Arden company reported the following costs and expenses for the most recent month:

WEEK 1 ASSIGNMENT

1.

value: 10.00 points

Which of the following are forms of detective internal control?

Relating data sets to one another to identify and resolve discrepancies.

Comparing actual performance to various benchmarks to identify unexpected results.

Maintaining written and/or electronic evidence to support transactions.

Putting passwords on a computer to restrict access.

2.

value: 10.00 points

The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed:

Costs incurred:

Direct labor cost

$

89,000

Purchases of raw materials

$

133,000

Manufacturing overhead

$

203,000

Advertising expense

$

50,000

Sales salaries

$

109,000

Depreciation, office equipment

$

223,000

Beginning of the Year

End of the Year

Inventories:

Raw materials

$

8,400

$

10,900

Work in process

$

5,700

$

20,400

Finished goods

$

74,000

$

25,700

Required:

1.

Prepare a schedule of cost of goods manufactured.

2.

Prepare the cost of goods sold section of Mason Company’s income statement for the year

3.

value: 10.00 points

Arden Company reported the following costs and expenses for the most recent month:

Direct materials

$

76,000

Direct labor

$

38,000

Manufacturing overhead

$

16,000

Selling expenses

$

19,000

Administrative expenses

$

31,000

Required:

1.

What is the total amount of product costs?

2.

What is the total amount of period costs?

3.

What is the total amount of conversion costs?

4.

What is the total amount of prime costs?

4.

value: 10.00 points

Mickley Company’s predetermined overhead rate is $21.00 per direct labor-hour and its direct labor wage rate is $15.00 per hour. The following information pertains to Job A-500:

Direct materials

$220

Direct labor

$225

Required:

1.

What is the total manufacturing cost assigned to Job A-500?

2.

If Job A-500 consists of 80 units, what is the average cost assigned to each unit included in the job? (Round your answer to 2 decimal places.)

5.

value: 10.00 points

Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow:

Percent Complete

Units

Materials

Conversion

Work in process inventory, May 1

62,000

65

%

30

%

Work in process inventory, May 31

42,000

40

%

20

%

Materials cost in work in process inventory, May 1

$

51,300

Conversion cost in work in process inventory, May 1

$

14,600

Units started into production

255,200

Units transferred to the next production department

275,200

Materials cost added during May

$

348,740

Conversion cost added during May

$

209,444

Required:

1.

Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for May for the first process.

2.

Compute the costs per equivalent unit for May for the first process. (Round your answers to 2 decimal places.)

3.

Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in May. (Round your intermediate calculations to 2 decimal places.)

6.

value: 10.00 points

Managerial Accounting creates reports for managers within the organization while financial accounting creates reports outside the organization.

True

False

7.

value: 10.00 points

Financial accounting focuses on decisions affecting the future.

True

False

8.

value: 10.00 points

IMA Statement of Ethical Professional Practice includes which of the following standards?

Competence

Confidentiality

Integrity

Honesty