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Management
Process
E 3.
Indicate whether each of the following management activities in a community
hospital is part of planning (PL), performing (PE), evaluating (E), or
communicating (C):
1. Leasing five ambulances for the current year
2. Comparing the actual number with the planned number of patient days in
the hospital for the year
3. Developing a strategic plan for a new pediatric wing
4. Preparing a report showing the past performance of the emergency room
5.
Developing standards, or expectations, for performance in the hospital admittance
area for next year
6. Preparing the hospital’s balance sheet and income statement and distributing
them to the board of directors
7. Maintaining an inventory of bed linens and bath towels
8. Formulating a corporate policy for the treatment and final disposition of hazardous
waste materials
9. Preparing a report on the types and amounts of hazardous waste materials
removed from the hospital in the last three months
10. Recording the time taken to deliver food trays to patients
Statement of Cost of Goods Manufactured
P 5.
Dillo Vineyards, a large winery in Texas, produces a full line of varietal
wines. The company, whose fiscal year begins on November 1, has just completed
a record-breaking year. Its inventory account balances on October 31 of
this year were Materials Inventory, $1,803,800; Work in Process Inventory,
$2,764,500; and Finished Goods Inventory, $1,883,200. At the beginning of
the year, the inventory account balances were Materials Inventory, $2,156,200;
Work in Process Inventory, $3,371,000; and Finished Goods Inventory,
$1,596,400.
During the fiscal year, the company’s purchases of direct materials totaled
$6,750,000. Direct labor hours totaled 142,500, and the average labor rate was
$8.20 per hour. The following overhead costs were incurred during the year:
depreciation–plant and equipment, $685,600; indirect labor, $207,300; property
tax, plant and equipment, $94,200; plant maintenance, $83,700; small tools,
$42,400; utilities, $96,500; and employee benefits, $76,100
Prepare a statement of cost of goods manufactured for the fiscal year ended October 31.
Ch19 P5
| Chapter 19, C 6. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dillo Vineyards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statement of Cost of Goods Manufactured | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Year Ended October 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Direct materials used | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Materials inventory, beginning | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Direct materials purchased | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of direct materials available for use | $ — 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less materials inventory, ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of direct materials used | $ | — 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Direct labor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Overhead | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation, plant and equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indirect labor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property tax, plant and equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plant maintenance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Small tools | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Utilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total overhead | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total manufacturing costs | $ — 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Add work in process inventory, beginning | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total cost of work in process during the year | $ — 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less work in process inventory, ending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of goods manufactured | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| * | hours × | / hour = |
&C&A
*
ACC 302 Statement of Cash Flows Handout 1 04/13/11
ACC 302 Statement of Cash Flows Project
Use the comparative balance sheet and the comparative income statement on the following page to complete this
assignment.
Prepare the following documents:
o Schedules showing the amount and percentage change from 2008 to 2009 for the comparative income
statements and the balance sheets
o Common-size income statements and balance sheets for 2008 and 2009
o A 2009 Statement of Cash Flows using the indirect method (Financials needed are the comparative balance
sheet and the comparative income statement on page two of this document. No additional information is needed.)
Write a 200–300 word memo that presents your analysis of the documents prepared. Your analysis should include:
o The favorable and unfavorable changes in the components and composition of the statements prepared
o The significant changes from Operating Activities, Investing Activities, and Financing Activities
Submit your assignment via MyWest. This assignment will be graded according to West’s Accounting Project Rubric.
ACC 302 Statement of Cash Flows Handout 2 04/13/11
2009 2008
Cash 40,000 $ 24,000 $
Accounts receivable (net) 48,000 41,500
Inventory 43,000 34,500
Prepaid expenses 19,000 15,000
Total Current Assets 150,000 $ 115,000 $
Plant and equipment 67,000 $ 61,000 $
Less accumulated depreciation (41,000) (23,000)
Plant and equipment (net) 26,000 $ 38,000 $
Long-term investments 90,000 89,000
Total Assets 266,000 $ 242,000 $
Accounts payable 13,000 $ 11,000 $
Accrued liabilities 55,000 71,000
Total Current Liabilities 68,000 $ 82,000 $
Long-term debt 25,000 8,000
Deferred taxes 4,000 3,500
Total Liabilities 97,000 $ 93,500 $
Common stock ($1 par) and additional paid-in capital 112,000 97,000
Retained earnings 57,000 51,500
Total Liabilities and Equity 266,000 $ 242,000 $
2009 2008
Sales 155,000 $ 125,000 $
Cost of goods sold 83,000 62,500
Gross profit 72,000.00 $ 62,500 $
Selling and administrative 45,700 37,500
Depreciation 18,000 16,800
Operating Profit 8,300 $ 8,200 $
Interest expense 2,000 1,327
Earnings before tax 6,300 $ 6,873 $
Tax expense 800 873
Net Income 5,500 $ 6,000 $
Comparative Income Statement
Comparative Balance Sheet
ACC 302 Statement of Cash Flows Handout 3 04/13/11
2009 2008
Cash 40,000 $ 24,000 $
Accounts receivable (net) 48,000 41,500
Inventory 43,000 34,500
Prepaid expenses 19,000 15,000
Total Current Assets 150,000 $ 115,000 $
Plant and equipment 67,000 $ 61,000 $
Less accumulated depreciation (41,000) (23,000)
Plant and equipment (net) 26,000 $ 38,000 $
Long-term investments 90,000 89,000
Total Assets 266,000 $ 242,000 $
Accounts payable 13,000 $ 11,000 $
Accrued liabilities 55,000 71,000
Total Current Liabilities 68,000 $ 82,000 $
Long-term debt 25,000 8,000
Deferred taxes 4,000 3,500
Total Liabilities 97,000 $ 93,500 $
Common stock ($1 par) and additional paid-in capital 112,000 97,000
Retained earnings 57,000 51,500
Total Liabilities and Equity 266,000 $ 242,000 $
2009 2008
Sales 155,000 $ 125,000 $
Cost of goods sold 83,000 62,500
Gross profit 72,000.00 $ 62,500 $
Selling and administrative 45,700 37,500
Depreciation 18,000 16,800
Operating Profit 8,300 $ 8,200 $
Interest expense 2,000 1,327
Earnings before tax 6,300 $ 6,873 $
Tax expense 800 873
Net Income 5,500 $ 6,000 $
Comparative Income Statement
Comparative Balance Sheet
