UMUC âACCT 301 Due Sunday
March 5, 2017
This quizis to be completed without the
assistance of any other person.
You may use
only the resources provided by your instructor for this class.
*
You may create an Excel and / or Word File for your work.
Please verify that each page prints out formatted with your name and page
number on the page. Excel files should show gridlines.
Excel âpage formatâ has options for grid lines (sheet) and
headers/footers.
At a minimum, use print preview so you can see how the work
will print out.
I pledge on my honor that I have not given or received any unauthorized
assistance on this examination. In
addition, I pledge that I will not disclose to, or discuss the contents of this
examination with, students who have not taken it.
ÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂÂ_________________________________________________________________________
Signed
Good Luck!!!
Answer all questions!
Prepare and present calculations for partial credits for questions with
calculations and presentations.
Final Exam
Ch 18 – 25 – Your Name ____________________ (also include
your name in the file name)
Q1
The costs
for Clark Equipment to make a part in house are displayed below:
Per Unit
Direct
Materials $ 3.00
Direct Labor 7.00
Allocated Overhead 10.00
Total Cost $20.00
Moving to an outside vendor will allow Clark
Equipment to reduce their overhead costs by 70%. What is the maximum purchase
price the company should consider to move to an outside vendor without respect
to any other issue?
(present
calculations for partial credit). Label your answer.
Q2
When
considering a move to outsourcing a process, eliminating a department and all its
employees, what issues should be considered?
These issues should be financial as well as strategic. Your answer should be presented as a bulleted
list.
Q3
What issues
should be considered when deciding whether to eliminate a department in a
retail store? Your answer should discuss
the issues of profitability and include the concept of the contribution format
income statement as well as the effect on sales for the store.
Q4
How might
the use of a predetermined overhead rate compare to the actual results of the
activities affected by the predetermined overhead rate? Your answer should begin by explaining how a
predetermined overhead rate is calculated and conclude with why there would be
variances from the original estimated values in the calculation (do not discuss
any variables except those directly related to the predetermined overhead rate
calculation).
Q5
What is the
first budget and why is that important?
How does it affect all remaining budgets?
Q6
Describe the
specific items you would use to calculate how much of a product to produce or
acquire for the period? Your answer
should be based on the budget chapter as well as on the basic formula related
to inventory, discussed at various points throughout our class.
Q7
Your company
is building the budget for next year and asks your assistance. How might you use the high low method, including its calculation and the cost formula
for total cost. Your answer, focusing on the high low method, should include
how costs can be calculated, what purpose the method serves, and what issues
may arise regarding the accuracy of the resulting conclusion regarding costs
based on the high low method.
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