ACCT 210 Lecture Notes - Lecture 69: Hematology, Asthma, Sputum

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taupefox298

12 Jul 2020

School

College of The Sequoias

Department

Accounting (ACCT)

Course

ACCT 210

Professor

mohamed

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Document Summary

Lecture objectives: there were no learning objectives given. Fungi are eukaryotic microorganisms including yeasts, moulds and mushrooms. They are classified in a kingdom of their own, one major difference being that fungal cell walls contain the carbohydrate chitin, a long chain polymer of. N-acetylglucosamine (a derivative of glucose) and -1-3 glucan. Plant cell walls and those of some protoctists contain the carbohydrate cellulose. Nutritionally, fungi are heterotrophic organisms that rely solely on carbon fixed by other organisms for metabolism and feed by absorption. The fungal life cycle can be simple or complex and fungi can reproduce by sexual or asexual means. There are two cellular forms of growth in fungi: blastospores: as seen in yeast cells. A blastospore is an asexual fungal spore produced by budding. Yeasts are unicellular fungi and do not grow as hyphae: hyphae: as seen in moulds. A hypha is a long branching filamentous structure and the main method of vegetative growth; collectively called a mycelium.

Related Questions

Analyzing Manufacturing Cost Accounts

Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for July:

Materials
July 1	Balance	36,400	July 31	Requisitions	(A)
July 31	Purchases	146,400

Work in Process
July 1	Balance	(B)	July 31	Completed jobs	(F)
July 31	Materials	(C)
July 31	Direct labor	(D)
July 31	Factory overhead applied	(E)

Finished Goods
July 1	Balance	0	July 31	Cost of goods sold	(G)
July 31	Completed jobs	(F)

Wages Payable
			July 31	Wages incurred	116,300

Factory Overhead
July 1	Balance	21,700	July 31	Factory overhead applied	(E)
July 31	Indirect labor	(H)
July 31	Indirect materials	19,500
July 31	Other overhead	58,700

In addition, the following information is available:

Materials and direct labor were applied to six jobs in July:

Job No.	Style	Quantity	Direct Materials		Direct Labor
No. 21	X-10	200		$25,600		$15,000
No. 22	X-20	390		40,620		26,000
No. 23	X-50	170		14,500		7,000
No. 24	T-20	250		39,250		25,000
No. 25	X-40	180		26,380		16,000
No. 26	T-10	130		9,390		4,000
	Total	1,320		$155,740		$93,000

Factory overhead is applied to each job at a rate of 130% of direct labor cost.

The July 1 Work in Process balance consisted of two jobs, as follows:

Job No.	Style	Work in Process, July 1
Job 21	X-10	$5,900
Job 22	X-20	15,800
Total		$21,700

Customer jobs completed and units sold in July were as follows:

Job No.	Style	Completed in July	Units Sold in July
No. 21	X-10	X	160
No. 22	X-20	X	312
No. 23	X-50		0
No. 24	T-20	X	210
No. 25	X-40	X	149
No. 26	T-10		0

1. Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an answer is zero, enter in "0". Enter all amounts as positive numbers.

Job No.	Quantity	July 1 Work in Process	Direct Materials	Direct Labor	Factory Overhead	Total Cost	Unit Cost	Units Sold	Cost of Goods Sold
No. 21		$ 5,900	$ 25,600	$ 15,000	$	$	$			$
No. 22		15,800	40,620	26,000
No. 23			14,500	7,000
No. 24			39,250	25,000
No. 25			26,380	16,000
No. 26			9,390	4,000
Total		$21,700	155,740	93,000	$	$				$

a. Materials Requisitions $

b. Work in Process Beginning Balance $

c. Direct Materials $

d. Direct Labor $

e. Factory overhead applied $

f. Completed jobs $

g. Cost of goods sold $

h. Indirect labor $

2. Determine the July 31 balances for each of the inventory accounts and factory overhead. Use the minus sign to indicate any credit balances.

Materials:	$
Work in Process:	$
Finished Goods:	$
Factory Overhead:	$

Feedback

1
a & c. Direct and Indirect materials are requisitioned. Direct materials are recorded in Work in Process and Indirect materials are recorded in Factory overhead.

b. The beginning work in process information is given.

d, e & h. Direct labor cost information is given. Overhead is applied based on direct labor cost.

f & g. Beginning Work in Process balances plus all current period manufacturing costs are included in the cost of completed jobs and jobs sold.

2. Insert your amounts calculated in (1) into the T accounts. Then determine the ending balances.

Learning Objective 2.

plumgoldfish5

GIVEN: X Manufacturing Company uses a job order costing system.The following information summarizes its operations related toproduction for January, its first month of operations.

A. Purchased production materials on account, $85,000.

B. Production materials of $90,000 were requisitioned to thefactory for the five jobs started in January and for generalfactory use as follows:

Job	Materials
Job No. 1001	$15,000
Job No. 1002	14,000
Job No. 1003	11,800
Job No. 1004	20,200
Job No. 1005	22,000
General factory use	7,000
	$90,000

C. Factory labor costs of $71,000 were incurred. The employeetime tickets provided the following:

Job	Factory Labor
Job No. 1001	$ 10,000
Job No. 1002	11,750
Job No. 1003	10,250
Job No. 1004	14,800
Job No. 1005	18,200
General factory use	6,000
	$71,000

D. Factory overhead is allocated to jobs at a rate of $50 permachine hour. Machine hours used were:

Job	Machine Hours
Job No. 1001	105
Job No. 1002	110
Job No. 1003	95
Job No. 1004	150
Job No. 1005	120
	580

E. Depreciation on the factory machinery and equipment was$6,500.

F. Factory overhead costs incurred on account were $9,800.

G. Jobs 1001, 1002 and 1004 were completed.

H. Jobs 1001 and 1002 were shipped and the customers were billed$100,000 for job 1001 and $111,000 for job 1002.

REQUIRED:

Part 1: Prepare a schedule summarizing manufacturing costs byjob incurred in January. Use the following columns and providecolumn totals.

Job DirectMaterials DirectLabor FactoryOverhead Total

Part 2: What are the January 31 balances for each ofthe following accounts? Support your answers by indicating the jobsin that balance.

Work in ProcessInventory

Finished GoodsInventory

Cost of GoodsSold

Part 3: What was cost of goods manufactured forJanuary? (Show supporting work.)

Part 4: What was gross profit for January? (Showsupporting work.)

Part 5: Prepare summary journal entries forinformation a through h given above.

salmonox645

The Alpha Division of the Carlson Company manufactures product X ata variable cost of $40 per unit. Alpha Division's fixed costs,which are sunk, are $20 per unit. The market price of X is $70 perunit. Beta Division of Carlson Company uses product X to make Y.The variable costs to convert X to Y are $20 per unit and the fixedcosts, which are sunk, are $10 per unit. The product Y sells for$80 per unit.
Required:
a. What transfer price of X causes divisional managers to makedecentralized decisions that maximize Carlson Company's profit ifeach division is treated as a profit center?
b. Given the transfer price from part (a), what should the managerof the Beta
Division do?
c. Suppose there is no market price for product X. What transferprice should be
used for decentralized decision-making?
d. If there is no market for product X, is the operations of theBeta Division
profitable?

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ACCT 210 Lecture Notes - Lecture 69: Hematology, Asthma, Sputum

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