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ACCT 344 Homework Week 1, 2, 3, 5, 6

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ACCT 344 Week 1 Homework
1. Question: Able Corporation incurred the
following costs………………. Calculate the
following.
a Direct materials used
b. Cost of goods manufactured

c. Cost of goods sold
d. Operating income
2. Question: Below is information from Job Card
506 for the Bearing Manufacturing
Company…………….Required:
a. Prepare the journal entries to record the costs
incurred for Job 506 in 2015 for direct materials,
direct labor, and factory overhead.
b. Prepare the journal entry to record the
completion of Job 506.
c. What is the predetermined factory overhead
rate for Bearing Manufacturing?
d. Prepare the journal entries to record the sale of
Job 506.
ACCT 344 Week 2 Homework
1. Questions: Kali Manufacturing Inc. began the
year with the following.

Beginning work-in-

process

20,000 20% completeTransferred
to finished goods

Ending inventory

60,000

10,000 70% complete

Materials added at the beginning of the process
Required: Calculate the equivalent units for
a. material costs under the weighted average
process cost method;
b. conversion costs under the weighted average
process cost method;
c. material costs under the FIFO process cost
method; and
d. conversion costs under the FIFO process cost
method.
2. Questions: Glass Company manufactures a
product through a continuous single-step process.
All materials are added at the beginning of
processing. Production and cost data for the
company for the current month are as

follows…………………………Required Prepare a
cost of production report for current month. Use
Weighted Average process costing.
ACCT 344 Week 3 Homework
1. Question: Alliance Company manufactures two
products (brushes and combs). The overhead
costs have been divided into four cost pools that
use the following activity drivers…………………..
a. Compute the allocation rates for each of the
activity drivers listed.
b. Allocate the overhead costs to Products S and
T using activity-based costing
c. Compute the overhead rate using machine
hours under the functional-based costing system.
d. Allocate the overhead costs to Products S and
T using the functional-based costing system
overhead rate calculated in part (c).

2. Question: Complete Exercise 4.10 located on
page 182 & 183 in the textbook.
ACCT 344 Week 5 Homework
1. Question: Bubble Corporation manufactures
two products, I and II, from a joint process. A
single production costs $4,000 and results in 100
units of I and 400 units of II. To be ready for sale,
both products must be processed further, incurring
separable costs of $1 per unit for I and $2 per unit
for II. The market price for Product I is $20 and for
Product II is $15.
Required:
a. Allocate joint production costs to each product
using the physical units method.
b. Allocate joint production costs to each product
using the net realizable value method.
c. Allocate joint production costs to each product
using the constant gross margin percentage

method.
2. Question: Mike's Meats incurs costs of $4,000
while processing raw chicken meat into three
products: breasts, wings, and thighs. The meat is
then sold to local grocery stores based on the
following……………..
Required: (Calculate relative quantity to three
decimal points.)
a. Determine the cost and gross profit percentage
for each type of chicken using the physical units
method of joint cost allocation.
b. Repeat part (a) using the sales-value-at-split-of
method of joint cost allocation.
c. The company has an opportunity to sell wings
to local restaurants for $1.00 per pound but
additional packaging is required, which will cost
$300 per 1,000 lb. Assuming the physical unit
method is used to allocate joint costs, should the

ofer be accepted?
Week 6 Homework
1. Question: The following information is used for
Lucky's Inc.’s monthly master
budget………………..
·

Sales are 25% cash and 75% on credit. All

credit sales are collected in the following month.
There are no bad debts.
·
·

Gross margin percentage is 60% of sales.
The desired ending inventory is expected to
be 20% of the following month's cost of goods

sold. One fifth of the purchases are paid for in the
month of purchase, and the remaining balance is
purchased on credit and paid in the following
month.
·

The monthly cash operating expenses are
$80,000, including the monthly depreciation

expense of $7,000.
·

During July, Lucky's Inc. will purchase new
office equipment for $17,000 cash.
·

Dividends of $13,500 were declared and
paid in July.

·

The company must maintain a minimum

cash balance of $25,000. A line of credit is used
to maintain this balance. Borrowing will be made
in increments of $1,000. All borrowing is done at
the beginning of the month, and repayments are
made at the end of the month. The annual interest
rate is 12%, paid when the loan is repaid (ignore
accrual of interest).
Required:
Prepare a balance sheet, income statement, and
cash budget for the month of July.
2. Question: The Sparkly Corporation has the
following budget and actual results………………

Required:
a. Prepare a performance report for all costs,
showing static budget variances (indicate F or U).
b. Prepare a performance report for all costs,
showing flexible budget variances (indicate F or
U).