21 Jun Complete problems to calculate, classify, and compute m
Complete problems to calculate, classify, and compute manufacturing costs.
Introduction
Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.
A cost analysis can help management determine whether or not to go ahead with a project.
Instructions
Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.
Use the Cost Analysis Template [XLSX] to complete this assessment. Based on the data provided in the template, complete the problems to calculate, classify, and compute manufacturing costs.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:
Competency 1: Analyze cost accounting systems.
Classify business costs as variable or fixed.
Classify business costs as product or period costs.
Competency 2: Apply sound budgeting principles.
Compute manufacturing cost.
Competency 5: Communicate in a manner that is professional and consistent with expectations for professionals in the field of accounting.
Communicate quantitative information accurately and effectively.
Problem 1
| BUS-FPX4061 – Managerial Accounting Principles | |||||||||||||||||||||||||
| Assessment 1: Cost Analysis Worksheet | |||||||||||||||||||||||||
| Problem 1 | Input values | ||||||||||||||||||||||||
| Solve the given problem based on the following information. | |||||||||||||||||||||||||
| Conglomco Corporation manufactures and sells widgets for $550 per unit. | Company name | Conglomco Corporation | |||||||||||||||||||||||
| The total cost of production for 1,100 widgets is given below. | Product | Widget | |||||||||||||||||||||||
| Differentiate each cost as being either variable or fixed and product or period. | Selling price of widgets | $550 | per unit | ||||||||||||||||||||||
| Total number of widgets | 1,100 | ||||||||||||||||||||||||
| Costs | Cost by Behavior ($) | Cost by Function ($) | |||||||||||||||||||||||
| Variable | Fixed | Product | Period | ||||||||||||||||||||||
| Resin for widget covers: $18,700 | |||||||||||||||||||||||||
| Wages/assembly: $90,200 | Resin for widget covers | $18,700 | |||||||||||||||||||||||
| Facility property taxes: $5,500 | Wages/assembly | $90,200 | |||||||||||||||||||||||
| Accounting staff salaries: $38,500 | 38,500 | 38,500 | Facility property taxes | $5,500 | |||||||||||||||||||||
| Stands (1,100 outsourced): $28,600 | Accounting staff salaries | $38,500 | |||||||||||||||||||||||
| Rental equipment/sales staff: $11,000 | Stands (1,100 outsourced) | $28,600 | |||||||||||||||||||||||
| Salaries/management: $137,500 | Rental equipment/sales staff | $11,000 | |||||||||||||||||||||||
| Annual maintenance fee: $11,000 | Salaries/management | $137,500 | |||||||||||||||||||||||
| Commissions (per unit): $15 | Annual maintenance fee | $11,000 | |||||||||||||||||||||||
| Commissions (per unit) | $15 | ||||||||||||||||||||||||
| Depreciation on machinery | $44,000 | ||||||||||||||||||||||||
| Depreciation on machinery: $44,000 | |||||||||||||||||||||||||
Problem 2
| Problem 2 | Input values | ||||||||||||||||||
| Solve the given problem based on the following information. | |||||||||||||||||||
| Jordan manufactures and sells widgets for $550 per unit. | Company name | Jordan | |||||||||||||||||
| The total cost of production for 1,100 widgets is given below. | Product name | Widget | |||||||||||||||||
| Compute the manufacturing cost per widget. | Selling price of widgets | $550 | per unit | ||||||||||||||||
| Round the unit cost to two decimal places. | Total number of widgets | 1,100 | |||||||||||||||||
| Costs | |||||||||||||||||||
| Resin for widget covers | $18,700 | ||||||||||||||||||
| Wages/assembly | $90,200 | Resin for widget covers | $18,700 | ||||||||||||||||
| Facility property taxes | $5,500 | Wages/assembly | $90,200 | ||||||||||||||||
| Accounting staff salaries | $38,500 | Facility property taxes | $5,500 | ||||||||||||||||
| Stands (1,100 outsourced) | $28,600 | Accounting staff salaries | $38,500 | ||||||||||||||||
| Rental equipment/sales staff | $11,000 | Stands (1,100 outsourced) | $28,600 | ||||||||||||||||
| Salaries/management | $137,500 | Rental equipment/sales staff | $11,000 | ||||||||||||||||
| Annual maintenance fee | $11,000 | Salaries/management | $137,500 | ||||||||||||||||
| Commissions (per unit) | $15 | Annual maintenance fee | $11,000 | ||||||||||||||||
| Depreciation on machinery | $44,000 | Commissions (per unit) | $15 | ||||||||||||||||
| Depreciation on machinery | $44,000 | ||||||||||||||||||
| Cost to Manufacture Each Widget | |||||||||||||||||||
| Item | Total Cost ($) | Cost per Unit ($) | |||||||||||||||||
| Variable manufacturing costs: | |||||||||||||||||||
| Fixed manufacturing costs: | |||||||||||||||||||
| Total manufacturing cost | |||||||||||||||||||
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