Devry ACCT 346 All Discussions and Assignments Latest

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Devry ACCT 346 All Discussions and Assignments Latest

Devry ACCT 346 All Week Discussions Latest

Devry ACCT 346 Week 1 Discussions Latest

Managerial and Financial Accounting (graded)

Flexibility, timeliness, and forward looking are said to be the prominent traits of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus on these two accounting systems differs.

Product Versus Period Costs (graded)

Comment on what makes up a product cost and what constitutes a period cost. Use examples and explain why this distinction is necessary.

Devry ACCT 346 Week 2 Discussions Latest

Job-Order Costing (graded)

What is Job Order Costing? What type of businesses would use this cost accounting method? Give examples. What are the advantages and disadvantageous of this technique? Discuss.

Process Costing (graded)

Describe how the process costing system accumulates and assigns costs by comparing and contrasting to the job-order costing system.

Devry ACCT 346 Week 3 Discussions Latest

Cost-Volume-Profit Analysis (graded)

Based on your ebook readings and review of both the lecture and Becker content, discuss the basic assumptions of CVP analysis and how we can use CVP analysis as managers in making decisions.

Absorption Costing (graded)

Absorption costing, also known as full costing refers to a system in which all the fixed manufacturing overheads are allocated to products. The alternative system which assigns only variable manufacturing costs to products then fixed costs added separately is termed variable costing. Discuss the pros and cons of each method. Give examples.

Devry ACCT 346 Week 4 Discussions Latest

Activity-Based Costing (graded)

How does activity-based costing differ from the traditional costing approach? When would it give more accurate costs than traditional costing systems?

Incremental Cost Analysis (graded)

“Only those costs that change need be included in the decision-making process.” Evaluate this statement and discuss its merits or shortcomings based on your readings.

Devry ACCT 346 Week 5 Discussions Latest

Capital Budgeting Techniques (graded)

What is NPV? What is IRR? Suppose a company has 2 different capital budgeting projects from which to choose, but has constrained funds and cannot implement all of the projects. Explain how and whay you would choose one project over the other.

TIME VALUE OF MONEY

WE OFTEN SAY THAT MONEY HAS A TIME VALUE. WHAT DO WE MEAN BY THAT? WHY IS THIS IMPORTANT IN ACCOUNTING? GIVE EXAMPLES.

Devry ACCT 346 Week 6 Discussions Latest

Standard Costs and Variance Analysis (graded)

WHAT IS THE PURPOSE BEHIND A STANDARD COSTING SYSTEM? HOW IS THIS METHOD DIFFERENT FROM ABC OR VARIABLE COSTING OR JOB COSTING OR PROCESS COSTING SYSTEMS THAT WE HAVE LEARNED (HOPEFULLY) IN THIS COURSE? WHAT ARE SOME OF ITS ADVANTAGES AND DISADVANTAGES? GIVE EXAMPLES.

Variance Analysis (graded)

What are the 4 key variances discussed in this chapter? Select and define one and provide an example.

Devry ACCT 346 Week 7 Discussions Latest

Ratio Analysis (graded)

What are the limitations of ratios and how do we over-come those limitations?

Financial Statement Analysis (graded)

Why do managers analyze financial statements? What are they looking for? List three types of decisions that managers can make by analyzing financial statements.

DeVry ACCT 346 All 7 Weeks Assignments Latest

ACCT 346 Week 1 Assignment Latest

week 1

Directions: Your assignment this week is to answer the four questions below. Please note that Question 4 contains multiple parts. Please show your work for full credit on Questions 4b – 4e.
1. Identify whether each of the items below is a Product Cost or Period Cost: (1/2 point each, total 5 points)
Factory insurance Product
Interest on bank loan
Eggs, salt, water used for baking
Depreciation on bake ovens
Paper wrappers for bread
Delivery truck costs
Advertising costs
Factory supervisor salaries
Sales Commissions
Flour used in baking bread
2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points)
Factory insurance Indirect
Baker’s wages
Eggs used for baking
Depreciation on bake ovens
Paper wrappers for bread
Cleaning materials for bake ovens
Utilities used in factory
Factory supervisor salaries
Small amount of salt used
Flour used in baking bread
3. Identify whether each of the below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points)
Shipping costs for bread Variable
Cost of fuel for delivery truck
Factory rent
Factory insurance
Maintenance on delivery truck
Sales commissions
Hourly wages paid to baker’s assistant
Oven depreciation
Cost of fruit for cake topping
Factory utilities
4. Classify each as direct material, direct labor, indirect labor, indirect labor, other manufacturing overhead or period cost, and then answer the 5 questions below: 4a.Classify each cost (the first one is done for you): (5 points total)
An airline manufacturer incurred the following costs last month (in thousands of dollars): Direct Material Direct Labor Indirect Material Indirect Labor Other Manufacturing Overhead Period Cost
a. Depreciation on forklifts………………………………………………………………… $60 $60
b. Property tax on corporate marketing office……………………………………… $30
c. Cost of warranty repairs…………………………………………………………………. $220
d. Factory janitors’ wages………………………………………………………………….. $10
e. Cost of designing new plant layout…………………………………………………. $190
f. Machine operators’ health insurance………………………………………………. $40
g. Airplane seats………………………………………………………………………………. $270
h. Depreciation on administrative offices…………………………………………….. $70
i. Assembly workers’ wages………………………………………………………………. $670
j. Plant utilities………………………………………………………………………………… $110
k. Production supervisors’ salaries………………………………………………………. $160
l. Jet engines…………………………………………………………………………………… $1,100
m. Machine lubricants………………………………………………………………………… $20
Then, answer the below questions:
4b. How much are total manufacturing overhead costs? (5 points)
4c. How much are total inventoriable product costs? (5 points)
4d. How much are total prime costs? (5 points)
4e. How much are total conversion costs? (5 points)

ACCT 346 Week 2 Assignment Latest

Week 2

Directions: Your assignment this week is to answer the three questions below. Please note that Question #3 has 2 parts, Part A and Part B. Please show your work for full credit and use the box provided. Please add more rows or columns to the box if needed.

  1. 1.Biltz Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overhead to jobs.During the year, the company actually incurred manufacturing overhead costs of $582,000 and 135,000 direct labor hours were worked.The company estimated that it would incur $525,000 of manufacturing overhead during the year and that 150,000 direct labor hours would be worked.

By how much was manufacturing overhead overallocated or underallocated for the year?

  1. 2.The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company:

Work-in-process inventory $0

Raw materials inventory $28,000

Finished goods inventory $40,000

Additional data:

1) Actual manufacturing overhead for January amounted to $62,000.

2) Total direct labor cost for January was $63,000.

3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs.

4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000.

5) Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January.

6) January 31 balance in raw materials inventory was $35,000.

7) Finished goods inventory balance on January 31 was $34,500.

What is the cost of goods manufactured for January? Show your work for full credit.

  1. 3.Vintage Fun reproduces old-fashioned style roller skates and skateboards.The annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. The company has traditionally used direct labor hours to allocate its overhead to products. Roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. The total estimated overhead for the period is $114,300. The company is looking at the possibility of changing to an activity-based costing system for its products. If the company used an activity-based costing system, it would have the following three activity cost pools:

3a. What is the predetermined overhead allocation rate using the traditional costing system?

3b. What is the overhead cost per skateboard using an activity-based costing system?

ACCT 346 Week 3 Assignment Latest

Week 3

Directions: Your assignment this week is to answer the two questions below. Please note that Question #2 has 2 parts, Part A and Part B. Please show your work for full credit and use the box provided. Please add more rows or columns to the box if needed.

  1. 1.Beginning WIP inventory is 15,500 units, 75% complete for materials.During the month, 90,000 units were started; 87,000 were finished; and ending WIP was 18,500 units that were 50% complete for materials.

How many equivalent units should be used to allocate costs for materials? (Assume that the weighted average method is used, not FIFO.)

  1. 2.During a period, 38,200 units were completed and 4,200 units were in ending WIP inventory.Ending WIP was 75% complete for direct materials and 50% complete for conversion costs.

2a. What are the equivalent units for direct materials?

2b. What are the equivalent units for conversion costs?

ACCT 346 Week 4 Assignment Latest

Week 4

Directions: Your assignment this week is to answer the question below which has four parts. Please show your work for full credit and use the boxes provided. Please add more rows or columns to the box if needed.

  1. 1.MountainAir Company has the following selected data for the past year:

Units sold during year 30,000

Units produced during year 45,000

Units in ending inventory 15,000

Variable manufacturing cost per unit $4.50

Fixed manufacturing overhead (in total) $20,250

Selling price per unit $12.00

Variable selling and administrative expense per unit $1.00

Fixed selling and administrative expenses (in total) $4,000

There were no units in beginning inventory.

Required:

1a. Prepare an income statement for last year using absorption costing.

1b. Calculate the value of the ending inventory using absorption costing.

1c. Prepare an income statement for last year using variable costing.

1d. Calculate the value of the ending inventory using variable costing.

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ACCT 346 Week 5 Assignment Latest

Week 5

Directions: Your assignment this week is to answer the below three questions. Please note that question #1 has 2 parts, part a and part b and question #2 has 3 parts, part a, part b and part c. Please show your work for full credit and use the box provided. Please add more rows or columns to the box if needed.

  1. 1.Palmer’s Gourmet Chocolates produces and sells assorted boxed chocolates.The unit selling price is $50, unit variable costs are $25, and total fixed costs are $2,000.

1a. How many boxes of chocolates must Palmer’s Gourmet Chocolates sell to breakeven?

1b. What are breakeven sales in dollars?

  1. 2.Extreme Sports received a special order for 1,000 units of its extreme motorbike at a selling price of $250 per motorbike.Extreme Sports has enough extra capacity to accept the order. No additional selling costs will be incurred. Unit costs to make and sell this product are as follows: Direct materials, $100; direct labor, $50; variable manufacturing overhead, $14; fixed manufacturing overhead, $10, and variable selling costs, $2.

2a. List the relevant costs.

2b. What will be the change in operating income if Extreme Sports accepts the special order?

2c. Should Extreme Sports accept the special order? Why or why not?

  1. 3.Totally Technology manufactures Cameras and Video Recorders.The company’s product line income statement follows:

Camera Video Recorder Total

Sales revenue $300,000 $100,000 $400,000

Cost of goods sold

Variable $75,000 $49,000 $124,000

Fixed $82,000 $28,000 $110,000

Total cost of goods sold $157,000 $77,000 $234,000

Gross profit $143,000 $23,000 $166,000

Marketing and administrative expenses

Variable $25,000 $28,000 $53,000

Fixed $32,000 $19,000 $51,000

Total marketing and administrative expenses $57,000 $47,000 $104,000

Operating income (loss) $86,000 (24,000) $62,000

Management is considering discontinuing the Video Recorder product line. Accountants for the company estimate that discontinuing the Video Recorder line will decrease fixed cost of goods sold by $10,000 and fixed marketing and administrative expenses by $4,000.

Prepare an analysis supporting your opinion about whether or not the Video Recorder product line should be discontinued.

ACCT 346 Week 6 Assignment Latest

Week 6

Directions: Your assignment this week is to answer the two questions below. Please note that Question #2 has 2 parts, Part A and Part B. Please show your work for full credit and use the box provided. Please add more rows or columns to the box if needed.

  1. 1.Cave Hardware’s forecasted sales for April, May, June, and July are $200,000, $230,000, $190,000, and $240,000, respectively.Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale.Cost of goods sold is 75% of sales and ending inventory is maintained at $60,000 plus 10% of the following month’s cost of goods sold. All inventory purchases are paid 22% in the month of purchase and 78% in the following month.

What are the cash collections budgeted for June?

  1. 2.Madden Corporation manufactures t-shirts, which is its only product.The standards for t-shirts are as follows:

Standard direct labor cost per hour $17

Standard direct labor hours per t-shirt 0.6

During the month of January, the company produced 1,250 t-shirts. Related production data for the month is as follows:

Actual direct labor hours 770

Actual direct labor cost incurred $13,000

2a. What is the direct labor rate variance for the month? Is it favorable or unfavorable?

2b. What is the direct labor efficiency variance for the month? Is it favorable or unfavorable?

ACCT 346 Week 7 Assignment Latest

Week 7

Directions: Your assignment this week is to answer the four questions below. Please note that Question #1 has 2 parts, Part A and Part B. Please show your work for full credit and use the box provided. Please add more rows or columns to the box if needed.

  1. 1.Gomez Corporation is considering two alternative investment proposals with the following data:

Proposal X Proposal Y

Investment $850,000 $468,000

Useful life 8 years 8 years

Estimated annual net $125,000 $78,000

cash inflows for 8 years

Residual value $40,000 $ –

Depreciation method Straight-line Straight-line

Required rate of return 14% 10%

1a. How long is the payback period for Proposal X?

1b. What is the accounting rate of return for Proposal Y?

  1. 2.You have been awarded a scholarship that will pay you $500 per semester at the end of each of the next 8 semesters that you earn a GPA of 3.5 or better.You are a very serious student and you anticipate receiving the scholarship every semester. Using a discount rate of 3% per semester, which of the following is the correct calculation for determining the present value of the scholarship? PLEASE STATE WHY YOU CHOSE THE ANSWER THAT YOU DID.
  2. A) PV = $500 × 3% × 8
  3. B) PV = $500 × (Annuity PV factor, i = 3%, n = 8)
  4. C) PV = $500 × (Annuity FV factor, i = 6%, n = 4)
  5. D) PV = $1,000 × (PV factor, i = 3%, n = 4)
  6. 3.Maersk Metal Stamping is analyzing a special investment project.The project will require the purchase of two machines for $30,000 and $8,000 (both machines are required). The total residual value at the end of the project is $1,500. The project will generate cash inflows of $11,000 per year over its 8-year life.

If Maersk requires a 6% return, what is the net present value (NPV) of this project? (Use present value tables or Excel.)

  1. 4.Hincapie Manufacturing is evaluating investing in a new metal stamping machine costing $30,924.Hincapie estimates that it will realize $12,000 in annual cash inflows for each year of the machine’s 3-year useful life.

Approximately, what is the the internal rate of return (IRR) for the machine? (Use present value tables or Excel.)

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Devry ACCT 346 All Discussions and Assignments Latest

Best Devry ACCT 346 All Discussions and Assignments Latest

Devry ACCT 346 All Discussions and Assignments Latest