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Complete problems to calculate, classify, and compute m

Complete problems to calculate, classify, and compute manufacturing costs.

Introduction

Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.

A cost analysis can help management determine whether or not to go ahead with a project.

Instructions

Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.

Use the Cost Analysis Template [XLSX] to complete this assessment. Based on the data provided in the template, complete the problems to calculate, classify, and compute manufacturing costs.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:

Competency 1: Analyze cost accounting systems.

Classify business costs as variable or fixed.

Classify business costs as product or period costs.

Competency 2: Apply sound budgeting principles.

Compute manufacturing cost.

Competency 5: Communicate in a manner that is professional and consistent with expectations for professionals in the field of accounting.

Communicate quantitative information accurately and effectively.

Problem 1

BUS-FPX4061 – Managerial Accounting Principles
Assessment 1: Cost Analysis Worksheet
Problem 1 Input values
Solve the given problem based on the following information.
Conglomco Corporation manufactures and sells widgets for $550 per unit. Company name Conglomco Corporation
The total cost of production for 1,100 widgets is given below. Product Widget
Differentiate each cost as being either variable or fixed and product or period. Selling price of widgets $550 per unit
Total number of widgets 1,100
Costs Cost by Behavior ($) Cost by Function ($)
Variable Fixed Product Period
Resin for widget covers: $18,700
Wages/assembly: $90,200 Resin for widget covers $18,700
Facility property taxes: $5,500 Wages/assembly $90,200
Accounting staff salaries: $38,500 38,500 38,500 Facility property taxes $5,500
Stands (1,100 outsourced): $28,600 Accounting staff salaries $38,500
Rental equipment/sales staff: $11,000 Stands (1,100 outsourced) $28,600
Salaries/management: $137,500 Rental equipment/sales staff $11,000
Annual maintenance fee: $11,000 Salaries/management $137,500
Commissions (per unit): $15 Annual maintenance fee $11,000
Commissions (per unit) $15
Depreciation on machinery $44,000
Depreciation on machinery: $44,000

Problem 2

Problem 2 Input values
Solve the given problem based on the following information.
Jordan manufactures and sells widgets for $550 per unit. Company name Jordan
The total cost of production for 1,100 widgets is given below. Product name Widget
Compute the manufacturing cost per widget. Selling price of widgets $550 per unit
Round the unit cost to two decimal places. Total number of widgets 1,100
Costs
Resin for widget covers $18,700
Wages/assembly $90,200 Resin for widget covers $18,700
Facility property taxes $5,500 Wages/assembly $90,200
Accounting staff salaries $38,500 Facility property taxes $5,500
Stands (1,100 outsourced) $28,600 Accounting staff salaries $38,500
Rental equipment/sales staff $11,000 Stands (1,100 outsourced) $28,600
Salaries/management $137,500 Rental equipment/sales staff $11,000
Annual maintenance fee $11,000 Salaries/management $137,500
Commissions (per unit) $15 Annual maintenance fee $11,000
Depreciation on machinery $44,000 Commissions (per unit) $15
Depreciation on machinery $44,000
Cost to Manufacture Each Widget
Item Total Cost ($) Cost per Unit ($)
Variable manufacturing costs:
Fixed manufacturing costs:
Total manufacturing cost

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