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Oriole Inc. has beginning work in process $28,300, direct materials used $264,000, direct labor $242,000, total manufacturing
overhead $198,000, and ending work in process $34,600. What are the total manufacturing costs?
Total manufacturing costs $
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(a)
The Cutting Department of Crane Company has the following production and cost data for July.
Production Costs
1. Completed and transferred out 15,120 units.
Beginning work in
process
$0
2.
3,780 units in ending working in process are
60%
complete as to conversion costs and 100%
complete as to materials at July 31.
Direct materials 94,500
Direct labor 20,412
Manufacturing overhead 23,058
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly
throughout the process.
Determine the equivalent units of production for (1) materials and (2) conversion costs.
Materials Conversion Costs
Total equivalent units of
production
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(a1)
Carla Vista Company issued $540,000 of 5-year, 7% bonds at 99 on January 1, 2022. The bonds pay interest annually.
Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
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(b1)
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(b2)
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Ivanhoe Co. started 3,240 units during the period. Its beginning inventory is 540 units one-fourth
complete as to conversion costs and 100% complete as to materials costs. Its ending inventory is
324 units one-�fth complete as to conversion costs and 100% complete as to materials costs. How
many units were completed and transferred out this period?
Units completed and transferred out units
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The Smelting Department of Crane Company has the following production data for November.
Beginning work in process 2,080 units that are 100% complete as to materials and 20% complete as to conversion costs; units
completed and transferred out 9,360 units; and ending work in process 7,280 units that are 100% complete as to materials
and 40% complete as to conversion costs.
Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November.
Materials Conversion Costs
Total equivalent units
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Coronado Company management wants to maintain a minimum monthly cash balance of $29,500. At the beginning of April, the
cash balance is $29,500, expected cash receipts for April are $289,100, and cash disbursements are expected to be $300,900.
How much cash, if any, must be borrowed to maintain the desired minimum monthly balance?
Amount to be borrowed to maintain the desired minimum monthly balance $
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Sheridan Hollow Resort has ordered 22 rotomolded kayaks from Current Designs. Each kayakwill
be formed in the rotomolded oven, cooled, and then have the excess plastic trimmed away. Then,
thehatches, seat, ropes, and bungees will be attached to the kayak.
Dave Thill, the kayak plant manager, knows that manufacturing each kayak requires 50 pounds of
polyethylene powder and a �nishing kit (rope, seat, hardware, etc.). The polyethylene powder used
in these kayaks costs $1.5 per pound, and the �nishing kits cost $165 each. Each kayak will use
two kinds of labor: 2 hours of more-skilled type I labor from people who run the oven and trim the
plastic, and 3 hours of less-skilled type II labor from people who attach the hatches and seat and
other hardware. The type I employees are paid $15 per hour, and the type II employees are paid
$12 per hour. For purposes of this problem, assume that overhead is applied to all jobs at a rate of
150% of direct labor costs.
Determine the total cost of the Sheridan Hollow order and the cost of each individual kayak in the
order. Identify costs as direct materials, direct labor, or manufacturing overhead.
Direct Materials
Polyethylene powder $
Finishing kit
Direct labor
More skilled
Less skilled
Manufacturing overhead
Total cost for one kayak $
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Total cost of the order $
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In October, Sandhill Company reports 18,100 actual direct labor hours, and it incurs $153,300 of manufacturing overhead costs.
Standard hours allowed for the work done is 21,900 hours. The predetermined overhead rate is $7.10 per direct labor hour. In
addition, the �exible manufacturing overhead budget shows that budgeted costs are $5.04 variable per direct labor hour and
$51,500 �xed.
Compute the overhead volume variance. Normal capacity was 25,000 direct labor hours.
Overhead Volume Variance $
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The following information is available for Teal Mountain Company.
April 1 April 30
Raw materials inventory $9,800 $13,900
Work in process inventory 4,900 3,700
Materials purchased in April $96,400
Direct labor in April 78,400
Manufacturing overhead in April 156,800
Prepare the cost of goods manufactured schedule for the month of April 2022. (Assume that all raw materials used were direct
materials.)
TEAL MOUNTAIN COMPANY
Cost of Goods Manufactured Schedule
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$
$
:
$
:
$
221 Final Exam Ch 14-27
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Crane Corporation has 40,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December
1 when the market price per share is $16. The dividend shares are issued on December 31.
Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the
problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select
“No Entry” for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation Debit Credit
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On January 1, 2022, Vaughn Corporation purchased 1,200 shares of treasury stock. Other information regarding Vaughn
Corporation is provided as follows.
2021 2022
Net income $195,000 $210,000
Dividends on preferred stock 31,000 31,000
Dividends on common stock 21,000 24,000
Common stockholders’ equity beginning of year 599,000 665,000
Common stockholders’ equity end of year 665,000 743,000
(a) Compute return on common stockholders’ equity for each year. (Round answers to 1 decimal place, e.g. 10.5%.)
2021 2022
Return on common stockholders’ equity % %
221 Final Exam Ch 14-27
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Crane Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by
$133,500 and will increase annual expenses by $76,000 including depreciation. The oil well will cost $449,000 and will have a
$11,000 salvage value at the end of its 10-year useful life. Calculate the annual rate of return. (Round answer to 0 decimal places,
e.g. 13%.)
Annual rate of return %
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