# Accounting homework help

Accounting homework help. Wk 1 – Apply: Connect Assignment, Week 1 [due Mon]
Item1

 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 \$ 85,000 Purchases of raw materials \$ 130,000 Manufacturing overhead \$ 203,000 Advertising expense \$ 41,000 Sales salaries \$ 104,000 Depreciation, office equipment \$ 229,000

 Beginning of the Year End of the Year Inventories: Raw materials \$ 8,700 \$ 10,100 Work in process \$ 5,900 \$ 20,300 Finished goods \$ 78,000 \$ 25,300

 Required:

 1. Prepare a schedule of cost of goods manufactured.

 MASON COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use 0 Raw materials used in production \$0 Total manufacturing costs 0 0 Cost of goods manufactured \$0

2. Prepare the cost of goods sold section of Mason Company’s income statement for the year.

 MASON COMPANY Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale 0 Cost of goods sold \$0

Item2

 Arden Company reported the following costs and expenses for the most recent month:

 Direct materials \$ 85,000 Direct labor \$ 47,000 Manufacturing overhead \$ 24,000 Selling expenses \$ 27,000 Administrative expenses \$ 40,000

 Required:

1. What is the total amount of product costs?

 Total product costs

 2 What is the total amount of period costs?

 Total period costs

 3 What is the total amount of conversion costs?

 Total conversion costs

 4 What is the total amount of prime costs?

 Total prime costs

Item3

 Mickley Company’s predetermined overhead rate is \$20.00 per direct labor-hour and its direct labor wage rate is \$14.00 per hour. The following information pertains to Job A-500:

 Direct materials \$240 Direct labor \$140

 Required:

1. What is the total manufacturing cost assigned to Job A-500?

 Total manufacturing cost

2. If Job A-500 consists of 80 units, what is the average cost assigned to each unit included in the job? (Round your answer to 2 decimal places.)

 Average cost per unit

Item4

 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 81,000 85 % 50 % Work in process inventory, May 31 61,000 60 % 30 % Materials cost in work in process inventory, May 1 \$ 63,000 Conversion cost in work in process inventory, May 1 \$ 18,800 Units started into production 254,400 Units transferred to the next production department 274,400 Materials cost added during May \$ 428,380 Conversion cost added during May \$ 270,973

 Required:

 1 Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for May for the first process.

 Materials Conversion Equivalent units of production

 2 Compute the costs per equivalent unit for May for the first process. (Round your answers to 2 decimal places.)

 Materials Conversion Cost per equivalent unit

 3 Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in May. (Round your intermediate calculations to 2 decimal places.)

 Total Cost of ending work in process inventory Cost of units completed and transferred out

Garrison 15e Recheck 2014-12-17

1. Managerial Accounting helps managers perform

1. A) Multiple Choice
2. B) Planning
3. C) Decision-making
4. D) All of the above
5. E) Controlling

6.Managerial Accounting creates reports for managers within the organization while financial accounting creates reports outside the organization.
True or False
Top of Form
True or False
Bottom of Form
7.The IMA Statement of Ethical Professional Practice standards include all of the following EXCEPT:
Check All That Apply
Top of Form

Honesty

Credibility

Confidence

Competence

8.Check All That Apply
Which of the following are forms of detective internal control?Top of Form

• Relating data sets to one another to identify and resolve discrepancies.
• Comparing actual performance to various benchmarks to identify unexpected results.
• Maintaining written and/or electronic evidence to support transactions.
.
• Putting passwords on a computer to restrict access.

Bottom of Form

• Bottom of Form

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