Acct 6273 Final Exam Acct6273 Final Exam

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ACCT 6273 Final Exam ACCT6273 Final Exam
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ACCT 6273
Final Exam
100 points, total.
For partial credit, formulas and work, appropriately labeled, must be shown. There is no partial credit for multiple choice or true/false questions.

1. Lincoln Company manufactures and sells small electric heaters for homes and offices. The company’s income statement for the FY2014 is given below:

Total Per unit Sales (30,000 units) $1,800,000 $60 Less variable expenses 1,440,000 48 Contribution margin 360,000 $12 Less fixed expenses 264,000 Net income $
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Compute the product cost per door (i.e., per unit) using the traditional allocation system based on direct labor dollars [8 points]

Hollow Core Solid Door

Product Cost per door ____________ ____________
3. Compute the product cost per door (per unit) using activity based costing for each product. [10 points]

Hollow Core Solid Door

Product Cost per door ____________ ____________ 4. How should Mr. Smythe explain the reasons for any differences observed in your analysis above? [4 points]

5. Barker Company produces a single product. The standard direct costs for the product are as follows: Direct materials (4 yds.@ $5/yd.) $20 Direct labor (1.5 hrs.@ $10/hr.) $15 During a recent period the company produced 1,200 units of product. Various costs associated with the production of these units are given below: Direct materials purchased (5,000 yds.) $24,500 Direct materials used in production 4,700 yds. Direct labor cost incurred

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