Attached Accounting Assignment

1 answer below »
Attached Accounting Assignment


Notre Dame College MBA 540 Accounting Week 5 Assignment 5-2 Total points: 50 1. This is a numerical assignment. The maximum points are shown against each problem given below. 2. Show the complete work before you give the final answer. 3. Analytical approach is expected where a question is descriptive in nature. 1. (3 points) Rita works for BSD Cleaning Services, LLC. She is allowed to clean 5 seconds per square foot. She cleans two school buildings. School 1, which is 3,000 square feet, and school 2, which is 2,460 square feet. Will she finish these two school buildings in an 8-hour shift? Will she have time for a break? Required: a) Will she finish these two school buildings in an 8-hour shift? Please calculate. b) Will she have time for a break and how long will be the break? Answer and Work: 2. (3 points) Johan is working with the operations manager to determine what the standard labor cost is for a spice chest. He has watched the process from start to finish and taken detailed notes on what each employee does. The first employee selects and mills the wood, so it is smooth on all four sides. This takes the employee 1 hour for each chest. The next employee takes the wood and cuts it to the proper size. This takes 30 minutes. The next employee assembles and sands the chest. Assembly takes 2 hours. The chest then goes to the finishing department. It takes 1.5 hours to finish the chest. All employees are cross-trained, so they are all paid the same amount per hour, $17.50. Required: a) What are the standard hours per chest? b) What is the standard cost per chest for labor? Answer and Work: 3. (6 points) Norwell Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below:   Total budgeted fixed overhead cost for the year $ 446,400 Actual fixed overhead cost for the year $ 440,000 Budgeted direct labor-hours (denominator level of activity) 62,000 Actual direct labor-hours 63,000 Standard direct labor-hours allowed for the actual output 60,000  Required: a) Calculate the fixed portion of the predetermined overhead rate for the year.  b) Calculate the fixed overhead budget variance and volume variance.  Answer and Work: 4. (10 points) Swain Company has the following information available: Actual price paid for material $1.00 Standard price paid for material $1.20 Actual quantity purchased and used in production 100 Standard quantity for unit produced 110 Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 Standard hours per units produced 220  Required: a) Calculate the material price and quantity, and the labor rate and efficiency variances. b) Describe the possible causes for this combination of favorable and unfavorable variances. Answer and Work: 5. (5 points) Think of a company that manufactures a product and explain the required questions. Required: a) What type of standards do you think they might have regarding their sustainability efforts? b) Do you think sustainability standards would be beneficial for the company? Why or why not? Answer and Work: 6. (3 points) Please answer the following questions: Required: a) What advantages might be experienced by a company if it adopts ideal standards for its direct material standards and direct labor standards? b) What advantages are there to using practical standards? c) As an employee, which would you prefer and why? d) Does your answer change if you are the manager in charge of production? Why or why not? 7. (10 Points) Use Netflix’s 2020 annual report and answer the following questions. http://q4live.s22.clientfiles.s3-website-us-east-1.amazonaws.com/959853165/files/doc_financials/2020/ar/8f311d9b-787d-45db-a6ea-38335ede9d47.pdf  Required: a) How many segments does Netflix have? b) What are the segments? c) Prepare a brief presentation listing the “Paid memberships at end of period,” “Revenues,” and “Contribution profit” (also called operating profit) for the three most recent years (2020, 2019, and 2018). d) In the presentation, include any observations you notice about the trends of each segment. 8. (10 Points) Management of Great Springs Bottled Water Company has asked you, the controller, to develop a transfer pricing system for the company. The Transportation Department of the company sells all of its product to the Bottling Department of the company. Thus the Transportation Department’s sales become the Bottling Department’s cost of goods sold. In order to determine an optimal transfer pricing system, management would like you to demonstrate what an income statement would look like under a cost, market, and negotiated transfer pricing structure. These various transfer prices are listed below.  Required: Prepare an income statement for each of the transfer prices by filling in the missing numbers in the provided income statement based on each transfer price (thus three different income statements) and calculate the operating income/loss percentage. Prepare a brief summary of the results. Cost-based $0.62 Market-based $0.74 Negotiated $0.70 Gallons Transferred 278,000 Great Springs Bottled Water Company Income Statement (Market-based) Month Ending Aug. 31, 2018 Transportation Bottling Sales ? $286,000 Cost of Goods Sold 89,627 ? Gross Profit ? ? Expenses Fuel/Utility Expense 15,000 3,200 Wages Expense 43,090 57,200 Costs Allocated from Corporate 17,236 15,000 Total Expenses $75,326 $75,400 Operating Income/(loss) $ ? ? Operating Income/(loss) % ? ? Answer and Work: Notre Dame College MBA 540 Accounting Week 5 Assignment 5 - 2 Total points: 50 1. This is a numerical assignment. The maximum points are shown against each problem given below. 2. Show the complete work before you give the final answer. 3. Analytical approach is expected where a question is descriptive in nature. 1. ( 3 points ) Rita works for BSD Cleaning Services, LLC. She is allowed to clean 5 seconds per square foot. She cleans two school buildings. School 1, which is 3,000 square feet, and school 2, which is 2,460 square feet. Will she finish these two school buildings in an 8 - h our shift? Will she have time for a break? Required: a) Will she finish these two school buildings in an 8 - hour shift? Please calculate. b) Will she have time for a break and how long will be the break? Answer and Work : 2. ( 3 points ) Johan is working with the operations manager to determine what the standard labor cost is for a spice chest. He has watched the process from start to finish and taken detailed notes on what each employee does. The first employee selects and mills the wood, so it is smooth on all four sides. This takes the employee 1 hour for each chest. The next employee takes the wood and cuts it to the proper size. This takes 30 minutes. The next employee assembles and sands the chest. Assembly takes 2 hours. The chest th en goes to the finishing department. It takes 1.5 hours to finish the chest. All employees are cross - trained, so they are all paid the same amount per hour, $17.50. Required: a) What are the standard hours per chest? b) What is the standard cost per chest for labor? Answer and Work : Notre Dame College MBA 540 Accounting Week 5 Assignment 5-2 Total points: 50 1. This is a numerical assignment. The maximum points are shown against each problem given below. 2. Show the complete work before you give the final answer. 3. Analytical approach is expected where a question is descriptive in nature. 1. (3 points) Rita works for BSD Cleaning Services, LLC. She is allowed to clean 5 seconds per square foot. She cleans two school buildings. School 1, which is 3,000 square feet, and school 2, which is 2,460 square feet. Will she finish these two school buildings in an 8-hour shift? Will she have time for a break? Required: a) Will she finish these two school buildings in an 8-hour shift? Please calculate. b) Will she have time for a break and how long will be the break? Answer and Work: 2. (3 points) Johan is working with the operations manager to determine what the standard labor cost is for a spice chest. He has watched the process from start to finish and taken detailed notes on what each employee does. The first employee selects and mills the wood, so it is smooth on all four sides. This takes the employee 1 hour for each chest. The next employee takes the wood and cuts it to the proper size. This takes 30 minutes. The next employee assembles and sands the chest. Assembly takes 2 hours. The chest then goes to the finishing department. It takes 1.5 hours to finish the chest. All employees are cross-trained, so they are all paid the same amount per hour, $17.50. Required: a) What are the standard hours per chest? b) What is the standard cost per chest for labor? Answer and Work:
Answered Same DayJun 11, 2023

Answer To: Attached Accounting Assignment

Nitish Lath answered on Jun 12 2023
29 Votes
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here