February $175,000 March $160,000 April $145,000 May $135,000 June $130,000
Collection history for the company indicates that 50% of sales are collected in the month of the sale, 30% is collected in the following month, 10% is collected two months later and 10% is uncollectible.
How much are total budgeted cash receipts for the second quarter?
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7. The following are production and cost data for two products, buckets and pails.
Contribution margin per unit $450 $280 Machine set-ups needed per unit 20 14
The company can only perform 14,000 set-ups each period yet there is unlimited demand for each product. What is the total maximum contribution margin for the year if 14,000 setups are made? (Hint, when there is a constraint choose the product with the higher CM per constraint).
8. Summer Reflections Beverage company reported the following for their bottled water division:
Operating expense Depreciation Interest expense
$600,000 325,000 15,000 90,000
The tax rate is 30%. How much is the company’s NOPAT?
9. Summer Reflections reported the following on its balance sheet:
Raw materials WIP
May 1, 2010 $15,000
April 1, 2010 $25,000
If Summer Reflections had purchases of $40,000, how much was COGS at the end of April?
How much were the COGMfd?
10. Smyth and Wessin is considering investing in a bullet-proof vest machine. The machine has an estimated cost of $150,000 and a $9,000 salvage value. The five year project has estimated net income of $10,800 each year. The required rate of return is 12% and the cost of capital is 10%. Hint, calculate depreciation expense and convert NI to CF. Make sure you remember how the salvage value affects cash flows.
What is the projectAc€?cs NPV? (round to the nearest dollar)
What is the projectAc€?cs IRR?(round to the nearest percent)
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