ACCT 505 Entire CourseFor more course tutorials visit
ACCT 505 Week 1-7 All Discussion QuestionsACCT 505 Week 1 Case StudyACCT 505 Week 2 Quiz Job Order and Process Costing SystemsACCT 505 Week 3 Case Study IIACCT 505 Week 4 Midterm ExamACCT 505 Week 5 Measuring Performance – Course Project AACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for DecisionsACCT 505 Week 7 Capital Budgeting Course Project
———————————————————————————————————————————————–ACCT 505 Week 1 Case Study
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Top Switch Inc. designs and manufactures switches used in telecommunications. Serious flooding throughout the state of Tennessee affected Top Switch’s facilities. Inventory was completely ruined, and the company’s computer system, including all accounting records, was destroyed. Before the unfortunate incident, recovery specialists cleaned the buildings. The company controller is very nervous and anxious to recover whatever records he can to support the insurance claim for the destroyed inventory. After consulting with the cost accountant, they decide to retrieve the previous year’s annual report for the beginning inventory numbers. In addition, they also agreed that they need first quarter cost data.The cost accountant was working on the first quarter results before the storm hit, and to his surprise, the report was still in his desk drawer. After reviewing the data , the information shows the following information: Material purchases were $ 325,000; Direct Labor was $ 220,000. Further discussions between the controller and the cost accountant revealed that sales were $ 1,350,000 and the gross margin was 30% of sales. The cost accountant also discovered, while sifting through the information, that cost of goods available for sale was $ 1,020,000 at cost….