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ACC 311 Final Project I Student Workbook

1. The document provides instructions for a final project assigning the student to perform cost accounting tasks as a new cost accountant for SRS Educational Press. 2. The tasks include creating an overview diagram, preparing journal entries for 2017 transactions, and showing T-accounts for various accounts. 3. It also provides a scenario with cost data for SRS and asks the student to analyze the 2017 performance of SRS Educational Press and make a recommendation on whether it should continue in-house press production.

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398 views11 pages

ACC 311 Final Project I Student Workbook

1. The document provides instructions for a final project assigning the student to perform cost accounting tasks as a new cost accountant for SRS Educational Press. 2. The tasks include creating an overview diagram, preparing journal entries for 2017 transactions, and showing T-accounts for various accounts. 3. It also provides a scenario with cost data for SRS and asks the student to analyze the 2017 performance of SRS Educational Press and make a recommendation on whether it should continue in-house press production.

Uploaded by

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Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Southern New Hampshire University

ACC 311 COST ACCOUNTING

INSTRUCTIONS FOR FINAL PROJECT I (Due in Module Three)

IMPORTANT NOTE: Make sure to completely review the Final Project I Rubric.

ITEMS TO COMPLETE FOR THIS PROJECT:

PROMPT
You are the new cost accountant at SRS. In your new position, you have been asked to perform a few tasks for the
company’s leadership team. Use the scenario info in the table below:

A: Create an overview diagram using whichever flowchart or diagram tool you feel most comfortable with. Paste it
on the OVERVIEW DIAGRAM sheet.
OVERVIEW DIAGRAM

B: Prepare journal entries to summarize the 2017 transactions.

As your final entry, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to the Cost
of Goods Sold (COGS) account. Assume COGS given of $4,020 does not include the write off of overallocated
manufacturing overhead. Use the template on the JOURNAL ENTRIES sheet.
JOURNAL ENTRIES

C: Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing
Overhead Allocated. Use the template on the T-ACCOUNTS sheet.

T-ACCOUNTS

For the following, prepare a 1-2 page paper in a separate Word document. See Assignment Guidelines and Rubric document for detailed description
D: How did the SRS Educational Press perform in 2017? Should the company continue to have in-house press production? Support
your answer with relevant data (specific calculations regarding gross margin, what the numbers mean, justification, with research,
for your recommendation)
D: How did the SRS Educational Press perform in 2017? Should the company continue to have in-house press production? Support
your answer with relevant data (specific calculations regarding gross margin, what the numbers mean, justification, with research,
for your recommendation)

E: Name at least two other products that you are familiar with that would benefit from job order costing, and briefly explain how
they would benefit.

SRS COST DATA

·         Direct materials and supplies purchased on credit: $800


·         Direct materials used: $710
·         Indirect materials issued to various production departments: $100
·         Direct manufacturing labor: $1,300
·         Indirect manufacturing labor incurred by various production departments: $900
·         Depreciation on building and manufacturing equipment: $400
·         Miscellaneous manufacturing overhead incurred by various production departments: $550
o   (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.)
·         Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ?
·         Cost of goods manufactured: $4,120
·         Revenues: $8,000
·         Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020
·         Inventories, December 31, 2016 (not 2017):
o   Materials control: $100
o   Work-in-process control: $60
o   Finished goods control: $500
detailed description
OVERVIEW DIAGRAM
Paste your image below BACK TO
INSTRUCTIONS
BACK TO
INSTRUCTIONS
JOURNAL ENTRIES BACK TO
INSTRUCTIONS

1 Materials Control 800


Accounts Payable Control 800

2 Work-in-Process Control 710


Materials Control 710

3 Manufacturing Overhead Control 100


Materials Control 100

4 Work-in-Process Control 1,300


Manufacturing Overhead Control 900
Wage payble Control 2,200

5 Manufacturing Overhead Control 400


Accumlated Depreciation 400

6 Manufacturing Overhead Control 550


Miscellaneous Control 550

7 Work-in-Process Control 2,080


Manufacturing Allocated 2,080

8 Finished Goods Control 4,120


Work-in-Process Control - COGS 4,120

9 Accounts Receivable Control 8,000


Revenue 8,000

10 COGS 4,020
Finished Goods Control 4,020

11 Manufacturing Overhead Allocated 2,080


Manufacturing Overhead Control 1,950
Cogs 130
BACK TO
INSTRUCTIONS
T-ACCOUNTS BACK TO
INSTRUCTIONS

Materials Control
1 100 710 2
800 100 3
90

Work-in-Process Control
60 4,120 8
2 710
4 1,300
7 2,080
30

Finished Goods Control


500 4,020 10
8 4,120
600

Cost of Goods Sold


10 4,020 130 11
3,890

Manufacturing Overhead
Control
3 100 1,950 11
4 900
5 400
6 550
0

Manufacturing Overhead
Allocated
11 2,080 2,080 7

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