ACC Exam
Mia Wiz sells computers. During May, it sold 400 computers at a $800 per unit price. The fixed budget for May predicted sales of 450 computers at an per unit price of $780. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price 1&2. Compute the sales price variance and […]
ACC 102 Exam
Zisk Company purchases direct materials on credit. Budgeted purchases are April, $97,000; May, $127,000; and June, $137,000. Cash payments for purchases are: 75% in the month of purchase and 25% in the first month after purchase. Purchases for March are $87,000. Prepare a schedule of cash payments for direct materials for April, May, and June.
ACC 102 Exam
Jasper Company has 57% of its sales on credit and 43% for cash. All credit sales are collected in full in the first month following the sale. The company budgets sales of $522,000 for April, $532,000 for May, and $557,000 for June. Total sales for March are $301,600. Prepare a schedule of cash receipts from […]
ACC 102
Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit $ 365 per unit Units produced this year 125,000 units Units sold this year 125,000 units Variable selling and administrative expenses $ 21 per unit Fixed selling and administrative expenses $ 4,645,000 per […]
ACC 102 Exam
Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit $ 365 per unit Units produced this year 125,000 units Units sold this year 125,000 units Variable selling and administrative expenses $ 21 per unit Fixed selling and administrative expenses $ 4,645,000 per […]
ACC 102 Exam Question
Sunn Company manufactures a single product that sells for $208 per unit and whose variable costs are $156 per unit. The company’s annual fixed costs are $806,000. (1) Prepare a contribution margin income statement at the break-even point. (2) If the company’s fixed costs increase by $140,000, what amount of sales (in dollars) is needed […]
ACC 102 Exam
Singh and Danzin is an architectural firm that provides services for residential construction projects. The following overhead cost data are from the current period. Activity Budgeted Costs Budgeted Activity Usage Client consultation $ 294,000 1,500 contact hours Drawings 131,000 2,000 design hours 1. Compute an activity rate for each activity using activity-based costing. 2. Allocate overhead cost […]
Accounting Exam ACC 102
The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 62,000 70% 30% Units started this period 332,000 Completed and transferred out 310,000 Ending work in process inventory 84,000 90% 40% (a) Compute the number of units started and completed this […]
ACC 102 Exam
Bell Company produces stainless steel drink tumblers, its only product. These tumblers are stamped with company logos and used as promotional items. Following are simplified job cost sheets for two separate job lots. Job 1 was for 250 units and Job 2 was for 300 units. Job Number Job 1 Materials $ 700 Labor 770 […]
ACC 102 Final Exam
Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales $ 2,600,000 Raw materials inventory, beginning 108,000 Work in process inventory, beginning 140,000 Finished goods inventory, beginning 182,000 Raw materials purchases 497,000 Direct labor 596,000 Indirect labor 89,000 Repairs—Factory equipment 71,000 Rent cost of factory building 142,000 Selling expenses […]