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Accounting Homework

Attachment: 2013-03-23_134919_accouting_homework.docx

1) Dubuque Company has the following sales budget: Month Cash Sales Credit Sales February \$14,000 \$28,000 March 12,800 29,200 April 10,800 26,400 Collections of credit sales are 40% in the month of sale, 50% in the month after sale and 10% two months after sale. No uncollectible accounts are expected.

Required: Prepare a schedule of cash collections for April.

2) The Drew Company has the following information available: Month Budgeted Sales March \$150,000 April 153,000 May 151,000 June 254,500 July 252,500 The gross profit rate is 40% and the desired ending inventory level is 20% of the next month's cost of sales.

Required: Prepare a purchases budget for April, May and June.

3) Direct Material Direct Labor Std. price per unit of input \$12 per foot \$14 per hour Actual price per unit of input \$14 per foot \$13 per hour Std. inputs allowed per unit of output 5 feet 3 hours Actual units of input 2,500 feet 1,550 hours Actual units of output 600 units

Required: Compute the price and quantity variances for direct materials and direct labor.

4) Progressive Company produces a product in a process-costing system involving several departments. The company uses the weighted-average method of product costing. The first department's data for the month of April follow: Units in beginning work-in-process inventory 25,000 Units started during April1 155,000 Units completed during April 140,000 Units in ending work-in-process inventory 40,000 Direct materials added in current month \$188,000 Conversion costs added in current month \$175,000 Direct materials–beginning work-in-process inventory \$35,750 Conversion costs–beginning work-in-process inventory \$6,225 Stage of Completion: Materials Conversion Costs Beginning work-in-process inventory 100% 50% Ending work-in-process inventory 100% 35%

Required:

A) Compute equivalent units for materials and conversion costs.

B) Compute the cost per unit for materials and conversion costs. C) Compute the cost of the units transferred.

D) Compute the cost of the ending work-in-process inventory.

5) Splitsville Company has two departments. Factory overhead costs are applied based on direct labor cost in Department A and machine hours in Department B. The following information is available: Budgeted Items Dept. A Dept. B Direct labor cost \$190,000 \$165,000 Machine hours 51,000 50,000 Factory overhead cost \$325,000 \$280,000 Actual data for Job #10 are as follows: Actual Items Dept. A Dept. B Direct materials requisitioned \$20,000 \$16,000 Direct labor cost \$17,000 \$24,000 Machine hours 7,000 5,000

Required:

A) Compute the budgeted factory overhead rate for Department A. B) Compute the budgeted factory overhead rate for Department B. C) What is the total overhead cost for Job #10?

D) If Job #10 consists of 50 units of product, what is the unit cost of this job?

Hi

Regards

Linda
Customer: replied 4 years ago.

Any time tomorrow night, its due monday but I'd like time to review it.

Customer: replied 4 years ago.

Yes I am.

You need to spend \$3 to view this post. Add Funds to your account and buy credits.
Hi Jarryd,

I'm just following up with you to see how everything is going. Did my answer help?

Let me know,
Linda
Customer: replied 4 years ago.

Yes it did, just waiting on grade for rating

Ok. Thanks.

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