PROBLEM 4–15 Brady Products_PROBLEM 4–17 Bohemian Links Inc and CASE 4–20 Durall Company

PROBLEM 4–15

Brady Products manufactures a silicone paste wax that goes through three processing departments—

Cracking, Blending, and Packing. All raw materials are introduced at the start of work in the Cracking

Department. The Work in Process T-account for the Cracking Department for a recent month is

given below:

Work in Process—Cracking Department

Inventory, May 1 63,700 Completed and transferred

Materials 397,600 to the Blending Department ?

Conversion 187,600

Inventory, May 31 ?

The May 1 work in process inventory consisted of 35,000 pounds with $43,400 in materials cost

and $20,300 in conversion cost. The May 1 work in process inventory was 100% complete with

respect to materials and 80% complete with respect to conversion. During May, 280,000 pounds

were started into production. The May 31 inventory consisted of 45,000 pounds that were 100%

complete with respect to materials and 60% complete with respect to conversion. The company

uses the weighted-average method to account for units and costs

Required:

1. Determine the equivalent units of production for May.

2. Determine the costs per equivalent unit for May.

3. Determine the cost of the units completed and transferred to the Blending Department during

May.

 

PROBLEM 4–17 Comprehensive Problem; Second Production Department—Weighted-Average

Method [LO2, LO3, LO4, LO5]

Bohemian Links Inc. produces sausages in three production departments—Mixing, Casing and

Curing, and Packaging. In the Mixing Department, meats are prepared and ground and then mixed

with spices. The spiced meat mixture is then transferred to the Casing and Curing Department,

where the mixture is force-fed into casings and then hung and cured in climate-controlled smoking

chambers. In the Packaging Department, the cured sausages are sorted, packed, and labeled. The company uses the weighted-average method in its process costing system. Data for April for the

Casing and Curing Department follow:

 

Percent Completed

Units Mixing Materials Conversion

Work in process inventory, April 1 . . . . . . . . . 1 100% 60% 50%

Work in process inventory, April 30 . . . . . . . . 1 100% 20% 10%

Mixing Materials Conversion

Work in process inventory, April 1 . . . . . . . . . $1,640 $26 $105

Cost added during April . . . . . . . . . . . . . . . . $94,740 $8,402

 

Mixing cost represents the costs of the spiced meat mixture transferred in from the Mixing Department.

The spiced meat mixture is processed in the Casing and Curing Department in batches; each

unit in the above table is a batch, and one batch of spiced meat mixture produces a set amount of

sausages that are passed on to the Packaging Department. During April, 60 batches (i.e., units)

were completed and transferred to the Packaging Department.

Required:

1. Determine the equivalent units for April for mixing, materials, and conversion. Do not round

off your computations.

2. Compute the costs per equivalent unit for April for mixing, materials, and conversion.

3. Determine the total cost of ending work in process inventory and the total cost of units transferred

to the Packaging Department in April.

4, Prepare a cost reconciliation report for the Casing and Curing Department for April.

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CASE 4–20 Second Department—Weighted-Average Method [LO2, LO3, LO4]

Durall Company manufactures a plastic gasket that is used in automobile engines. The gaskets go

through three processing departments: Mixing, Forming, and Stamping. The company’s accountant

(who is very inexperienced) has prepared a summary of production and costs for the Forming

Department for October as follows:

 

Forming Department costs:

Work in process inventory, October 1, 8,000 units:

materials 100% complete; conversion 7?8 complete . . . . . . . . $ 22,420*

Costs transferred in from the Mixing Department . . . . . . . . . . . 81,480

Material added during October (added when processing

is 50% complete in the Forming Department) . . . . . . . . . . . . 27,600

Conversion costs added during October . . . . . . . . . . . . . . . . . . 96,900

Total departmental costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $228,400

Forming Department costs assigned to:

Units completed and transferred to the Stamping

Department, 100,000 units at $2.284 each . . . . . . . . . . . . . . $228,400

Work in process inventory, October 31, 5,000 units:

conversion 2?5 complete . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —

Total departmental costs assigned . . . . . . . . . . . . . . . . . . . . . . . . $228,400

*Consists of cost transferred in, $8,820; materials cost, $3,400; and conversion costs,

$10,200.

After mulling over the data above, Durall’s president commented, “I can’t understand what’s

happening here. Despite a concentrated effort at cost reduction, our unit cost actually went up in

the Forming Department last month. With that kind of performance, year-end bonuses are out of

the question for the people in that department.”

The company uses the weighted-average method in its process costing.

Required:

1. Prepare a report for the Forming Department for October showing how much cost should have

been assigned to the units completed and transferred to the Stamping Department and to the

ending work in process inventory.

2. Explain to the president why the unit cost appearing on the report prepared by the accountant

is so high.

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$10.98 Accounting Questions

1. (TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $9,000. During 2010 rent payments of $110,000 were made and charged to rent expense. The 2010 income statement shows as a general expense the item rent expense in the amount of $111,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit. (Points: 10) Question 2. 2. (TCO B) Adjusting Entries: Retained Earnings at 1/1/10 was $0 and at 12/31/10 was $400,000. During 2010, cash dividends of $50,000 were paid and a stock dividend of $100,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr for debit and Cr for credit. (Points : 10) Question 3. 3. (TCO C) Presented below is information related to Big Blast Company. Retained earnings, December 31, 2010 $ 2,350,000 Sales 2,600,000 Selling and administrative expenses 240,000 Earthquake loss (pre-tax) on plant (extraordinary item) 250,000 Cash dividends declared on common stock 53,600 Cost of good sold 1,000,000 Gain resulting from computation error on depreciation charge in 2009 (pre-tax) 520,000 Other revenue 80,000 Other expenses 50,000 Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 100,000 shares of common stock were outstanding during the year. (Points: 40) Question 4. 4. (TCO D) The following balance sheet was prepared by the bookkeeper for Blue Company as of December 31, 2011 Blue Company. Balance Sheet as of December 31, 2011 is as follows. Cash $90,000 Accounts payable $75,000 Accounts receivable (net) 42,200 Long-term liabilities 100,000 Inventories 57,000 Stockholders equity 218,500 Investments 76,300 Equipment (net) 96,000 Patents 32,000 $393,500 $393,500 The following additional information is provided: (1) Cash includes the cash surrender value of a life insurance policy $5,000 and a bank overdraft of $4,000 has been deducted. (2)The net accounts receivable balance includes: (a) accounts receivable debit balances $50,000; (b) accounts receivable credit balances $0; and (c) allowance for doubtful accounts $3,800. (3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods. (4) Investments include investments in common stock, trading $13,000, available-for-sale $46,300, and franchises $17,000. (5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. Instructions: Prepare a balance sheet in good form (stockholders equity details can be omitted). Do not worry about balancing the statement but rather use your time to compute the account balances properly for presentation purposes. (Points : 40) Question 5. 5. (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $3,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors. 9 Periods 10 Periods 11 Periods Future Value of 1 1.99900 2.15892 2.33164 Present Value of 1 .50025 .46319 .42888 Future Value of 12.48756 14.48656 16.64549 Ordinary Annuity of 1 Present Value of 6.24689 6.71008 7.13896 Ordinary Annuity of 1 Present Value of 6.74664 7.24689 7.71008 Annuity Due of 1 Instructions (a) Assuming the computer has an 11-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John? (b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period? (Points: 25) ? Question 6. 6. (TCO F) Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records. MARCH 31 BANK RECONCILIATION Balance per bank $26,746 Add: Deposits in transit 2,100 Deduct: Outstanding checks (3,800) Balance per books $25,046 Month of April Results Per Bank Per Books Balance April 30 $27,995 $24,355 April deposits 8,864 13,889 April checks 13,100 14,080 April note collected 3,000 -0- (not included in April deposits) April bank service charge 35 -0- April NSF check of a customer returned by the bank (recorded by bank as a charge) 900 -0- Instructions Calculate the amount of the April 30 (1) deposits in transit; and (2) outstanding checks. Show all your work for potential partial credit. (Points: 25) Question 7. 7. (TCO G) Rye Company was formed on December 1, 2010. The following information is available from Ryes inventory record for Product Bread. Units Unit Cost January 1, 2011 (beginning inventory) 1,700 $17.00 Purchases: January 5, 2011 2,600 $20.00 January 25, 2011 2,400 $21.00 February 16, 2011 1,000 $22.00 March 15, 2011 2,100 $25.00 A physical inventory on March 31, 2011, shows 3,000 units on hand. Instructions: Prepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods. (a) FIFO (b) LIFO (c) Weighted-average Show supporting computations in good form. (Points : 40) Question 8. 8. (TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage value is $50,000 and its expected life is 8 years. Instructions: Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used. (a) Straight-line for 2010 (b) Double-declining balance for 2011 (c) Sum-of-the-years-digits for 2011 (Points : 40)

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Helix Company_Standard Cosy_Variances

Helix Company produces several products in its factory, including a karate robe. The company uses a standard cost system to assist in the control of costs. According to the standards that have been set for the robes, the factory should work 780 direct labor-hours each month and produce 1,950 robes. The standard costs associated with this level of production are as follows:
Total Per Unit of Product
Direct materials . . . . . . . . . . . . . . . . . . $35,490 $18.20
Direct labor . . . . . . . . . . . . . . . . . . . . . . $7,020 3.60
Variable manufacturing overhead (based on
direct labor-hours) . . . . . . . . . . . . . . . . .$2,340 1.20
$23.00

During April, the factory worked only 760 direct labor-hours and produced 2,000 robes. The following actual costs were recorded during the month:

Total Per Unit of Product
Direct materials (6,000 yards) . . . . . . .$36,000 $18.00
Direct labor . . . . . . . . . . . . . . . . . . . . . . $7,600 3.80
Variable manufacturing overhead . . . . $3,800 1.90
$23.70
=====

At standard, each robe should require 2.8 yards of material. All of the materials purchased during the month were used in production.

Required:
Compute the following variances for April:
1. The materials price and quantity variances.
2. The labor rate and efficiency variances.
3. The variable manufacturing overhead rate and efficiency variances

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Guiltier Corporation_uncollectible accounts

Guiltier Corporation uses allowance method to accounts uncollectible accounts receivables. Credit terms for sales is n30 (net is due at 30 days).

Below is the company’s uncollectible policy:

· Monthly provision for uncollectible accounts is 2% of credit sales.

· Write-off of bad debts is debited to allowance for uncollectible accounts.

· If bad debt is recovered after being written off, the amount is credited to allowance for uncollectible accounts.

Below is information about credit sales, bad debt and uncollectible accounts. All accounts are shown in thousands.

· January 1, 2013, balance in allowance for uncollectible accounts was $130.

· Credit sales for the year was $9,000.

· As per policy, monthly provision for uncollectible accounts is 2% of credit sales was made throughout the year.

· Write-off of bad debts was $90.

· Recoveries of accounts previously written off was $15.

Aging Reports of accounts receivable based on months of sales is below. This was prepared on December 30, 2013 (the last day of sale for the year). All accounts are shown in thousands.

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Description Balance Estimated % Uncollectible

11/1/13-12/30/13 $1,080 2%

7/1/13 – 10/31/13 650 10%

1/1/2013-6/30/2013 420 25%

12/31/2012 150 80%

Total $2,300

On December 31, 2013, Guiltier Corporation’s accountant wrote off $60 from the 12/31/2012 accounts receivable balance. The estimated percentage uncollectible is applicable to the remaining balance after the write off.

Required:

a. Prepare a schedule as of December 31, 2013 showing the balance in the allowance for uncollectible accounts. Remember to include the write off on this date as described above.

b. Prepare journal-entry for the adjustment to allowance for uncollectible accounts on December 31, 2013.

c. Show how accounts receivables will be shown on Guiltier Corporation’s balance sheet on December 31, 2013.

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Fletcher Company_under- or over-applied overhead

Fletcher Company disposes of under- or over-applied overhead at year-end as an
adjustment to cost of goods sold. Prior to disposal, the firm reported cost of
goods sold of $590,000 in a year when manufacturing overhead was
under-applied by $15,000. If sales revenue totaled $1,400,000, determine

(1) Fletchers adjusted cost of goods sold and

(2) gross margin.

Adjusted Cost Gross Margin
of Goods Sold
A. $575,000 $810,000
B. $575,000 $825,000
C. $590,000 $810,000
D. $605,000 $795,000
E. $605,000 $810,000

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History

Paper instructions:This course has covered American history from the presidency of Andrew Johnson to George W. Bush. In this period, 26 men served as president. In an essay of 500-600 words, which president do you think left the boldest mark on American History? Why? Your essay should present the ev

Real-Time Corporation is a diversified company that uses an investment portfolio to manage its liquidity

Real-Time Corporation is a diversified company that uses an investment portfolio to manage its liquidity
and to enhance earnings. Their fiscal year ends on December 31. On October 1, 2010, its investment
portfolio consists of the following securities:
Date
Purchased
07/01/10

Issuer

Description

Cost

Maslow Company

1,000,000 shares of preferred
stock; will be held indefinitely

$20,000,000

Market Value
09/30/2010
$19,400,000

08/02/10

Cardinal
Publishing

250,000 shares of common stock;
will be held unless needed for
liquidity

$ 3,750,000

$ 4,500,000

09/30/10

Bardco Furniture

$10,000,000 face value, 8 percent
bonds, maturing April 15, 2019;
interest paid semi-annually on
October 15 and April 15; may be
sold if needed for liquidity purposes

$10,000,000

$10,000,000

Real-Time Corporation made all of the appropriate adjusting entries on September 30, 2010. During the
last quarter of 2010 and the first few days of 2011, Real-Time Corporation had the following investment
transactions:
2010
Oct 1

Purchased U.S. Treasury Bonds for $2,300,000; the bonds mature in 2012 and bear
interest at 5 percent, paid semiannually on September 30 and March 30. Real-Time
Corporation anticipates that interest rate changes will force bond prices up in the next
month and will sell these bonds at that time.

Oct 15

Received semiannual interest on Bardco Bonds.

Oct 31

Sold the U.S. Treasury Bonds for $2,400,000 plus accrued interest.

Nov 1

Purchased $30,000,000 of Zardinia Corporation’s bonds to yield 9 percent and paid
$31,951,190. The bonds pay interest semiannually on April 30 and October 31 at the
stated rate of 10 percent. Real-Time Corporation plans to hold these bonds to their
maturity date, which is October 31, 2020.

Nov 30

Sold the Bardco Bonds for $9,000,000 plus accrued interest because rising interest rates
are expected to cause the value of the bonds to continue to decline.

Dec 1

Purchased 500,000 Nazdak Corporation common stock, $1 par, for $18 per share. This
investment was made in anticipation of an increase in the price of the company’s stock,
at which point it will be sold.

Dec 15

Received $.50 per share in dividends on the Maslow Company stock.

Page 1 of 2
ACC5328 Financial Accounting III
© 2011 South University

Dec 31

2011

Created any schedules needed to record adjusting entries for the investment portfolios,
and prepared the adjusting entries. Market values for the investments on December 31,
2010, were as follows:
Maslow Company
Zardinia Corporation
Nazdak Corporation
Cardinal Publishing

$20,700,000
$29,700,000
$8,500,000
$4,100,000

Jan 2

Sold $10,000,000 of the Zardinia Corporation bonds for face value.

Jan 5

Sold all of the Nazdak shares at a price of $20 per share.

Jan 10

Sold all of the Cardinal Publishing shares for $17.50 per share.

Page 2 of 2
ACC5328 Financial Accounting III
© 2011 South University

Individual Assignment: Nature of Logic and Perception Paper

  1. Individual Assignment: Nature of Logic and Perception Paper
  • Prepare a 700- to 1,050-word paper explaining the nature of logic as related to critical thinking.
  • Discuss your perceptual process.
  • Describe the types of perceptual blocks that influence your views.
  • Explain the critical thinking process and how it is changed or manipulated by perception.
  • Refer to the following ideas and questions to develop your paper:
  • Identify an instance in your life in which your perception of a situation was far from reality.
  • What did you think was going on?
  • What was truly going on?
  • Why was there such a difference?
  • What happened?
  • What did you learn?
  • How did your critical thinking process change?
  • Format your paper consistent with APA guidelines.

Synthesis of Educational Theory Domain

The culminating project for the Synthesis of Educational Theory Domain is a paper (suggested length of 20 30 pages) that describes your vision of the purpose and structure of schools in the future. In order to develop a vision of education for the future, it is important to understand educational trends, practices, and theories of the past.

Task:

Write a research paper (suggested length of 20 30 pages) that analyzes current issues regarding education in the United States and effectively communicates your current thinking about the future. The paper must address at least five of the following aspects:

Teachers and Standards High Stakes Assessments Curriculum/Instruction Methodology Technology Bilingual/ELL Special Education Public Policy Diversity and Inclusion Directions:

A. Use APA in-text citations for all of your references throughout the body of the paper. Use the references from the annotated bibliography you completed earlier as part of the Synthesis of Education requirements.

B. Your paper should be at least 20 pages but no more than 30 pages, double-spaced, and in 12-point Times New Roman or Arial font.

C. Explain your current thinking about the future of education in the United States. Construct a thesis/problem statement that gives your paper focus and direction and identifies the open-ended problem you will address in the body of your paper.

D. Present a detached and balanced view of the evidence for the future of education (from literature previously reviewed in this course). Present evidence for at least five of the influencing aspects listed above.

E. Present at least two different perspectives on the five influencing aspects you presented in D.

F. Aspects that influence education:

Explore the complexities of the open-ended problem you identified in the introduction. Provide a clear and ordered discussion of the problem and its implications to the future of education. Discuss connections between at least five of the different aspects listed above. Demonstrate how those factors will influence education in the future. G. Discuss in detail the underlying assumptions and quality of information or evidence relevant to the different perspectives presented.

H. Provide logical reasoning within your given perspective/vision of the open-ended problem and address potential criticisms of your perspective/view.

Business and Management

Paper instructions:Discuss the legal and ethical issues surrounding Solyndra, the California based solar panel manufacturer. You will need to research the company through the University library. Incorporate two to three specific laws or ethical codes that apply to the situation. Discuss how the phil