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26.

Single plantwide factory overhead rate

Bach Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted factory overhead cost is $103,680. Overhead is allocated to the three products on the basis of direct labor hours. The products have the following budgeted production volume and direct labor hours per unit:

	Budgeted Production Volume		Direct Labor Hours Per Unit
Flutes	2,600	units	0.8
Clarinets	500		1.6
Oboes	1,200		1.2

If required, round all per unit answers to the nearest cent.

a. Determine the single plantwide overhead rate. $fill in the blank 1 per direct labor hour

b. Use the overhead rate in (a) to determine the amount of total and per-unit overhead allocated to each of the three products.

	Total Factory Overhead Cost	Per Unit Factory Overhead Cost
Flutes	$fill in the blank 2	$fill in the blank 3
Clarinets	fill in the blank 4	fill in the blank 5
Oboes	fill in the blank 6	fill in the blank 7
Total	$fill in the blank 8

33.

The net income reported on the income statement for the current year was $125,100. Depreciation recorded on store equipment for the year amounted to $20,600. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows:

	End of Year		Beginning of Year
Cash	$49,410		$44,960
Accounts receivable (net)	35,430		33,230
Inventories	48,370		50,580
Prepaid expenses	5,440		4,270
Accounts payable (merchandise creditors)	46,300		42,530
Wages payable	25,300		27,790

a. Prepare the Cash flows from operating activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Statement of Cash Flows (partial)
Cash flows from operating activities:
	$fill in the blank de67dd06cfdb048_2
Adjustments to reconcile net income to net cash flow from operating activities:
	fill in the blank de67dd06cfdb048_4
Changes in current operating assets and liabilities:
	fill in the blank de67dd06cfdb048_6
	fill in the blank de67dd06cfdb048_8
	fill in the blank de67dd06cfdb048_10
	fill in the blank de67dd06cfdb048_12
	fill in the blank de67dd06cfdb048_14
Net cash flow from operating activities		$fill in the blank de67dd06cfdb048_15

b. Cash flows from operating activities differs from net income because it does not use the: (accrual basis or cash basis) of accounting. For example revenues are recorded on the income statement when (they are earned or cash is received).