ACC 206 Week 4 Assignment
Please complete the following exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
The balance sheet of Watson Company as of December 31, 20X1, follows.
|December 31, 12X1|
|Finished goods (575 units x $7.00)||4,025|
|Direct materials (2,760 units x $0.50)||1,380|
|Plant & equipment||$50,000|
|Less: Accumulated depreciation||10,000||40,000|
|Liabilities & Stockholders’ Equity|
|Accounts payable to suppliers||$14,000|
|Total liabilities &. stockholders’ equity||$60,000|
The following information has been extracted from the firm’s accounting records:
1) Sales budget
2) Schedule of cash collections
3) Production budget
4) Direct material purchases budget
5) Schedule of cash disbursements for material purchases
6) Direct labor budget
1) Accounts Receivable
2) Direct Materials
3) Accounts Payable
|Direct materials||$0.40 per unit|
|Direct labor||1.80 per unit|
|Variable factory overhead||2.20 per unit|
|Fixed factory overhead|
The company normally manufactures between 20,000 and 25,000 units each quarter. Should output exceed 25,000 units, maintenance and other fixed costs are expected to increase by $6,000 and $4,500, respectively.
During the recent quarter ended March 31, Centron produced 25,500 units and incurred the following costs:
|Variable factory overhead||51,940|
|Fixed factory overhead|
|Total production costs||$174,825|
Arrow Enterprises uses a standard costing system. The standard cost sheet for product no. 549 follows.
|Direct materials: 4 units @ $6.50||$26.00|
|Direct labor: 8 hours @ $8.50||68|
|Variable factory overhead: 8 hours||@ $7.00||56|
|Fixed factory overhead: 8 hours||@ 2.5||20|
|Total standard cost per unit||$170.00|
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