Acct 505 Final Exam 100% Correct Answers

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ACCT 505 Final Exam 100% Correct Answers 1. (TCO C) Silver City, Inc., has collected the following operating information below for its current month’s activity. Using this information, prepare a flexible budget analysis to determine how well Silver City performed in terms of cost control.
Actual Costs Incurred
Static Budget
Activity level (in units)
Variable Costs:
Indirect materials
Fixed Costs:
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In addition, what is the impact on the financial statements if the ending finished goods inventory is overstated or understated?
1. (TCO F) Farmington Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below.
Work in process, beginning:
Units in beginning work-in-process inventory
Materials costs
Conversion costs
Percentage complete for materials
Percentage complete for conversion
Units started into production during the month
Units transferred to the next department during the month
Materials costs added during the month
Conversion costs added during the month
Ending work in process:
Units in ending work-in-process inventory
Percentage complete for materials
Percentage complete for conversion
Required: Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.
(TCO G) – (Ignore income taxes in this problem.) Tennessee Co. is considering the production of an exterior paint that will require the purchase of new mixing machinery. The machinery will cost $700,000, is expected to have a useful life of 12 years, and is expected to have a salvage value of $100,000 at the end of 12 years. The machinery will also need a $40,000 overhaul at the

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