Intermediate Managerial and Tax Accounting

2 acctg exercises, just need answers and to pass turnitin.com

Intermediate Managerial and Tax
Accounting ACCTG 325-01, Fall 2024
Exercise 10
Chapter 3, Basis Cost Management Concepts
Name _________________________________
RedID# _____________________________
1.
Womble Inc. has beginning inventory of $200 and an ending inventory of $400 for a given
period in which it purchased $13,400 of materials. What is the dollar amount of materials used in this
period?
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2. Jordan Sports, Inc. has labor costs and overhead totaling $2.6 million during a given period. The
company purchased $10.5 million of materials during the period and used $10 million of this
amount. What is the amount of total manufacturing cost for the period?
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3. Lucas Diving Supplies Company, in its first year of business, had labor costs of $66,000, overhead
costs of $98,000, materials purchases of $22,000 and an ending inventory of materials and work-inprocess of $1,000 and $2,000, respectively. What is the amount of cost of goods manufactured in the
first year of operations?
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4. If a merchandising company has a beginning finished goods inventory of $400,000 and a finished
goods ending inventory of $200,000, and the company purchased $1,600,000 of inventory during the
month, what is the company’s cost of goods sold?
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5. The Walden Manufacturing Corp has office support salaries of $4,000, factory supplies of $1,000,
indirect labor of $6,000, direct materials of $16,000, advertising expense of $2,500, office expense
of $14,000, and direct labor of $20,000. What is the total period cost?
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Intermediate Managerial and Tax
Accounting ACCTG 325-01, Fall 2024
Exercise 9
Chapter 1, Cost Management and Strategy
Name _________________________________
RedID# _______________________________
1.
The Yee-Haw Pickle Company in Park City, Utah has grown in four years to supply 600 retailers
nationally. The products include pickles and pickled green beans. Yee-Haw’s products are unique for
their unusual ingredients, such as wildflower honey. The owners are considering how to make the
company grow. A large discount store chain with 500 stores wants to add the Yee-Haw product.
a. What type of strategy, cost leadership or differentiation, should Yee-Haw use?
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b. Should the owners accept the offer of the large discount chain?
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c. What are the key factors you considered in answering parts 1 and 2 above?
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2.
A large U.S.–based commercial bank with global operations recently initiated a new
program for recruiting recent college graduates into the financial function of the bank. These
new hires will initially be involved in a variety of financial functions, including transactions
processing, control, risk management, business performance reporting, new business
analysis, and financial analysis.
Recognizing that they are competing with many other banks for the relatively small number
of qualified graduates, the firm has assigned you to develop a skills statement to be used in
college recruiting as well as an in-house training program for new hires. You have some old
training manuals and recruiting guides to assist you, but your boss advises you not to use them
but to start with a fresh page. The reason for developing new materials is that the bank recently
reorganized based on new management methods.
a. Briefly explain 8 to 10 critical success factors for this bank. Consider how a bank of this size remains
competitive and successful.
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Intermediate Managerial and Tax
Accounting ACCTG 325-01, Fall 2024
Exercise 9
Chapter 1, Cost Management and Strategy
b. Develop an outline of the skill statement and training program that your boss requested.Be brief and
specific about the proper job description of a new employee in the finance area of the bank. Hint:
Use a Balanced Scorecard Approach.
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