10 Sep INSTRUCTIONS Southern New Hampshire
INSTRUCTIONS
| Southern New Hampshire University | ||
| ACC 311 COST ACCOUNTING | ||
| INSTRUCTIONS FOR FINAL PROJECT I (Due in Module Three) | ||
| IMPORTANT NOTE: Make sure to completely review the Final Project I Rubric. | ||
| ITEMS TO COMPLETE FOR THIS PROJECT: | ||
| PROMPT | ||
| You are the new cost accountant at SRS. In your new position, you have been asked to perform a few tasks for the company’s leadership team. Use the scenario info in the table below: | ||
| A: Create an overview diagram using whichever flowchart or diagram tool you feel most comfortable with. Paste it on the OVERVIEW DIAGRAM sheet. | ||
| B: Prepare journal entries to summarize the 2017 transactions. | ||
| As your final entry, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to the Cost of Goods Sold (COGS) account. Assume COGS given of $4,020 does not include the write off of overallocated manufacturing overhead. Use the template on the JOURNAL ENTRIES sheet. | ||
| C: Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated. Use the template on the T-ACCOUNTS sheet. | ||
| For the following, prepare a 1-2 page paper in a separate Word document. See Assignment Guidelines and Rubric document for detailed description | ||
| D: How did the SRS Educational Press perform in 2017? Should the company continue to have in-house press production? Support your answer with relevant data (specific calculations regarding gross margin, what the numbers mean, justification, with research, for your recommendation) | ||
| E: How did the SRS Educational Press perform in 2017? Should the company continue to have in-house press production? Support your answer with relevant data (specific calculations, what the numbers mean, research justification for your recommendation). | ||
| SRS COST DATA | ||
| · Direct materials and supplies purchased on credit: $800 | ||
| · Direct materials used: $710 | ||
| · Indirect materials issued to various production departments: $100 | ||
| · Direct manufacturing labor: $1,300 | ||
| · Indirect manufacturing labor incurred by various production departments: $900 | ||
| · Depreciation on building and manufacturing equipment: $400 | ||
| · Miscellaneous manufacturing overhead incurred by various production departments: $550 | ||
| o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.) | ||
| · Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ? | ||
| · Cost of goods manufactured: $4,120 | ||
| · Revenues: $8,000 | ||
| · Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020 | ||
| · Inventories, December 31, 2016 (not 2017): | ||
| o Materials control: $100 | ||
| o Work-in-process control: $60 | ||
| o Finished goods control: $500 |
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