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This individual project is designed for you to explore the implications of managerial accounting. The project will require organization, critical thinking, good written communication skills, and an understanding of advanced managerial accounting concepts. The project is graded for completeness, professionalism, and accuracy (as well as the usual elements of grammar and style). Be sure to thoroughly address all of the requirements outlined and offer complete support for your discussions and responses. Total points for this project are 100. This is an individual projectand the final product is your individual responsibility. To avoid plagiarism: ? Always make note of the source(s) used. ? Use quotations when text is directly excerpted from a source. ? When paraphrasing read the original passage several times. Get a complete understanding of the content and the context of the passage. Use your own words to reflect the idea of the passage (still cite the source). ? Ask a friend or family member to proofread your work and the sources used. DUE DATE: You have four weeks to complete this assignment. Plan your time accordingly. Having a plan will help to ensure that the assignment is completed on time with thoughtful professional quality. Your completed paper must be submitted on or before April 25 at 11:59 p.m. REQUIREMENTS Read all of the following carefully. This assignment consists of five (5) independent questions. The questions presented address the various topics covered throughout this course. You are required to provide complete and thorough responses to these questions and demonstrate your comprehension of the course material and its applicability to business. Some questions contain multiple parts. Clearly labelALL of your responses to correspond with the questions and each part. I will NOT try to match responses with questions if they are not appropriately labeled. Turn It In, software used to assess plagiarism, will be used. Please make sure that your work is your own. Work that is deemed plagiarized, copied, not original, or not authentic will NOT be graded. A title page is required. Late assignments will not be accepted. Note that this assignment cannot be successfully completed the night before it is due! FORMATTING INSTRUCTIONS FOR ACCT. 525 PAPER In addition to the general guidelines provided for submitting your responses to the assigned questions, please use the following when formatting your document. – Start with a title page which will show your name and student ID number. – Include a header on every other page which ONLY has your student ID number. Your name must not be shown on any page other than the title page. – The response to each question must begin on a new page. You can use the page break function to separate your pages. Citations should appear below your response to each question. – Submit ONLY ONE WORD DOCUMENT. Your entire response must be contained in this one word document. – Use a standard size font, 12 point. – Where a written response is required, it should not exceed the requested length of the response. For example, a paragraph should not exceed half a page. – Always show your calculations in your response, not just the final answer. – Do NOT include the wording of the question in your response. You should respond as illustrated below, using question 1 (a) as an example: 1 (a) Your response will start here. The paper starts on the next page below: ACCT. 525 TERM PAPER SPRING 2014 1.Stewart Inc. uses a process cost system and the weighted-average cost flow assumption. Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of 20,000 units which were 60% complete and had a cost of $175,000, $145,000 of which were material costs. During March, the following occurred: Materials added $305,000 Conversion costs incurred $120,000 Completed units transferred out in March 65,000 Units in ending work in process March 31 (40% complete) 25,000 Instructions: (15 points) Answer the following questions and show the computations that support your answers. (a) What are the equivalent units of production for materials and conversion costs in the Fabricating Department for the month of March? (b) What are the costs assigned to the ending work in process inventory on March 31? (c) What are the costs assigned to units completed and transferred out during March? 2.Davis Inc. uses a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: 1. Direct materials requisitioned during the month: Job 101 $20,000 Job 102 16,000 Job 103 24,000 $60,000 2. Direct labor incurred and charged to jobs during the month was: Job 101 $30,000 Job 102 28,000 Job 103 20,000 $78,000 3. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 75% of direct labor costs. 4. Actual manufacturing overhead costs incurred during the month amounted to $66,000. 5. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were completed during the month. Instructions: (28 points) (a) Prepare journal entries to record the above transactions. (b) How much manufacturing overhead was applied to Job 103 during the month? (c) Compute the unit cost of Jobs 101 and 103. (d) What is the balance in Work In Process Inventory at the end of the month? (e) Determine if manufacturing overhead was under- or over-applied during the month. How much? 3.Campbell Inc. is a small manufacturer that uses machine-hours as its activity base for assigning overhead costs to jobs. The company estimated the following amounts for 2013 for the company and for Job 62: Company Job 62 Direct materials $60,000 $4,500 Direct labor $25,000 $2,500 Manufacturing overhead costs $72,000 Machine hours 80,000 1,350 During 2013, the actual machine-hours totaled 84,000, and actual overhead costs were $71,000. Instructions: (18 points) (a) Compute the predetermined overhead rate. (b) Compute the total manufacturing costs for Job 62. (c) How much overhead is over or under applied for the year for the company? State the dollar amount and whether it is over- or under applied. (d) If Campbell Inc. sells Job 62 for $14,000, compute the gross profit. 4.Write a paragraph explaining the difference between absorption and variable costing. (15 points) 5.The comparative balance sheets for Ashley Company as of December 31 are presented below. ASHLEY COMPANY Comparative Balance Sheets December 31 Assets 2013 2012 Cash $70,600 $45,220 Accounts receivable 43,599 61,607 Inventory 151,897 141,806 Prepaid expenses 15,290 21,335 Land 105,700 130,600 Equipment 228,359 155,043 Acc. depr. – equipment (45,192) (35,358) Building 199,500 199,500 Acc. depr. – building (59,850) (39,900) Total $709,903 $679,853 Liabilities and Stockholders’ Equity Accounts payable $47,460 $39,754 Bonds payable 261,050 300,300 Common stock, $1 par 197,650 158,400 Retained earnings 203,743 181,399 Total $709,903 $679,853 Additional information: Operating expenses include depreciation expense of $41,747 and charges from prepaid expenses of $6,045. Land was sold for cash at book value. Cash dividends of $14,684 were paid. Net income for 2011 was $37,028. Equipment was purchased for cash. In addition, equipment costing $22,162 with a book value of $10,199 was sold for $6,272 cash. Bonds were converted at face value by issuing 39,250 shares of $1 par value common stock. Instructions: (24 points)Prepare a statement of cash flows for the year ended December 31, 2013, using the indirect method

This individual project is designed for you to explore the implications of managerial accounting. The project will require organization, critical thinking, good written communication skills, and an understanding of advanced managerial accounting concepts.

 

The project is graded for completeness, professionalism, and accuracy (as well as the usual elements of grammar and style). Be sure to thoroughly address all of the requirements outlined and offer complete support for your discussions and responses. Total points for this project are 100.

 

This is an individual projectand the final product is your individual responsibility.

 

To avoid plagiarism:

? Always make note of the source(s) used.

? Use quotations when text is directly excerpted from a source.

? When paraphrasing read the original passage several times. Get a complete understanding of the content and the context of the passage. Use your own words to reflect the idea of the passage (still cite the source).

? Ask a friend or family member to proofread your work and the sources used.

DUE DATE:

You have four weeks to complete this assignment. Plan your time accordingly. Having a plan will help to ensure that the assignment is completed on time with thoughtful professional quality. Your completed paper must be submitted on or before April 25 at 11:59 p.m.

REQUIREMENTS

Read all of the following carefully.

 

This assignment consists of five (5) independent questions. The questions presented address the various topics covered throughout this course. You are required to provide complete and thorough responses to these questions and demonstrate your comprehension of the course material and its applicability to business.

 

Some questions contain multiple parts. Clearly labelALL of your responses to correspond with the questions and each part. I will NOT try to match responses with questions if they are not appropriately labeled.

 

Turn It In, software used to assess plagiarism, will be used. Please make sure that your work is your own. Work that is deemed plagiarized, copied, not original, or not authentic will NOT be graded.

A title page is required.

Late assignments will not be accepted.

Note that this assignment cannot be successfully completed the night before it is due!

FORMATTING INSTRUCTIONS FOR ACCT. 525 PAPER

In addition to the general guidelines provided for submitting your responses to the assigned questions, please use the following when formatting your document.

– Start with a title page which will show your name and student ID number.

– Include a header on every other page which ONLY has your student ID number. Your name must not be shown on any page other than the title page.

– The response to each question must begin on a new page. You can use the page break function to separate your pages. Citations should appear below your response to each question.

– Submit ONLY ONE WORD DOCUMENT. Your entire response must be contained in this one word document.

– Use a standard size font, 12 point.

– Where a written response is required, it should not exceed the requested length of the response. For example, a paragraph should not exceed half a page.

– Always show your calculations in your response, not just the final answer.

– Do NOT include the wording of the question in your response. You should respond as illustrated below, using question 1 (a) as an example:

1 (a) Your response will start here.

The paper starts on the next page below:

ACCT. 525 TERM PAPER SPRING 2014

1.Stewart Inc. uses a process cost system and the weighted-average cost flow assumption. Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of 20,000 units which were 60% complete and had a cost of $175,000, $145,000 of which were material costs. During March, the following occurred:

Materials added $305,000

Conversion costs incurred $120,000

Completed units transferred out in March 65,000

Units in ending work in process March 31 (40% complete) 25,000

Instructions: (15 points)

Answer the following questions and show the computations that support your answers.

(a) What are the equivalent units of production for materials and conversion costs in the Fabricating Department for the month of March?

(b) What are the costs assigned to the ending work in process inventory on March 31?

(c) What are the costs assigned to units completed and transferred out during March?

2.Davis Inc. uses a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations:

1. Direct materials requisitioned during the month:

Job 101 $20,000

Job 102 16,000

Job 103 24,000

$60,000

2. Direct labor incurred and charged to jobs during the month was:

Job 101 $30,000

Job 102 28,000

Job 103 20,000

$78,000

3. Manufacturing overhead was applied to jobs worked on using a predetermined overhead rate based on 75% of direct labor costs.

4. Actual manufacturing overhead costs incurred during the month amounted to $66,000.

5. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were completed during the month.

Instructions: (28 points)

(a) Prepare journal entries to record the above transactions.

(b) How much manufacturing overhead was applied to Job 103 during the month?

(c) Compute the unit cost of Jobs 101 and 103.

(d) What is the balance in Work In Process Inventory at the end of the month?

(e) Determine if manufacturing overhead was under- or over-applied during the month. How much?

3.Campbell Inc. is a small manufacturer that uses machine-hours as its activity base for assigning overhead costs to jobs. The company estimated the following amounts for 2013 for the company and for Job 62:

Company Job 62

Direct materials $60,000 $4,500

Direct labor $25,000 $2,500

Manufacturing overhead costs $72,000

Machine hours 80,000 1,350

During 2013, the actual machine-hours totaled 84,000, and actual overhead costs were $71,000.

Instructions: (18 points)

(a) Compute the predetermined overhead rate.

(b) Compute the total manufacturing costs for Job 62.

(c) How much overhead is over or under applied for the year for the company? State the dollar amount and whether it is over- or under applied.

(d) If Campbell Inc. sells Job 62 for $14,000, compute the gross profit.

4.Write a paragraph explaining the difference between absorption and variable costing. (15 points)

 

 

 

 

 

 

 

5.The comparative balance sheets for Ashley Company as of December 31 are presented below.

 

ASHLEY COMPANY
Comparative Balance Sheets
December 31
Assets 2013 2012
Cash $70,600 $45,220
Accounts receivable 43,599 61,607
Inventory 151,897 141,806
Prepaid expenses 15,290 21,335
Land 105,700 130,600
Equipment 228,359 155,043
Acc. depr. – equipment (45,192) (35,358)
Building 199,500 199,500
Acc. depr. – building (59,850) (39,900)
Total $709,903 $679,853
Liabilities and Stockholders’ Equity
Accounts payable $47,460 $39,754
Bonds payable 261,050 300,300
Common stock, $1 par 197,650 158,400
Retained earnings 203,743 181,399
Total $709,903 $679,853

Additional information:

  1. Operating expenses include depreciation expense of $41,747 and charges from prepaid expenses of $6,045.
  2. Land was sold for cash at book value.
  3. Cash dividends of $14,684 were paid.
  4. Net income for 2011 was $37,028.
  5. Equipment was purchased for cash. In addition, equipment costing $22,162 with a book value of $10,199 was sold for $6,272 cash.
  6. Bonds were converted at face value by issuing 39,250 shares of $1 par value common stock.

Instructions: (24 points)Prepare a statement of cash flows for the year ended December 31, 2013, using the indirect method

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