DEVRY BIS 155 Week 5 Quiz Data Analysis with Spreadsheets with Lab

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  (TCO 5) The tabs of grouped worksheets are displayed with a ________ background. (Points : 2)

Gray

Yellow

Blue

White (TCO 5) In Excel, which of the following would you perform to group nonadjacent worksheets? (Points : 2)

Click the first tab, hold Shift, and then click the last tab

Click the first tab, hold Ctrl, and then click last tab.

Right-click a worksheet tab, then select Select All Sheets.

Right-click a worksheet tab, then select Group.

(TCO 5) When two windows of the same workbook are opened, Excel adds ________ to the title bar of the second window. (Points : 2)

The letter B

The number 2

The letter A

The number 1

(TCO 5) In Excel, which of the following is NOT a method for splitting a worksheet? (Points : 2)

Drag a split box

Double-click a split box.

Right-click in the active cell and click Split.

Click Split in the Window group on the View tab.

(TCO 5) If a worksheet name has a space in it, ________ surround the worksheet name in the worksheet reference. (Points : 2)

Double quotation marks

Single quotation marks

Parentheses

Brackets

(TCO 5) Which formula would return the #NAME? error? (Points : 2)

=SUM(B6.B12)

=MAX(B6:B12)

=AVG(B6:B12)

=IF(A6=”Atlanta”,A3,0)

(TCO 5) If A1 contains the hourly pay rate of $10.25, A2 contains the hours worked (40), and A3 contains =A1*A2, which cell is the dependent cell(s)? (Points : 2)

A1

DEVRY BIS 155 Week 6 iLab Data Analysis with Spreadsheets with Lab

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 Day Care Wonders Income Statement of Jane Morales.

DEVRY BIS 155 Week 5 iLab Data Analysis with Spreadsheets with Lab

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 The owner of Bruno’s Pizza, Joe Bruno, wants to evaluate the profitability of his three restaurants before he expands further. He is particularly interested in the comparative results of three dining categories, dine-in, pickup, and delivery. Joe has asked for your help in doing this analysis in return for a small stipend and all the pizza you can eat. You have already prepared a template and distributed it to each restaurant manager, who has entered the sales data for last year. Your next task is to consolidate the data into a single workbook that shows the total sales for each quarter and each dining category. The information should be shown in tabular, as well as graphical formats. You will also create a documentation sheet so that Joe will know exactly what you have created.

DEVRY BIS 155 Week 4 iLab Data Analysis with Spreadsheets with Lab

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 You work with the XYZ Corporation Charitable Trust allows you to demonstrate your expertise with Excel. The trust is sponsoring an auction, and you have received a list of all donors who have contributed to this auction. The list was pulled from the Corporation’s database as a comma separated text file. You have been asked to create a letter that will go out to each of the contributors that will accept their donation. Tickets to the event will be enclosed. The letter requires that you provide the following pieces of information:

Full Name and Address First Name Donated Item Value Number of tickets requested

DEVRY BIS 155 Week 2 Quiz Data Analysis with Spreadsheets with Lab

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 (TCO 2) In Excel, a relative cell reference: (Points : 2)

Indicates a cell’s specific location and the reference does not change when you copy the formula. Contains both an absolute and a relative cell reference

Indicates a cell’s relative location from the cell containing the formula; the reference changes when you copy the formula

Occurs when a formula directly or indirectly refers to the cell containing the formula

(TCO 2) In Excel, an Argument would be best described by which of the following statements? (Points : 2)

Calculates the total of values contained in two or more cells.

Displays a list of functions and defined names as you enter a function.

Is an input, such as a cell reference or a value needed to complete a function.

Is a small pop-up description that displays the results of the cell.

(TCO 2) The MIN function would identify the _____. (Points : 2)

The highest value in a range.

Tallies the number of blank cells in a range.

The lowest value in a range.

The midpoint value in a range

(TCO 2) The NOW function would perform which of the following? (Points : 2)

FIND

SEARCH

HLOOKUP

VLOOKUP

(TCO 2) To copy a formula, you may use the _____, which is found in the bottom right-hand corner of an active cell. (Points : 2)

The periodic interest rate, such as a monthly interest rate.

Calculates the periodic payment for a loan with a fixed interest rate and fixed term.

Looks up a value in a lookup table where the first column contains the values to compare with the lookup value.

Looks up a value in a lookup table in which the first row contains the values to compare with the lookup value.

(TCO 2) One benefit of using range names in formulas is that _____ . (Points : 2)

A cell reference

A function

A formula

A range name

(TCO 2) The PMT function is best described by which of the following? (Points : 2)

It is a set of range names.

It is a word or a string of characters that represent one or more cells.

It is the present value of the loan.

It is why you do not have to make the cell reference absolute in the formula.

(TCO 2) Which of the following best describes a mixed cell reference? (Points : 2)

Occurs when a formula directly or indirectly refers to the cell containing the formula

Causes a potential error

Contains absolute or relative cell references, but not both

Contains both an absolute and a relative cell reference

(TCO 2) You have a cell that contains the formula =A1*2. When you copy this formula to other cells, you want it to always reference column A, but you want the row number to change automatically. You should make the A1 in this formula a(n) _____ cell reference. (Points : 2)

Abstract

Relative

Mixed

DEVRY BIS 155 Final Exams

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BIS 155 Final Exam Data Analysis with Spreadsheets with Lab

(TCO 3) A retail chain keeps daily data with summaries of the dollar amounts of sales for each of 151 different products sold at 23 retail stores. The daily data is tracked by product and by store. At the end of the day each store sends its data to the sales manager at the corporate office. The data is sent in an Excel spreadsheet. Describe a data consolidation strategy and at least two different types of visualization techniques the sales manager can use to analyze the data received from all stores. Be sure to include formulas that are to be used in the Excel spreadsheet. (Points : 40)

 Data consolidation strategy is a new concept that a majority of mangers are trying to adopt in order to keep track of their…

(TCO 5) Mark Jacobs, owner of Jacob’s Mini-Mart currently operates two stores in Atlanta. His business has been very successful, and he is now opening two new stores. He will no longer be able to manage all stores himself, so he is hiring managers for three of the four stores. He will continue to operate one store, and act as general manager over the company. He is looking for an easy and efficient way to collect information from the stores, and he would like your help with the following:PART 1 Marc wants you to design a worksheet for his managers to complete showing the sales by product category by month at each store. He wants to be sure the managers don’t change the formulas in the worksheet. Describes the characteristics of the worksheet. PART 2 Describe the process Mark will use in combining the completed worksheets into on workbook and creating the summary report. (Points : 40)

 Part 1

For the case of Jacob’s Mini-Mart, he needs to have a way of …

Part 2

For the completed worksheets to make sense to the users….

 (TCO 9) You are assigned to analyze a large dataset containing the detailed records of invoices of a company’s customers which contain the customer ID, their address, city, region, post code, country and sales person and additional information about specific order id, order date, shipped date, shipper, product ordered, unit price, quantity, discount, ship address, ship city, ship postal code, ship country, and product category name. Explain how you would use Excel and Excel formulas to analyze this data and organize it to prepare a written report. Be very specific on the variety of tools you would use and the steps you would go through to analyze the data and to ultimately prepare a detailed report with recommendations. (Points : 40)

 The use of excel for data analysis is one the best processes that data…

(TCO 1) You are the Payroll Manager for your employer. Your payroll clerk has submitted the worksheet displayed here. All employees earn their regular pay rate times the hours worked plus an overtime bonus of 50% of the hours worked in excess of 40 hours.

 Part 1: Write a formula as if it were in Cell E2 that will calculate gross pay. Write the formula so that it may be copied to the other employees without modification.

Part 2: You must also calculate the Income Tax which is assessed at an accelerated rate as shown in the Tax Rate Table. Write a formula as if it were in Cell F2 that calculates the income tax for the first employee. Write the formula.

Part 3: Hourly employees must pay union dues of $0.25 per hour on hours worked in excess of 25 hours up to and including 40 hours plus $0.35 per hour on all hours worked in excess of 40 hours. Write a formula as if it were in Cell G2 that calculates the union dues (if any) for the first employee. Write the formula.

Part 4: Salaried and Exempt employees (Pay Codes E and S) are covered by the company’s health insurance. The deduction is $10.00 per week. Write a formula as if it were in Cell H2 that calculates the Insurance deduction (if any) for the first employee. Write the formula so that it may be copied to the other employees without modification. (Points : 40)

(TCO 3) You are a Microsoft Office trainer for DeVry University. The training topic for the current month is charts using Microsoft Excel. During each training session from different departments or cohorts, the following frequently asked questions were asked and you decide to create a document formalizing answers and suggestions.

My supervisor, Sally, likes my charts; however, she instructs me to take more time planning my charts before creating the actual chart itself. Why is planning the creation and development of a chart so important?

My supervisor, John, ask me to chart some comparative data but my first attempt with a column chart did not illustrate the data as well as he would have liked. What type of chart is ideal and best to illustrate comparative data of individual items in a data series and why?

My supervisor, Jessica, asked me to project future data trends using a chart. Most of the data is associated with sales and depending on the nature of what is sold, data either fluctuates or increases quickly. What chart feature added to a column chart can help project these data trends and why?

My supervisor, Thomas, asked me to add some creativity with color and enhancements on all charts used during weekly meetings. What should I consider to avoid being overly creative and why is this important? (Points : 40)

(TCO 5) You work for a local construction firm “DeVry Engineering Group” and your supervisor, Jessica, needs an updated earned value analysis index of the prior month for an existing capital project (0000001) that has a current Budget at Completion (BAC) of $1500.00, a current earned value of (EV) of $300, a current actual cost (AC) of $500.00, and a current planned value (PV) of $350.00. In order to calculate the current average index, assume the following variables and standard formulas below:

Cost Variance    (CV)    EV–AC Cost Performance Index    (CPI)    EV/AC Schedule Variance    (SV)    EV–PV Schedule Performance Index    (SPI)    EV/PV Estimate to Completion    (ETC)    EAC–AC Estimate at Completion    (EAC)    BAC/CPI Variance at Completion    (VAC)    BAC–EAC Status (Earned Value Index)    (EVI)    (CPI+SPI)/2

Also assume that a final calculated average index of 1.00 or greater represents a project being on track and in good standing. In addition, there could be several options for the descriptive methods to design this worksheet and below is a worksheet setup with the following “3” columns including any other needed top labels like for the existing Month already calculated.

Based on the current calculated earned Status (Earned Value Index) for work order 0000001, is the current capital project in good standing?

Your supervisor, Jessica, wants the worksheet, on row 16 or 17, to automatically provide a project status as being “In the Red” (Poor Standing) or “In the Black” (Good Standing). Explain descriptively how you could use a conditional formula to report the project status.

Your Supervisor, Jessica, has 3 additional projects with work orders, 0000002, 0000003, and 0000004 she wants added to this Excel Workbook where each work order is monitored on a separate worksheet like work order 0000001. Jessica would like to have a summary worksheet which compiles all information for all work orders. The overall design of the summary worksheet will match the same general design as with work orders 0000001 through 0000004. Descriptively describe steps needed to link these worksheets together along with any ideas for formulas and functions to give an overall picture of all project work orders combined so that Jessica can see an overall holistic view of the Status (Earned Value Index) across all these work orders being managed.

Based on the summary worksheet, Jessica, would like to see a chart which can help with future projections of the Status (Earned Value Index). Descriptively describe which chart you would recommend with any features that will help Jessica with future projections. Also using your intuition and creative mind, descriptively describe if any other information needs to be charted from the summary worksheet which may help Jessica with future cost projections and why? (Points : 40)

(TCO 5) A table named “Daily Sales” in a Microsoft Access database has the following fields:

Product A Product B Product C Product D

Each record on the table represents a day of total sales for each product and the data covers the last five years. Your boss asks you to create a visual report of the sales performance of each product during the last 12 months.

Prepare a step-by-step description of how you would use Microsoft Excel to prepare the report and email it to your boss following these steps:

Step 1 – Import data from Access to Excel Step 2 – Summarize Monthly Data for each product during the last 12 months Step 3 – Create a visual representation of monthly data Step 4 – Email the spreadsheet with your comments to your boss (Points : 40)

(TCO 9) You have been tasked with analyzing an extremely large amount of data and to ultimately produce a report to share with the Board of Directors. The data is currently in a text file and has over two thousand records of data.  Explain how you would use Excel to analyze this data and organize it to prepare a written report. Be very specific on the variety of tools you would use and the steps you would go through to analyze the data and to ultimately prepare a detailed report with recommendations.

DEVRY BIS 155 Entire Course with Final Exam (NEW)

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BIS 155 iLab Week 1 Data Analysis with Spreadsheets with Lab

BIS 155 iLab Week 2 Data Analysis with Spreadsheets with Lab

BIS 155 iLab Week 3 Data Analysis with Spreadsheets with Lab

BIS 155 iLab Week 4 Data Analysis with Spreadsheets with Lab

BIS 155 iLab Week 5 Data Analysis with Spreadsheets with Lab

BIS 155 iLab Week 6 Data Analysis with Spreadsheets with Lab

BIS 155 iLab Week 7 Access Data Analysis with Spreadsheets with Lab

BIS 155 Week 1 Quiz

BIS 155 Week 2 Quiz

BIS 155 Week 3 Quiz

BIS 155 Week 4 Quiz

BIS 155 Week 5 Quiz BIS 155 Course Projects

BIS 155 Final Exam

DEVRY BIS 155 Course Projects

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 BIS 155 Week 6 Course Project Memo

BIS 155 Week 6 Course Project.ppt

BIS 155 Week 6 Course Project.xls

BIS 155 Memo Northwind Trades Project

DEVRY ACCT 504 Week 7 Course Project JCP Kohls

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 ACCT 504 Week 7 Course Project JCP Kohls

DEVRY ACCT 504 Week 6 Case Study 3 - Cash Budgeting LBJ Company

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 The cash budget was covered during Week 4 when we covered TCO D and you read Chapter 7. There is also a practice case study to work on. Your Professor will provide the solution to the practice case study at the end of Week 5. This case study should be uploaded by 11:59PM Mountain time of the Sunday ending Week 6 to the Week 6 Assignment Dropbox. You are encouraged to use the Excel template file provided in Doc Sharing.

The LBJ Company has budgeted sales revenues as follows:

April May June

Credit sales $94,000 $89,500 $75,000

Cash sales 48,000 75,000 57,000

Total sales $142,000 $164,500 $132,000

Past experience indicates that 30% of the credit sales will be collected in the month of sale and the remaining 70% will be collected in the following month.

Purchases of inventory are all on credit and 40% is paid in the month of purchase and 60% in the month following purchase. Budgeted inventory purchases are $195,000 in April, $135,000 in May, and $63,000 in June.

Other budgeted cash receipts: (a) sale of plant assets for $33,000 in May, and (b) sale of new common stock for $50,000 in June. Other budgeted cash disbursements: (a) operating expenses of $15,000 each month, (b) selling and administrative expenses of $10,150 each month, (c) purchase of equipment for $19,000 cash in June, and (d) dividends of $20,000 will be paid in June.

The company has a cash balance of $20,000 at the beginning of May and wishes to maintain a minimum cash balance of $20,000 at the end of each month. An open line of credit is available at the bank and carries an annual interest rate of 10%. Assume that all borrowing is done on the first day of the month in which financing is needed and that all repayments are made on the last day of the month in which excess cash is available. Also assume that there is no outstanding financing as of May 1.

Requirements:

1. Use this information to prepare a Cash Budget for the months of May and June, using the template provided in Doc Sharing.

2. What are the three sections of a Cash Budget, and what is included in each section?

3. Why is a Cash Budget so vital to a company?

4. What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?

DEVRY ACCT 504 Week 5 Case Study 2 Internal Control LJB Company

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 Case Study 2 - Internal Control- Due by Sunday of week 5 LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The President is waiting to hear from you if this is a necessary purchase before authorizing. On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for the weekend, he will move the checks into a safe in his office. The President is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company computer. He later found out this individual was a convicted felon who served time for molesting children. The company had a hard time getting the employee to admit it was him because the company does not assign individual passwords. The President expressed his frustration because both he and the accountant both interview and approve all of the new hires. Required: Based on the above information, prepare a Word document to address the following: Inform the President of any new internal control requirements if the company decides to go public. (7 points) Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or not they should buy the indelible ink machine. When you advise the President, please be sure to reference the applicable internal control principle that applies. (13 points) Advise the President of what the company is doing wrong (they are definitely doing some things poorly). Please be sure to include the internal control principle that is being violated along with a recommendation for improvement. (20 points) You must prepare a formal report for the partner to distribute to the President so no abbreviations or short-hand answers. You also must cite your references. At a minimum, your textbook should be cited. Below is a grading rubric for this assignment. Category Points Description Understanding 10 Demonstrate a strong grasp of the problem at hand. Demonstrate understanding of how the course concepts apply to the problem. Analysis 30 Apply original thought to solving the business problem. Apply concepts from the course material correctly toward solving the business problem. Execution 10 Write your answer clearly and succinctly using strong organization and proper grammar. Use citations correctly. Total 50 A quality paper will meet or exceed all of the above requirements. Best Practices The following are best practices in preparing this paper. Cover Page: Include whom you prepared the paper for, who prepared it, and the date. Table of Contents: List the main ideas and sections of the paper and the pages where they are located. Illustrations should be included separately. Introduction: Use a header on your paper. This will indicate that you are introducing the paper.

The purpose of an introduction or opening is to introduce the subject and why the subject is important; preview the main ideas and the order in which they will be covered; and establish the tone of the document. Include in the introduction a reason for the audience to read the paper. Also include an overview of what you will cover and the importance of the material. (This should include or introduce the questions you are asked to answer in each assignment.) Body of the Report: Use a header with the name of the case study. An example is, "The Development of Hotel X: A World Class Resort." Proceed to break out the main ideas: State the main ideas, the major points of each idea, and provide evidence. Show some type of division, such as separate, labeled sections; separate groups of paragraphs; or headers. Include the information you found during your research and investigation. Summary and Conclusion: Summarizing is similar to paraphrasing but presents the gist of the material in fewer words than the original. An effective summary identifies the main ideas and the major support points from the body of the report; minor details are left out. Summarize the benefits of the ideas and how they effect the subject. Work Cited: Use the citation format specified in the Syllabus.

DEVRY ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation

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 The Entire Case Study is due Sunday at Midnight Mountain time at the end of Week 3. This Case Study is worth 100 points or 10% of your final course grade. This Case Study relates to TCO's D and E and Chapters 3 and 4. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 10 Sheets in the Workbook including this one. All of the Information you need for the Project is located in this Workbook. Requirements

Requirement 1 - Prepare the Journal Entries in the General Journal

Requirement 2 - Post Journal Entries to the General Ledger

Requirement 3 - Prepare a Trial Balance

Requirement 4 - Prepare the Adjusting Entries

Requirement 5 - Post Adjusting Entries to the General Ledger

Requirement 6 - Prepare an Adjusted Trial Balance

Requirement 7 - Prepare the Financial Statements

Requirement 8 - Prepare the Closing Entries

Requirement 9 - Post Closing Entries to the General Ledger

Requirement 10 - Prepare the Post Closing Trial Balance

Sheet in Workbook

Journal Entries General Ledger Trial Balance Adjusting Entries General Ledger Adjusted TB Financial Statements Closing Entries General Ledger Post Closing TB

Hint for success: review the Week 2 Lecture prior to starting this project. There are also hints contained within certain cells on some of the worksheet tabs. You can hover over the red pointer at the top right-hand corner of the cell to read the hint. Hints are provided for the following balances:

1) The debits for the journal entries on the Journal Entries tab

2) The credits for the journal entries on the Journal Entries tab

3) The cash balance on the General Ledger tab

4) The debits for the trial balance on the Trial Balance tab

5) The credits for the trial balance on the Trial Balance tab

6) The debits for the adjusted trial balance on the Adjusted Trial Balance tab

7) The credits for the adjusted trial balance on the Adjusted Trial Balance ta

DEVRY ACCT 346 Week 8 Final Exam

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 Question :

(TCO 1) The principle managers follow when they only investigate significant departures from the plan is commonly known as

2.Question : (TCO 1) Which of the following is not likely to be a fixed cost?

3.Question : (TCO 2) Which of the following is not a manufacturing cost?

4.Question : (TCO 2) An allocation base is

5.Question : (TCO 3) Equivalent units are calculated by

6.Question : (TCO 3) In the assembly department, all the direct materials are added at the beginning of the processing. Beginning Work in Process inventory consists of 2,000 units with a direct materials cost of $31,860. During the period, 15,000 units are started and direct materials costing $250,000 are charged to the department. If there are 1,000 units in ending inventory, what is the cost per equivalent unit?

7.Question : (TCO 4) Regression analysis

8.Question : (TCO 4) The number of units that must be sold to exactly cover its fixed and variable costs is the

9.Question : (TCO 5) Which of the following is treated as a product cost in variable costing?

10.Question : (TCO 5) If the number of units sold is less than the number of units produced

11.Question : (TCO 6) A contract which specifies that the suppler will be paid for the cost of production as well as some fixed amount or percentage of cost is called a(n)

12.Question : (TCO 6) Which of the following is not generally true when a company compares ABC and traditional costing?

13.Question : (TCO 7) Fixed costs that will be eliminated if a particular course of action is undertaken are called

Page:

1.Question : (TCO 7) Common costs

2.Question : (TCO 8) Target costing

3.Question : (TCO 8) Which of the following are relevant in deciding whether to accept or reject a special order?

4.Question : (TCO 9) Present value techniques

5.Question : (TCO 9) The internal rate of return

6.Question : (TCO 10) A method of budget preparation that requires all budgeted amounts to be justified by the department, even if the amounts were supported in prior periods, is called

7.Question : (TCO 10) Which budget is prepared first?

8.Question : (TCO 10) The standard cost is

9.Question : (TCO 10) In general, an unfavorable material variance arises from

10.Question : (TCO 10) The type of center that has responsibility for generating revenue as well as controlling costs is a(n)

11.Question : (TCO 10) Responsibility accounting holds managers responsible for

12. Question : (TCO 10) Which ratio measures the rate earned on total capital provided by the owners?

Page:

1.Question : (TCO 1) Distinguish managerial accounting from financial accounting. Include a brief discussion of the differences in the types of information provided to users as well as the differences of the users of the accounting information.

2.Question : (TCO 6) Booth Financial Services, LLC has two revenue producing departments, Financial Planning and Business Consulting. The accounting department is trying to determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel, etc), either by salary or number of employees. Information on the revenue departments are as follows:

DEVRY ACCT 346 Week 6 Quiz

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 ACCT 346 Week 6 Quiz (2 Sets)

DEVRY ACCT 346 Week 4 Midterm 2

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 1.Question : (TCO 1) Which of the following is not a difference between financial accounting and managerial accounting?  2. Question : TCO 1) Which of the following statements regarding fixed costs is true?  3. Question : (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?   4. Question : (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?  5. Question : (TCO 1) Which of the following is an example of a manufacturing overhead cost?  6. Question : (TCO 1) Product costs  7. Question : (TCO 1) At December 31, 2010, WDT Inc. has a balance in the Work in Process Inventory account of $62,000. At January 1, 2010, the balance was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured?  8. Question : (TCO 2) BCS Company applies manufacturing overhead based on direct labor hours. Information concerning manufacturing overhead and labor for August follows: Estimated Actual 9. Question : (TCO 2) Citrus Company incurred manufacturing overhead costs of $300,000. Total overhead applied to jobs was $306,000. What was the amount of overapplied or underapplied overhead?  10. Question : (TCO 3) Companies in which of the following industries would notbe likely to use process costing?  11.Question : (TCO 3) The Blending Department began the period with 20,000 units. During the period the department received another 80,000 units from the prior department and at the end of the period 30,000 units remained, which were 40% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?  12. Question : (TCO 3) Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in-process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:

DEVRY ACCT 346 Week 4 Midterm 1

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1. Question : (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for

 2. Question : TCO 1) Which of the following statements regarding fixed costs is true?

 3. Question : TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?

 4. Question :(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. How much is the budgeted variable cost per unit?

 5. Question : (TCO 1) Which of the following is an example of a manufacturing overhead cost?

 6. Question : (TCO 1) Which of the following is a period cost?

 7. Question : (TCO 1) If the balance in the Finished Goods Inventory account increased by $30,000 during the period and the cost of goods manufactured was $220,000, how much is cost of goods sold?

 8. Question : (TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:

Estimated

Actual

 9.Question : (TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,670,000.

 What is the amount of under or over applied overhead for the year?

 10. Question : (TCO 3) Companies in which of the following industries would not be likely to use process costing?

 11. Question : (TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?

 12. Question : (TCO 3) During March, the varnishing department incurred costs of $90,250 for direct labor. The beginning inventory was 3,500 units and 10,000 units were transferred to the varnishing department from the sanding department during June. The direct labor cost in the beginning inventory was $27,270. The ending inventory consisted of 2,000 units, which were 25% complete with respect to direct labor. What is the cost per equivalent unit for direct labor?

 13. Question : (TCO 4) Clearance Depot has total monthly costs of $8,000 when 2,500 units are produced and $12,400 when 5,000 units are produced. What is the estimated total monthly fixed cost?

 1. Question : (TCO 4) The margin of safety is the difference between

 2. Question : (TCO 4) Allen Company sells homework machines for $100 each. Variable costs per unit are $75 and total fixed costs are $62,000. Allen is considering the purchase of new equipment that would increase fixed costs to $84,000, but decrease the variable costs per unit to $60. At that level Allen Company expects to sell 3,000 units next year. What is Allen’s break-even point in units if it purchases the new equipment?

 3.Question : (TCO 4) Paula Corporation sells a single product at a price of $275 per unit. Variable cost per unit is $135 and fixed costs total $356,860. If sales are expected to be $825,000, what is Paula’s margin of safety?

 4. Question : (TCO 5) In variable costing, when does fixed manufacturing overhead become an expense?

 5. Question : (TCO 5) Variable costing income is a function of:

 6. Question : (TCO 5) Peak Manufacturing produces snow blowers. The selling price per snow blower is $100. Costs involved in production are:

Direct Material per unit

$20

Direct Labor per unit

12

 Variable manufacturing overhead per unit

10

Fixed manufacturing overhead per year

$148,500

In addition, the company has fixed selling and administrative costs of $150,000 per year. During the year, Peak produces 45,000 snow blowers and sells 30,000 snow blowers. How much is cost of goods sold using full costing?

 7.Question :  (TCO 6) Costs may be allocated to

 8. Question : (TCO 5) An allocation base

 9. Question : (TCO 6) The building maintenance department for Jones Manufacturing Company budgets annual costs of $4,200,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. The following data relate to the potential allocation bases:

Production Dept. 1

Production Dept. 2

Square footage

15,000

45,000

Direct labor hours

25,000

50,000

If Jones assigns costs to departments based on square footage, how much total costs will be allocated to Production Department 1

 10. Question : (TCO 7) A company is trying to decide whether to sell partially completed goods in their current state or incur additional costs to finish the goods and sell them as complete units. Which of the following is not relevant to the decision?

 11. Question : (TCO 7) BigByte Company has 12 obsolete computers that are carried in inventory at a cost of $13,200. If these computers are upgraded at a cost of $7,500, they could be sold for $15,300. Alternatively, the computers could be sold "as is" for $9,000. What is the net advantage or disadvantage of reworking the computers?

 12. Question : (TCO 7) Olde Store has 12,000 cans of crab meat just a week past the expiration date. Each can cost $0.31. The cans could be sold as is for $0.20 each, or relabeled and sold as gourmet cat food. The cost of relabeling the cans would be $0.04 per can and the cans would then sell for $0.29 per can. What should be done with the cans and why?

 1. Question : (TCO 3) Describe a process costing system, including the types of companies that commonly use this system. How can process costing information be used in incremental analysis?

 2. Question : (TCO 7) Each year, ACE Engines surveys 7,600 former and prospective customers regarding satisfaction and brand awareness. For the current year, the company is considering outsourcing the survey to RBG Associates, who have offered to conduct the survey and summarize results for $50,000. Robert Ace, the president of ACE Engines, believes that RBG will do a higher-quality job than his company has been doing, but is unwilling to spend more than $12,000 above current costs. The head of bookkeeping for ACE has prepared the following summary of costs related to the survey in the prior year.

Prepare an incremental analysis in good form to determine the impact on profit of going outside versus conducting the survey as in the past. Will ACE accept the RBG offer? Why or why not?

 3. Question : (TCO 4) The following monthly data are available for RedEx, which produces only one product that it sells for $84 each. Its unit variable costs are $28 and its total fixed expenses are $64,960. Sales during April totaled 1,600 units.

DEVRY ACCT 346 Week 3 Quiz (2 Sets)

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 ACCT 346 Week 3 Quiz (2 Sets)