Exam (elaborations)
ACG 2071 (1).
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Exam of 8 pages for the course ACG 201 at ACG 201 (ACG 2071 (1).)
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ACG 2071Crockett Company had a beginning work in process inventory balance of $33015. During the
year, $77,000 of direct materials were placed into production. Direct labor was $60052, and
indirect labor was $19,500. Manufacturing overhead is allocated at 130% of direct labor costs.
Actual manufacturing overhead was $86,500, and jobs costing $225394 were completed during
the year. What is the ending work in process inventory balance? - ANS-22741.0
???
(Beginning WIP + DM + DL + MOH Assigned - Cost of goods manufactured = Ending WIP)
[33015 + 77,000 +60052 + (60052*130%=78067.6) - 225394= 22740.6]
Ripley's Pet Store sells dog food and pet supplies. During the year, Ripley's had $120,000 in
Sales. The company began the year with $15,000 in merchandise inventory, and ended the year
with $20,000 in merchandise inventory. During the year Ripley's purchased $75,000 of
merchandise inventory, in order to sell it and make money. Ripley's had administrative and
marketing expenses of $12,000. Prepare the income statement for Ripley's Pet Store. -
ANS-SALES $120,000
C.O.G.S.
BEG INVENTORY $15,000
iRobot 2016 Net Sales - ANS-616.778 million
Which of the following would be LEAST likely to receive detailed managerial accounting
reports?
Plant managers
Current shareholders
Sales territory managers
CEO - ANS-Current shareholders
Preparing budgets is an example of: - ANS-planning
What does the treasurer do? - ANS-primarily responsible for raising capital and investing funds
Sarbanes-Oxley Act - ANS-was enacted to restore trust in publicly traded corporations, their
management, their financial statements, and their auditors
Financial accounting develops reports for - ANS-external parties such as creditors and
shareholders.
Is the primary impact people, planet or profit?
, Provided training and career planning for employees to help to provide a rewarding work life -
ANS-People
Is the primary impact people, planet or profit?
Recruited from a wide cross section of the communities that it services so that the
representation of women and minority groups in management can be improved - ANS-People
Is the primary impact people, planet or profit?
Reduced beverage calories in US Schools by 88% since 2006 - ANS-People
Is the primary impact people, planet or profit?
Generated a profit for the company's shareholders - ANS-Profit
Is the primary impact people, planet or profit?
Diverted more than 2.5 million beverage containers from landfills by placing more than 2,000
recycling bins at NASCAR racetracks across the US - ANS-Planet
Is the primary impact people, planet or profit?
Deployed hybrid electric trucks, which generate approximately one-third fewer CO2 emissions
than a regular truck, in several major U.S. Cities - ANS-Planet
Is the primary impact people, planet or profit?
Reduced the bottle cap size by .5 millimeters and shortened the bottle neck which resulted in a
significant reduction in plastic materials costs - ANS-Profit
Snow Rides manufactures snowboards. Richard May, the CEO, is trying to decide whether to
adopt a lean thinking model. He expects that adopting lean production would save $104570 in
warehousing expenses and $54669 in spoilage costs. Adopting lean production will require
several one-time up-front expenditures: $12765 for an employee training program, $99776 to
streamline the plant's production process, and $8152 to identify suppliers that will guarantee
zero defects and on-time delivery. What will be the net benefit to this company by adopting lean
production? - ANS-38546.0
(- 104570 - 54669 +12765 +99776 +8152 )
Accounting information for internal users is - ANS-more timely.
The standards in the IMA Statement of Ethical Professional Practice - ANS-Competence,
Confidentiality, Integrity, and Credibility
Total Quality Management involves - ANS-improving performance through continually setting
higher goals
elimination of product defects
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