# final exam: problems and multiply choice questions due wed 8-5-15 before 5pm

## Project Description:

i have a two part exam one that is multiple choice questions, the other problem based and both are worth 100 points each. i need a really goo passing grade on both of these. by this i mean i need at least a b lowest a c+ for each but hopefully higher :). i do not have a lot of funds but really need to pass this class and these test because if i fail i may lose my scholarship and financial aid. please help me with this! the files are attached and here are the/some of the problems.
acc122 final exam - problems (10 points each)
student name ______________________________________ date ______________

1. cellular solutions inc. had a very successful year in 2013. based on a \$125 average unit selling price, monthly sales during 2013 were as follows:

january \$ 75,000
february 60,000
march 100,000
april 150,000
may 60,000
june 50,000
july 40,000
august 85,000
september 65,000
october 95,000
november 35,000
december 50,000
total \$865,000

mr. james, vice president of sales, is preparing the sales budget for 2014. increased manufacturing costs will make it necessary to increase the selling price by 12 percent. even with this price increase, the unit volume of sales is expected to increase by 25 percent. the seasonal sales pattern shown for 2013 is expected to continue in 2014.

a. prepare the monthly sales unit and dollar budgets for the first quarter of 2014.
b. mr. serene is considering the possibility of raising the average selling price by 20 percent in 2014. if this action is taken, he projects that the sales volume for the year will increase by only 10 percent. what would forecasted sales in units and dollars be in 2014 if his projection is correct?

2. a company expects to begin the coming year with 6,000 ceramic pots in finished goods inventory. it expects to sell 85,000 ceramic pots and end the year with 8,000 pots in the finished goods inventory. four pounds of clay go into each ceramic pot. the company expects to have 4,000 pounds of clay on hand at the beginning of the coming year and wishes to end the year with 6,000 pounds in inventory.

a. prepare a production budget showing the number ceramic pots that the company must manufacture to carry out these plans.

b. prepare a direct materials purchases budget showing the number of pounds of clay that the company must purchase during the year.

3. the ceo of star coffee is interested in reviewing the may 2014 performance report for cost center 7-11. prepare a brief performance report for the ceo utilizing the following information for cost center 7-11. line items should be broken out between direct materials, direct labor, variable overhead, and fixed overhead.

actual results flexible budget master budget

ground coffee \$1,350 \$1,200 \$1,270
flavored syrups 2,300 2,320 3,000
milk 850 800 950
servers' wages 3,500 3,800 3,600
supervisor's salary 5,000 5,000 5,000
espresso machine repair 50 120 150

4. using the following information, prepare a traditional income statement and a variable costing income statement:

sales \$5,000,000
variable cost of goods sold 2,100,000
variable selling expenses 850,000
fixed selling expenses 250,000
fixed manufacturing costs 700,000

5. as the staff accountant for investment center 916, calculate the october 2014 roi, using the following information:

october 2014 profit margin 35%
october 2014 sales \$2,480,000
assets at september 30, 2014 1,879,500
assets at october 31, 2014 1,850,000

6. nexus star inc. produces various kinds of oils. one of its product, product x, is made from castor oil, beeswax, aloe vera, and a base compound.

for the next 12 months, the company's purchasing agent believes that the cost of ingredients will be as follows:

ingredient standard cost
castor oil \$6.50 per gallon
beeswax \$4.83 per pound
aloe vera \$18.50 per gallon
base compound \$20.00 per gallon

the direct labor time standard is 3.50 hours per unit at a standard direct labor rate of \$12.00 per hour. the standard overhead rates are \$15.00 per direct labor hour for the standard variable overhead rate and \$13.00 per direct labor hour for the standard fixed overhead rate.

a. using these production standards, compute the standard unit cost of direct materials per unit if it takes 0.50 gallon of castor oil, 1 pound of beeswax, 0.25 gallon of aloe vera, and 1 gallon of base compound to produce one unit of product x. round values to two decimal places.

b. using the standard unit cost of direct materials per case determined in (a) and the production standards given for direct labor and overhead, compute the standard unit cost of one unit of product x.

7. rose corporation provides you the following budgeted cost information for july, 2014.

budgeted variable costs per unit
direct materials \$5
direct labor \$4
Skills Required:
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