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ACCT 205 Lecture Notes - Lecture 14: Centrifugal Force, Magnetic Stirrer, Superheated Steam

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ali12
9 Jul 2021
School
Nicholls State University
Department
Accounting
Course
ACCT 205
Professor
All

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Document Summary

Used to separate heavy material from light material by the help of the centrifugal force. An autoclave is a pressure chamber used to sterilize equipment and media by subjecting them to high pressure saturated steam at 121 c for around 15 . 20 minutes. is an electronic device used for measuring the ph (acidity or alkalinity) of a liquid. It is a device which provides mixing and keeping the chemical solutions and mixtures at a certain time and temperature by the help of a magnetic bar. It"s a device used to grow and maintain microbiological cultures or cell cultures. The incubator maintains optimal temperature, humidity and other conditions such as the carbon dioxide (co2) and oxygen content of the atmosphere inside. In order to provide optimal conditions for cell growth, some type of agitation or shaking is necessary to incorporate oxygen and evenly distribute nutrients throughout the culture media.

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Related Questions

Good evening to everyone, can I get some help with my accountinghomework:

1. What is meant by "variance power?" Suppose that a charitablefoundation receives a gift that the donor specifies must be used tosupport the college education of a particular individual. What isthe relevance of "variance power" in how the foundation accountsfor the gift?

2. Besides a Balance Sheet, Income Statement, and a Statement ofCash Flows, what additional financial statement is required to bepresented by a Voluntary Health & Welfare Organization? Why isthis statement required? Also explain the purpose of this statementand the elements required to be presented.

3. How and when does a not-for-profit entity report pledges?

4. What factors must a nonprofit consider when recognizingcontributions?

Thank you in advance.

FiberCom, Inc., a manufacturer of fiber optic communicationsequipment, uses a job-order costing sys-tem. Since the productionprocess is heavily automated, manufacturing overhead is applied onthe basis of machine hours using a predetermined overhead rate. Thecurrent annual rate of $15 per machine hour is based on budgetedmanufacturing overhead costs of $1,200,000 and a budgeted activitylevel of 80,000 machine hours (the company’s estimated practicalcapacity). Operations for the year have been completed, and all ofthe accounting entries have been made for the year except theapplication of manu-facturing overhead to the jobs worked on duringDecember, the transfer of costs from Work-in-Process toFinished-Goods for the jobs completed in December, and the transferof costs from Finished Goods to Cost of Goods Sold for the jobsthat have been sold during December. Summarized data as of November30 and for the month of December are presented in the followingtable. Jobs T11-007, N11-013, and N11-015 were completed duringDecember. All completed jobs except Job N11-013 had been turnedover to customers by the close of business on December 31

Work-in-Process December Activity

Job No. Balance November 30 Direct Material Direct Labor MachineHours

T11-007 .....................$ ??????87,000 $ ? 1,500..........................$ ? 4,500 .........................300

N11-013 .................... 55,000 ?? 4,000.......................... 12,000.........................1,000

N11-015 .................... -0- ?????? 25,600.......................... 26,700.........................1,400

D12-002 .................... -0- ?????? 37,900.......................... ?20,000.........................2,500

D12-003 .................... ??? -0- 26,000.......................... 16,800......................... ? 800

Total .......................$142,000 $95,000..........................$80,000.........................6,000

Operating Activity Activity through November 30 DecemberActivity

Actual manufacturing overhead incurred:

Indirect material .................................... $?125,000 .......................... $ 9,000

Indirect labor ......................................... ?345,000 .......................... 30,000

Utilities ................................................... ?245,000 .......................... 22,000

Depreciation .......................................... 385,000.......................... 35,000

Total overhead ...................................... $1,100,000.......................... $96,000

Other data:

Raw-material purchases* ...................... $ ?965,000.......................... $98,000

Direct-labor costs .................................. $ ?845,000......................... .$80,000

Machine hours ....................................... ?73,000......................... .6,000

.Account Balances at Beginning of Year January 1

Raw-material inventory* ............................$105,000

Work-in-process inventory ......................... ? 60,000

Finished-goods inventory .......................... 125,000

*Raw-material purchases and raw-material inventory consist ofboth direct and indirect materials. The balance of the Raw-MaterialInventory account as of December 31 of the year just completed is$85,000..

Required:

1. Explain why manufacturers use a predetermined overhead rateto apply manufacturing overhead to their jobs.

2. How much manufacturing overhead would FiberCom have appliedto jobs through November 30 of the year just completed?

3. How much manufacturing overhead would have been applied tojobs during December of the year just completed?

4. Determine the amount by which manufacturing overhead isoverapplied or underapplied as of December 31 of the year justcompleted.

5. Determine the balance in the Finished-Goods Inventory accounton December 31 of the year just completed.

6. Prepare a Schedule of Cost of Goods Manufactured forFiberCom, Inc. for the year just completed. (Hint: In computing thecost of direct material used, remember that FiberCom includes bothdirect and indirect material in its Raw-Material Inventoryaccount.)

NEED #6 FIGURED OUT PLEASE

General Instrumentation Corporation manufactures dashboard instruments for heavy construction equipment. The firm is based in Baltimore, but operates several divisions in the United States, Canada, and Europe. The Hudson Bay Division manufactures complex electrical panels that are used in a variety of the firm's instruments. There are two basic types of panels. The high-density panel (HDP) is capable of many functions and is used in the most sophisticated instruments, such as tachometers and pressure gauges. The low-density panel (LDP) is much simpler and is used in less complicated instruments. Although there are minor differences among the different high-density panels, the basic manufacturing process and production costs are the same. The high-density panels require considerably more skilled labor than the low-density panels, but the unskilled labor needs are about the same. Moreover, the direct materials in the high-density panel run substantially more than the cost of materials in the low-density panels. Production costs are summarized as follows:

LDP

HDP

Unskilled labor (.5 hour @ $10) …………………………………..........................

$ 5

$ 5

Skilled labor:

LDP (.25 hour @ $20) ………………………………………………………….

5

HDP (1.5 hours @ $20) ………………………………………………………...

30

Raw material ………………………………………………....................................

3

8

Purchased components ……………………………………………………………

5

15

Variable overhead …………………………………………....................................

4

12

Total variable cost …………………………………………...................................

$22

$70

The annual fixed overhead in the Hudson Bay Division is $1,000,000. There is a limited supply of skilled labor available in the area, and the division must constrain its production to 40,000 hours of skilled labor each year. This has been a troublesome problem for Jacqueline Ducharme, the division manager. Ducharme has successfully increased demand for the LDP line to the point where it is essentially unlimited. Each LDP sells for $28. Business also has increased in recent years for the HDP, and Ducharme estimates the division could now sell anywhere up to 6,000 units per year at a price of $115.

On the other side of the Atlantic, General Instrumentation operates its Volkmar Tachometer Division in Berlin. A recent acquisition of General Instrumentation, the division was formerly a German company known as Volkmar Construction Instruments. The division's main product is a sophisticated tachometer used in heavy-duty cranes, bulldozers, and backhoes. The instrument, designated as a TCH–320, has the following production costs.

TCH-320

Unskilled labor (.5 hour @ $9) ……………………………………………………………..

$ 4.50

Skilled labor (3 hour @ $17) ……………………………………………………………….

51.00

Raw material ………………………………………………..................................................

10.50

Purchased components ……………………………………………………………………...

150.00

Variable overhead …………………………………………..................................................

12.00

Total variable cost …………………………………………..................................................

$228.00

The cost of purchased components includes a $145 control pack currently imported from an Asian electronics company. Fixed overhead in the Volkmar Tachometer Division runs about $800,000 per year. Both skilled and unskilled labor are in abundant supply. The TCH–320 sells for $275.

Bertram Mueller, the division manager of the Volkmar Tachometer Division, recently attended a high-level corporate meeting in Baltimore. In a conversation with Jacqueline Ducharme, it was apparent that Hudson Bay's high-density panel might be a viable substitute for the control pack currently imported from Asia and used in Volkmar's TCH–320. Upon returning to Berlin, Mueller asked his chief engineer to look into the matter. Hans Schmidt obtained several HDP units from Hudson Bay, and a minor R&D project was mounted to determine if the HDP could replace the imported control pack. Several weeks later, the following conversation occurred in Mueller's office:

Schmidt: There's no question that Hudson Bay's HDP unit will work in our TCH–320. In fact, it could save us some money.

Mueller: That's good news. If we can buy our components within the company, we'll help Baltimore's bottom line without hurting ours. Also, it will look good to the brass at corporate if they see us working hard to integrate our division into General Instrumentation's overall production program.

Schmidt: I've also been worried about the reliability of supply of the imported control pack. I don't like being dependent on such a critical supplier that way.

Mueller: I agree. Let's look at your figures on the HDP replacement.

Schmidt: I got together with the controller's people, and we worked up some numbers. If we replace the imported control pack with the HDP from Canada, we'll avoid the $145 control pack cost we're now incurring. In addition, I figure we'll save $5.50 on the basic raw materials. There is one catch, though. The HDP will require some adjustments in order to use it in the TCH–320. We can make the adjustments here in Berlin. I'm guessing it will require an additional two hours of skilled labor to make the necessary modifications. I don't think variable overhead would be any different. Then there is the cost of transporting the HDPs to Berlin. Let's figure on $4.50 per unit.

Mueller: Sounds good. I'll give Jacqueline Ducharme a call and talk this over. We can use up to 10,000 of the HDP units per year given the demand for the TCH–320. I wonder what kind of a transfer price Hudson Bay will want.

1. From the perspective of General Instrumentation's top management, should any of the TCH–320 units be produced using the high-density panel? If so, how many?

2. Suppose Hudson Bay transfers 10,000 HDP units per year to Volkmar. From the perspective of General Instrumentation's top management, what effect will the transfer price have on the company's income?

3. What is the minimum transfer price that the Hudson Bay Division would find acceptable for the HDP?

4. What is the maximum transfer price that the Volkmar Tachometer Division would find acceptable for the HDP?