UMUC ACCT321 all Weeks Discussions Latest 2015 November

UMUC ACCT321 all Weeks Discussions Latest 2015 November in $54 only

As a first step to your SEC 10K project, you will select a publicly traded U.S. corporation (Fortune 500 company) you would like to study this semester and post a response to this discussion to obtain permission. See below for the criteria for the company and the posting requirement for this week (Week 1):

1. Post the name of the corporation, the stock market where it is traded, and its ticker symbol in the Subject line when you respond to this posting (as a new thread) and all other postings related to this project. Only 1 student per company — if you see your prospective company already listed, please choose another company. It must be of a manufacturing company — an entity that derives its products for sale, thereby revenue, through the direct manufacture of those products. I will respond with an approval during Week 1, so that you may proceed with the project.

For example:

Under Armour; NYSE: UA
Apple; NASDAQ: APPL
Exxon Mobile; NYSE: XOM
2. State (briefly) why you want to study this corporation.

UMUC ACCT321 Quiz 2 latest 2015 Winters

UMUC ACCT321 Quiz 2 latest 2015 Winters in $21 only (Instant Download)

1. Distinguish between a traditional costing system and an activity-based costing (ABC) system, and explain some benefits of ABC?

Sample Answer:

Using a traditional system is appropriate when there is one root cause of the indirect production costs or when the company manufactures similar products. However, if the company manufactures diversified products, of which some products require more overhead cost and some less, here the activity based costing is approriate.
Traditional Cost Accounting uses a single overhead pool and is not able to calculate the true cost. However, activity based costing is based on different cost pools and drivers and allocates the overhead cost more accurately.

Lockhart Products manufactures custom-built ships. Each ship is built to customer specifications. Most of the direct labor time is spent on welding activities. Following is the job cost sheet for an incinerator manufactured for the Galveston Harbor Corporation:

Lockhart Products Job Cost Sheet

Job: Galveston

Direct Labor Direct Material Applied Overhead Total

Hours Rate Total Qty Cost Per Unit Total Qty Rate Total

08-May-15

M. Martinez 9 $25 $225 $225

V. Garza 1 $12 $12 $12

Steel 10 $80 $800 $800

09-May-15

M. Martinez 2 $12 $24 $24

Applied Overhead ? ? $360 $360

12 $261 $800 $360 $1,421

(a) What types of costs do you imagine would be included in factory overhead? If overhead is applied based on direct labor hours, what is the application rate?