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Larry M. Walther & Christopher J. Skousen Managerial and Cost Accounting Exercises IV Download free ebooks at bookboon.com 2 Managerial and Cost Accounting Exercises IV © 2011 Larry M. Walther, Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted, and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-877-7 Download free ebooks at bookboon.com 3 Managerial and Cost Accounting Exercises IV Contents Contents Problem 1 6 Worksheet 1 7 Solution 1 8 Problem 2 9 Worksheet 2 10 Solution 2 11 Problem 3 12 Worksheet 3 13 Solution 3 14 Problem 4 15 Worksheet 4 16 Solution 4 17 Problem 5 18 Worksheet 5 19 Solution 5 20 Please click the advert The next step for top-performing graduates Masters in Management Designed for high-achieving graduates across all disciplines, London Business School’s Masters in Management provides specific and tangible foundations for a successful career in business. 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As a result, direct labor and factory overhead are both deemed to be introduced uniformly throughout production. Amsterdam Corporation prepared the following “unit reconciliation” for the month of April: UNIT RECONCILIATION QUANTITY SCHEDULE Beginning Work in Process 7,500 Started into Production 9,000 Total Units into Production EQUIVALENT UNITS CALCULATIONS: 16,500 CONVERSION DIRECT MATERIALS To Finished Goods Ending Work in Process Total Units Reconciled 12,000 12,000 DIRECT LABOR 12,000 FACTORY OVERHEAD 12,000 4,500 3,150 2,250 2,250 16,500 15,150 14,250 14,250 The above beginning work in process inventory had an assigned cost of $4,500,000, divided between direct materials (50%), direct labor (30%), and factory overhead (20%). Additional costs incurred during April were $15,000,000, divided between direct materials (15%), direct labor (20%), and factory overhead (65%). Prepare a schedule showing the calculation of cost per equivalent unit. Download free ebooks at bookboon.com 6 Managerial and Cost Accounting Exercises IV Problem 1: Worksheet Worksheet 1 COST PER EQUIVALENT UNIT: CONVERSION TOTAL COST DIRECT MATERIALS DIRECT LABOR FACTORY OVERHEAD Beginning Work in Process Cost incurred during period Total cost Equivalent units Costs per equivalent unit Download free ebooks at bookboon.com 7 Managerial and Cost Accounting Exercises IV Problem 1: Solution Solution 1 COST PER EQUIVALENT UNIT: CONVERSION TOTAL COST Beginning Work in Process $ DIRECT LABOR FACTORY OVERHEAD $ 2,250,000 $ 2,250,000 3,000,000 $ 4,500,000 $ 4,350,000 $ 10,650,000 Equivalent units ÷ 15,150 ÷ 14,250 ÷ 14,250 Costs per equivalent unit $ 297.03 $ 305.26 $ 747.37 Cost incurred during period Total cost 4,500,000 DIRECT MATERIALS 15,000,000 $ 19,500,000 1,350,000 $ 900,000 9,750,000 $1,052.63 $1,349.66 Download free ebooks at bookboon.com 8 Managerial and Cost Accounting Exercises IV Problem 2 Problem 2 Amsterdam Corporation produces medical grade isotopes. The isotopes are produced in a single continuous process and Amsterdam uses the FIFO process costing method of accounting for production. The production process requires constant utilization of facilities and equipment, as well as direct labor by skilled technicians. As a result, direct labor and factory overhead are both deemed to be introduced uniformly throughout production. Amsterdam Corporation prepared the following “unit reconciliation” for the month of April: UNIT RECONCILIATION QUANTITY SCHEDULE Beginning Work in Process 7,500 Started into Production 9,000 Total Units into Production EQUIVALENT UNITS CALCULATIONS: 16,500 CONVERSION DIRECT MATERIALS DIRECT LABOR FACTORY OVERHEAD To Finished Goods From beginning WIP 7,500 2,250 2,625 2,625 Started and completed 4,500 4,500 4,500 4,500 4,500 3,150 2,250 2,250 16,500 9,900 9,375 9,375 Ending Work in Process Total Units Reconciled The above beginning work in process inventory had an assigned cost of $4,500,000, divided between direct materials (30%), direct labor (35%), and factory overhead (35%). Additional costs incurred during April were $15,000,000, divided between direct materials (15%), direct labor (20%), and factory overhead (65%). Prepare a schedule showing the calculation of cost per equivalent unit. Download free ebooks at bookboon.com 9 Managerial and Cost Accounting Exercises IV Problem 2: Worksheet Worksheet 2 COST PER EQUIVALENT UNIT: CONVERSION TOTAL COST DIRECT MATERIALS DIRECT LABOR FACTORY OVERHEAD Beginning Work in Process Cost incurred during period Total cost Equivalent units Costs per equivalent unit Download free ebooks at bookboon.com 10