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Midterm Answers Essay

5964 words - 24 pages

| Question : | (TCO 2) Bubba’s Crawfish Processing Company uses a traditional overhead allocation based on direct labor hours. For the current year overhead is estimated at $2,250,000 and direct labor hours are budgeted at 415,000 hours. Actual overhead was $2,200,000 and actual direct labor hours worked were 422,000.
 
(a) Calculate the predetermined overhead rate.
(b) Calculate the overhead applied.
(c) Determine the amount of overhead that is over/underapplied. |
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  | Student Answer: |   | a) Calculate the predetermined overhead rate. 2250000/415000 = 5.4217 per hour (b) Calculate the overhead applied. 422000 x 5.4217 = 2287952 (c) Determine the amount of overhead that is ...view middle of the document...

| Question : | (TCO 1) List and briefly describe four of the five differences between managerial accounting and financial accounting. |
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  | Student Answer: |   | 1). Managerial accounting provides information for internal users, and Financial accounting is better off for external users. Typical examples of Managerial accounting reports include but not limited to various budget, labor, sales, production, material, variance analysis stating the difference between the budget and the actual results. On the other hand, examples of FA reports are Income Statement, Cash Flow Statements, and Balance Sheet. 2). Managerial accounting uses historical data to create future reports, while use of only historical information for Financial accounting. 3). Managerial accounting can create reports at any point of time, as for Financial accounting, it has a set period usually the fiscal or financial year. 4). Managerial accounting can be prepared using an entity's own rules and regulation, but with Financial accounting, it follows the generally Accepted Accounting Principles. 5). Managerial accounting can produce custom or already made reports; on the other hand, Financial accounting has a set of standard financial report. |
  | Instructor Explanation: | 1. Financial accounting is aimed primarily at external users of accounting information, while managerial accounting is aimed primarily at internal users. 2. Financial accounting is prepared in accordance with GAAP (generally accepted accounting principles), while conformance with GAAP is not required for managerial accounting reports. 3. Financial accounting information is highly summarized, while managerial accounting reports may contain much more detail. 4. Managerial accounting reports may contain a substantial amount of nonmonetary information. 5. Financial accounting records what has happened in the past, while managerial accounting places considerable emphasis on the future. |
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  | Points Received: | 4 of 4 |
  | Comments: | |
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 4. | Question : | (TCO 2)The following information is available for Sappy’s Surgical Shears for the fiscal year ending December 31, 20XX.
 
Beginning balance in Finished Goods                                          $  17,000
Ending balance in Finished Goods                                                  15,200
Beginning balance in Work in Process                                             2,500
Ending balance in Work in Process                                                 1,836
Selling expenses                                                                        123,000
General and administrative expenses                                             89,000
Direct material cost                                                                      54,500
Direct labor cost                                                                           66,000
Manufacturing...

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