Acct 344 Week 5 Homework

In: Other Topics

Submitted By hwsoloutions
Words 376
Pages 2
ACCT 344 WEEK 5 HOMEWORK

A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-5-homework Visit Our website: http://hwsoloutions.com/
Product Description
PRODUCT DESCRIPTION
ACCT 344 Week 5 Homework,
Part A: Part A: Product I = 100 ÷ (100 + 400) * $4,000 = $800 Product II = 400 ÷ (500) * $4,000 = $3,200 Product I ($800) + Product II ($3,200) = $4,000 Part B: Income Statement: Product I Product II Total Sales $2,000 $6,000 $8,000 Cost of Goods Sold $800 $3,200 $4,000 Gross………
Part A: Total Cost: $4,000.00 Breast: 3,000 Units, 50% of Total Units, $2.00 per Pound Wings: 1,000 Units, 16.667% of Total Units, $0.50 per Pound Thighs: 2,000 Units, 33.333% of Total Units, $1.00 per Pound Total Units: 6,000, Combined Price $3.50 per Pound Cost Sale Gross Profit Gross Profit Percentage Breast $2,000.000 $6,000.00 $4,000.000 66.667% Wings $666.667 $500.00 $(166.667) -33.333% Thighs $1,333.333 $2,000.00 $666.667 33.333% Work: Breasts Cost = $4,000*.50 = $2,000 Breasts Sale = 3000 Units * $2.00 per Unit = $6,000 Breasts Gross Profit = $6,000 – $2,000 = $4,000 Breasts Gross Profit Percentage = $4,000 ÷ $6,000 = 66.667% Wings Cost = $4,000*.16667 = $666.667 Wings Sale = 1,000 Units * $0.50 per Unit = $500 Wings Gross Profit = $500 – $666.667 = -$166.667 Wings Gross Profit Percentage = -$166.667 ÷ $500 = -33.333% Thighs Cost = $4,000*.33.333 = $1,333.333 Thighs Sale = 2000 Units * $1.00 per Unit = $2,000 Thighs Gross Profic. The decision to accept the offer is not affected by the allocation of joint costs, only the relevant revenues and costs after split-off. Because the relevant revenue from further processing is 25
c. The decision to accept the offer is not affected by the allocation of joint costs, only the relevant revenues and costs after split-off. Because the relevant revenue from further processing is 25
c. The decision to accept the offer is…...

Similar Documents

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Week 5 Homework

...ACCT 344 Week 5 Homework Purchase here chosecourses.com/ACCT 344/acct-344-week-5-homework Product Description 1. Question: Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for Product I is $20 and for Product II is $15. Required: a. Allocate joint production costs to each product using the physical units method. b. Allocate joint production costs to each product using the net realizable value method. c. Allocate joint production costs to each product using the constant gross margin percentage method. 2. Question: Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following…………….. Required: (Calculate relative quantity to three decimal points.) a. Determine the cost and gross profit percentage for each type of chicken using the physical units method of joint cost allocation. b. Repeat part (a) using the sales-value-at-split-off method of joint cost allocation. c. The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging is required, which will cost $300 per 1,000 lb. Assuming the physical unit method is used to......

Words: 260 - Pages: 2

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Week 5 Homework

...ACCT 344 Week 5 Homework Purchase here chosecourses.com/ACCT 344/acct-344-week-5-homework Product Description 1. Question: Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for Product I is $20 and for Product II is $15. Required: a. Allocate joint production costs to each product using the physical units method. b. Allocate joint production costs to each product using the net realizable value method. c. Allocate joint production costs to each product using the constant gross margin percentage method. 2. Question: Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following…………….. Required: (Calculate relative quantity to three decimal points.) a. Determine the cost and gross profit percentage for each type of chicken using the physical units method of joint cost allocation. b. Repeat part (a) using the sales-value-at-split-off method of joint cost allocation. c. The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging is required, which will cost $300 per 1,000 lb. Assuming the physical unit method is used to......

Words: 1037 - Pages: 5

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 Homework Week 1, 2, 3, 5, 6 Purchase here http://devrycourse.com/acct-344-homework-week-1-2-3-5-6 Product Description ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 Week 2 Homework 1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process 20,000 20% completeTransferred to finished goods 60,000 Ending inventory 10,000 70% complete Materials added at the beginning of the process Required: Calculate the equivalent units for a. material costs under the weighted average process cost method; b. conversion costs under the weighted average process cost method; c. material costs under the FIFO process cost method; and d. conversion costs under the FIFO process cost method. 2. Questions: Glass Company manufactures a product through a continuous......

Words: 879 - Pages: 4

Acct 344 Week 5 Homework

...A++PAPER;http://www.homeworkproviders.com/shop/acct-344-week-5-homework/ ACCT 344 WEEK 5 HOMEWORK ACCT 344 Week 5 Homework, ACCT 344 Week 5 Homework Question: Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for Product I is $20 and for Product II is $15. Required: a. Allocate joint production costs to each product using the physical units method. b. Allocate joint production costs to each product using the net realizable value method. c. Allocate joint production costs to each product using the constant gross margin percentage method. 2. Question: Mike’s Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following…………….. Required: (Calculate relative quantity to three decimal points.) a. Determine the cost and gross profit percentage for each type of chicken using the physical units method of joint cost allocation. b. Repeat part (a) using the sales-value-at-split-off method of joint cost allocation. c. The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging is required, which will cost $300 per 1,000 lb...

Words: 268 - Pages: 2

Acct 344 Homework Week 1, 2, 3, 5, 6

...ACCT 344 HOMEWORK WEEK 1, 2, 3, 5, 6 To purchase this visit following link: http://www.activitymode.com/product/acct-344-homework-week-1-2-3-5-6/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 344 HOMEWORK WEEK 1, 2, 3, 5, 6 ACCT 344 Homework Week 1, 2, 3, 5, 6 ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing Manufacturing Company…………….Required: a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead. b. Prepare the journal entry to record the completion of Job 506. c. What is the predetermined factory overhead rate for Bearing Manufacturing? d. Prepare the journal entries to record the sale of Job 506. ACCT 344 HOMEWORK WEEK 1, 2, 3, 5, 6 To purchase this visit following link: http://www.activitymode.com/product/acct-344-homework-week-1-2-3-5-6/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 344 HOMEWORK WEEK 1, 2, 3, 5, 6 ACCT 344 Homework Week 1, 2, 3, 5, 6 ACCT 344 Week 1 Homework 1. Question: Able Corporation incurred the following costs………………. Calculate the following. a Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income 2. Question: Below is information from Job Card 506 for the Bearing......

Words: 637 - Pages: 3