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University of Maryland ACCT ACCT 321 Actual results for the year were the following: Total direct labor hours 6,750 Total indirect labor hours 1,300 Direct costs $35,000 Total indirect…

From the following budgeted data, calculate the budgeted indirect cost rate that would be used in a normal costing system.
Actual results for the year were the following:
Total direct labor hours            6,750
Total indirect labor hours            1,300
Direct costs$35,000
Total indirect labor related costs$60,000
Total indirect nonlabor related costs$75,000
The budgeted indirect cost rate is:
Answer:

University of Maryland ACCT ACCT 321 As part of its analysis of the profitability of individual products, the controller estimates the amount of overhead that should be allocated to the…

Zeta Company is preparing its annual profit plan. As part of its analysis of the profitability of individual products, the controller estimates the amount of overhead that should be allocated to the individual product lines from the information given in the next column:
Wall MirrorsSpecialty Windows
Units produced5015
Material moves per product line317
Direct labor hours per unit644
Budgeted materials handling costs$25,000
Under a costing system that allocates overhead on the basis of direct labor hours, Zeta’s materials handling costs allocated to one unit of wall mirrors would be
Answer:

 

Under activity-based costing (ABC) using material moves per product line, Zeta’s materials handling costs allocated to one unit of wall mirrors would be
Answer:

University of Maryland ACCT ACCT 321 The inspection as of June 30 revealed the following information for the month of June: Good units completed 26,000 Normal spoilage (units) 90…

A firm uses a process-costing system and inspects its goods at the end of manufacturing. The inspection as of June 30 revealed the following information for the month of June:
Good units completed                                                 26,000
Normal spoilage (units)                                                          90
Abnormal spoilage (units)                                                    2,000
Unit costs were: materials, $12.00 and conversion costs, $9.50. The number of units that the firm would transfer to its finished goods inventory and the related cost of these units are:
Number of Units:

 

Cost:

University of Maryland ACCT ACCT 321 All direct materials are added at the beginning of the process and conversion costs are added proportionately. Levittown’s production quantity…

Levittown Company employs a process cost system for its manufacturing operations. All direct materials are added at the beginning of the process and conversion costs are added proportionately. Levittown’s production quantity schedule for November is reproduced in the next column.7
Work-in-process November 1(60% complete as to conversion costs)1,500
Units started during November5,500
Total units to account for7,000
Units completed and transferred out from beginning inventory1,500
Units started and completed during November3,500
Work-in-process on November 30(20% complete as to conversion costs)2,000
Total units accounted for7,000
Using the FIFO method, Levittown’s equivalent units for direct materials for November are
Answer:

 

Using the weighted-average method, Levittown’s equivalent units for direct materials for November are
Answer:

 

University of Maryland ACCT ACCT 321 Gemini Inc., has two service departments (the Systems Department and the Facilities Department) that provide support to the company’s three…

Fact pattern: Gemini Inc., has two service departments (the Systems Department and the Facilities Department) that provide support to the company’s three production departments (Machining Department, Assembly Department, and Finishing Department). The overhead costs of the Systems Department are allocated to other departments on the basis of computer usage hours. The overhead costs of the Facilities Department are allocated based on square feet occupied (in thousands). Other information pertaining to Logo is as follows:
ComputerSquare Feet
DepartmentOverheadUsage HoursOccupied
Systems $    355,000                    75             3,700
Facilities         71,000                  225             2,220
Machining      710,000                  900             7,400
Assembly      976,250                  300             1,050
Finishing   1,100,500                  220             1,800
Total              1,720           16,170
Logo employs the direct method of allocating service department costs. The overhead of the Facilities Department would be allocated by dividing the overhead amount by
Answer:

 

How much of the Systems overhead would the Assembly Department receive?
Answer:

University of Maryland ACCT ACCT 321 – The company produced 2,450 units and sold 2,475 units, both as budgeted. – There were no beginning or ending work-in-process inventories and no…

Consider the following information for Richardson Company for the prior year:
– The company produced 2,450 units and sold 2,475 units, both as budgeted.
– There were no beginning or ending work-in-process inventories and no beginning finished goods inventory.
– Budgeted and actual fixed costs were equal, all variable manufacturing costs were affected by production volume only, and all variable selling costs were affected by sales volume only.
– Budgeted per unit revenues and costs were as follows:
Per unit
Sales price$75
Direct materials9
Direct labor24
Other variable manufacturing costs11
Fixed selling costs6
Variable selling costs16
Fixed manufacturing costs6
Fixed administrative costs1
The contribution margin earned by Richardson for the prior year was

University of Maryland ACCT ACCT 321 Variable Variable Fixed Fixed manufacturing marketing manufacturing marketing cost cost cost cost $12.00 $11.60 $10.20 $11.35 A total of 175,000…

A cracker manufacturer has the following unit costs for the month of June:
VariableVariableFixedFixed
manufacturingmarketingmanufacturingmarketing
costcostcostcost
$12.00$11.60$10.20$11.35
A total of 175,000 units were manufactured during June, 2,500 of which remain in ending inventory. The manufacturer uses the first-in, first-out (FIFO) inventory method, and the 2,500 units are the only finished goods inventory at month end. Using the full absorption costing method, the manufacturer’s finished goods inventory value would be:

University of Maryland ACCT ACCT 321 All direct materials are added at the beginning of the process and conversion costs are added proportionately. Levittown’s production quantity…

Levittown Company employs a process cost system for its manufacturing operations. All direct materials are added at the beginning of the process and conversion costs are added proportionately. Levittown’s production quantity schedule for November is reproduced in the next column.7
Work-in-process November 1(60% complete as to conversion costs)1,500
Units started during November5,500
Total units to account for7,000
Units completed and transferred out from beginning inventory1,500
Units started and completed during November3,500
Work-in-process on November 30(20% complete as to conversion costs)2,000
Total units accounted for7,000
Using the FIFO method, Levittown’s equivalent units for direct materials for November are
Answer:

 

Using the weighted-average method, Levittown’s equivalent units for direct materials for November are
Answer:

 

University of Maryland ACCT ACCT 321 The Cost Accounting Software Memo Your Chief Financial Officer (CFO) has asked you to research Cost Accounting software for the manufacturing…

Your Chief Financial Officer (CFO) has asked you to research Cost Accounting software for the manufacturing industry.  You are to read and summarize three different types of Cost Accounting Software for management.  You can search for accounting software and terms from our course, e.g. job costing, ABC costing, etc.  You should consider job costing, process costing and activity-based costing. Read and summarize the results in a four paragraph article: one paragraph per software package and a summary paragraph.  The Memo includes the bibliographic reference for each article.   A good source for articles may be the Institute of Management Accountants (www.imanet.org) or a search through the UMGC library

 

University of Maryland ACCT ACCT 628 What new technology will affect auditing – what is your experience…

What new technology will affect auditing – what is your experience…

What new technology will affect auditing – what is your experience or what does your research tell you?

https://i.forbesimg.com/forbesinsights/kpmg_audit2025/KPMG_Audit_2025.pdf

 

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