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business
cost accounting

Questions and Answers of Cost Accounting

Fowler Company produces handcrafted leather purses. Virtually all of the manufacturing cost consists of materials and labor. Over the past several years, profits have been declining because the cost
In 2009, Melrose Chemicals used the following input combination to produce 55,000 gallons of an industrial solvent:Materials ... 33,000 lbs.Labor ..... 66,000 hrs.In 2010, Melrose again planned to
Wright Manufacturing has recently studied its order-filling process and initiated some changes that were expected to improve its efficiency. The changes involved such things as redesign of the plant
The Small Motors Division of Polson Company has recently engaged in a vigorous effort to reduce manufacturing costs by increasing productivity (through process innovation). Over the past several
Rework, a non-value-added activity, is part of Jorgensen Manufacturing's assembly process. Testing often revealed that one or more components (almost always sourced from outside suppliers) had
Refer to Exercise 15-15.Required:1. Identify the output measure for the assembly process. Calculate the productivity profile and profit-linked measure of the assembly process where the output of the
Andy Confer, production-line manager, had arranged a visit with Will Keating, plant manager. He had some questions about the new operational measures that were being used.Andy: Will, my questions are
Kathy Shorts, president of Carbon Industrial Cleaners, had just concluded a meeting with two of her plant managers. She had told each of them that one of their high-volume industrial cleaners was
Kasik Company budgeted the following cash receipts and cash disbursements for the first three months of next year.Â According to a credit agreement with the company's bank, Kasik promises to
Varmit-B-Gone is a pest control service that operates in a suburban neighborhood. The company attempts to make service calls at least once a month to all homes that subscribe to its service. It makes
Nano, Inc. is preparing its budget for the second quarter. The following sales data have been forecasted:April May June July AugustUnit sales..... 640 720 780 620 660Additional information
Art-Frames Co. manufactures standard sized frames, and expects the following number of frames to be sold during the last three months of 20X5:October: 20,000November: 25,000December: 40,000Art-Frame
Mary Rhodes, operations manager at Kansas Furniture, has received the following estimates of demand requirements:Assuming stock out costs for lost sales of $100 per unit, inventory carrying costs of
Can you please help to explain. Cash Flow to Creditors The 2009 balance sheet of Anna’s Tennis Shop, Inc., showed long- term debt of $ 1.34 million, and the 2010 balance sheet showed long-
What principles of internal control apply to most business enterprises?
Gloria Modine is reviewing the principle of segregation of duties. What are the two common applications of this principle?
As the company accountant, explain the following ideas to the management of Keane Company.(a) The concept of reasonable assurance in internal control.(b) The importance of the human factor in
Commerford Inc. owns the following assets at the balance sheet date.Cash in bank—savings account .... $ 8,000Cash on hand ........... 1,100Cash refund due from the IRS ..... 1,000Checking account
At Unruh Wholesale Company two mail clerks open all mail receipts. How does this strengthen internal control?
Rondelli Company’s internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a checkwriter after comparing the check with the approved invoice. Identify the
Stanley Delong is confused about the lack of agreement between the cash balance per books and the balance per bank. Explain the causes for the lack of agreement to Stanley, and give an example of
Describe the basic principles of cash management.
Julie Ellis asks your help concerning an NSF check. Explain to Julie(a) What an NSF check is,(b) How it is treated in a bank reconciliation, and(c) Whether it will require an adjusting entry on the
Deb Baden is the new owner of Birk Co. She has heard about internal control but is not clear about its importance for her business. Explain to Deb the four purposes of internal control, and give her
The internal control procedures in Payton Company make the following provisions. Identify the principles of internal control that are being followed in each case.(a) Employees who have physical
Beaty Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure.(a) All over-the-counter receipts are
Newell Company has the following internal control procedures over cash disbursements.Identify the internal control principle that is applicable to each procedure.(a) Company checks are
Brent Bosch is uncertain about the control features of a bank account. Explain the control benefits of(a) a check and(b) a bank statement.
The following reconciling items are applicable to the bank reconciliation for Gammill Co. Indicate how each item should be shown on a bank reconciliation. (a) Outstanding checks.(b) Bank debit
Using the data in BE7-8, indicate(a) The items that will result in an adjustment to the depositor’s records and(b) Why the other items do not require adjustment.
At July 31 Eidman Company has this bank information: cash balance per bank $7,300; outstanding checks $762; deposits in transit $1,350; and a bank service charge $40. Determine the adjusted cash
In the month of November, Hickox Company Inc. wrote checks in the amount of $9,750. In December, checks in the amount of $11,880 were written. In November, $8,800 of these checks were presented to
Luzinski Company has these cash balances: cash in bank $12,742; payroll bank account $6,000; and plant expansion fund cash $25,000. Explain how each balance should be reported on the balance sheet.
The following information is available for Eusey Company for the month of January: expected cash receipts $62,000; expected cash disbursements $67,000; cash balance on January 1, $12,000. Management
On March 20 Pineda’s petty cash fund of $100 is replenished when the fund contains $19 in cash and receipts for postage $40, supplies $26, and travel expense $15. Prepare the journal entry to
Rally Corporation’s management wants to maintain a minimum monthly cash balance of $9,000. At the beginning of September the cash balance is $12,300; expected cash receipts for September are
Gambino’s Pizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customer can see other
The following control procedures are used in Falk Company for over-the-counter cash receipts.1. Cashiers are experienced; thus, they are not bonded.2. All over-the-counter receipts are registered by
The following control procedures are used in Karina’s Boutique Shoppe for cash disbursements.1. Each week Karina leaves 100 company checks in an unmarked envelope on a shelf behind the cash
At Ratliff Company checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file
Juan Ortiz is unable to reconcile the bank balance at January 31. Juan’s reconciliation is shown here.Cash balance per bank ..... $3,660.20Add: NSF check ....... 470.00Less: Bank service charge
At April 30 the bank reconciliation of Guardado Company shows three outstanding checks: No. 254 $650, No. 255 $700 and No. 257 $410. The May bank statement and the May cash payments journal are given
The following information pertains to Gilmore Company.1. Cash balance per bank, July 31, $7,328.2. July bank service charge not recorded by the depositor $40.3. Cash balance per books, July 31,
This information relates to the Cash account in the ledger of Hadaway Company.Balance September 1'$16,400;Cash deposited'$64,000Balance September 30'$17,600;Checks written'$62,800The September bank
The cash records of Haig Company show the following.For July:1. The June 30 bank reconciliation indicated that deposits in transit total $750. During July the general ledger account Cash shows
Kane Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information.A summary of the Cash account in the ledger for August shows the following: balance, August 1,
A new accountant at Nicholsen Inc. is trying to identify which of the amounts shown on page 368 should be reported as the current asset “Cash and cash equivalents” in the year-end balance sheet,
Adams, Loomis, and Vogt, three law students who have joined together to open a law practice, are struggling to manage their cash flow. They haven’t yet built up sufficient clientele and revenues to
Mayfield Company expects to have a cash balance of $46,000 on January 1, 2010. These are the relevant monthly budget data for the first two months of 2010.1. Collections from customers: January
During October, Eastern Light Company experiences the following transactions in establishing a petty cash fund.Oct. 1 A petty cash fund is established with a check for $100 issued to the petty cash
Otto Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.Aug. 1 Established the petty cash fund by writing a check on Central Bank for
Cherokee Theater is in the Federal Mall. A cashier’s booth is located near the entrance to the theater. Two cashiers are employed. One works from 1:00 to 5:00 P.M., the other from 5:00 to 9:00 P.M.
Scottsdale Middle School wants to raise money for a new sound system for its auditorium. The primary fund-raising event is a dance at which the famous disc jockey Jay Dee will play classic and
On July 31, 2010, Fenton Company had a cash balance per books of $6,140. The statement from Jackson State Bank on that date showed a balance of $7,695.80. A comparison of the bank statement with the
The bank portion of the bank reconciliation for Hunsaker Company at October 31, 2010, is shown below.HUNSAKER COMPANYBank ReconciliationOctober 31, 2010Cash balance per bank
Shellankamp Company of Canton, Iowa, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2010, the company€™s cash account per its general ledger showed a balance
You are provided with the following information taken from Weinberger Inc.’s March 31, 2010, balance sheet.Cash .......................................... $ 8,000Accounts receivable
Fogelberg Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2010.All sales and purchases are on account. Budgeted collections and disbursement data are
Frederickson Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a
Celtic Company recently changed its system of internal control over cash disbursements. The system includes the following features.1. Instead of being unnumbered and manually prepared, all checks
The board of trustees of a local church is concerned about the internal accounting controls pertaining to the offering collections made at weekly services. They ask you to serve on a three-person
On May 31, 2010, Lombard Company had a cash balance per books of $5,681.50. The bank statement from Community Bank on that date showed a balance of $7,964.60. A comparison of the statement with the
The bank portion of the bank reconciliation for Christiansen Company at November 30, 2010, is shown here and on the next page.CHRISTIANSEN COMPANYBank ReconciliationNovember 30, 2010Cash balance per
Greenwood Company of Omaha, Nebraska, provides liquid fertilizer and herbicides to regional farmers. On July 31, 2010, the company€™s cash account per its general ledger showed a balance of
Polk Co. expects to have a cash balance of $26,000 on January 1, 2010. Relevant monthly budget data for the first two months of 2010 are as follows.Collections from customers: January $70,000;
Ybarra Inc. prepares monthly cash budgets. The relevant data from operating budgets for 2010.All sales and purchases are on account. Collections and disbursement data are given below. All other items
McNally Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum,
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.InstructionsAnswer the following questions for each
The May 13, 2008, issue of the Wall Street Journal contains an article by Jeffrey McCracken entitled “Economy Puts Tight Squeeze on RV Makers.”InstructionsRead the article and answer the
As a new auditor for the CPA firm of Ticke and Tie, you have been assigned to review the internal controls over mail cash receipts of Proehl Company. Your review reveals that checks are promptly
As noted in the chapter, banks charge fees of up to $30 for €œbounced€ checks€”that is, checks that exceed the balance in the account. It has been estimated that
On December 1, 2010, Moreland Company had the following account balances.During December the company completed the following transactions.Dec. 7 Received $3,200 cash from customers in payment of
What is the difference in meaning between the terms cost and expense?
What is the difference between product costs and period costs?
What is the difference between outlay cost and opportunity cost?
Provide a business example illustrating opportunity costs.
Is “cost-of-goods sold” an expense?
Is “cost-of-goods” a product cost or a period cost?
What are the similarities between the Direct Materials Inventory account of the manufacturer and the Merchandise Inventory account of the merchandiser? Are there any differences between the two
What are the three categories of product cost in a manufacturing operation? Describe each element briefly.
What do the terms step costs and semivariable costs mean?
What do the terms variable costs and fixed costs mean?
“Materials and labor are always direct costs, and supply costs are always indirect.” What is your opinion of this statement?
The cost per seat-mile for a major U.S. airline is 13.7¢. Therefore, to estimate the cost of flying a passenger from Detroit to Los Angeles, we should multiply 1,980 miles by 13.7¢. Do you agree?
In evaluating product profitability, we can ignore marketing costs because they are not considered product costs. Do you agree?
You and two friends drive your car to Texas for spring break. A third friend asks if you can drop her off in Oklahoma. How would you allocate the cost of the trip among the four of you?
Pick a unit of a hospital (for example, intensive care or maternity). Name one example of a direct materials cost, one example of a direct labor cost, and one example of an indirect cost.
The dean of the Midstate University Business School is trying to understand the costs of the schools two degree programs: Bachelors (BBA) and Masters (MBA). She has asked you for recommendations on
Currently, generally accepted accounting principles (GAAP) in the United States require firms to expense research and development (R&D) costs as period costs. Therefore, when the resulting product is
For each of the following statements, indicate whether it is true, false, or uncertain. Explain why. Give examples in your answer.a. A cost is something used up to produce revenues in a particular
For each of the following costs incurred in a manufacturing firm, indicate whether the costs are most likely fixed (F) or variable (V) and whether they are most likely period costs (P) or product
For each of the following costs incurred in a manufacturing operation, indicate whether they are included in prime costs (P), conversion costs (C), or both (B).a. Property taxes on the factory.b.
Place the number of the appropriate definition in the blank next to each concept._________Period cost 1. Cost that varies with the volume of activity._________Indirect cost 2. Sacrifice of
For each of the following costs incurred in a manufacturing firm, indicate whether the costs are fixed (F) or variable (V) and whether they are period costs (P) or product costs (M) under full
The following data apply to the provision of psychological testing services.RequiredGive the amount for each of the following (one unit = one test):a. Variable production cost per unit.b. Variable
Terracotta, Inc., provides you with the following data for their single product:RequiredGive the amounts for each of the following:a. Prime cost per unit.b. Contribution margin per unit.c. Gross
In one of its divisions, an aircraft components manufacturer produces experimental navigational equipment for spacecraft and for private transportation companies. Although the products are
Star Buck, a coffee shop manager, has two major product lines—drinks and pastries. If Star allocates common costs on any objective basis discussed in this chapter, the drinks are profitable, but
The following balances are from the accounts of Hill Components:Direct materials used during the year amount to $46,000, and the cost of goods sold for the year was $53,000.RequiredFind the following
Chuck€™s Brokerage Service (CBS) is a discount financial services firm offering clients investment advice, trading services, and a variety of mutual funds for investment. Chuck has

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