ACC 320
TEST 1
2021 SPRING
RULES FOR TEST 1
1. Submit on time [as indicated on your system]
2. Do not copy because when identified your marks will be very low.
3. Read the questions with care before answering
4. All questions must be hand written [ typed answer gets very low marks]
5. The graph question should be done on graph paper and it should be constructed not sketched
6. Cleanliness or neatness will be rewarded.
7. in theory questions you should provide your own examples not just copy from PPT.
IMPORTANT
ATTENDANCE FOR TEST 1 WILL HAPPEN AT 2.00 PM. IF YOU ARE ABSENT YOUR TEST WILL BE MARKED ON 80% NOT 100%
Question 1
The following information pertains to the Satyam Company for the year ending December 31, 2019.
$
Hours
Revenue
140,000
Interest expense
2300
Purchases of direct materials
10,000
Indirect Labour
8,000
Beginning direct material
1850
Indirect Materials
5,000
Supplies expense [factory]
3,500
Supplies [factory]
9540
Depreciation of factory machines
2,000
Depreciation of factory Plant
2300
Depreciation of shop
4,000
Unearned revenue
5620
Selling commission
1200
Marketing costs
4200
Wages [Store]
6,000
Insurance expense [shop]
2300
Prepaid insurance Expense [store]
1450
Supplies expense [store]
5,000
Utilities [store]
2,500
Direct Labor Hours
2500
Hourly Rate for direct labour
11
Direct materials inventory Dec 31 2019
7,000
Work in process Jan 1 2019
3,000
Sales Return/ allowances
2100
Rent revenue
8,000
Work in process Dec 31 2019
5,000
Sales Discounts
3,000
Finished Goods Inventory Jan 1 2019
6,000
Finished Goods Inventory Dec 31 2019
2500
REQUIRED
1. Prepare a COGM statement for year end
2. Calculate cost of goods sold
3. Prepare an income statement [ assume income tax rate to be 15%] for year end
Question 2
Lotus company incurred the following maintenance costs during the past 9 months :
Table 1
Months
Room occupancy
Cost $
1
120
4560
2
210
9780
3
50
2920
4
160
8280
5
430
20320
6
80
3920
7
325
17140
8
143
5500
9
570
22400
REQUIRED
Part 1
A. Use the data on Table 1 , estimate the variable and fixed cost of the company using the high and low method
B. Develop a cost function for the company.
C. Estimate the maintenance cost if 630 rooms are occupied in October
Part 2
1. Use a scatter graph and the two points that seem to best represent the relationship between cost and activity levels of 80 and 325 machine hours. Use these two points , estimate the variable cost and the fixed cost [ components of maintenance costs]
2. Develop a cost function that the company can use to estimate maintenance cost at different volume levels of occupancy
3. Estimate maintenance costs for December if the company expects 600 rooms to be occupied
SHOULD CONSTRUCT THE GRAPH USING GRAPH PAPER [available free on internet]. Very little mark will be given if you make a sketch,
Part 3
1. Using the least square formula find Fixed cost and Unit variable cost
2. State the cost function
3. If X = 800 what is Y
Question 3
XYZ company provides the following information processed by its analyst department :
Statistics
Covariance
72640
Correlation
0.82
Standard Deviation x
79.1
Standard Deviation y
21.35
Variance x
6254
Variance y
456
Mean ( x)
842
Mean (y)
17250
Using the information given on the table above
4. Find the variable cost per unit
5. Calculate the fixed cost
6. State the cost function
7. If X= 180 find Y
Question 4
Answer these questions briefly
1. Using examples differentiate between prime cost and conversion cost
2. How does committed cost differ from variable cost? Illustrate your answer by sketch graph.
4. What are the main features of information provided to the management accounting department?
5. Compare and contrast variable cost and fixed cost.
6. State a cost function and why do we have to use it in management accounting?
Applied Sciences
Architecture and Design
Biology
Business & Finance
Chemistry
Computer Science
Geography
Geology
Education
Engineering
English
Environmental science
Spanish
Government
History
Human Resource Management
Information Systems
Law
Literature
Mathematics
Nursing
Physics
Political Science
Psychology
Reading
Science
Social Science
Liberty University
New Hampshire University
Strayer University
University Of Phoenix
Walden University
Home
Homework Answers
Blog
Archive
Tags
Reviews
Contact
twitterfacebook
Copyright © 2022 SweetStudy.comSWEETSTUDY.COM YOUR HOMEWORK ANSWERS
chat0
Home.Literature.
Help.
Log in / Sign up
ACC T1
profile
KaKaa
Test1ACC3202021.docx
Home>Business & Finance homework help>Accounting homework help>ACC T1
ACC 320
TEST 1
2021 SPRING
RULES FOR TEST 1
1. Submit on time [as indicated on your system]
2. Do not copy because when identified your marks will be very low.
3. Read the questions with care before answering
4. All questions must be hand written [ typed answer gets very low marks]
5. The graph question should be done on graph paper and it should be constructed not sketched
6. Cleanliness or neatness will be rewarded.
7. in theory questions you should provide your own examples not just copy from PPT.
IMPORTANT
ATTENDANCE FOR TEST 1 WILL HAPPEN AT 2.00 PM. IF YOU ARE ABSENT YOUR TEST WILL BE MARKED ON 80% NOT 100%
Question 1
The following information pertains to the Satyam Company for the year ending December 31, 2019.
$
Hours
Revenue
140,000
Interest expense
2300
Purchases of direct materials
10,000
Indirect Labour
8,000
Beginning direct material
1850
Indirect Materials
5,000
Supplies expense [factory]
3,500
Supplies [factory]
9540
Depreciation of factory machines
2,000
Depreciation of factory Plant
2300
Depreciation of shop
4,000
Unearned revenue
5620
Selling commission
1200
Marketing costs
4200
Wages [Store]
6,000
Insurance expense [shop]
2300
Prepaid insurance Expense [store]
1450
Supplies expense [store]
5,000
Utilities [store]
2,500
Direct Labor Hours
2500
Hourly Rate for direct labour
11
Direct materials inventory Dec 31 2019
7,000
Work in process Jan 1 2019
3,000
Sales Return/ allowances
2100
Rent revenue
8,000
Work in process Dec 31 2019
5,000
Sales Discounts
3,000
Finished Goods Inventory Jan 1 2019
6,000
Finished Goods Inventory Dec 31 2019
2500
REQUIRED
1. Prepare a COGM statement for year end
2. Calculate cost of goods sold
3. Prepare an income statement [ assume income tax rate to be 15%] for year end
Question 2
Lotus company incurred the following maintenance costs during the past 9 months :
Table 1
Months
Room occupancy
Cost $
1
120
4560
2
210
9780
3
50
2920
4
160
8280
5
430
20320
6
80
3920
7
325
17140
8
143
5500
9
570
22400
REQUIRED
Part 1
A. Use the data on Table 1 , estimate the variable and fixed cost of the company using the high and low method
B. Develop a cost function for the company.
C. Estimate the maintenance cost if 630 rooms are occupied in October
Part 2
1. Use a scatter graph and the two points that seem to best represent the relationship between cost and activity levels of 80 and 325 machine hours. Use these two points , estimate the variable cost and the fixed cost [ components of maintenance costs]
2. Develop a cost function that the company can use to estimate maintenance cost at different volume levels of occupancy
3. Estimate maintenance costs for December if the company expects 600 rooms to be occupied
SHOULD CONSTRUCT THE GRAPH USING GRAPH PAPER [available free on internet]. Very little mark will be given if you make a sketch,
Part 3
1. Using the least square formula find Fixed cost and Unit variable cost
2. State the cost function
3. If X = 800 what is Y
Question 3
XYZ company provides the following information processed by its analyst department :
Statistics
Covariance
72640
Correlation
0.82
Standard Deviation x
79.1
Standard Deviation y
21.35
Variance x
6254
Variance y
456
Mean ( x)
842
Mean (y)
17250
Using the information given on the table above
4. Find the variable cost per unit
5. Calculate the fixed cost
6. State the cost function
7. If X= 180 find Y
Question 4
Answer these questions briefly
1. Using examples differentiate between prime cost and conversion cost
2. How does committed cost differ from variable cost? Illustrate your answer by sketch graph.
4. What are the main features of information provided to the management accounting department?
5. Compare and contrast variable cost and fixed cost.
6. State a cost function and why do we have to use it in management accounting?
Applied Sciences
Architecture and Design
Biology
Business & Finance
Chemistry
Computer Science
Geography
Geology
Education
Engineering
English
Environmental science
Spanish
Government
History
Human Resource Management
Information Systems
Law
Literature
Mathematics
Nursing
Physics
Political Science
Psychology
Reading
Science
Social Science
Liberty University
New Hampshire University
Strayer University
University Of Phoenix
Walden University
Home
Homework Answers
Blog
Archive
Tags
Reviews
Contact
twitterfacebook
Copyright © 2022 SweetStudy.com
Recent Comments