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ACC 206 Week 4 Assignment Chapter Six and Seven Problems (New)
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ACC 206 Week 4 Assignment Chapter Six and Seven Problems (New)

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Please complete the following 8 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.

 

Chapter 6 Exercise 2

2. Schedule of cash collections
Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first three months of activity are: May, $60,000; June, $80,000; and July, $85,000. Thirty percent of all sales are for cash; the remaining 70% are on account. Credit sales have the following collection pattern:

 

Chapter 6 Exercise 4

4. Production and cash-outlay computations

RPR, Inc., anticipates that 120,000 units of product K will be sold during May. Each unit of product K requires four units of raw material A. Actual inventories as of May 1 and budgeted inventories as of May 31 follow.

 

Chapter 6 Exercise 5

5. Abbreviated cash budget; financing emphasis

An abbreviated cash budget for Big Chuck Enterprises follows.
 

 

Chapter 6 Problem 3

3. Comprehensive budgeting

The balance sheet of Watson Company as of December 31, 20X1, follows.

Chapter 7 Exercise 3

3. Variances for direct materials and direct labor

Banner Company manufactures flags of various countries. Each flag has a standard of eight square feet of fabric and three hours of direct labor time. Information about recent production activity follows.

Chapter 7 Exercise 5

5. Overhead variances

Nova Manufacturing applies factory overhead to products on the basis of direct labor hours. At the beginning of the current year, the company's accountant made the following estimates for the forthcoming period:

·        Estimated variable overhead: $500,000

·        Estimated fixed overhead: $400,000

·        Estimated direct labor hours: 40,000

 

It is now 12 months later. Actual total overhead incurred in the manufacture of 7,900 units amounted to $895,100. Actual labor hours totaled 39,800. Assuming a direct labor standard of five hours per finished unit, calculate the following:

a.      Variable overhead efficiency variance

b.      Fixed overhead volume variance

c.      Overhead spending variance

 

Chapter 7 Problem 1

1. P26-A1 Basic flexible budgeting (L.O. 2)
Centron, Inc., has the following budgeted production costs:

Direct materials

$0.40 per unit

Direct labor

1.80 per unit

Variable factory overhead

2.20 per unit

Fixed factory overhead

Supervision

$24,000

Maintenance

18,000

Other

12,000

 

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:

 

Direct Materials

 

$10,710

 

Direct Labor

 

47,175

 

Variable factory overhead

51,940

 

Fixed factory overhead

     

     Supervision

 

24,500

 

     Maintenance

 

23,700

 

     Other

 

16,800

 

Total production costs

 

$174,825

 

 

 

 

 

 

 

 

 

Instructions:

a.      Prepare a flexible budget for 20,000, 22,500, and 25,000 units of activity.

b.      Was Centron's experience in the quarter cited better or worse than anticipated? Prepare an appropriate performance report and explain your answer.

c.      Explain the benefit of using flexible budgets (as opposed to static budgets) in the measurement of performance.

 

Chapter 7 Problem 5

5. P26-B3 Straightforward variance analysis (L.O. 5)

Arrow Enterprises uses a standard costing system. The standard cost sheet for product no. 549 follows.

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