MOS 3370A Section 650, Summer 2016 First Hand in Due Friday, May 13, Midnight Question 1 Cost Classification You have to try and find the unknowns…

The question is about accounting problems and  based on  ASAP form. It is about Cost Classification, HI/LO  and Cost/Volume/Profit . Can you show detail information about the solution? Thank you .

For example, the first quesution is about Cost Classification.

“You have to try and find the unknowns using T accounts.Just make sure each T has a Beginning ,added, transferred out andend ing balance. Round to two decimal places.Because of water damage, you only have partial data:

Prime Costs used $500,000

Gross Profit 25%

Costs of Goods Available for sale $655,000

Direct Material purchased $240,000

Beginning Inventories:Raw Material $32,000

Work in Process $66,000

Finished Goods $62,000Sales $750,000

Direct Labour Used $280,000

Factory Overhead 42% of Conversion Costs

(Indirect labor and materials, utilities, depreciation etc were 42%of Conversion cost…that is direct labor + manufacturing overhead)

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Assignment Solutions
Assignment Solutions