[AFA 100] - Final Exam Guide - Ultimate 29 pages long Study Guide!

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chocolatewasp463

29 Nov 2016

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Form of business owned by one individual. Considered owners life with profits/losses becoming to taxable. Profits, taxes and legal liability responsible to two or more owners of the business. Need an agreement: discusses how profits/losses are shared and new or existing partners leave and come. Advantage over sole is that more resources are available. Separate entity from both legal and accounting perspective. Legally responsible for own taxes and debts not owners. Which means owners cannot lose more than what they invested. Disadvantage are legal fees for creating a corporation and its owners on high tax income. Shareholders can buy or sell stocks publically or privately. Start out as private and work to public for more financing purposes. System of analyzing, recording, and summarizing results of activities and reporting to decision makers. Private accountant, chartered accountant, certified fraud examiner, Banks use financial statements to evaluate risks that they will be repaid the.

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just a quick study guide for final exam

How do you alculate break-even point from dollars?
How do you calculate operation Leverage?
If given Fixed and variable overheads determine what amount wouldbe escorted on the variable cost sheet?
How do they relate: net present value and present value future cashflows?
How do you determine the equivalent units of production
How do you determine the rate of return on investment
How do you determine the budget cost of goods manufacturered
What's a budget? What's it's purpose?
If given the numbers for production beg inventory desired inventoryand sales volume determine how many you need to manufacture forthat month to meet the desired inventory?
High low method example:
Budgeted sale and conversion cost rate: what's included inthem?
Break even sales example with variable cost decreased by...
what kind of principal is inventory reduction?
Figure out overhead cost per unit when given labor hours machinehours and number of units with the cost of everything
Single plant wide multiple department and activity based costingpurpose?
Absorption cost balances sheet (has fixed amounts)
How do you determine activity rate for 6 differentdepartments
What's in conversion cost

magentalizard912

EXERCISE 7-15 Comprehensive Activity-Based Costing Exercise [LO7-2, L07-3, L07-4, LO7-5] Advanced Products Corporation has supplied the following data from its activity-based costing system: Overhead Costs Wages and salaries .... Other overhead costs .. Total overhead costs ........ $300,000 100,000 $400,000 Total Activity for the Year Activity Cost Pool Activity Measure Supporting direct labor ..... Order processing ..., Customer support ....... Other ............... Number of direct labor-hours Number of customer orders Number of customers This is an organization- sustaining activity 20,000 DLHS 400 orders 200 customers Not applicable Distribution of Resource Consumption Across Activities Supporting Order Direct Labor Processing Customer Support Other Total Wages and salaries ..... Other overhead costs ... 40% 30% 30% 10% 20% 20% 10% 40% 100% 100% During the year, Advanced Products completed one order for a new customer, Shenzhen Enterprises. This customer did not order any other products during the year. Data concerning that order follow: Data concerning the Shenzhen Enterprises Order Units ordered Direct labor-hours .... Selling price ....... Direct materials .... Direct labor 10 units 2 DLHs per unit $300 per unit $180 per unit $50 per unit Required: 1. Using Exhibit 7–6 as a guide, prepare a report showing the first-stage allocations of overhead costs to the activity cost pools. 2. Using Exhibit 7–7 as a guide, compute the activity rates for the activity cost pools. 3. Prepare a report showing the overhead costs for the order from Shenzhen Enterprises includ- ing customer support costs. 4. Using Exhibit 7–12 as a guide, prepare a report showing the customer margin for Shenzhen Enterprises.

The following information is from Marchant Manufacturing Co. forSeptember:

Direct materials used in production $ 95,000

Direct labor 67,000

Interest expense 4,000

Raw materials inventory, Sept. 1 24,000

Raw materials inventory, Sept. 30 15,000

Work in process inventory, Sept. 1 6,000

Work in process inventory, Sept. 30 26,000

Finished goods inventory, Sept. 1 101,000

Purchases of raw materials 102,000

Factory supervisors 33,000

Administrative expense 41,000

Factory maintenance 35,000

Selling expense 56,000

Sales 400,000

Depreciation machinery 27,000

Utilities for the factory 30,000

Gross Margin 150,000

Required: a. Compute Net Income. ______________

b. Compute the balance in Finished Goods Inventory at September30. ______________

c. Compute the cost of goods manufactured. ______________

d. Compute total manufacturing overhead. ______________

*Please post solutions - using as a test study guide. Thankyou.

cerisehound365

[AFA 100] - Final Exam Guide - Ultimate 29 pages long Study Guide!

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