Acct 202 final exam

Question
Acc 202 Final exam On connect

I am pasting 4 question rest in the attachmet
1.

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Packer Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price

$

81

Units in beginning inventory

300

Units produced

1,800

Units sold

1,600

Units in ending inventory

500

Variable costs per unit:

Direct materials

$

19

Direct labor

$

16

Variable manufacturing overhead

$

1

Variable selling and administrative

$

11

Fixed costs:

Fixed manufacturing overhead

$

34,200

Fixed selling and administrative

$

3,200

The company produces the same number of units every month, although the sales in units vary from month to month. The company’s variable costs per unit and total fixed costs have been constant from month to month.

Required:

a.

What is the unit product cost for the month under variable costing?

Unit product cost

$

b.

Prepare a contribution format income statement for the month using variable costing.(Input all amounts as positive values.)

Variable costing income statement

$

Variable expenses:

$

Contribution margin

Fixed expenses:

$

c.

Without preparing an income statement, determine the absorption costing net operating income for the month. (Hint: Use the reconciliation method.)

Net operating income

$

2.

Camren Corporation has two major business segments-Apparel and Accessories. Data concerning those segments for December appear below:

Sales revenues, Apparel

$

680,000

Variable expenses, Apparel

$

299,000

Traceable fixed expenses, Apparel

$

102,000

Sales revenues, Accessories

$

770,000

Variable expenses, Accessories

$

424,000

Traceable fixed expenses, Accessories

$

100,000

Common fixed expenses totaled $357,000 and were allocated as follows: $161,000 to the Apparel business segment and $196,000 to the Accessories business segment.

Required:

Prepare a segmented income statement in the contribution format for the company.(Input all amounts as positive values.)

Total

Apparel

Accessories

$

$

$

Contribution margin

Segment margin

$

$

$

.

Wartenberg Corporation uses customers served as its measure of activity. The company bases its budgets on the following information: Revenue should be $3.80 per customer served. Wages and salaries should be $38,800 per month plus $1.00 per customer served. Supplies should be $0.60 per customer served. Insurance should be $7,100 per month. Miscellaneous expenses should be $5,100 per month plus $0.30 per customer served.

The company reported the following actual results for January:

Customers served

30,000

Revenue

$

115,500

Wages and salaries

$

66,900

Supplies

$

15,900

Insurance

$

6,800

Miscellaneous

$

15,500

Required:

Prepare a report showing the company’s revenue and spending variances for January.(Input all amounts as positive values. Leave no cells blank – be certain to enter “0” wherever required. Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance).

Wartenberg Corporation
Revenue and Spending Variances
For the Month Ended January 31

Revenue

$

Expenses:

Wages and salaries

Supplies

Insurance

Miscellaneous

Total expenses

Net operating income

$

4.

Vera Corporation bases its budgets on the activity measure customers served. During September, the company planned to serve 28,000 customers, but actually served 27,000 customers. The company has provided the following data concerning the formulas it uses in its budgeting:

Fixed
element
per month

Variable
element
per customer

Revenue

$

5.00

Wages and salaries

$

35,800

$

1.90

Supplies

$

0

$

0.60

Insurance

$

13,000

$

0.00

Miscellaneous

$

7,500

$

0.20

Required:

Prepare the company’s flexible budget for September based on the actual level of activity for the month.(Input all amounts as positive values.)

Vera Corporation
Flexible Budget
For the Month Ended September 30

Revenue

$

Expenses:

Wages and salaries

Supplies

Insurance

Miscellaneous

Total expenses

Net operating income

$

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