'Review for Midterm\r'

'Review for midterm distinction: You must be suitable to act calculations, make decisions downstairs various alternating(a) situation. Simply knowing the definition is non sufficient to lay down good grade. Chapter 1 Management functions Manufacturing prices Cost classifications coiffe Cost of goods manufacture schedules/Cost of goods sell statements Cost of goods sell statements : Calculate missing amounts from given data set honourable issues Chapter 2 Difference between excogitate salute and unconscious process equal systemCost mix in trading order costing (Cost accumulation and assignment by cost elements), including journal entries Be able to manoeuver applied manufacturing command bang/under-over applied manufacturing smash from given data, including adjustments of under-over applied overhead Chapter 3* Cost flow in process cost system Be able to score production cost cut across and its components Analyze Production cost proclaim Compute missing data ind oors the production cost report * nevertheless Weighted average rule Chapter 5 Know cost behavior, identify types of be from given data set and wherefore it is so important Relevant rangeApply High-low method to determine fixed/variable cost CVP: Assumptions of CVP analysis Be able to prepare CVP income statement Compute Contribution margin, and donation margin ratio What is Break-even point Be able to complete break-even analysis under different scenario Include Target interlocking income with break-even analysis, Margin of safety Review enigma 1. Temp Range Company prepared the by-line income statement for 2014: TEMP err COMPANY Income Statement For the Year finish December 31, 2014 â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€â€ Sales (5,000 units)$200,000 Variable expenses 75,000Contribution margin125,00 0 placed expenses 83,200 Net income$ 41,800 Instructions Answer the following independent questions and show computations to support your answers. 1. What is the bon ton’s break-even point in units? 2. How legion(predicate) units would the company take a leak had to sell to garner a target net income of $33,000 in 2014? 3. If the company expects a 65% gain in sales volume in 2015, what would be the expected net income in 2015? 4. How much sales (in dollars) would the company have to generate in order to earn a target net income of $288,000 in 2015? #2: patronage order costingSandro despoil uses a job order cost accounting system. On October 1, the company has a relaxation in Work in make Inventory of $4,200 and two jobs in process: telephone line No. R92, $1,600 and business enterprise No. R93, $2,600. During October, a synopsis of initiation documents reveals the following: For physicals Requisition SlipsLabor Time Tickets Job No. R92$ 2,200$ 7,100 Job No. R931 ,7004,100 Job No. R944,7003,300 Job No. R952,2005,100 world(a) Use 1,800 2,000 $12,600$21,600 Sandro applies manufacturing overhead to jobs at an overhead rate of 90% of direct application cost. Job No. R92 was completed during the month.Instructions (a)Prepare summary journal entries to record the requisition slips, era tickets, the assignment of manufacturing overhead to jobs, and the completion of Job No. R92. Show computations. (b)Answer the following questions. 1. What is the balance in Work in transition Inventory at October 31? 2. If Sandro incurred $13,000 of manufacturing overhead in addition to indirect drive and indirect materials, was overhead over- or underapplied in October and by how much? Cost of Goods Manufactured and Sold Selected account balances of Santana Manufacturing Company bulge out below for 2014:Beginning of YearEnd of Year accurate Goods Inventory$15,000$ 17,000 Work In Process Inventory22,00021,000 Raw Materials Inventory13,00019,000 Sales380,000 Direct Labor43,000 Factory supervisory Salaries17,000 Income Tax Expense32,000 Factory Insurance18,000 Raw Material Purchases93,000 Administrative Expenses12,000 Sales Returns and Allowances3,000 Factory Depreciation8,000 indirect Labor14,000 Selling Expenses44,000 Instructions Using the to a higher place information for Santana Manufacturing Company, Prepare Cost of goods sold statement. Support your answers with clearly identified computations.\r\n'