Question #1 - Chapter 1 SHOW WORK

The following information is available for Elliot Company.

January 1, 2020 2020December 31, 2020

Raw materials inventory$ 26,000 $30,000

Work in process inventory18,500 22,200

Finished goods inventory30,00021,000

Materials purchased $170,000

Direct labor 230,000

Manufacturing overhead 180,000

Sales 800,000

Instructions

(a)Compute cost of goods manufactured.

(b)make an income statement through gross profit.

Question #2 - Chapter 2 SHOW WORK

Graham Manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2020 for the company and for Job 62:

Company Job 62

Direct materials$60,000$4,500

Direct labor$25,000$2,500

Manufacturing overhead costs$72,000

Machine hours90,0001,350

During 2020, the actual machine-hours totaled 95,000, and actual overhead costs were $71,000

Instructions

(a)Compute the predetermined overhead rate.

(b)Compute the total manufacturing costs for Job 62.

(c)How much overhead is over or underapplied for the year for the company? State amount and whether it is over- or underapplied.

(d)If Graham Manufacturing sells Job 62 for $14,000, compute the gross profit.

Question #3 - Chapter 3 SHOW WORK

At Crenshaw Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion, and production data for its Painting Department in selected months are as follows:

Beginning Work In ProcessEnding Work In Process

PercentageUnits CompletedPercentage

MonthUnitsCompletedand Transferred OutUnitsCompleted

July-0-11,000 1,500 90%

Sept.2,50020%9,000 5,000 70%

Instructions

(a)Compute the physical units for July.

(b)Compute the equivalent units of production for materials and conversion costs for September.

Question #4 - Chapter 4 SHOW WORK

American Delights manufactures a wide variety of holiday and seasonal decorative items. American's activity-based costing overhead rates are:

Purchasing$380 per order

Storing$2 per square foot/days

Machining$100 per machine hour

Supervision$5 per direct labor hour

The Snow Man project involved three purchase orders, 4,000 square feet/days, 60 machine hours, and 40 direct labor hours. The cost of direct materials on the job was $19,000 and the direct labor rate is $30 per hour.

Instructions

Determine the total cost of the Snow Man project.

Question #5 - Chapter 5 SHOW WORK

(a). A company sells a product which has a unit sales price of $5, unit variable cost of $3 and total fixed costs of $240,000. The number of units the company must sell to break even is? Also, what is the breakeven in total sales dollars?

(b). Determine the missing amounts.

Unit Selling Price Unit Variable Costs Unit Contribution Margin Contribution Margin Ratio

1. $300 $165 A. B.

2.$600 C. $150 D.

3. E. F. $440 40%

Question #6 - Essay (one page)

Explain (citing examples) the difference between Financial Accounting and Managerial Accounting. One Page minimum.