Question
Acc 202 Final exam On connect
I am pasting 4 question rest in the attachmet
1.
Packer Company, which has only one product, has provided the following data concerning its most recent month of operations:
Selling price
$
81
Units in beginning inventory
300
Units produced
1,800
Units sold
1,600
Units in ending inventory
500
Variable costs per unit:
Direct materials
$
19
Direct labor
$
16
Variable manufacturing overhead
$
1
Variable selling and administrative
$
11
Fixed costs:
Fixed manufacturing overhead
$
34,200
Fixed selling and administrative
$
3,200
The company produces the same number of units every month, although the sales in units vary from month to month. The company’s variable costs per unit and total fixed costs have been constant from month to month.
Required:
a.
What is the unit product cost for the month under variable costing?
Unit product cost
$
b.
Prepare a contribution format income statement for the month using variable costing.(Input all amounts as positive values.)
Variable costing income statement
$
Variable expenses:
$
Contribution margin
Fixed expenses:
$
c.
Without preparing an income statement, determine the absorption costing net operating income for the month. (Hint: Use the reconciliation method.)
Net operating income
$
2.
Camren Corporation has two major business segments-Apparel and Accessories. Data concerning those segments for December appear below:
Sales revenues, Apparel
$
680,000
Variable expenses, Apparel
$
299,000
Traceable fixed expenses, Apparel
$
102,000
Sales revenues, Accessories
$
770,000
Variable expenses, Accessories
$
424,000
Traceable fixed expenses, Accessories
$
100,000
Common fixed expenses totaled $357,000 and were allocated as follows: $161,000 to the Apparel business segment and $196,000 to the Accessories business segment.
Required:
Prepare a segmented income statement in the contribution format for the company.(Input all amounts as positive values.)
Total
Apparel
Accessories
$
$
$
Contribution margin
Segment margin
$
$
$
.
Wartenberg Corporation uses customers served as its measure of activity. The company bases its budgets on the following information: Revenue should be $3.80 per customer served. Wages and salaries should be $38,800 per month plus $1.00 per customer served. Supplies should be $0.60 per customer served. Insurance should be $7,100 per month. Miscellaneous expenses should be $5,100 per month plus $0.30 per customer served.
The company reported the following actual results for January:
Customers served
30,000
Revenue
$
115,500
Wages and salaries
$
66,900
Supplies
$
15,900
Insurance
$
6,800
Miscellaneous
$
15,500
Required:
Prepare a report showing the company’s revenue and spending variances for January.(Input all amounts as positive values. Leave no cells blank – be certain to enter “0” wherever required. Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance).
Wartenberg Corporation
Revenue and Spending Variances
For the Month Ended January 31
Revenue
$
Expenses:
Wages and salaries
Supplies
Insurance
Miscellaneous
Total expenses
Net operating income
$
4.
Vera Corporation bases its budgets on the activity measure customers served. During September, the company planned to serve 28,000 customers, but actually served 27,000 customers. The company has provided the following data concerning the formulas it uses in its budgeting:
Fixed
element
per month
Variable
element
per customer
Revenue
–
$
5.00
Wages and salaries
$
35,800
$
1.90
Supplies
$
0
$
0.60
Insurance
$
13,000
$
0.00
Miscellaneous
$
7,500
$
0.20
Required:
Prepare the company’s flexible budget for September based on the actual level of activity for the month.(Input all amounts as positive values.)
Vera Corporation
Flexible Budget
For the Month Ended September 30
Revenue
$
Expenses:
Wages and salaries
Supplies
Insurance
Miscellaneous
Total expenses
Net operating income
$