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1、ACCT5302AccountingAnalysisforManagersFinalExaminationMarch2017/ShanghaiName:HUHEPING(胡和平)Group:1UTAID:1001518958Instructions:1.Thisexaminationconsistsof8setsofproblems.PleaseprepareyouranswersinaWORDorPDFfileandsenditbacktomebyApril17,2017.Lateworkwillnotbeacceptable.2.Toreceivefullc
2、redit,youneedtoshowallthesupportingworkforyouranswers.Accuracy,neatnessandcompletenessofyourworkwillbethedeterminingfactorsofyourgrade.3.Foranyquestionsoradditionalinformation,pleaseemailmeatlichinho@uta.edu.4.Wishyoutheverybest!!17Problem1:ComputingInventoryCostsTheMiamiCompanysuffe
3、redmajorlossesinafireonOctober23,2016.Inadditiontodestroyingseveralbuildings,theblazedestroyedthecompany’sworkinprocessinventoryforanentireproductline.Fortunately,thecompanywasinsured.However,thecompanyneedstosubstantiatetheamountoftheclaim.Tothisend,thecompanyhasgatheredthefollowing
4、informationthatpertainstotheproductionandsalesoftheaffectedproductline:1.Thecompany’ssalesforthefirst23daysofOctoberamountedto$230,000.Normally,thisproductlinegeneratesagrossprofitequalto30%ofsales.2.Finishedgoodsinventorywas$29,000onOctober1and$42,500onOctober23.3.OnOctober1,workinp
5、rocessinventorywas$48,0004.Duringthefirst23daysofOctober,thecompanyincurredthefollowingcosts:Directmaterialsused$76,000Directlabor44,000Manufacturingoverhead42,000Required:(1)TotalCostofGoodsManufacturedforthefirst23daysofOctober2016.SalesRevenue$230,000.00 GrossProfit(30%sales) $69,
6、000.00CostOfGoodsSold $161,000.00EquationCostOfGoodsSold=SalesRevenue－GrossProfitBegnningFinishedGoodsInventory$29,000.00 EndingFinishedGoodsInventory $42,500.00CostOfGoodsSold $161,000.00CostOfGoodsManufactured174,500.00 EquationCostOfGoodsManufactured=EndingFinishedGoodsInventory+C
7、ostOfGoodsSold－BegnningFinishedGoodsInventoryConclusion:TotalCostofGoodsManufacturedforthefirst23daysofOctober2016is$174,50017(2)ThecostofWorkinProcessInventorythatwasdestroyedbythefire(i.e.,thecostofWorkinProcessInventory,10/23/2016)WorkInProcessInventoryBeginningInventory$48,000 Ma
8、terialsUsed$
