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ACCT 504 Acct Fin Managerial Use Anlys Week4 Mid Term Set 1 and set 2 Answer

ACCT 504 Acct Fin Managerial Use Anlys Week4 Mid Term Set 1 and set 2 Answer

ACCT 504 Acct Fin Managerial Use Anlys Week4 Mid Term Set 1 and set 2 Answer

Set 1

Page: 1 2 3

1. Question : (TCO A, B, C) External users want answers to all of the following questions except:

: Is the company earning satisfactory income?
Will the company be able to pay its debts as they come due?
Did the company use a budget to plan its expenses?
How does the company compare in profitability with competitors?

2. Question : (TCO C) Borrowing money is an example of a(n):

: delivering activity.
financing activity.
investing activity.
operating activity.

3. Question : (TCO C) Buying and selling products are examples of:

: operating activities.
investing activities.
financing activities.
delivering activities.

4. Question : (TCO A) Resources owned by a business are referred to as:

: stockholders’ equity.
liabilities.
assets.
revenues.

5. Question : (TCO C) Jamie Company recorded the following cash transactions for the year:

Paid $70,000 for salaries.
Paid $20,000 to purchase office equipment.
Paid $6,000 for utilities.
Paid $7,000 in dividends.
Collected $130,000 from customers.

What was Jamie’s net cash provided by operating activities?

: $47,000
$54,000
$27,000
$33,000

6. Question : (TCO A) In a classified balance sheet, assets are usually classified as:

: current assets; long-term assets; property, plant, and equipment; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and common stocks.
current assets; long-term investments; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and intangible assets.
:

7. Question : (TCO A) An intangible asset:

: may have the capacity to earn revenue for its owner.
is worthless because it has no physical substance.
is converted into a tangible asset during the operating cycle.
cannot be reported on the balance sheet because it lacks physical substance.

8. Question : (TCO A) These are selected account balances on December 31, 2010.

-Land (location of the corporation’s office building) $50,000
-Land (held for future use) 75,000
-Corporate Office Building 300,000
-Inventory 100,000
-Equipment 225,000
-Office Furniture 50,000
-Accumulated Depreciation 150,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?

: $650,000
$550,000
$475,000
$800,000

9. Question : (TCO B) For 2010, Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

: $2.33
$0.10
$2.50
$33.34

10. Question : (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year?

: $69,000
$22,000
$116,000
$91,000

11. Question : (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not?

: No, GAAP requires that 10% of the cost be expensed each year. This minimizes attempts to mislead financial statement users.
Yes, the matching principle requires that the cost be expensed in the period of purchase.
No, the cost needs to be allocated to the years of expected use.
Yes, the actual life of the asset is not known, thus there is no acceptable way to allocate the cost.
:
12. Question : (TCO D) The left side of an account is:

: blank.
a description of the account.
the debit side.
the balance of the account.

13. Question : (TCO D) A credit is not the normal balance for which account listed below?

: Common Stock account
Revenue account
Liability account
Dividends account

14. Question : (TCO D) A debit is not the normal balance for which account listed below?

: Dividends
Cash
Accounts Receivable
Service Revenue

15. Question : (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner?

: Dividends payable and rent expense
Repair expense and notes payable
Prepaid insurance and advertising expense
Service revenues and equipment

16. (TCO E) One of the accounting concepts upon which adjustments for prepayments and accruals are based is (Points : 3)
matching.
cost.
monetary unit.
economic entity.

17. (TCO E) In a service-type business, revenue is considered earned (Points : 3)
at the end of the month.
at the end of the year.
when the service is performed.
when cash is received.
18. (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period? (Points : 3)
Due from employees
Due to employer
Wages payable
Wages expense

19. (TCO E) The following is selected information from M Corporation for the fiscal year ending October 31, 2010.

-Cash received from customers: $300,000
-Revenue earned: 350,000
-Cash paid for expenses: 170,000
-Expenses incurred: 200,000

5. Question : (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is:
: contra asset.
prepayment.
asset.
accrual.

6. Question : (TCO A, B) Which of the following expressions is incorrect?

: Gross profit – operating expenses = net income
Sales – cost of goods sold – operating expenses = net income
Net income + operating expenses = gross profit
Operating expenses – cost of goods sold = gross profit

7. Question : (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $6,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?

: $6,000
$5,880
$5,400
$5,520

8. Question : (TCO A, B) Jake’s Market recorded the following events involving a recent purchase of merchandise:

Received goods for $20,000, terms 2/10, n/30.
Returned $400 of the shipment for credit.
Paid $100 freight on the shipment.
Paid the invoice within the discount period.

9. Question : (TCO A) The Freight-in account:
increases the cost of merchandise purchased.
is contra to the Purchases account.
is a permanent account.
has a normal credit balance.

10. Question : (TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count?

: Goods in transit to Barnes, FOB destination
Goods that Barnes is holding on consignment for Parker Company
Goods in transit that Barnes has sold to Smith Company, FOB shipping point
Goods that Barnes is holding in inventory on March 31 for which the related Accounts Payable is 15 days past due
:

11. Question : (TCO A) Of the following companies, which one would not likely employ the specific identification method for inventory costing?

: Music store specializing in piano sales
Custom Jewelry store
Antique shop
Hardware store

12. Question : (TCO A) Which of the following statements is correct with respect to inventories?

: The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
FIFO seldom coincides with the actual physical flow of inventory.

13. Question : (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory?

: Average cost method
LIFO method
FIFO method
Need more information to answer

:

14. Question : (TCO B) Which of the following is a true statement about inventory systems?

: Periodic inventory systems require more detailed inventory records.
Perpetual inventory systems require more detailed inventory records.
A periodic system requires cost of goods sold be determined after each sale.
A perpetual system determines cost of goods sold only at the end of the accounting period.

15. Question : (TCO B) Two categories of expenses in merchandising companies are:
: cost of goods sold and financing expenses.
operating expenses and financing expenses.
cost of goods sold and operating expenses.
sales and cost of goods sold.

:

Page 3:

Question 1 (TCO D) Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure that the ledger accounts are correct? Explain. (Points : 25)

2. Question : (TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010:

Cost of goods sold $ 710,000
Net sales 1,279,000
Administrative expenses 239,000
Interest expense 68,000
Dividends paid 38,000
Selling expenses 45,000

Instructions:
1. Prepare a multiple-step income statement for the year ended December 31, 2010.
2. Compute the profit margin ratio and gross profit rate. Caltor Company s assets at the beginning of the year were $770,000 and were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations and explain your findings.

Set 2

Question 1. 1. (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3)
Management is considered an internal user.
Present and prospective creditors are considered external users.
Regulatory authorities, such as the SEC, are considered internal users.
Taxing authorities are considered external users.

Question 2. 2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n) (Points : 3)
delivering activity.
investing activity.
financing activity.
operating activity.

Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3)
operating activities.
investing activities.
financing activities.
delivering activities.

Question 4. 4. (TCO A) The best definition of assets is the (Points : 3)
cash owned by the company.
collections of resources belonging to the company and the claims on these resources.
owners’ investment in the business.
resources belonging to a company that offer future benefits to the company.

Question 5. 5. (TCO C) Edwards Company recorded the following cash transactions for the year.

Paid $45,000 for salaries
Paid $20,000 to purchase office equipment
Paid $5,000 for utilities
Paid $2,000 in dividends
Collected $75,000 from customers

What was Edwards’ net cash provided by operating activities? (Points : 3)
$25,000
$5,000
$30,000
$23,000

Question 6. 6. (TCO A) In a classified balance sheet, assets are usually classified as (Points : 3)
current assets; long-term assets; property, plant, and equipment; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and common stocks.
current assets; long-term investments; and tangible assets.
current assets; long-term investments; property, plant, and equipment; and intangible assets.

Question 7. 7. (TCO A) Which of the following should not be classified as a current asset? (Points : 3)
Supplies
Short-term marketable securities
Prepaid insurance that will expire next year.
A note receivable that will mature after 21 months

Question 8. 8. (TCO A) The following are selected account balances on December 31, 2010.

-Land (location of the corporation’s office building): $50,000
-Land (held for future use): 75,000
-Corporate Office Building: 300,000
-Inventory: 100,000
-Equipment: 225,000
-Office Furniture: 50,000
-Accumulated Depreciation: 150,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? (Points : 3)
$650,000
$550,000
$475,000
$800,000

Question 9. 9. (TCO B) For 2010, Mossland Corporation reported net income of $28,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (Points : 3)
$4.67
$0.25
$66.67
$14.86

Question 10. 10. (TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year? (Points : 3)
$69,000
$22,000
$116,000
$91,000

Question 11. 11. (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why, or why not? (Points : 3)
No, GAAP requires that 10% of the cost be expensed each year. This minimizes attempts to mislead financial statement users.
Yes, the matching principle requires that the cost be expensed in the period of purchase.
No, the cost needs to be allocated to the years of expected use.
Yes, the actual life of the asset is not known, thus there is no acceptable way to allocate the cost.

Question 12. 12. (TCO D) An account is a part of the financial information system and is described by all except which one of the following? (Points : 3)
An account has a debit and credit side.
An account has to be in paper form.
An account has a zero or nonzero balance.
An account has a title.

Question 13. 13. (TCO D) The classification and normal balance of the dividend account is (Points : 3)
a revenue, with a credit balance.
an expense, with a debit balance.
a liability, with a credit balance.
under stockholders’ equity, with a debit balance.

Question 14. 14. (TCO D) A debit is the normal balance for which account listed below? (Points : 3)
Furniture
Accounts payable
Rent revenue
Capital stock issued

Question 15. 15. (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? (Points : 3)
Prepaid insurance and dividends
Dividends and medical fees earned
Interest payable and common stock
Advertising expense and land

16. Question : (TCO E) The time period assumption states that:
a transaction can only affect one period of time.
estimates should not be made if a transaction affects more than one time period.
adjustments to the enterprise’s accounts can only be made in the time period when the business terminates its operations.
the economic life of a business can be divided into artificial time periods.

17. Question : (TCO E) The matching principle matches:
: customers with businesses.
expenses with revenues.
assets with liabilities.
creditors with businesses.

18. Question : (TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period?

: Due from Employees
Due to Employer
Wages Payable
Wages Expense

19. Question : (TCO E) The following is selected information from J Corporation for the fiscal year ending October 31, 2010.

Cash received from customers $75,000
Revenue earned 87,500
Cash paid for expenses 42,500
Expenses incurred 50,000

Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007?

: $28,500

$33,500

$20,500

$37,500
Based on the accrual basis of accounting, what is M Corporation’s net income for the year ending October 31, 2010? (Points : 3)
$140,000
$114,000
$82,000
$150,000

20. (TCO E) Adjusting entries are made to ensure that (Points : 3)
expenses are recognized in the period in which they are incurred.
revenues are recorded in the period in which they are earned.
balance sheet and income statement accounts have correct balances at the end of an accounting period.
All of the above

Question 21. 21. (TCOs A and B) Which of the following expressions is incorrect? (Points : 3)
Gross profit – operating expenses = net income
Sales – cost of goods sold – operating expenses = net income
Net income + operating expenses = gross profit
Operating expenses – cost of goods sold = gross profit

Question 22. 22. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $3,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period? (Points : 3)
$2,940
$2,760
$2,700
$3,000

Question 23. 23. (TCOs A and B) Jake’s Market recorded the following events involving a recent purchase of merchandise.

-Received goods for $20,000, terms 2/10, n/30.
-Returned $400 of the shipment for credit.
-Paid $100 freight on the shipment.
-Paid the invoice within the discount period.

As a result of these events, the company’s merchandise inventory (Points : 3)
increased by $19,208.
increased by $19,700.
increased by $19,306.
increased by $19,308.

Question 24. 24. (TCO A) If goods in transit are shipped FOB destination (Points : 3)
the seller has legal title to the goods until they are delivered.
the buyer has legal title to the goods until they are delivered.
the transportation company has legal title to the goods while the goods are in transit.
no one has legal title to the goods until they are delivered.

Question 25. 25. (TCO A) When a perpetual inventory system is used, which of the following is a purpose of taking a physical inventory? (Points : 3)
To check the accuracy of the perpetual inventory records
To determine cost of goods sold for the accounting period
To compute inventory ratios
All are a purpose of taking a physical inventory when a perpetual inventory system is used.

Question 26. 26. (TCO A) A problem with the specific identification method is that (Points : 3)
inventories can be reported at actual costs.
management can manipulate income.
matching is not achieved.
the lower of cost or market basis cannot be applied.

Question 27. 27. (TCO A) The accounting principle that requires that the cost flow assumption be consistent with the physical movement of goods is (Points : 3)
called the matching principle.
called the consistency principle.
nonexistent; that is, there is no such accounting requirement.
called the physical flow assumption.

Question 28. 28. (TCO A) In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the (Points : 3)
FIFO method.
LIFO method.
average cost method.
tax method.

Question 29. 29. (TCO B) Which of the following is a true statement about inventory systems? (Points : 3)
Periodic inventory systems require more detailed inventory records.
Perpetual inventory systems require more detailed inventory records.
A periodic system requires cost of goods sold be determined after each sale.
A perpetual system determines cost of goods sold only at the end of the accounting period.

Question 30. 30. (TCO B) The primary source of revenue for a retailer is (Points : 3)
investment income.
service revenue.
the sale of merchandise.
the sale of plant assets the company owns.

1. Question : (TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits.
Explain the rules of debits and credits in a way that will help him understand them. Cite examples for each of the major sections of the balance sheet (assets, liabilities and stockholders’ equity) and the income statement (revenues and expenses).

Question 2. (TCOs B and E) The adjusted trial balance of Gertz Company included the following selected accounts.

Debit Credit
Sales $575,000
Sales returns and allowances $ 50,000
Sales discounts 9,500
Cost of goods sold 347,000
Freight-out 2,000
Advertising expense 15,000
Interest expense 19,000
Store salaries expense 74,000
Utilities expense 18,000
Depreciation expense 3,500
Interest revenue 25,000

Instructions:
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2010.
2. Calculate the profit margin ratio and gross profit rate. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings.

Set 3

(TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is (Points: 3)
physical possession.
legal title.
management’s judgment.
whether or not the purchase price has been paid.

15. (TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner? (Points: 3)
Dividends payable and rent expense
Repair expense and notes payable
Prepaid insurance and advertising expense
Service revenues and equipment

11. (TCO A) When a perpetual inventory system is used, which of the following is a purpose of taking a physical inventory? (Points: 3)
To check the accuracy of the perpetual inventory records
To determine cost of goods sold for the accounting period
To compute inventory ratios
All are a purpose of taking a physical inventory when a perpetual inventory system is used.

12. (TCO A) A problem with the specific identification method is that (Points: 3)
inventories can be reported at actual costs.
management can manipulate income.
matching is not achieved.
the lower of cost or market basis cannot be applied

13. (TCO A) Which of the following statements is correct with respect to inventories? (Points: 3)
The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.
It is generally good business management to sell the most recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
FIFO seldom coincides with the actual physical flow of inventory.

14. TCO A — In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure? (Points: 3)
Average Cost Method
LIFO method
FIFO method
Need more information to answer

15. (TCO B) The figure for which of the following items is determined at a different time under the perpetual inventory method than under the periodic method? (Points: 3)
Sales
Cost of Goods Sold
Purchases
Accounts Receivable

1. (TCO E) The time period assumption states that (Points: 3)
a transaction can only affect one period of time.
estimates should not be made if a transaction affects more than one time period.
adjustments to the enterprise’s accounts can only be made in the time period when the business terminates its operations.
the economic life of a business can be divided into artificial time periods.

2. (TCO E) In a service-type business, revenue is considered earned (Points: 3)
at the end of the month.
at the end of the year.
when the service is performed.
when cash is received.

3. (TCO E) On April 1, 2007, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years
and will have no residual value. M records depreciation expense of $9,000 for the calendar year ending December 31, 2007. Which accounting principle has been violated? (Points: 3)
Revenue recognition principle
No principle has been violated because M has correctly matched the expense for using the equipment to the period during which it generated revenue.
Matching principle because the cash was paid in 2007 and should be expensed in 2007.
Cost principle

4. The following is selected information from J Corporation for the fiscal year ending October 31, 2007.

Cash received from customers $75,000
Revenue earned 87,500
Cash paid for expenses 42,500

Expenses incurred 50,000

(TCO E) Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2007?
(Points: 3)
$28,500
$33,500
$20,500
$37,500

net income = revenue earned – expenses incurred
= 87500 – 50,000
= 37500

5. (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is (Points: 3)
contra asset.
prepayment.
asset.
accrual.

6. (TCO B) Two categories of expenses in merchandising companies are (Points: 3)
cost of goods sold and financing expenses.
operating expenses and financing expenses.
cost of goods sold and operating expenses.
sales and cost of goods sold.

7. (TCO A,B) Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a (Points: 3)
perpetual inventory system.
periodic inventory system.
double entry accounting system.
business that sells expensive merchandise.

 

 

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FIN 534 Homework Assume that you recently graduated and have just reported to work as an investment advisor Answer

FIN 534 Homework Assume that you recently graduated and have just reported to work as an investment advisor Answer

FIN 534 Homework Assume that you recently graduated and have just reported to work as an investment advisor Answer

 

Use the following information for Questions 1 through 8:
Assume that you recently graduated and have just reported to work as an investment advisor at the one of the firms on Wall Street. You have been presented and asked to review the following Income
Statement and Balance Sheets of one of the firm’s clients. Your boss has developed the following set of
questions you must answer.
Income Statements and Balance Sheet

Balance Sheet
2012 2013
Cash $9,000 $7,282
Short-term investments 48,600 20,000
Accounts receivable 351,200 632,160
Inventories 715,200 1,287,360
Total current assets $1,124,000 $1,946,802
Gross fixed assets 491,000 1,202,950
Less: Accumulated depreciation 146,200 263,160
Net fixed assets $344,800 $939,790
Total assets $1,468,800 $2,886,592

Liabilities and Equity
Accounts payable $145,600 $324,000
Notes payable 200,000 720,000
Accruals 136,000 284,960
Total current liabilities $481,600 $1,328,960
Long-term debt 323,432 1,000,000
Common stock
(100,000 shares) 460,000 460,000
Retained earnings 203,768 97,632
Total equity $663,768 $557,632
Total liabilities and equity $1,468,800 $2,886,592

FIN 534- 1

FIN 534- 3

FIN 534- 2

Q1 : What is the free cash flow for 2013?

Q2: Suppose Congress changed the tax laws so that Berndt’s depreciation expenses doubled. No changes in operations occurred. What would happen to reported profit and to net cash flow?

Q3:
Calculate the 2013 current and quick ratios based on the projected balance sheet and income
statement data. What can you say about the company’s liquidity position in 2013?

Q4: Calculate the 2013 inventory turnover, days sales outstanding (DSO), fixed assets turnover, and total assets turnover.

Q5:
Calculate the 2013 debt ratio, liabilities-to assets ratio, times-interest-earned, and EBITDA coverage ratios. What can you conclude from these ratios?

Q6: Calculate the 2013 profit margin, basic earning power (BEP), return on assets (ROA), and return on equity (ROE). What can you say about these ratios?

Q7: Calculate the 2013 price/earnings ratio, price/cash flow ratio, and market/book ratio

Q8 Use the extended DuPont equation to provide a summary and overview of company’s financial condition as projected for 2013. What are the firm’s major strengths and weaknesses?

 

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PROJ 595 Proj Risk Management All Weeks Discussion Question Complete Answer

PROJ 595 Proj Risk Management All Weeks Discussion Question Answer

PROJ 595 Proj Risk Management All Weeks Discussion Question Answer

 

PROJ 595 Proj Risk Management All Weeks Discussion Question Answer

PROJ 595 Proj Risk Management All Weeks Discussion Question Answer

 

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PROJ 595 All Weeks

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HRM 599 Homework Week 3 Homework Assignment Article Review II A+ Answer

HRM 599 Homework Week 3 Homework Assignment Article Review II Answer

Please find an article related to healthcare programs. To help locate your article, you can utilize the DeVry University library through THE|HUB, or you may locate the article through your own source. The article should be from a current professional source that you would read as a manager in the benefits field. It should be a source that you would feel comfortable taking forward to your employer.
Once you have located and read your article, please complete a review of the article. The article review should consist of the following.
• It should contain a summary of the article (two to three paragraphs maximum). Why was the article written about the topic at the current time? This should be completed in your own words and talk about the key points of the article. You should not repeat the article in your summary.
• How does this relate to the learning for the week in class? What laws and concepts are covered that would help you in the area of benefits? How could you further elaborate on the concepts in the article?
• Based upon the article, what recommendations would you provide to the business community (an employer) from reading the article?
The article review must be completed in the APA format and utilize proper grammar. Papers without a reference page will receive 0 points. The paper should be three to five pages in total. The article will be graded based upon the Benefits Rubric.

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PROJ 592 Proj Cost and Schedule Control Week 3 Quiz Answer

PROJ 592 Proj Cost and Schedule Control Week 3 Quiz Answer

PROJ 592 Proj Cost and Schedule Control Week 3 Quiz Answer

Week 3 : Project Time Management – Quiz

Question 1. 1. (TCO B) Good project cost estimations are critical to a successful project. With that in mind, compare and contrast three-point and reserve analysis estimation techniques. Please provide an example of each. (Points : 20)

Question 2. 2. (TCO A) A company intends to establish a manufacturing facility by buying an existing factory from a company in the same industry. A state-of-the art manufacturing line with supporting utilities will be established in the refurbished factory.

Securing the building will involve negotiating the purchase and refurbishing and upgrading the building structure.

Utilities that have to be upgraded and new systems installed include an upgrade of the electrical system, installation of a new compressed air system, and an increase in the capacity of the plant wastewater treatment system.

Establishing the manufacturing line will require development of production equipment specifications, procurement, and installation of machines and materials handling systems. A systems test plan will be developed concurrently with preparation of the equipment specifications. To check out the manufacturing line, a systems test of the complete line will be performed by operating it to produce product. A separate project team is handling procurement and stocking of components and materials that will be needed for the systems test of the new line, as well as when it becomes fully operational.

Prepare a WBS listing for this project with activities corresponding to a two-level task and subtask hierarchy. Format the WBS listing with activity item indents and WBS codes (such as a numbering scheme) that will clearly identify the level of each activity. Provide columns showing the WBS code and activities.
(Points : 20)

Question 3. 3. (TCO E) You are assisting on a project for your organization. An RACI has been created for your project. Your project manager has asked you to interpret the below RACI.
Project Name: New marketing campaign RACI
Activity PM IT Market Test Group Marketing Sponsor Account Manager
1.1.1 Create new layout A R R C
2.1.1 Design campaign A R
3.1.1 Test market R A
4.1.1 Roll out campaign R I A
(Points : 20)

Question 4. 4. (TCO B) You are the project manager for three projects. You are about to estimate costs for these three projects. Given the below information on each project, recommend an appropriate estimation method and justify your answer for each.

Project A: This project will be a scale-up of a project done last year. All the same processes will be used. The costs for the material and other resources should be scalable based on last year’s costs.

Project B: This project is new to your company. You do not feel confident in estimating the project costs using internal resources. There are other companies that have done this type of work. Yet you still want the most accurate estimates possible.

Project C: The work of this project has not likely been done before by anyone. You are breaking technological barriers in this project. As such, it is imperative you get accurate cost estimates. (Points : 20)

Question 5. 5. (TCO C) The SuperFlyer Corporation is developing a revolutionary flying disc. The new toy can fly straight over a great distance, which is exciting by itself. However, this disc will also return to the owner in response to his or her voice! Because this is an advance over anything that this company has done before, estimating the amount and cost of the hi-tech materials is difficult. The project manager recommends using a range estimating process to develop an estimate. The values below are submitted by the project team.

Current estimates for cost of material are as follows.
Optimistic cost of smart resin: $5.00 per lb
Most likely cost of smart resin: $6.00 per lb
Pessimistic cost of smart resin: $7.50 per lb

Current estimates for total material requirements are as follows.
Optimistic quantity 20 lb / 100 units
Most likely quantity 25 lb / 100 units
Pessimistic quantity 35 lb / 100 units

(a) What is the expected price of the material per pound?
(b) What is the expected amount of material needed for 100 units?
(c) What is the expected cost for 100 units? (Points : 20)

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PROJ 592 Course Project week 3 Quiz

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MGMT 550 Managerial Communication Week 3 Comparison Report A+ Answer

MGMT 550 Managerial Communication Week 3 Comparison Report A+ Answer

MGMT 550 Managerial Communication Week 3 Comparison Report A+ Answer

Week 3 Assignment:

Comparison Report. Write a 3 to 4 page report comparing the communication strategies of the Facebook pages of two of the following companies:

•McDonald’s, Burger King
•J C Penney, Kohl’s
•Dunkin’ Donuts, Krispy Kreme Doughnuts
•Pepsi Max, Coca-Cola Zero
•Target, Wal-Mart
•Amazon, Barnes & Noble

Suggested Format:

This week you will write a compare and contrast report. Your paper should discuss each of the companies and then discuss their similarities and differences. When looking at each company’s

Facebook page, use the same criteria to evaluate each of them, which will assist with the compare and contrast evaluation. Your paper should have at least 3 to 4 pages of body text plus the title

page and reference page.

Include the following sections:

•Title Page
•Introduction
•Discuss the first company
•Discuss the second company
•Compare and contrast the two companies
•Conclusion
•References

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MGMT 550 WEEK 3

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PROJ 598 Contracts and Procurement Week 3 Types of Contracts Quiz Answer

PROJ 598 Contracts and Procurement Week 3 Types of Contracts Quiz Answer

Week 3 : Types of Contracts – Quiz

Question 1. 1. (TCO B) All of the below would be considered good selection criteria for a buyer to use to select a seller, except (Points : 10)
proprietary rights of buyer, overall cost, and warrantee offered by seller.
past work done by seller, intellectual property rights, and risk associated with a given seller.
technical capability of seller, understanding of work by seller, and business type of seller.
managerial approach of seller, capacity of seller to do the work, and ability of seller to make a reasonable make-or-buy decision.

Question 2. 2. (TCO A) In industry, there are four processes one follows in the procurement area of project management. Describe and explain these four processes in the procurement management process for the buyer. (Points : 30)

Question 3. 3. (TCO C) Compare and contrast a firm fixed-price contract with a cost-plus contract. When would each be appropriate for a given project? (Points : 30)

Question 4. 4. (TCO D) Compare and contrast an RFP, an IFB, and an RFI. When would each best be used in procuring goods or services? (Points : 30)

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PROJ 598 Week 3

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RES 342 Research and Evaluation II Final Exam MCQs Complete Answer

RES 342 Research and Evaluation II Final Exam MCQs Complete Answer

RES 342 Research and Evaluation II Final Exam MCQs Complete Answer

RES 342 Research and Evaluation II Final Exam MCQs Complete Answer

RES 342 Research and Evaluation II Final Exam MCQs Complete Answer

 

1) What are the critical z-values for a two-tailed hypothesis test if the significant level = 0.01?

A. ± 1.96
B. ± 2.33
C. ± 2.58
D. ± 1.65

2) In classical hypothesis testing, the test statistic is to the critical value what the __________.

A. ‘p-value’ is to alpha
B. critical value is to alpha
C. test statistic is to the ‘p-value’
D. level of significance is to the test statistic

3) For a hypothesis test of a single population mean at 95% confidence level, a calculated Z score of 1.7 supports the conclusion that

A. the population mean is greater than the hypothesized value
B. the null hypothesis cannot be rejected
C. the sample is biased
D. the population mean is less than expected

4) If the paired differences are normal in a test of mean differences, then the distribution used for testing is the

A. normal distribution
B. chi-square
C. student distribution
D. F distribution

5) One hundred women were polled and 60 reported successfully communicating an automobile problem to an auto repairman. A sample of 150 men had 95 reporting the same success. The value of the test statistic for a test of the equality of proportions is

A. -0.5319
B. 0.7293
C. -0.419
D. 0.2702

6) Weekly sales of iPods® at 20 Best Buy® stores are compared before and after installing a new eye-catching display. To determine if the display is effective in increasing sales, what type of statistical test would you perform?

A. Comparison of means using independent samples using a t-test
B. Comparison of proportions using independent samples using a z-test
C. Comparison of means using a paired z-test
D. Comparison of means using a paired t-test

7) When is it appropriate to use the paired difference t-test?

A. Four samples are compared at once.
B. Any two samples are compared.
C. Two independent samples are compared.
D. Two dependent samples are compared.

8) A survey of hotels found that the average hotel room rate in New Orleans is $88.42 and the average room rate in Phoenix is $80.61. The survey sampled 50 hotels in each city. The standard deviations were $5.62 and $4.83, respectively. At alpha=.05, it can be concluded that there is a significant different in the rates?

A. 7.45
B. -1.96
C. 1.96
D. -7.45

9) If the paired differences are normal in a test of mean differences, the distribution used for testing is the

A. normal distribution
B. chi-square
C. student t distribution
D. F distribution

10) The accountant for Thomas’s Furniture Store is concerned regarding the outstanding receivable owed the company. There has been a cash flow problem and it is believed that the slow collection of accounts receivable is partially the blame. The accountant believes that 40% of the present accounts are more than 4 months behind in making payments. To be able to make a decision regarding this belief, a random sample of 100 accounts was taken. It was found that 37 accounts were more than 4 months late. Did the sample data confirm the accountant’s belief? Use the .05 significant level for the statistical test.

A. There is not enough evidence to confirm or deny the belief.
B. The accountant’s belief is not confirmed.
C. The accountant’s belief is confirmed.
D. The accountant needed to take a larger sample.

11) New college business graduates are finding it difficult to get a job. A business journal has reported that only one in five graduates is able to find a job within 6 months of their graduation. A report by University of Phoenix indicated that out of a survey of 300 recent business graduates, 75 had jobs. You are a business major at University of Phoenix and have a concern about getting a job. Based on this data, will a graduate of University of Phoenix have a better chance of getting a job in the first 6 months after graduation? Use the .05 significant level for the test.

A. No, there is not a significant difference.
B. It cannot be predicted based on this data.
C. Yes, there is a significant difference.
D. The business journal information is incorrect.

12) Analysis of variance (ANOVA) is used to

A. compare nominal data
B. compute t- test
C. compare population proportion
D. simultaneously compare several population means

13) Mr. Thomas owns three different restaurants in Cincinnati, Ohio. He is concerned about the profitability of the restaurants. There are monthly differences between the restaurants and he wants to determine if the differences in profit are significant. Mr. Thomas wants to do a statistical test to see if he should be concerned. The best test to address this problem would be

A. a paired t- test
B. two different t tests
C. an ANOVA test
D. a two sample test

14) Sound engineers studied factors that might affect the output, in decibels, of a rock concert’s speaker system. The desired level of significance was a = .05. The results of their ANOVA tests are shown:

Source of Variation SS df MS F P-value
Amplifier 99.02344 99.02344 0.005718
Position 93.98698 31.32899 3.215807 0.051003
Interaction 10.15365 3 3.384549 0.347412 0.791505
Error 155.875 16 9.742188

Total 359.0391 23

The interaction between the Position and Amplifier treatments was

A. very significant
B. slightly significant
C. insignificant
D. highly correlated

15) Totto, an automobile manufacturer, has designed a radically new engine and wants to recommend the grade of gasoline that will have the best fuel economy. The four grades are regular, below regular, premium, and super premium. The test car made three trial runs on the test track using each of the grades and the miles per gallon were recorded. At the 0.05 level, what is the critical value of F used to test the hypothesis that the miles per gallon for each fuel are the same?

A. 1.96
B. 4.07
C. 2.33
D. 12.00

16) If an ANOVA test is conducted and the null hypothesis is rejected, what does this indicate?

A. Too many degrees of freedom
B. A difference between at least one pair of population means
C. No difference between the population means
D. The variances are the same

17) Nonparametric statistics are used when

A. you have qualitative data, with your variables being measured at the nominal or interval level
B. you have qualitative data, with your variables being measured at the ordinal or ratio level
C. you have qualitative data, with your variables being measured at the nominal or ordinal level
D. you have qualitative data, with your variables being measured at the ordinal or interval level

18) The nonparametric test most commonly used for testing the statistical independence between two variables is

A. the Kruskal- Wallis test
B. the Chi- Square test
C. the Mann Whitney test
D. the Sign test

19) What nonparametric test is used when the assumptions for the parametric ANOVA cannot be met? Its purpose is to test whether three or more populations are equal. The data must be at least ordinal scaled.

A. Students’ t
B. Kruskal- Wallis
C. Mann-Whitney
D. ANOVA

20) Rachael Smith is the personnel manager at Johnson and Johnston, an accounting firm. She is concerned about absenteeism, which seems to be an increasing problem, especially after days off work. She decided to sample the records to determine if absenteeism was distributed evenly throughout the 6-day work week. The null hypothesis to be tested was: Absenteeism is distributed evenly throughout the week. The sample results were:

Day of Week Number Absent
Monday 12
Tuesday 9
Wednesday 11
Thursday 10
Friday 9
Saturday 9

What is the critical value of chi-square with a significant level of = 0.05?

A. 11.070
B. 12.592
C. 13.388
D. 15.033

21) A public opinion poll surveyed a simple random sample of voters. Respondents were classified by gender and by voting preference-Republican, Democrat, or Independent. The results follow.

Voting Preferences Republican Democrat Independent Row total
Male 200 150 50 400
Female 250 300 50 600
Column total 450 450 100 1000

If you conduct a chi-square test of independence, what is the expected frequency count of male Independents?

A. 50
B. 60
C. 40
D. 30

22) What parametric test is equivalent to the nonparametric Spearman’s rank test?

A. T-test of correlation coefficient
B. T-test of two sample means
C. T-test of one sample mean.
D. T-test of two sample proportions

23) What is the variable used to predict another variable called?

A. Independent variable
B. Dependent variable
C. Moderating variable
D. Intervening variable

24) Michelle used a sample of 50 U.S. cities to estimate the relationship between crime, or annual property crimes per 100,000 persons, and income, or median income per capita. Her estimated regression equation was crime = 428 – .01 income. Assuming her model is statistically significant, if income decreases by $1,000, we would predict that crime will

A. decrease by 1
B. increase by 10
C. decrease by 10
D. increase by 100

25) In the least squares equation, Y’ = 12 + 25X the value of 25 indicates

A. the y- intercept
B. for each unit increase in ‘x’, y’ increases by 25
C. for each unit increase in ‘y’, ‘x’ increases by 25
D. the residual of ‘x’ factor

26) A test is conducted in eight cities to see if giving away free transit system maps will increase bus ridership. In a regression analysis, the dependent variable is the increase in bus ridership in thousands of persons from the start of the test until its conclusion. The independent variables are X1 = the number in thousands of free maps distributed and X2 = a binary equal to 1, if the city has free downtown parking and 0 otherwise. The estimated regression equation is Y = 1.32+.0345X1-1.45X2. If the Y value for city 3 is 7.3, X1 = 140, and X2 = 0 the residual for city 3 in thousands is:

A. 6.34
B. 1.15
C. .57
D. 2.01

27) The following linear trend equation was developed for the annual sales of the Tractor Manufacturing Company. Y’ = 355 + 50t in thousands of dollars. How much are sales increasing by?

A. $50,000 per year
B. $5,00 per month
C. $500,000 per year
D. $6,000 per year

28) The time series component that reflects variability over short, repetitive time periods that last less than one year is called

A. long-term trend
B. cyclical variation
C. seasonal variation
D. irregular variation

29) A research company has been hired by a realty company to do an analysis of heating cost of homes in the region. The realty company wanted to be able to predict the heating cost of a typical single-family home. The realty company was constantly being asked questions regarding heating costs by potential home buyers. It was believed that these variables would impact heating costs (Y’): mean daily outdoor temperature (X1), the number of inches of insulation (X2), and the age in years of the furnace (X3). The multiple regression analysis produced the following regression equation: Y’ = 427.2 – 4.58X1 – 14.83X2 + 6.10X3. Which statement is correct based on this analysis?

A. The age of the furnace has an indirect relationship with heating costs.
B. There is an inverse relationship between outdoor temperature and heating costs.
C. There is no real clear relationship between these variables.
D. There exists a direct relationship between inches of insulation and heating costs.

30) If we fit a linear trend to data that are growing exponentially,

A. the fitted trend will be too high at the end
B. the forecasts, if extrapolated, will be too low
C. the forecasts, if extrapolated, will be too high
D. the fitted trend will be too low in the middle

 

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RES 342 1

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ACCT 505 Managerial Accounting Week 2 Job Order and Process Costing Systems Quiz Answer

ACCT 505 Managerial Accounting Week 2 Job Order and Process Costing Systems Quiz Answer

ACCT-505 Managerial Accounting_Week 2 Job Order and Process Costing Systems – Quiz

Set 1

1. Question : (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system?

: A steel factory that processes iron ore into steel bars

A factory that processes sugar and other ingredients into black licorice
A costume maker that makes specialty costumes for figure skaters
All of these

2. Question : (TCO F) Process costing would be appropriate for each of the following except:

: custom furniture manufacturing.

oil refining.

grain milling.

newsprint production.

3. Question : (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows:
Units Material Cost
Work in process on October 1 6,000 $3,000
Units started in October 50,000 $25,560
Units completed and transferred to next Department during October 44,000

What was the materials cost of work in process at on October 31?

4. Question : (TCO F) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to:

: Raw Materials Inventory.

Work in Process Inventory

Finished Goods Inventory

Manufacturing Overhead

5. Question : (TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a:

: debit to Raw Materials of $74,000.

debit to Work in Process of $68,000.

credit to Manufacturing Overhead of $6,000.

debit to Work in Process of $74,000.

6. Question : (TCO F) Valles Corporation had $22,000 of raw materials on hand on February 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a:

: credit to Raw Materials of $97,000.

debit to Raw Materials of $97,000.

credit to Raw Materials of $75,000.

debit to Raw Materials of $75,000.

1. Question : (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:

i. Brick manufacturer
ii. Contract printer that produces posters, books, and pamphlets to order
iii. Natural gas production company
iv. Dairy farm
v. Coal mining company
vi. Specialty coffee roaster (roasts small batches of specialty coffee beans)

For each company, indicate whether the company is most likely to use job-order costing or process costing.

2. Question : (TCO F) Job 484 was recently completed. The following data have been recorded on its job cost sheet:
Direct materials $57,240
Direct labor hours 1,692 DLHs
Direct labor wage rate $12 per DLHS
Number of units completed 3,600 units

The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $24 per direct labor-hour.

Compute the unit product cost that would appear on the job cost sheet for this job.

3. Question : (TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information:
Units Materials Conversion
Work in process. Jan. 1 (80% complete with respect to conversion costs) 100,000 $100,000 $157,500
Units started into production 500,000
Costs added during the year:
Materials $650,000
Conversion $997,500
Units completed during the year 450,000

The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.

Required:

i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.

ii. Determine the cost transferred to finished goods.

iii. Determine the amount of cost that should be assigned to the ending work in process inventory.

4. Question : (TCO F) Weisinger Corporation has provided the following data for the month of January:
Inventories Beginning Ending
Raw materials $28,000 $29,000
Work In process $16,000 $14,000
Finished goods $42,000 $54,000

Additional Information
Raw material purchases $56,000
Direct labor costs $87,000
Manufacturing overhead cost incurred $51,000
Indirect materials included in manufacturing overhead costs incurred $3,000
Manufacturing overhead cost applied to work in process $55,000

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.

Set 2

Question 1. 1. (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? (Points : 5)
A steel factory that processes iron ore into steel bars
A factory that processes sugar and other ingredients into black licorice
A costume maker that makes specialty costumes for figure skaters
All of these

Question 2. 2. (TCO F) Luft Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:

Units Percent Complete with respect to Conversion
Beginning work in process inventory 11,000 90%
Started in production during June 58,000
Ending work in process inventory 17,000 10%

According to the company’s records, the conversion cost in beginning work in process inventory was $79,893 at the beginning of June. Additional conversion costs of $343,830 were incurred in the department during the month.

What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.) (Points : 5)
$8.070
$7.891
$5.928
$4.584

Question 3. 3. (TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company’s processing departments for a recent month:

Units Material Cost
Beginning work in process 30,000 $22,000
Started during the month 80,000 $72,000
Units completed 85,000
Ending work in process 25,000

All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to: (Points : 5)
$0.86
$0.90
$1.10
$1.18

Question 4. 4. (TCO F) Which of the following accounts is debited when direct labor is recorded? (Points : 5)
Work in process
Salaries and wages expense
Salaries and wages payable
Manufacturing overhead

Question 5. 5. (TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a: (Points : 5)
debit to Raw Materials of $74,000.
debit to Work in Process of $68,000.
credit to Manufacturing Overhead of $6,000.
debit to Work in Process of $74,000.

Question 6. 6. (TCO F) During February, Degan Inc. transferred $60,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $65,000. The journal entries to record these transactions would include a: (Points : 5)
debit to Finished Goods of $65,000.
credit to Cost of Goods Sold of $65,000.
credit to Work in Process of $60,000.
credit to Finished Goods of $60,000.

Page 2
Question 1. 1. (TCO F) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. A number of companies in different industries are listed below:

i. Custom boat builder
ii. Frozen cranberry juice processor
iii. Concrete block manufacturer
iv. Winery that produces a number of varietal wines
v. Aluminum refiner that makes aluminum ingots from bauxite ore

For each company, indicate whether the company is most likely to use job-order costing or process costing.
(Points : 15)

Question 2. 2. (TCO F) Job 728 was recently completed. The following data have been recorded on its job cost sheet:

Direct materials $81,000
Direct labor hours 1,220 labor hours
Direct labor wage rate $15 per labor-hour
Machine Hours 1,520 machine hours
Number of units completed 4,400 units

The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $16 per machine-hour.

Compute the unit product cost that would appear on the job cost sheet for this job. (Points : 15)

Question 3. 3. (TCO F) Harmon Company uses the weighted-average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month of November.
Units Percentage complete with respect to conversion
Work in process, November 1 10,000 80%
Units started 28,000
Completed and transferred out 30,000
Work in process, November 30 8,000 30%

Costs for November Materials Conversion
Work in process, November 1 $34,500 $48,600
Added during the month $146,000 $194,400

All materials are added at the beginning of the process.

Required: Compute the following items using the weighted-average method:

i. The equivalent units of production for materials.

ii. The cost per equivalent unit for conversion.

iii. The total cost assigned to units transferred out of the Curing Department during November.

iv. The cost assigned to work in process inventory as of November 30. (Points : 15)

Question 4. 4. (TCO F) Hunsicker Corporation has provided the following data for the month of January:

Inventories Beginning Ending
Raw materials $30,000 $33,000
Work In process $20,000 $18,000
Finished goods $52,000 $60,000

Additional Information
Raw material purchases $63,000
Direct labor costs $92,000
Manufacturing overhead cost incurred $75,000
Indirect materials included in manufacturing overhead costs incurred $6,000
Manufacturing overhead cost applied to work in process $69,000

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.
(Points : 15)

Set 3

1. Question : (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is:
Student Answer:
the same as the number of units put into production.
less than the number of units put into production.
the same as the number of units completed.
less than the number of units completed.

2. Question : (TCO F) Which of the following companies would be most likely to use a job-order costing system rather than a process costing system?
Student Answer:
Fast food restaurant
Shipbuilding
Crude oil refining
Candy making
3. Question : (TCO F) Unizat Corporation uses the weighted-average method in its process costing system. The following information pertains to one of the company’s processing departments for a recent month:
Units Material Cost
Beginning work in process 30,000 $22,000
Started during the month 80,000 $72,000
Units completed 85,000
Ending work in process 25,000

All materials are added at the beginning of the process. The cost per equivalent unit for materials is closest to:

4. Question : (TCO F) Which of the following accounts is debited when direct labor is recorded?
Student Answer:
Work in process
Salaries and wages expense
Salaries and wages payable
Manufacturing overhead

5. Question : (TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a:
Student Answer:
debit to Raw Materials of $74,000.
debit to Work in Process of $68,000.
credit to Manufacturing Overhead of $6,000.
debit to Work in Process of $74,000.

6. Question : (TCO F) During February, Degan Inc. transferred $60,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $65,000. The journal entries to record these transactions would include a:

Student Answer:
debit to Finished Goods of $65,000.
credit to Cost of Goods Sold of $65,000.
credit to Work in Process of $60,000.
credit to Finished Goods of $60,000.

Page 2
1. Question : (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:
i. Brick manufacturer
ii. Contract printer that produces posters, books, and pamphlets to order
iii. Natural gas production company
iv. Dairy farm
v. Coal mining company
vi. Specialty coffee roaster (roasts small batches of specialty coffee beans)
For each company, indicate whether the company is most likely to use job-order costing or process costing.

2. Question : (TCO F) Job 827 was recently completed. The following data have been recorded on its job cost sheet:
Direct materials $61,050
Direct labor hours 1,332 labor hours
Direct labor wage rate $14 per labor-hour
Machine Hours 1,480 machine hours
Number of units completed 3,700 units
The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine-hour. Compute the unit product cost that would appear on the job cost sheet for this job.

3. Question : (TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information:
Units Materials Conversion
Work in process. Jan. 1 (80% complete with respect to conversion costs) 100,000 $100,000 $157,500
Units started into production 500,000
Costs added during the year:
Materials $650,000
Conversion $997,500
Units completed during the year 450,000
The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.
Required:
i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.
ii. Determine the cost transferred to finished goods.
iii. Determine the amount of cost that should be assigned to the ending work in process inventory.

4. Question : (TCO F) Burkhammer Inc. has provided the following data for the month of August. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
Work in Process Finished Goods Cost of Goods Sold Total
Direct Materials $2,260 $12,180 $81,480 $95,920
Direct Labor $1,900 $14,500 $97,000 $113,400
Manufacturing overhead applied $1,590 $6,890 $44,520 $53,000
Total $5,750 $33,570 $223,000 $262,320
Manufacturing overhead for the month was underapplied by $9,000.
The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.
Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.

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ACCT 505 Week 2

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MGMT 410 Human Resource Management Week 2 Case Study Off the Job Behaviors A+ Answer

MGMT 410 Human Resource Management Week 2 Case Study Off-the-Job Behaviors_Complete Answer

Behaviors Human Off-the-Job Resource Management MGMT410 1. Do you believe Oilers employee rights were violated? Explain your position. I think that Amendment 1 of the United States Constitution say it best, AMENDMENTS TO THE CONSTITUTION OF THE UNITED STATES OF AMERICA – AMENDMENT [I.] 2 Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances. http://www.gpo.gov/fdsys/pkg/GPO-CONAN-1992/pdf/GPO-CONAN-1992-7.pdf . Mr. Peter Oiler certainly has unique situation that he/she has to contend with. But by virtue of the amount of negative publicity that the food chain, Winn Dixie would have to contend with, I think that they made a wise decision. Case-and-Point; say for instance, Mr. Oiler was on a normal outing and decided that he wanted to drink a little. Hes dress in his finest dress while at the Shady Grove Bar and Grill, when all of a sudden, someone from Winn Dixie recognizes him. They start a conversation and a fight ensues. Mr. Oiler and his co-worker are eventually pulled apart, but the damages are insurmountable. The owners of Shady Grove Bar and Grill, through a police report fine that Mr. Oiler is employed at Winn Dixie, and file a Class-Action Suit against the corporation. The fact of the matter is, no one cares who you are, until they find out that you work for a large corporation. From a Human Resources perspective, I feel that we are all under the gun. For every action that you take, there is a equally and determining reaction. In this world of recessions and downsizing, every employee has to really think about the consequences that surrounds their offthe Job behaviors. Im not saying that Mr. Oiler is right or wrong in his actions, but the bottom line is, that employers can let you go sometimes and not even have a legitimate reason. So why would you want to put any undue stress or pressure on yourself. 2. What do you see as the consequences of organizations that punish employees for certain offthe-job behaviors? Explain.

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