ACC 349 Week 1 Lab Problems
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ACC 349 Week 1 Lab Problems
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ACC 349 Week 1 Lab Problems

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Week 1 • Question 1 Segregation of duties o is a preventive control o is a detective control o separates responsibilities for authorizing transactions, recording transactions, and maintaining custody of the related assets • Question 2 The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labor cost $ 87,000 Purchases of raw materials $ 131,000 Manufacturing overhead $ 208,000 Advertising expense $ 46,000 Sales salaries $ 102,000 Depreciation, office equipment $ 228,000 Beginning End of of the Year the year Inventories: Raw materials $ 8,900 $10,100 Work in process $ 5,400 $21,000 Finished goods $76,000 $25,800 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold section of Mason Company’s income statement for the year. • Question 3 Award: 10 out of 10.00 points Arden Company reported the following costs and expenses for the most recent month: Direct materials $83,000 Direct labor $45,000 Manufacturing overhead $22,000 Selling expenses $25,000 Administrative expenses $38,000 Required: 1. What is the total amount of product costs? 2. What is the total amount of period costs? 3. What is the total amount of conversion costs? 4. What is the total amount of prime costs? • Question 4 6 Mickley Company’s predetermined overhead rate is $23.00 per direct laborhour and its direct labor wage rate is $13.00 per hour. The following information pertains to Job A500: Required: 1. What is the total manufacturing cost assigned to Job A500? 2. If Job A500 consists of 40 units, what is the average cost assigned to each unit included in the job? • Question 5 Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Percent Complete Units Materials Conversion Work in process inventory, May 1 74,000 65% 30% Work in process inventory, May 31 54,000 40% 20% Materials cost in work in process inventory, May 1 $ 58,800 Conversion cost in work in process inventory, May 1 $ 17,500 Units started into production 262,400 Units transferred to the next production department 282,400 Materials cost added during May $ 400,240 Conversion Cost Added During May $ 252,244 Required: 1. Assume that the company uses the weightedaverage method of accounting for units and costs.Determine the equivalent units for May for the first process. 2. Compute the costs per equivalent unit for May for the first process. 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in May. • Question 6 Financial accounting focuses on decisions affecting the future. False True • Question 7 Managerial Accounting creates reports for managers within the organization while financial accounting creates reports outside the organization. True False • Question 8 The IMA Statement of Ethical Professional Practice standards include all of the following EXCEPT: Honesty Credibility Confidence Competence

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