Business Essay

1187 words - 5 pages

Managerial Accounting

EXAMINATION NUMBER:

06168500

Complete the following exam by answering the questions and compiling your answers into a word-processing document. When you’re ready to submit your answers, refer to the instructions at the end of your exam booklet. Be certain to indicate the proper question number before each of your answers. Remember to show your work if an answer requires a mathematical solution.

Part A: Answer each of the following questions. Each answer is worth 20 points.

1. The management of Sharrar Corporation would like to investigate the possibility of basing its predetermined overhead rate on activity at capacity rather than on the estimated amount ...view middle of the document...

2. Fryer Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of
700 units. The costs and percentage completion of these units in beginning inventory were:

Cost Percent
Complete

Material costs . . . . . . . . . $12,600 75% Conversion costs . . . . . . . . $8,900 60%

A total of 7,300 units were started and 6,200 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:

Cost

Material costs . . . . . . . . $132,200
Conversion costs . . . . . . $117,500

The ending inventory was 80% complete with respect to materials and 45% complete with respect to conversion costs.

Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to
at least three decimal places.

The total cost transferred from the first processing department to the next processing department during the month is closest to what amount?

2 Final Examination

Part B: Answer each of the following questions in one to four sentences. Each answer is worth 4 points.

Use the following information to answer questions 1 through 10.

Financial statements for Praven Company appear below:

Praven Company Statement of Financial Position December 31, Year 2 and Year 1
(dollars in thousands)

Currrent assets:

Year 2 Year 1

Cash and marketable securities. . . . . . . . . . . . $ 150 $ 130
Accounts receivable, net . . . . . . . . . . . . . . . . . 190 160
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 180
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . 50 40
Total current assets . . . . . . . . . . . . . . . . . . . . . . 560 510
Noncurrent assets:
Plant & equipment, net . . . . . . . . . . . . . . . . . . 1,420 1,330
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,980 $1,840

Current liabilities:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . $ 110 $ 100
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . 90 60
Notes payable, short term . . . . . . . . . . . . . . . . 260 260
Total current liabilities . . . . . . . . . . . . . . . . . . . 460 420
Noncurrent liabilities:
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . 400 400
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 860 820
Stockholder’s equity:
Preferred stock, $5 par, 15% . . . . . . . . . . . . . . 120 120
Common stock, $10 par . . . . . . . . . . . . . . . . . 240 240
Additional paid-in capital—common stock . . . . 210 210
Retained earnings . . . . . . . . . . . . . . . . . . . . . . 550 450
Total stockholders’ equity . . . . . . . . . . . . . . . . . 1,120 ...

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