CH5 quiz2
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University of North Texas *
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5130
Subject
Accounting
Date
Jan 9, 2024
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8
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11/2/23, 9:01 PM
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1.
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Score:
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Points
100
%
Skyline Florists uses an activity-based costing system to compute the cost of making floral bouquets
and delivering the bouquets to its commercial customers. Company personnel who earn $260,000
typically perform both tasks; other firm-wide overhead is expected to total $60,000. These costs are
allocated as follows:
Bouquet
Production
Delivery
Other
Wages and salaries
60%
30%
10%
Other overhead
50%
40%
10%
Skyline anticipates making 20,500 bouquets and 4,000 deliveries in the upcoming year.
The cost of wages and salaries and other overhead that would be charged to each delivery is closest
to:
$25.50.
$26.18.
$32.62.
$46.50.
None of the answers is correct.
Percentage of each type of labor that goes toward delivery activity ÷ Number of deliveries =
[($260,000 × 30%) + ($60,000 × 40%)] ÷ 4,000 = $25.50 (rounded).
✓
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Carlin and Marley, an accounting firm, provides consulting and tax planning services. For many years,
the firm's total administrative cost (currently $282,000) has been allocated to services on this basis of
billable hours to clients. A recent analysis found that 55% of the firm's billable hours to clients resulted
from tax planning services, while 45% resulted from consulting services.
The firm, contemplating a change to activity-based costing, has identified three components of
administrative cost, as follows:
Staff Support
$204,000
In-house computing charges
54,000
Miscellaneous office costs
24,000
Total
$282,000
A recent analysis of staff support found a strong correlation with the number of clients served. In
contrast, in-house computing and miscellaneous office cost varied directly with the number of
computer hours logged and number of client transactions, respectively. Consulting clients served
totaled 40% of the total client base, consumed 35% of the firm's computer hours, and accounted for
25% of the total client transactions.
If Carlin and Marley switched from its current accounting method to an activity-based costing system,
the amount of administrative cost chargeable to consulting services would:
decrease by $20,400.
increase by $20,400.
decrease by $48,600.
change by an amount other than those listed.
change, but the amount cannot be determined based on the information presented.
Original: $282,000 × 45% = $126,900; New amount under ABC: [($204,000 × 40%) + ($54,000 × 35%) +
($24,000 × 25%)] = $81,600 + $18,900 + $6,000 = $106,500; $126,900
−
$106,500 = $20,400
decrease.
✓
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St. Vincent’s, Inc., currently uses traditional costing procedures, applying $803,000 of overhead to
products Beta and Zeta on the basis of direct labor hours. The company is considering a shift to
activity-based costing and the creation of individual cost pools that will use direct labor hours (DLH),
production setups (SU), and number of parts components (PC) as cost drivers. Data on the cost pools
and respective driver volumes follow.
Product
Pool No.1 (Driver:
DLH)
Pool No. 2 (Driver:
SU)
Pool No. 3
(Driver: PC)
Beta
1,230
40
2,325
Zeta
2,870
60
775
Pool Cost
$ 161,000
$
281,000
$ 361,000
The overhead cost allocated to Beta by using activity-based costing procedures would be:
$240,900.
$371,550.
$431,450.
$562,100.
None of the answers is correct.
(Total Pool Costs for No. 1 × Pool No. 1 Beta ratio to Total Pool Costs) + (Total Pool Costs for No. 2 × Pool
No. 2 Beta ratio to Total Pool Costs) + (Total Pool Costs for No. 3 × Pool No. 3 Beta ratio to Total Pool
Costs) = [($161,000 × 1,230/4,100) + ($281,000 × 40/100) + ($361,000 × 2,325/3,100)] = $48,300 +
$112,400 + $270,750 = $431,450.
✓
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11/2/23, 9:01 PM
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Pound Industries’ customer service department follows up on customer complaints by telephone
inquiry. During a recent period, the department initiated 8,300 calls and incurred costs of $199,200. If
3,270 of these calls were for the company's wholesale operation (the remainder were for the retail
division), costs allocated to the retail division should amount to:
$199,200.
$120,720.
$78,480.
$24.
$0.
Retail division Allocation = [(Total calls −
Wholesale calls) ÷ Total calls] × Total costs = [(8,300
−
3,270) ÷
8,300] × $199,200 = $120,720.
✓
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St. Vincent’s, Inc., currently uses traditional costing procedures, applying $853,800 of overhead to
products Beta and Zeta on the basis of direct labor hours. The company is considering a shift to
activity-based costing and the creation of individual cost pools that will use direct labor hours (DLH),
production setups (SU), and number of parts components (PC) as cost drivers. Data on the cost pools
and respective driver volumes follow.
Product
Pool No.1 (Driver: DLH)
Pool No. 2 (Driver: SU)
Pool No. 3 (Driver: PC)
Beta
1,600
50
2,550
Zeta
3,100
55
830
Pool Cost
$188,000
$294,000
$371,800
The overhead cost allocated to Beta by using traditional costing procedures would be:
$290,655.
$406,655.
$494,655.
$563,145.
None of the answers is correct.
Total Pool Cost = Sum of No. 1, 2, and 3 = $188,000 + $294,000 + $371,800 = $853,800; Overhead
allocated to Beta = (Beta DLH ÷ Total DLH) × Total Pool Cost = (1,600 ÷ 4,700) × $853,800 = $290,655.
✓
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Award: 1 out of 1.00 point
7.
Award: 1 out of 1.00 point
Starwatch Manufacturing sells a number of goods whose selling price is heavily influenced by cost. A
recent study of product no. 520 revealed a traditionally-derived total cost of $1,623 and a selling price
of $1,850 based on that figure. A newly computed activity-based total cost is $1,215. Which of the
following statements is true?
All other things being equal, Starwatch should consider increasing its sales price.
Starwatch should increase the product's selling price to maintain the same markup
percentage.
Product no. 520 could be labeled as being overcosted by Starwatch’s traditional costing
procedures.
If product no. 520 is undercosted by traditional accounting procedures, then all of Starwatch’s
other products must be undercosted as well.
Generally speaking, the activity-based cost figure is "less accurate" than the traditionally-
derived cost figure.
Product no. 520 could be labeled as being overcosted by Starwatch's traditional costing procedures.
Which of the following is most likely to be a cost driver for a packaging and shipping activity?
Number of setups.
Number of components.
Hours of testing.
Number of orders.
Estimated product costs.
Number of orders is most likely to be classified a cost driver for a packaging and shipping activity.
✓
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Consider the following statements:
I. Product diversity creates costing problems because diverse products tend to utilize manufacturing
activities in different ways.
II. Overhead costs that are not incurred at the unit level create costing problems because such costs
do not vary with traditional application bases such as direct labor hours or machine hours.
III. Product diversity typically exists when a single product (e.g., a ballpoint pen) is made in different
colors.
Which of the above statements is (are) true?
I only.
II only.
I and II.
I and III.
II and III.
The only statement that is not true is the last one: Product diversity typically exists when a single
product (e.g., a ballpoint pen) is made in different colors.
Sleek, Inc. is a manufacturer that assigns cost using activity-based costing principles. Activities have
been identified and classified as being either value-added or non-value-added as to each product.
Which of the following activities used in Sleek’s production process is non-value-added?
raw materials storage activity.
heat treatment activity.
drill press activity.
molding activity.
engineering design activity.
Storage activity that does not contribute to customer satisfaction is a non-value-added activity.
✓
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St. Vincent’s, Inc., currently uses traditional costing procedures, applying $800,000 of overhead to
products Beta and Zeta on the basis of direct labor hours. The company is considering a shift to
activity-based costing and the creation of individual cost pools that will use direct labor hours (DLH),
production setups (SU), and number of parts components (PC) as cost drivers. Data on the cost pools
and respective driver volumes follow.
Product
Pool No.1 (Driver:
DLH)
Pool No. 2 (Driver:
SU)
Pool No. 3
(Driver: PC)
Beta
1,200
45
2,250
Zeta
2,800
55
750
Pool Cost
$ 160,000
$
280,000
$360,000
The overhead cost allocated to Zeta by using activity-based costing procedures would be:
$240,000.
$356,000.
$444,000.
$560,000.
None of the answers is correct.
(Total Pool Costs for No. 1 × Pool No. 1 Zeta ratio to Total Pool Costs) + (Total Pool Costs for No. 2 × Pool
No. 2 Zeta ratio to Total Pool Costs) + (Total Pool Costs for No. 3 × Pool No. 3 Zeta ratio to Total Pool
Costs) = [($160,000 × 2,800/4,000) + ($280,000 × 55/100) + ($360,000 × 750/3,000)] = $112,000 +
$154,000 + $90,000 = $356,000.
✓
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Cheyenne Corp. purchased equipment for $13200 on December 1. It is estimated that annual depreciation on the computer will be
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O debit Depreciation Expense, $2640; credit Accumulated Depreciation, $2640.
O debit Depreciation Expense, $220; credit Accumulated Depreciation, $220.
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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,
exchange for its common stock to launch the business. On December 31, the company's records show
and amounts.
3
Cash
$1,120
12, 940
Accounts receivable.
office supplies
2,640
$14,550 Cash dividends
12,940 Consulting revenue
2,400 Rent expense
17,020 Salaries expense
45,860 Telephone expense
7,820 Miscellaneous expenses
83, 110
office equipment
Land
5,920
800
620
Accounts payable
Common stock
ed
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Exercise 1-20 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
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Copy Center pays an average wage of $12 per hour to employees for printing and copying jobs and allocates $18 of overhead for each employee hour worked. Direct materials are
assigned to each job according to actual cost. Jobs are marked up 20% above total manufacturing cost to determine the selling price. If Job M-47 used $350 of direct materials and took
20 direct hours of labor to complete, what is the selling price of the job?
$456
$720
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Journal entry worksheet
1
On December 31 Wintergreen, Inc., issued $150,000 of 7 percent, 10-year
bonds at a price of 93.25.
Note: Enter debits before credits.
Date
Dec. 31
General Journal
Cash
Discount on bonds payable
Bonds payable
Record entry
Clear entry
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C
Debit
139,875
S
678
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Question 23 of 25
You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
Purchase
135
37
June
10
Sale
110
64
June
11
Sale return
15
64
June
18
Purchase
55
40
June
18
Purchase return
10
40
June
25
Sale
65
70
June
28
Purchase
35
44
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[The following information applies to the questions displayed below.]
Naidu Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has
more than 57,000 ground vehicles that pick up and deliver packages. Assume that Naidu sold a delivery truck for $14,000.
Naidu had originally purchased the vehicle and recorded it in the Truck account for $23,000 and had recorded
depreciation for three years.
Required:
1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $9,000, (b) $7,000, and (c)
$15,000. (Select "None" if there is no Gain or Loss.)
F…
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Chapter 17 Financial Statement Analysis
Problems Series B
PR 17-1B Horizontal analysis of income statement
ов. 1
V 1. Net sales,
30.0% increase
For 2014, Macklin Inc. reported its most significant increase in net income in years. At
the end of the year, John Mayer, the president, is presented with the following condensed
comparative income statement:
1
SPREADSHEET
Macklin Inc.
Comparative Income Statement
2itilid For the Years Ended December 31, 2014 and 2013
GENERALLEDGER
2014
2013
Sales .....
$936,000
$720,000
Sales returns and allowances
26,000
20,000
Net sales.....
$910,000
$700,000
350,000
441,000
Cost…
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Using the completed table in “required 1” complete the table in “required 2” please.
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apter Nine
Determine Due Date and Interest on Notes
.09-03.BLANKSHEET
Determine the due date and the amount of interest due at maturity on the following notes:
L09-04.BLANKSHEET
Date of Note
Face Amount
Interest Rate
Term of Note
09-03.ALGO
January 10*
$40,000
90 days
a.
b.
March 19
180 days
000
8.
09-04.ALGO
June 5
30 days
000'06
d.
September 8
90 days
90-60
3.
000'9E
e.
November 20
60 days
9-11
4.
000'
*Assume that February has 28 days.
9-12
Assume 360-days in a year when computing the interest.
-19
Note
Due Date
Interest
>
-20
(2)
(b)
9-22
-24
(p)
(a)
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Exercise 17-42 (Algo) Taguchi Quality Loss Function (QLF) Analysis [LO 17-4]
Flextronchip, an OEM manufacturer, has a fifth-generation chip for cell phones, with chip specification of 0.2 ± 0.0002 mm for the
distance between two adjacent pins. The loss due to a defective chip has been estimated as $20.
Required:
1. Compute the value of k, the cost coefficient in the Taguchi quality loss function (QLF), L(x) = (x-7)².
2. Assume that the quality control manager takes a sample of 100 chips from the production process. The results are as follows:
Measurement
Frequency
3
0.1996
0.1997
5
0.1998
15
0.1999
14
0.2000
35
0.2001
14
0.2002
6
0.2003
5
0.2004
3
a. & b. Use the appropriate Taguchi quality loss function, L(x), to calculate the estimated quality loss for each of the observed
measurements.…
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