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cost accounting

Questions and Answers of Cost Accounting

Chama Car Detailing operates several stores in the Los Angeles area. The company is decentralized. At the corporate level, there are two operating managers: Deana Brown is in charge of personnel and
Magnolia Manufacturing makes wing components for large aircraft. Kevin Choi is the production manager, responsible for manufacturing, and Michelle Michaels is the marketing manager. Both managers are
A company that we call “DC” is a Fortune 100 diversified conglomerate with operations in many industries around the world. Top management focuses on the annual earnings in evaluating the
A Fortune 500 company that we shall call “Heavy” is a manufacturer of machinery and engines. This company is headquartered in a small city in the midwestern region of the United States. This
Packages-2-Go has two divisions, air express and ground service, that share the common costs of the company€™s communications network, which are $10,000,000 a year. You have the following
Refer to data for Packages-2-Go in Exercise 12-21.RequiredDetermine the cost allocation if $5.2 million of the communications network costs are fixed and allocated on the basis of time on network,
A consulting firm has two departments, Corporate and Government. Computer support is common to both departments. The cost of computer support is $6 million. The following information is
Using the data for the consulting fi rm in Exercise 12-23, what is the cost allocation if fi xed computer costs of $4 million are allocated on the basis of number of consultants and the remaining
Ajax Manufacturing repairs aircraft engines. The company€™s purchasing department supports its two departments, Defense and Commercial. The Defense division has contracts with the
Once upon a time, a major television news group rigged a major U.S. automaker’s truck to explode upon impact with another object. The news group was trying to demonstrate that the automaker had
A large company has hired your friend. She confides in you about a problem with her boss. Her boss has asked customers to sign sales agreements just before the end of the year, indicating a sale has
One of the authors of this book has a favorite sandwich shop where one person makes the sandwich and another person rings up the sale and takes the customer’s cash. At first, this author thought
SPG Company manufactures and sells metal products that are used in many manufacturing operations. The management at SPG believes strongly in decentralized decision making and using performance
Hall O€™ Fame Products is a nationwide sporting goods manufacturer. The company operates with a widely based manufacturing and distribution system that has led to a highly decentralized
Paulista Corporation’s division managers have been expressing growing dissatisfaction with the methods the organization uses to measure division performance. Division operations are evaluated every
Pacific Hotels operates a centralized call center for the reservation needs of its hotels. Costs associated with use of the center are charged to the hotel group (luxury, resort, standard, and
Your company has a travel policy that reimburses employees for the €œordinary and necessary€ costs of business travel. Employees often mix a business trip with pleasure by either
An article in The Wall Street Journal indicated that dressmaker Fallo Me (name changed) backdated invoices to record revenue in the quarter before sales were actually made. As long as sales remained
OverviewRiver Beverages is a food and soft drink company with worldwide operations. The company is organized into five regional divisions with each vice president reporting directly to the CEO, Cindy
When the fraud at PepsiCo occurred, the company had five somewhat diverse groups of divisions: food products, such as Frito-Lay, Inc.; transportation, such as North American Van Lines, Inc.; sporting
In the late 1980s, General Electric Company (GE), whose CEO at the time was Jack Welch, acquired Kidder Peabody, an investment banking firm founded in 1824. In 1991, Kidder hired a bond trader named
Which has more detail, the budget for the coming period or a long-range forecast? Why?
What is the purpose of the cash budget if the budgeted income statement will indicate whether the firm expects to be profitable?
Describe four methods used to estimate sales for budgeting purposes.
What role does the master budget play in the planning and budgeting exercise?
What problems might arise if a firm relies solely on management estimates in preparing the master budget?
What is the coordinating role of budgeting?
Preparing a budget is a waste of time. The strategic plan is what we work to accomplish. How would you respond to this comment?
In the In Action feature, “Using the Budget to Help Manage Cash Flow,” smaller firms were more likely to find the budget “extremely or very important” than larger firms. Why might this be the
What are the advantages and disadvantages of starting the budgeting process early in the year versus later in the year prior to the budget year?
Would the budgeting plans for a company that uses a just-in-time (JIT) inventory system be different than those for a company that does not? Why?
Government agencies are limited in spending by budget categories, not just by an overall spending limit. What purpose does this serve? What problems does it create?
What is the difference between the planning and the control functions of the budget? What problems do these differences create?
When might the master budget start with a forecast of something other than sales, for example, production? Why?
In some organizations (firms, universities, government agencies), spending appears to increase as the end of the budgeting period approaches, even if there are no seasonal differences. What might
Our cash budget shows a surplus for the quarter, so we do not have to think about arranging any bank financing. Comment on this statement.
SVI is a large securities dealer. Last year, the company made 150,000 trades with an average commission of $60. Because of the general economic climate, SVI expects trade volume to decline by 15
EZ-Credit, Inc., has $80 million in consumer loans with an average interest rate of 13.5 percent. The bank also has $64 million in home equity loans with an average interest rate of 9 percent.
Starlite Company manufactures office products. Last year, it sold 45,000 electric staplers for $10 per unit. The company estimates that this volume represents a 30 percent share of the current
Hoffmann Corporation has just made its sales forecasts and its marketing department estimates that the company will sell 72,000 units during the coming year. In the past, management has maintained
Sanlax, Inc., makes portable appliances and develops plans using an annual budgeting cycle. For next year, the production budget is 200,000 units. Inventories are expected to increase by 20,000
The Casings Plant of Wyoming Machines makes plastics shells for the company’s calculators. (Each calculator requires one shell.) For each of the next two years, Wyoming expects to sell 160,000
Westile Company buys plain ceramic tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small company in Europe, so at all times it keeps on hand a stock
White Products wishes to purchase goods in one month for sale in the next. On March 31, the company has 8,000 portable music players in stock, although sales for the next month (April) are estimated
Ashland Corporation, a merchandising firm, is preparing its cash budget for October. The following information is available concerning its inventories:Inventories at beginning of October . . . . . .
Duluth Company is preparing its cash budget for December. The following information is available concerning its accounts receivable:Estimated credit sales for December . . . . . . . . . . . . . . .
Nassau Products is preparing a cash budget for April. The following information on accounts receivable collections is available from past collection experience:Percent of current month’s sales
Scare-2-B-U (S2BU) specializes in costumes for all occasions. The average price of each of its costumes is $160. For each occasion, S2BU receives a 20 percent deposit two months before the occasion,
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
Refer to the data in Exercise 13-28. Varmit-B-Gone estimates that the number of subscribers in September should fall 10 percent below August levels, and the number of service calls per subscriber
Rhodes, Inc., is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for July:Revenues (200 units @ $750 per unit) . . . . . .
Carreras Café is a Spanish restaurant in a college town. The owner expects that the number of meals served in June will be 40 percent below those served in May, because so many students leave for
The controller of Northwest Hardware has just received two forecasts for sales in the Montana District for the coming year. Based on an econometric analysis of consumer spending and economic trends,
Elizabeth Jablonski is the director of Research and Development for Galaxy Electronics. Last week, she submitted the following funding request as part of the annual budget process.Project Funding
Sanjana's Sweet Shoppe operates on the boardwalk of a New England coastal town. The store only opens for the summer season and the business is heavily dependent on the weather and the economy in
Bay Area Limos operates transportation services to Bay City airport. The price of service is fixed at a flat rate for each trip and most costs of providing the service are fixed for each trip. Betty
The following information is available for year 1 for Dancer Components:Revenues (300,000 units). . . . . . . . . . . $5,700,000Manufacturing costsMaterials . . . . . . . . . . . . . . . . . . . . .
Refer to the data in Problem 13-36. Estimate the cash from operations expected in year 2.
Cameron Parts has the following data from year 1 operations, which are to be used for developing year 2 budget estimates:Revenues (12,500 units) . . . . . . . . . . . $ 1,119,000Manufacturing
Refer to the data in Problem 13-38. Estimate the cash from operations expected in year 2.
Chander, Inc., manufactures cloth shopping bags. The controller is preparing a budget for the coming year and asks for your assistance. The following costs and other data apply to bag
Lotus Fixtures, Inc. (LFI), manufactures steel fittings. Each fitting requires both steel and an alloy that allows the fitting to be used under extreme conditions. The following data apply to the
Capstone Corporation has just received its sales expense report for January, which follows.Item AmountSales commissions . . . . . . . . . . . . .
Delhi, Inc., seeks your assistance in developing cash and other budget information for August, September, and October. At July 31, the company had cash of $22,000, accounts receivable of $1,748,000,
Brighton, Inc., manufactures kitchen tiles. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It began negotiating for a one-month
Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and the sales department predicted that this rate would continue throughout
The board of directors of the Cortez Beach Yacht Club (CBYC) is developing plans to acquire more equipment for lessons and rentals and to expand club facilities. The board plans to purchase about
Mel Lane works at the drive-through window of Bison Burgers. Occasionally, when a drive-through customer orders, Mel fills the order and pockets the customer’s money. He does not ring up the order
The actual cash received from cash sales was $27,943, and the amount indicated by the cash register total was $28,000. Journalize the entry to record the cash receipts and cash sales.
The actual cash received from cash sales was $13,590, and the amount indicated by the cash register total was $13,540. Journalize the entry to record the cash receipts and cash sales.
Signs-A-Rama Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash
Digit Tech Company, a communications equipment manufacturer, recently fell victim to a fraud scheme developed by one of its employees. To understand the scheme, it is necessary to review Digit
Identify each of the following reconciling items as: (a) An addition to the cash balance according to the bank statement, (b) A Deduction from the cash balance according to the bank statement, (c) An
Which of the reconciling items listed in Exercise 8-16 require an entry in the company’s accounts?
The following data were accumulated for use in reconciling the bank account of Maplewood Co. for July:1. Cash balance according to the company’s records at July 31, $15,600.2. Cash balance
Using the data presented in Exercise 8-18, journalize the entry or entries that should be made by the company.
Accompanying a bank statement for O’Fallon Company is a credit memo for $21,200, representing the principal ($20,000) and interest ($1,200) on a note that had been collected by the bank. The
An accounting clerk for Muskegon Co. prepared the following bank reconciliation:a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Muskegon Co., using the format
Oneida Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30 have been
Cedar Springs Company completed the following selected transactions during November 2012:Nov. 1. Established a petty cash fund of $850.12. The cash sales for the day, according to the cash register
The cash account for Ambulance Systems at February 29, 2012, indicated a balance of $20,580. The bank statement indicated a balance of $24,750 on February 29, 2012. Comparing the bank statement and
La Casa Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from
The following is an excerpt from a conversation between two sales clerks, Craig Rice and Jill Allen. Craig and Jill are employed by Ogden Electronics, a locally owned and operated electronics retail
The following is an excerpt from a conversation between the store manager of Dozier Brothers Grocery Stores, Amy Blankenship, and Mike Ulrich, president of Dozier Brothers Grocery Stores.Mike: Amy,
Eric Inman and Darcy Getz are both cash register clerks for Farmer John’s Markets. Nancy McNeil is the store manager for Farmer John’s Markets. The following is an excerpt of a conversation
The records of Diamondale Company indicate a May 31 cash balance of $10,550, which includes undeposited receipts for May 30 and 31. The cash balance on the bank statement as of May 31 is $8,575. This
The Amber Magick Shoppe has forecast its sales revenues and purchases for the last 5 months of 200x to be as follows:60% of sales are on credit. On the basis of past experience, 50% of the accounts
Bustillo Inc. is working on its cash budget for March. The budgeted beginning cash balance is $35,000. Budgeted cash receipts total $142,000 and budgeted cash disbursements total $151,000. The
Consider a project to supply Detroit with 55,000 tons of machine screws annually for automobile production. You will need an initial $1,700,000 investment in threading equipment to get the project
Collins Office Supplies is considering a more liberal credit policy to increase sales, but expects that 9 percent of the new accounts will be uncollectible. Collection costs are 5 percent of new
(Operating leverage) Rocky Mount Metals Company manufactures an assortment of wood-burning stoves. The average selling price for the various units is $500. The associated variable cost is $350 per
Assuming monetary benefits of an information system at $85,000 per year, one-time costs of $75,000, recurring costs of $35,000 per year, a discount rate of 12 percent, and a five-year time horizon,
A cement manufacturer has supplied the following data: Tons of cement produced and sold 220,000Sales revenue ...........$924,000Variable manufacturing expense ...$297,000Fixed manufacturing expense
Night Shades Inc. (NSI) manufactures biotech sunglasses. The variable material cost is $5.43 per unit, and the variable labor cost is $3.13 per unit.a. What is the variable cost per unit?b. Suppose
L.J.’s toys Inc. just purchased a $250,000 machine to produce toy cars. The machine will be fully depreciated by the straight line method over its five-year economic life. Each toy sells for $25.
Extreme Equipment Co. manufactures and markets a number of rope products. Management is considering the future of Product HG, a special rope for hang gliding that has not been as profitable as
Selected sales and operating data for three divisions of different structural engineering firms are given asfollows:
Markland Manufacturing intends to increase capacity by overcoming a bottleneck operation by adding new equipment. Two vendors have presented proposals. The fixed costs for proposal A are $50,000; and
Assuming monetary benefits of an information system at $85,000 per year, one-time costs of $75,000, recurring costs of $35,000 per year, a discount rate of 12 percent, and a five-year time horizon,
Assuming monetary benefits of an information system at $86,000 per year, one-time costs of $75,000, recurring costs of $35,000 per year, a discount rate of 12 percent, and a five-year time horizon,

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