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1. (TCO C) Madlem, Inc., produces and sells a single product whose selling price is $120.00 per unit and whose variable expense is $46.20 per unit. The company's fixed expense is $405,900 per month. Required: Determine the monthly breakeven in either unit or total dollar sales. Show your work! (Points : 25) Question 2.2. (TCO B) Industrial Supply Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below. Work in process, beginning: Units in beginning work in process inventory 400 Materials costs $6,900 Conversion costs $2,500 Percent complete for materials 80% Percent complete for conversion 15% Units started into production during the month 6,000 Units transferred to the next department during the month 5,200 Materials costs added during the month $112,500 Conversion costs added during the month $210,300 Ending work in process: Units in ending work-in-process inventory 1,200 Percentage complete for materials 75% Percentage complete for conversion 30% Required: Calculate the equivalent units for conversion for the month in the first processing department. (Points : 25) Question 1.1. (TCO D) The following absorption costing income statement and additional data are available from the accounting records of Bernon Co. for the month ended May 31, XXXX. During the accounting period, 17,000 units were manufactured and sold at a price of $60 per unit. There were no beginning inventories. Bernon Co. Absorption Costing Income Statement for the Month Ended May 31, XXXX Sales (17,000 @ $60) Cost of goods sold Gross profit Selling and administrative expenses $1,020,000 612,000 $ 408,000 66,000 Income from operations $ 342,000 Additional Information: Cost Total Cost Number of Units Unit Cost $442,000 17,000 $26 Fixed 170,000 17,000 10 Total $612,000 Manufacturing costs: Variable $36 Selling and administrative expenses: Variable ($2 per unit sold) $34,000 Fixed 32,000 Total $66,000 Required: Prepare a new income statement for the year using variable costing. Comment on the differences, if any, between the absorption costing and the variable costing income statements. (Points : 30) Question 2.2. (TCO I) (Ignore income taxes in this problem.) Simpson Beauty Products Corporation is considering the production of a new conditioning shampoo that will require the purchase of new mixing machinery. The machinery will cost $700,000, is expected to have a useful life of 10 years, and is expected to have a salvage value of $70,000 at the end of 10 years. The machinery will also need a $45,000 overhaul at the end of Year 5. A $60,000 increase in working capital will be needed for this investment project. The working capital will be released at the end of the 10 years. The new shampoo is expected to generate net cash inflows of $150,000 per year for each of the 10 years. Simpson's discount rate is 18%. Items Year(s) Cost of machinery Now ($700,000) 1 ($700,000) Working capital increase Now ($60,000) 1 ($60,000) Annual cash inflows 1-10 $150,000 4.494 674,100 5 ($45,000) 0.437 ($19,665) Overhaul Amount 18% Present Value Factor Salvage value 10 $70,000 0.191 13,370 Working capital release 10 $60,000 0.191 11,460 Net present value ($80,735) Required: (a) What is the net present value of this investment opportunity? (b) Based on your answer to (a) above, should Simpson go ahead with the new conditioning shampoo? (Points : 30) Question 3.3. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year. Sales 1,700 Raw materials inventory, beginning 50 Raw materials inventory, ending 25 Purchases of raw materials 210 Direct labor 360 Manufacturing overhead 330 Administrative expenses 400 Selling expenses 200 Work-in-process inventory, beginning 120 Work-in-process inventory, ending 150 Finished goods inventory, beginning 80 Finished goods inventory, ending 120 Use the above data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year. In addition, what is the impact on the financial statements if the ending finished goods inventory is overstated or understated? (Points : 25) Question 4.4. (TCO F) Walker Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $43,000. Budgeted cash receipts total $117,000 and budgeted cash disbursements total $122,000. The desired ending cash balance is $55,000. The company can borrow up to $100,000 at any time from a local bank, with interest not due until the following month. Required: Prepare the company's cash budget for November in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash balance(Points : 25) Question 5.5. (TCO F) The following overhead data are for a department of a large company. Actual Costs Incurred Static Budget Activity level (in units) 360 340 Indirect materials $4,182 $4,148 Electricity $2,536 $2,414 Administration $6,540 $6,500 Rent $6,310 $6,400 Variable costs: Fixed costs: Required: Construct a flexible budget performance report that would be useful in assessing how well costs were controlled in this department. (Points : 25) Question 6.6. (TCO H) McMullen Co. uses 10,000 units of Part X each year as a component in the assembly of one of its products. The company is presently producing Part X internally at a total cost of $125,000 as follows. Direct materials $40,000 Direct labor 30,000 Variable manufacturing overhead 25,000 Fixed manufacturing overhead 30,000 Total costs $125,000 An outside supplier has offered to provide Part X at a price of $10 per unit. If McMullen stops producing the part internally, one third of the fixed manufacturing overhead would be eliminated. Required: Prepare a make-or-buy analysis showing the annual advantage or disadvantage of accepting the outside supplier's offer. Please state clearly whether the part should be made or bought and share your work. (Points : 30) Question 7.7. (TCO B) Buckhorn Corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. Data for the upcoming year appear below. Estimated machine hours 37,000 Estimated variable manufacturing overhead $7.77 per machine hour Estimated total fixed manufacturing overhead $888,000 The actual machine hours for the year turned out to be 35,000. Required: Compute the company's predetermined overhead rate. (Points : 25)