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ACCT 225 - Managerial Accounting Assignment - Franklin University, USA
Question - The following data from the just completed year are taken from the accounting records of Mason Company:
Sales
$651,000
Direct labor cost
$86,000
Raw material purchases
$138,000
Selling expenses
$103,000
Administrative expenses
$43,000
Manufacturing overhead applied to work in process
$226,000
Actual manufacturing overhead costs
$209,000
Inventories
Beginning
Ending
Raw materials
$8,500
$10,500
Work in process
$5,000
$20,400
Finished goods
$71,000
$25,800
Required -
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
3. Prepare an income statement.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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