The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account.

3. Determine the gross profit from sales for the period.

4. Determine the ending inventory cost as of June 30.

Factory overhead cost variance report

Instructions

Amount Descriptions

Factory Overhead Cost Variance Report

X

Instructions

Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 8,500 hours.

During May, the department operated at 8,820 standard hours, and the factory overhead costs incurred were indirect factory wages, $31,462; power and light, $24,428; indirect materials, $18,260; supervisory salaries, $20,400; depreciation of plant and equipment, $35,300; and insurance and property taxes, $20,800.

Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 8,820 hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all variances as positive amounts.

note: USE C++ WITH USER DEFINED FUNCTIONS AND RECURSIVE FUNCTION ONLY. No C++ library function is allowed.

The game of “Jump It” consists of a board with n positive integers in a row, except for the first
column, which always contains zero. These numbers represent the cost to enter each column.
Here is a sample game board where n is 6:
0 3 80 6 57 10
The object of the game is to move from the first column to the last column with the lowest total
cost.
The number in each column represents the cost to enter that column. You always start the game
in the first column and have two types of moves. You can either move to the adjacent column or
jump over the adjacent column to land two columns over. The cost of a game is the sum of the
costs of the visited columns.
In the board shown above, there are several ways to get to the end. Starting in the first column,
our cost so far is 0. We could jump to 80, then jump to 57, and then move to 10 for a total cost
of 80 + 57 + 10 = 147. However, a cheaper path would be to move to 3, jump to 6, then jump to
10, for a total cost of 3 + 6 + 10 = 19.

Write a recursive function that solves this problem and returns the lowest cost of a game board
represented and passed as an array.

Note: your function shouldn’t output the actual sequence of jumps, only the lowest cost of this
sequence.

IMPORTANT: Use only user defined functions. No C++ library function is allowed. Please write it in a simple and elementary way.

Flexible Budgeting and Variance Analysis

I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available:

I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results:

Required:

1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year:

     a. Direct materials price variance, direct materials quantity variance, and total variance.

     b. Direct labor rate variance, direct labor time variance, and total variance.

Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

2. The variance analyses should be based on the standard  amounts at actual  volumes. The budget must flex with the volume changes. If the actual  volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct materials and direct labor that will be required for the actual  production. In this way, spending from volume changes can be separated from efficiency and price variances.

The prices that I put are wrong please fix.

Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis

Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows:

Each unit requires 0.25 hour of direct labor.

Required:

a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

1. Paolucci Corporation's relevant ...

Paolucci Corporation's relevant range of activity is 5,700 units to 12,500 units. When it produces and sells 9,100 units, its average costs per unit are as follows:

If 8,100 units are sold, the variable cost per unit sold is closest to:

Multiple Choice

Top of Form

$18.20

$11.75

$14.25

$13.65

2. Kesterson Corporation has provided ...

Kesterson Corporation has provided the following information:

If 6,500 units are produced, the total amount of indirect manufacturing cost incurred is closest to:

Multiple Choice

Top of Form

$7,800

$24,250

$21,000

$13,2

3. Pedregon Corporation has ...

Pedregon Corporation has provided the following information:

If the selling price is $21.10 per unit, the contribution margin per unit sold is closest to:

Multiple Choice

Top of Form

$3.35

$5.10

$7.55

$10.95

4. Harootunian Corporation uses ...

Harootunian Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:

Recently, Job T629 was completed with the following characteristics:

The predetermined overhead rate is closest to:

Multiple Choice

Top of Form

$8.10 per machine-hour

$2.10 per machine-hour

$3.90 per machine-hour

$6.00 per machine-hour

5.

5. Lupo Corporation uses a job-order ...

Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:

Recently, Job T687 was completed with the following characteristics:

The estimated total manufacturing overhead is closest to:

Multiple Choice

Top of Form

$315,000

$252,000

$252,002

$63,000

Estimated Income Statements, using Absorption and Variable Costing

Prior to the first month of operations ending October 31, Marshall Inc. estimated the following operating results:

The company is evaluating a proposal to manufacture 30,400 units instead of 27,200 units, thus creating an ending inventory of 3,200 units. Manufacturing the additional units will not change sales, unit variable factory overhead costs, total fixed factory overhead cost, or total selling and administrative expenses.

a. 1. Prepare an estimated income statement, comparing operating results if 27,200 and 30,400 units are manufactured in the absorption costing format. If an amount box does not require an entry leave it blank.

Feedback

a. 1. Recall that under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory overhead. Calculate unit cost for direct materials, direct labor, variable factory overhead, fixed factory overhead. Add together to get total unit cost. For 30,400 units, use the same unit costs for direct materials, direct labor, and variable overhead, but instead recalculate the fixed factory overhead and add this to obtain the unit cost at the 30,400 unit level. Sales - (cost of goods manufactured - Inventory, October 31) = Gross profit; gross profit - selling and administrative expenses = income from operations. Remember that the Inventory, October 31 adjustment will only be necessary at the 30,400 level.

a. 2. Prepare an estimated income statement, comparing operating results if 27,200 and 30,400 units are manufactured in the variable costing format. If an amount box does not require an entry leave it blank.

Old Country Links, Inc., produces sausages in three production departments—Mixing, Casing and Curing, and Packaging. In the Mixing Department, meats are prepared and ground and then mixed with spices. The spiced meat mixture is then transferred to the Casing and Curing Department, where the mixture is force-fed into casings and then hung and cured in climate-controlled smoking chambers. In the Packaging Department, the cured sausages are sorted, packed, and labeled. The company uses the weighted-average method in its process costing system. Data for September for the Casing and Curing Department follow:

Mixing cost represents the costs of the spiced meat mixture transferred in from the Mixing Department. The spiced meat mixture is processed in the Casing and Curing Department in batches; each unit in the above table is a batch and one batch of spiced meat mixture produces a set amount of sausages that are passed on to the Packaging Department. During September, 130 batches (i.e., units) were completed and transferred to the Packaging Department.

Determine the Casing and Curing Department's equivalent units of production for mixing, materials, and conversion for the month of September. (Round your intermediate calculations and final answers to 1 decimal place.)

Requirement 1. Fill in the time line for the Mixing Department.

Requirement 2. Use the time line to help you summarize the flow of physical units and compute the equivalent units.

​(Hint​: Each direct material added at a different point in the production process requires its own​ equivalent-unit computation.) ​(For entries with a zero​ balance, make sure to enter​ "0" in the appropriate​ cell(s).)

Requirement 3. Compute the cost per equivalent unit for each cost category. ​(For entries with a zero​ balance, make sure to enter​ "0" in the appropriate​ cell(s). Round the cost per equivalent unit to the nearest​ cent.)

Requirement 4. Calculate the total cost of the units

​(a​)completed and transferred out to the Retort Department and

​(b​)the units in the Mixing​ Department's ending work in process inventory. ​(Enter quantities​ first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step. For entries with a zero​ balance, make sure to enter​ "0" in the appropriate​ cell(s). Round your answers to the nearest whole​ dollar.)

Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 19,000 units, 100% complete with respect to materials cost and 30% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $25,600. A total of 55,000 units were transferred out of the department during the month. The costs per equivalent unit were computed to be $1.80 for materials and $3.50 for conversion costs. The total cost of the units completed and transferred out of the department was:
Multiple Choice
•   $291,500
•   $314,500
•   $233,750
•   $280,300

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Vallin Manufacturing Corporation’s beginning work in process inventory consisted of 9,700 units, 100% complete with respect to materials cost and 60% complete with respect to conversion costs. The total cost in the beginning inventory was $53,000. During the month, 57,000 units were transferred out. The equivalent unit cost was computed to be $4.20 for materials and $4.70 for conversion costs under the weighted-average method. Given this information, the total cost of the units completed and transferred out was:
Multiple Choice
•   $426,000
•   $355,600
•   $507,300
•   $354,000
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Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in its Painting Department consisted of 3,600 units that were 60% complete with respect to materials and 40% complete with respect to conversion costs. The cost of the beginning work in process inventory in the department was recorded as $10,400. During the period, 9,600 units were completed and transferred on to the next department. The costs per equivalent unit for the period were $5.60 for material and $6.60 for conversion costs. The cost of units transferred out during the month was:
Multiple Choice
•   $63,360
•   $66,400
•   $117,120
•   $84,000

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In July, one of the processing departments at Okamura Corporation had beginning work in process inventory of $32,000 and ending work in process inventory of $37,000. During the month, the cost of units transferred out from the department was $167,000. In the department's cost reconciliation report for July, the total cost to be accounted for under the weighted-average method would be:
Multiple Choice
•   $69,000
•   $138,000
•   $151,000
•   $204,000

V & T Faces, Inc., would like to open a retail store in Miami. The initial investment to purchase the building is $420,000, and an additional $50,000 in working capital is required. Since this store will be operating for many years, the working capital will not be returned in the near future.

V & T Faces expects to remodel the store at the end of 3 years at a cost of $100,000. Annual net cash receipts from daily operations (cash receipts minus cash payments) are expected to be as follows:

The company’s required rate of return is 13 percent. Assume management decided to limit the analysis to 7 years.

1. What is the weakness of using the payback period method to evaluate long-term investments?
2. Assume the manager of the company wanted to live in Miami and intentionally inflated the projected annual cash receipts so that the proposal would be accepted. The proposal would otherwise have been rejected. Explain how the company’s use of a post audit would help to prevent this type of unethical behavior.