ACC 311 3-2 Final Project I Submission Business & Finance homework help

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INSTRUCTIONS

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.
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.
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.
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)
E: 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, what the numbers mean, research justification for your recommendation).
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

OVERVIEW DIAGRAM

/xl/drawings/drawing1.xml#’OVERVIEW%20DIAGRAM’!A1

JOURNAL ENTRIES

/xl/drawings/drawing1.xml#’JOURNAL%20ENTRIES’!A1

T-ACCOUNTS

/xl/drawings/drawing1.xml#’T-ACCOUNTS’!A1

OVERVIEW DIAGRAM

OVERVIEW DIAGRAM
Paste your image below

BACK TO INSTRUCTIONS

/xl/drawings/drawing2.xml#INSTRUCTIONS!A1

JOURNAL ENTRIES

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