CON 7060 Cost Accounting Standards, Part 3 Exam

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1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030   37,090   Double line4,010 Double line    A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated?       D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20       Dec. 31, 20       2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540   31,920   Double line  Double line6,860   A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated?       D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20       Dec. 31, 20

c) Having carried out the allocation and apportionment process of its operations, the management accountant of Flowers Ltd is left with the reapportionments to carry out. The data below represent the current state of the overhead distribution summary and the additional detail that is needed to answer the question that follows. Flower Ltd overhead distribution summary Production department T M Amount in Amount in Kes Kes 25,000 20,000 Total b/d Reapportionment percentages A (%) B (%) Required Production department M T 30 20 20 25 F Amount in Kes 30,000 F 25 30 i. The repeated distribution method ii. Algebraic method Service department A Amount in Kes 10,000 Service department A - B Amount in Kes 20,000 25 B 25 a) Reapportion the service department overheads into the production departments on the basis of each of the following:

1. The following information was reported for Gray Enterprises on December 31, 2020. 2. The following information was reported for Gray Enterprises on December 31, 2021.

1) The NBA company sub-assigned (“Not Applied”) manufacturing overhead during 2020. Which of the following statements describes the effect on the financial statements of the closing of the sub-allocation? A. Administrative and selling expenses for the period increased. b. Increase the cost of items sold. c. Decrease the balance of Articles in process (“Work-in-process”). d. Decreases the balance of Finished Goods.

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The following account balances and other information were taken from the accounting records of Langga Corporation for the year ended Dec. 31, 2019. Use the information to prepare a schedule of manufacturing overhead costs, a manufacturing statement (show only the total overhead cost), and a statement of comprehensive income. Advertising Expense Amortization of Patents Uncollectible Accounts Expense P 85,000 16,000 28,000 37,000 133,000 78,000 250,000 62,000 74,000 21,000 Depreciation Expense-Office Equipment Depreciation Expense-Factory Building Depreciation Expense-Factory Equipment Direct Labor Factory Insurance Expense Factory Supervision Factory Supplies Expense Factory Utilities Finished Goods Inventory, Dec. 31, 2018 Finished Goods Inventory, Dec. 31, 2019 Work in Process Inventory, Dec. 31, 2018 Work in Process Inventory, Dec. 31, 2019 Indirect Labor 115,000 15,000 12,500 8,000 9,000 26,000 25,000 55,000 14,000 60,000 78,000 313,000 Interest Expense Miscellaneous Expenses…

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! Required information Sunrise Accounting provides basic tax services and "rent-a-controller" accounting services. Sunrise has identified three activity pools, the related costs per pool, the cost driver for each pool, and the expected use for each pool. Activity Transportation costs Electronic processing Office support Transportation costs Electronic processing Office support Total Overhead $ Total Activity Cost $50,000 Mileage 75,000 Processing hours 20,000 $ Cost Driver Using activity proportions, determine the amount of overhead assigned to Controller Services. (Do not round intermediate calculations.) 25 75 12 112 Administrative hours Expected Tax Services Usage 5,000 miles 20,000 hours 3,500 hours Expected Controller Services Usage 35,000 miles 30,000 hours 1,500 hours

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Required information [The following information applies to the questions displayed below.] A recent annual report for Celtic Air Lines included the following note: NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Maintenance Costs We record maintenance costs related to our fleet in aircraft maintenance materials and outside repairs. Maintenance costs are expensed as incurred, except for costs incurred under power-by-the-hour contracts, which are expensed based on actual hours flown. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized and amortized over the remaining estimated useful life of the asset or the remaining lease term, whichever is shorter. Assume that Celtic made extensive repairs on an airplane engine, increasing the fuel efficiency and extending the useful life of the airplane. The existing airplane originally cost $4,500,000, and by the end of last year, it was half depreciated based on use of the…

Required information [The following information applies to the questions displayed below.] A recent annual report for Celtic Air Lines included the following note: NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Maintenance Costs We record maintenance costs related to our fleet in aircraft maintenance materials and outside repairs. Maintenance costs are expensed as incurred, except for costs incurred under power-by-the-hour contracts, which are expensed based on actual hours flown. Modifications that enhance the operating performance or extend the useful lives of airframes or engines are capitalized and amortized over the remaining estimated useful life of the asset or the remaining lease term, whichever is shorter. Assume that Celtic made extensive repairs on an airplane engine, increasing the fuel efficiency and extending the useful life of the airplane. The existing airplane originally cost $4,700,000, and by the end of last year, it was half depreciated based on use of the…

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Sandar Company is highly automated and uses computers to control manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours Fixed manufacturing overhead cost Variable manufacturing overhead per computer-hour 90,000 $1,278,000 $5.30 During the year, a severe economic recession resulted in cutting back production and a buildup of inventory in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year ended 31 December 2019: Computer-hours 85,000 Purchase of raw materials $7,890,000 Direct labor cost $1,722,000 Manufacturing overhead costs: Insurance, factory ... $ 88,000 Depreciation of equipment 170,000 Indirect material . Indirect labor . 12,000 327,000 Property taxes 85,000 Maintenance. 630,000 Rent, building…

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Process Activity Analysis for a Service Company Statewide Insurance Company has a process for making payments on insurance claims as follows:   An activity analysis revealed that the cost of these activities was as follows: Receiving claim    $39,900     Adjusting claim    172,900     Paying claim    53,200     Total    $266,000     This process includes only the cost of processing the claim payments, not the actual amount of the claim payments. The adjusting activity involves verifying and estimating the amount of the claim and is variable to the number of claims adjusted. The process received, adjusted, and paid 3,800 claims during the period. All claims were treated identically in this process. To improve the cost of this process, management has determined that claims should be segregated into two categories. Claims under $1,000 and claims greater than $1,000: claims under $1,000 would not be adjusted but would be accepted upon the insured's evidence of claim. Claims above $1,000…

Process Activity Analysis for a Service Company Statewide Insurance Company has a process for making payments on insurance claims as follows: An activity analysis revealed that the cost of these activities was as follows: Receiving claim $20,100   Adjusting claim 140,700   Paying claim 40,200   Total $201,000   This process includes only the cost of processing the claim payments, not the actual amount of the claim payments. The adjusting activity involves verifying and estimating the amount of the claim and is variable to the number of claims adjusted. The process received, adjusted, and paid 6,700 claims during the period. All claims were treated identically in this process. To improve the cost of this process, management has determined that claims should be segregated into two categories. Claims under $1,000 and claims greater than $1,000: claims under $1,000 would not be adjusted but would be accepted upon the insured's evidence of claim. Claims above $1,000 would be…