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Problem 12 Mid-Night Auto Supply Co.

Problem 12                  15 points

 

On December 16, 2013, Mid-Night Auto Supply Co. accepted a $13,500 note receivable, at 12%, due in 60 days. Note:  The note was dated December 16, 2013 (that was 15 days before the end of its annual accounting period ended).  

cost accounting homework

1.       Sheera Company is a design shop that produces jobs to customer specifications.  During March, Job #351 was worked on and the following information was available.

CCS Corporate Tax Return Problem

CCS Corporate Tax Return Problem

 

Cedar Company

Cedar Company estimates its manufacturing overhead to be $700,000 and its direct labor costs to be $560,000 for Year 2. Cedar worked on the following three jobs for the year: Job Status Direct Labor Costs Job 2-1 Completed and sold $195,000; Job 2-2 Completed by not sold 325,000; and Job 2-3 In progress 130,000. Actual manufacturing overhead for Year 2 was $822,000. Manufacturing overhead is applied on the basis of direct labor costs. How much of the underapplied overhead should be allocated to finished goods? A. 2.850 B. 1,900 C. 4,750 D. 9,500 

Bray Co.

Bray Co. acquired $30,000 of Honey Sales Co.'s 7% bonds, interest payable semiannually, bonds maturing in five years. The bonds were acquired at $32,626, a price to return approximately 5%.

 

1. Prepare tables to show the periodic adjustments to the investment account and the annual bond earnings, assuming adjustment by each of the following methods: (a) the straight line method and (b) the effective interest method.

2. Assuming the use of the effective interest method prepare journal entries for each company for the first year.

Ross Company

Ross Company implemented a quality improvement program and tracked the following for the five years:

 

Quality costs Actual sales costs as a percentage of sales

2009 500,000 2,000,000 25.00%

2010 495,000 2,200,000 22.50%

2011 450,000 2,400,000 18.75%

2012 434,000 2,480,000 17.50%

2013 400,000 3,200,000 12.50%

 

1.Prepare a bar graph that reveals the trend in quality cost s a percentage of sales(time on the horizontial axis and percentages on the vertical).Comment on the message of the graph.

 

CASESTUDY FOR FINAL EXAM

CASESTUDY FOR FINAL EXAM- SEMESTER 1, 2014

 

Attachments: 

Assume that manufacturing overhead for Glassman Company

Assume that manufacturing overhead for Glassman Company in the previous exercise consisted of the

following activities and costs:

Setup (1,000 setup hours) ..................... $144,000

Production scheduling (400 batches)............. 60,000

Production engineering (60 change orders) ........ 120,000

Supervision (2,000 direct labor hours) ............ 56,000

Machine maintenance (12,000 machine hours) ..... 84,000

Total activity costs ......................... $464,000

The following additional data were provided for Job 845:

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