Posted: March 4th, 2025

Outdoor Furniture Company has inventory balances at the end of August as follows

Question 1
Outdoor Furniture Company has inventory balances at the end of
August as follows:Materials inventory$21,360Work-in-Process
inventory15,112Finished goods
inventory17,120
Job order cost cards for jobs in process at the company as of the
end of September were as follows:Job NumberDirect MaterialsDirect LaborMfg Overhead48A$1,596$1,290$1,67748B$1,492$1,380$1,79448C$1,984$1,760$2,28848D$1,608$1,540$2,002
Materials purchased and received in September:September 4$33,120September 16$28,600September 22$31,920
Direct labor costs for September:September 15
payroll$23,680September 29
payroll$25,960
Predetermined overhead rate:
130% of direct labor costs
Direct material transferred to production during September:September 6$37,240September 23$38,960
Finished goods with a 75% markup over cost were sold during
September for $230,000.
a.
Compute the cost of units completed during the month.
b.
What was the total cost of units sold during the month?
c.
What are ending inventory balances?
You may use only your textbook for this exam. All paraphrased
and quoted material must have accompanying citations and references. For
problems, be sure to answer all questions and provide all requested
information.Question 2
Tree Top Company manufactures a single product and uses a
process costing system. On the first day of April, there were 5,000 units in
process that were 100% complete as to direct materials and 50% complete as to
direct labor and manufacturing overhead. During the month of April, the company
began production of 100,000 units, and at the end of April, the Work-in-Process
inventory consisted of 2,000 units that were 100% complete as to direct materials
and 80% complete as to direct labor and manufacturing overhead. The company’s
cost information is as follows:Beginning
Work-in-ProcessCosts
Added In AprilDirect materials$3,000$65,250Direct labor$125$6,151Manufacturing
overhead$175$7,147
Calculate the cost of units manufactured during April and the
cost of Work-in-Progress at the end of April.
You may use only your textbook for this exam. All paraphrased
and quoted material must have accompanying citations and references. For
problems, be sure to answer all questions and provide all requested
information.Question
3
Reliable Rental Resources, Inc. is buying a new computer for its
receptionist. The company can rent a basic computer for $2,500 per year. The
company can rent a better computer for $3,100 per year, but the better computer
uses some software that the basic computer cannot use, and that software costs
$750. The receptionist’s salary of $2,200 month will not be affected by the
computer that the company decides to rent. If the company rents the better
computer, the receptionist will need training on the software that the computer
uses, and that training costs $300 per year. The better computer has a greater
capacity and speed than the basic computer and is expected to save the company
$1,600 per year in part-time wage expenses. The other upkeep and operating
costs will not be affected by the computer that the company decides to rent.a. Identify the relevant costs.
b. Which computer should the company rent?Your response should be at least 200 words in length. You may use only your
textbook for this exam. All paraphrased and quoted material must have
accompanying citations and references. For problems, be sure to answer all
questions and provide all requested information.Question
4
Sitting Pretty, Inc. makes garden chairs that sell for $800
each. The variable cost of producing the chairs is $300 per unit and the fixed
costs are $50,000 each month.a. Calculate the break-even point for
a month.
b. How many chairs must be sold each month to earn a monthly profit of $20,000?You may use only your textbook for this exam. All paraphrased and quoted
material must have accompanying citations and references. For problems, be sure
to answer all questions and provide all requested information.Question
5
It has been suggested that it is not
possible to determine the point at which financial accounting and managerial
accounting diverge. What does that mean?Your response should be at least 200 words in length. You may use only your
textbook for this exam. All paraphrased and quoted material must have
accompanying citations and references. For problems, be sure to answer all
questions and provide all requested information.

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