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fundamentals cost accounting
Questions and Answers of
Fundamentals Cost Accounting
Special Order Hi-Speed Electronics manufactures low-cost, consumer-grade computers. It sells these computers to various electronics retailers to market under store brand names. It manufactures two
Comprehensive Differential Costing Problem Davis Kitchen Supply produces stoves for commercial kitchens. The costs to manufacture and market the stoves at the company’s normal volume of 6,000 units
Under what conditions is the engineering estimates technique preferred to other estimation techniques? ine ;4-4, If one wishes simply to prepare a cost estimate using regression analysis and enters
A decision maker is interested in obtaining a cost estimate based on a regression equation.There are no problems with changes in prices, costs, technology, or relationships between activity and cost.
Methods of Estimating Costs: Account Analysis The accounting records for a company report the following manufacturing costs for the past year:Production was 210,000 units. Fixed manufacturing
Methods of Estimating Costs: Account Analysis A company’s accounting records show the following manufacturing costs for year 1:Production was 100,000 units. Fixed manufacturing overhead was
Methods of Estimating Costs: High-Low, Ethical Issues Oak Island Amusements Center provides the following data on the costs of maintenance and the number of visitors for the last three
Methods of Estimating Costs: High-Low Lecouvreur Corporation manufactures soccer equipment. In planning for next year, the managers want to understand the relation between activity and overhead
What do the terms step and semi variable costs mean?
What do the terms variable and fixed costs mean?
The cost per seat-mile for a major U.S. airline is 7.7. Therefore, to estimate the cost of flying a passenger from Detroit to Los Angeles, we should multiply 1,980 miles by 7.7. Do you agree?
Basic Concepts 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
Basic Concepts 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)
Basic Concepts For each of the following costs incurred in a manufacturing operation, indicate whether they are in- cluded in prime costs (P), conversion costs (C), or both (B). a. Property taxes on
Basic Concepts Place the number of the appropriate definition in the blank next to each concept. Concept Period cost Indirect cost Fixed cost Opportunity cost Outlay cost Direct cost Expense Cost
Basic Concepts 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)
Basic Concepts The following data apply to the provision of psychological testing services.RequiredGive the amount for each of the following: Sales price per unit (1 unit - 1 test plus feedback to
Cost Allocation—Ethical Issues In one of its divisions, an aircraft components manufacturer produces experimental navigational equipment for spacecraft and for private transportation companies.
Cost Allocation—Ethical Issues 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,
Prepare Statements for a Manufacturing Company The following balances are from the accounts of MacBeth Manufacturing:Direct materials used during the year amount to $47,700, and the cost of goods
Prepare Statements for a Service Company The following data are available for InterGalactic Strategic Consultants for the year just ended:Find the following by completing a cost of goods sold
Prepare Statements for a Manufacturing Company The following balances are from the accounts of Secol Machining Company:Direct materials purchased during the year amount to $515,600, and the cost of
Basic Concepts The following data refer to one year. Fill in the blanks. Direct material inventory, January 1...... Direct material inventory, December 31 Work-in-process inventory, January 1
Prepare Statements for a Merchandising Company The cost accountant for Sun & Surf Apparel Shop has compiled the following information for last year’s operations:Required Prepare an income
Prepare Statements for a Manufacturing Company Pioneer Parts, a manufacturer of building items, reports the following account information for last year (all costs are in thousands of
Prepare Statements for a Manufacturing Company The administrative offices and manufacturing plant of Oakdale Tool & Die share the same building. The following information appears in the
Cost Allocation with Cost Flow Diagram Coastal Computer operates two retail outlets in Oakview, one on Main Street and the other in Lake- land Mall. The stores share the use of a central accounting
Cost Behavior and Forecasting Gibson Company manufactured 15,000 units of product last year and identified the following costs associated with the manufacturing activity:Required Unit variable costs
Components of Full Costs Ramirez Corporation has compiled the following information from the accounting system for the one product they sell:Required Determine each of the following unit costs:a.
Components of Full Costs Larson Manufacturing’s cost accountant has provided you with the following information for January operations: Direct materials .... Fixed manufacturing overhead costs
Gross Margin and Contribution Margin Income StatementsTosca Beverages reports the following information for July:RequiredPrepare:a. A gross margin income statement.b. Acontribution margin income
Cost Allocation with Cost Flow Diagram The library at Pacific Business School (PBS) serves both undergraduate and graduate students. The dean of PBS is interested in evaluating the profitability of
Find the Unknown InformationAfter a computer failure, you are trying to reconstruct some financial results for the year just ended. While you know that backups are available, it will take too long to
Cost Allocation and Regulated PricesThe City of Imperial Falls contracts with Evergreen Waste Collection to provide solid waste col- lection to households and businesses. Until recently, Evergreen
Reconstruct Financial StatementsHunter Company manufactures fishing equipment. The company’s administrative and manufacturing operations share the company’s one building. Eighty percent of the
Describe the four types of data analytics.
What is the difference between augmented intelligence and autonomous intelligence?
Describe how a blockchain works.
In what ways can management empower employees? What are the advantages of empowering employees?
Application of data analytics Indicate which type of data analytics, 1 through 4, is described in each of the following statements describing a data analytics application, \(a\) through \(h\). Data
Access the Institute of Management Accountant's report titled "The Data Analytics Implementation Journey in Business and Finance," (https://www.imanet.org/
Go to PWC.com and select "Services" and then "Data and Analytics" (under "Consulting"). Choose a topic and write about how PWC is using data analytics and/or artificial intelligence to help its
Go to KPMG.com, and select an industry that you're interested in. Choose a topic within the industry related to data analytics and/or artificial intelligence and write about how KPMG is using the
Go to Deloitte.com and select "Services" and then "Analytics." Choose a topic on data analytics and/or artificial intelligence and write about how Deloitte is using the technology to help its clients.
Go to EY.com and click on the three horizonal lines in the upper right corner. Next, choose "What we do" and then select "Our services" from the menu on the right side. Finally, click "Analytics and
Match each item in the value chain, 1 through 7, with an example of an artificial intelligence initiative, choosing from items \(a\) through \(g\). Value Chain 1. Research and development Artificial
Artificial intelligence Select five job descriptions for job openings with artificial intelligence in the description at linkedin.com or monster.com. Review the responsibilities and qualifications
Go to PWC.com, Deloitte.com, EY.com, or KPGM.com and search for "blockchain." Choose a topic and write about how the firm is using blockchain to help its clients.
Watch Bettina Warburg's TED Talk titled "How the Blockchain Will Radically Transform the Economy," dated June 2016 at https://www.ted.com/talks/bettina_warburg_
KPMG described four anchors of trusted analytics in a report titled "Building Trust in Analytics: Breaking the Cycle of Mistrust in D\&A," accessed at https://home. \(\mathrm{kpmg} /\)
Companies can use a variety of sources for data analytics, both internal and external to the company.a. Based on an Internet search, what is the estimated number of companies using external sources
Microsoft considers six principles important to the ethical development and deployment of AI: faimess, reliability and safety, privacy and security, inclusiveness, transparency, and accountability.
ERP and blockchain Blockchain provides an opportunity for companies to interact with other companies in a secure. transparent way. Using sources from the Internet, determine how a company would
Dayna Moore, CEO of Tennessee Transmissions, sat dejected in her chair after reviewing the 2021 first-quarter financial reports on one of the company's core products: a standard, fivespeed
In 2009, two of America's largest auto firms, General Motors and Chrysler, each declared bankruptcy. This caused much attention to be focused on this industry, its competitive advantages and
One of the key drivers of downsizing and outsourcing is globalization. One result of globalization is the offshoring of jobs to developing countries. Outsourcing allows for products to be
Automakers provide an interesting study in cost management strategies. General Motors often provides a contrast to other U.S. manufacturers in that approximately 46,000 of its workers are
Recently you read an article regarding a new product introduced late last year by 5G Inc., a consumer products company. The article's author, although praising \(5 \mathrm{G}\) Inc. for providing the
Burger King announced it would phase abused chicken out of its supply chain by 2024. The new standards include the requiring of higher-welfare strains of chickens, a reduction in the stocking density
Ilectronics Inc. makes high-quality speakers for a variety of applications. Electronics Inc. is a St. Louis-based company but has significant manufacturing operations in China. When manufacturing
Sony ('orp). launched its PlayStation 4 in late 2013. It was introduced at a price point of \(\$ 399\). At the time of introduction, a technology firm performed a tear-down of the PlayStation and
Match the concept listed in items 1 through 6 with the most appropriate description listed in items a through \(f\). Description Concept 1. Enterprise Resource Planning (ERP) a. system 2. Brands of
Indicate which type of data analytics, 1 through 4, is described in each of the following statements, a through \(h\). Data Analytics 1. Descriptive analytics 2. Diagnostic analytics 3. Predictive
Match each item in the value chain, 1 through 7 , with an impact of an artificial intelligence initiative, choosing from items a through g. Value Chain 1. Research and development 2. Design 3. Supply
Match each of the blockchain terms, 1 through 7, with the most appropriate definition, choosing from items a through \(g\). Definitions a. b. C. - Allows for automation of external transactions
Indicate whether the following items, a through j, are (1) typical characteristics of open-book management or (2) not typical characteristics of open-book management.a. Considered a large size
Which one of the following statements regarding workforce diversity is inaccurate?a. Interpretation of accounting information is generally not dependent on the culture of the reporting entity.b.
Match the concept listed in items 1 through 8 with the most appropriate description listed in items a through h. Concept 1. Capital investment analysis 2. Type of environmental control 3. End-of-pipe
Indicate whether each of the following items, a through \(g\), would be considered a (1) a strategic alliance or (2) another form of an agreement between two parties.a. Agreement between a
For each of the following items, a throughf, indicate whether the item represents (1) an advantage or (2) a disadvantage of downsizing.a. Decease in employee moraleb. Incurrence of costs due to
According to the 2019 J.D. Power and Associates Reports, three Hyundai Motor Group models have the fewest quality problems in the industry, with just 63,70 , and 71 problems per 100 vehicles for
Fuel economy leaders for the category of small sport utility vehicles include the Hyundai all-electric vehicle, Kona Electric, at 120 miles per gallon of gasoline equivalent (MPGe) and the Ford
The following production information about quality costs has been gathered for June:Using these data, calculate the following:a. Total cost to reworkb. Profit lost from not reworking all defective
Go to the Web site for the Malcolm Baldrige National Quality Award and find the questionnaire titled "Are We Making Progress?"a. Download the questionnaire and answer the questions relative to your
New automobiles are often equipped with artificial intelligence capabilities that support the driver up to the point of allowing fully autonomous operations. The inspection process of these vehicles
Indicate whether each of the following costs related to inventory, a through I, would be considered (1) a purchasing cost, (2) an ordering cost, (3) a carrying cost, or (4) a cost of not carrying
Consider the following circumstances and discuss whether you would recommend a push system or a pull system in each particular case.a. Gluten-free bread manufacturer, supplying local specialty
Match each of the following descriptions, a throughe, with one of the following stages of a product life cycle: (1) development, (2) introduction, (3) growth, (4) maturity, or (5) decline.a. Even
Unique Items Inc. has developed a new office product. The firm has conducted significant market research and estimated the following pattern for sales of the new product:The firm wants to net a
Part One: Backflush Costing Urban Fit Inc. uses backflush costing to account for production costs of its clothing. During June, the company produced 45,000 units and sold 40,000 units. The standard
Indicate whether the following statements, a through \(g\), are better indicators of (1) lean manufacturing, (2) flexible manufacturing, or (3) both lean and flexible manufacturing.a. A central
Better Buy Inc. produces equipment in a three-department operation: Department 1 is labor intensive and Department 2 and 3 are highly automated. The average output of Department 1 is 56 units per
Part One: Economic Order Quantity Compute the economic order quantity for oats based upon the following information related to a manufacturer of granola; round to the nearest whole unit. Assume that
Review each of the following items, a through \(f\), and determine whether the item supports a (1) production view of quality or a (2) customer view of quality.a. Applying management-by-exception
Better Health Inc. is a health care provider which has clinics across the U.S. Indicate whether each of the following examples of benchmarking for Better Health is considered(1) internal
Total quality management (TQM) is based on four tenets of (1) continuous improvement, (2) employee participation, (3) product/service improvement, and (4) supplier relationships. Review each of the
The Malcolm Baidrige National Quality Award (Baldrige Award) requires applicants to demonstrate excellence in each of the following seven categories: (1) leadership; (2) strategic planning; (3)
Identify each of the costs listed as a through \(h\) as one of the following: (1) prevention cost, (2) appraisal cost, (3) internal failure cost, or (4) external failure cost.a. Reworking a product
The following production information about quality costs has been gathered for September:Using these data, calculate the following:a. Total cost to reworkb. Profit lost from not reworking all
Rearrange the following items in chronological order to show how companies have evolved in incorporating quality concepts into organizational culturea. Emphasis on quality inspections.b. Adoption of
Indicate whether each of the cost control methods listed in a through \(f\) is (1) preventive, (2) corrective, or (3) diagnostic.a. Preparation of an annual production budget of variable and fixed
For each description of a cost change in items a through \(g\), indicate whether the cause is due to (1) underlying cost behavior, (2) inflation or deflation, (3) supply or supplier cost adjustments,
Indicate whether the actions listed a through \(h\), primarily represent initiatives for cost containment (CC), cost avoidance (CA), or cost reduction (CR). Indicate what costs were contained,
Choose letter \(\mathrm{C}\) (for committed fixed cost) or \(\mathrm{D}\) (for discretionary fixed cost) to indicate the type of each of the following described costs.a. Professional meeting
Part One: Measuring Efficiency and Effectiveness of Discretionary Cost My Fitness Inc., an athletic club, hires athletic trainers at its facilities primarily to offer individualized training sessions
Assume that a manufacturing company is determining the optimal minimum level of cash to maintain in a financial institution to cover short-term needs. Separately consider each of the following
Skyway Inc. identified a cost pool related to material handling costs for its manufacturing process. Using historical data and ordinary least squares regression, Skyway summarized two different
Prior to the Tax Cuts and Jobs Act of 2018 (TCJA), multinational firms domiciled in the United States did not have to pay U.S. income taxes on foreign earnings, unless those earnings were returned
Lundholm Corp. is considering the purchase of a robotic machine that would replace a manual labor production task. The purchase and installation of this machine would require an upfront cash
Latin Cuisine is considering the purchase of new food processing technology, which would cost \(\$ 1,800,000\) and would generate \(\$ 300,000\) in annual cost savings. No salvage is expected on the
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