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cost accounting

Questions and Answers of Cost Accounting

Virciglio Manufacturing Company uses two departments to make its products. Department I is a cutting department that is machine intensive and uses very few employees. Machines cut and form parts and
Teng Corporation estimated its overhead costs would be $30,000 per month except for January when it pays the $90,000 annual insurance premium on the manufacturing facility. Accordingly, the January
Laura Keeton is considering expanding her business. She plans to hire a salesperson to cover trade shows. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are
During its fiscal year ending on July 31, 2006, the Dr. Ing. h.c. F. Porsche AG, commonly known as “Porsche,” manufactured 102,602 vehicles. During that same year Porsche recorded depreciation on
Vulcan College School of Business is divided into three departments, accounting, marketing, and management. Relevant information for each of the departments follows.Vulcan is a private school that
Use the 2006 Form 10-K for Pepsi Bottling Group to complete the requirements below. Pepsi Bottling Group (PBG) is a separate company from PepsiCo, so do not confuse them. To obtain the Form 10-K you
Bullions Enterprises, Inc. (BEI), makes gold, silver, and bronze medals used to recognize outstanding athletic performance in regional and national sporting events. The per unit direct costs of
The American Acupuncture Association offers continuing professional education courses for its members at its annual meeting. Instructors are paid a fee for each student attending their courses but
The City of Oxbow General Fund has the following net resources at yearend:• $100,000 unexpended proceeds of a state grant required by law to be used for health education.• $15,000 of prepaid
How should rainy day funds be reported under GASB Statement 54 ?
Prepare budgetary entries, using general ledger accounts only, for each of the following unrelated situations:a. Anticipated revenues are $10 million; anticipated expenditures and encumbrances are
For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries. The year is January 1–December 31, 2012.a. The budget was formally
a. Distinguish between (1) exchange and (2) nonexchange transactions.b. Identify and describe the four eligibility requirements for a government to recognize revenue in a nonexchange transaction.c.
a. Outline revenue recognition criteria under modified accrual accounting. Include specific requirements for property tax revenue.b. Outline expenditure recognition criteria under modified accrual
Distinguish between the (1) GAAP basis and(2) Budgetary basis of reporting for the General Fund.
The City of South Dundee budget for the fiscal year ended June 30, 2012, included an appropriation for the police department in the amount of $16,000,000. During the month of July 2011, the following
The Budgetary Comparison Schedule for the City of Vienna appears below. Several items of information are missing (denoted**).Required:a. Determine the missing amounts.b. During the year, the City
Appearing below is the subsidiary ledger for the public safety department of the City of Boone. After the first month of the year, five entries have been made to the ledger.Describe the most likely
Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2012.1. Estimated revenues (legally budgeted)Property taxes ......
The town council of Riverside met in December 2011. The council estimated revenues for 2012 to be $750,000 from property taxes and $150,000 from business licenses. The appropriations budget from the
Presented here are several transactions and events of the General Fund of Johnson County. All transactions and events relate to calendar year 2012.1. Estimated revenues from the following sources
The Budgetary Comparison Schedule for the City of Salem appears in Illustration 2–16. Assume the general and subsidiary ledgers for the General Fund were lost after a water pipe burst. You are
The City of Grafton’s records reflected the following budget and actual data for the General Fund for the fiscal year ended June 30, 2012.1. Estimated revenues:Taxes (Property) .....
What are factory overhead expenses, and what distinguishes them from other manufacturing costs? What other terms are used to describe factory overhead expenses?
What are three categories of factory overhead expenses? Give examples of each.
What are the distinguishing characteristics of variable, fixed, and semi-variable factory overhead costs?
When a product’s cost is composed of both fixed and variable costs, what effect does the increase or decrease in production have on per unit cost?
What effect does a change in volume have on total variable, fixed, and semi-variable costs?
Distinguish between a step-variable cost and a step-fixed cost.
What is the basic premise underlying the high-low method of analyzing semi-variable costs?
What are the advantages and disadvantages of the scatter-graph method as compared to the high-low method?
Differentiate between an independent variable and a dependent variable and give an example of each.
What does R2 measure, and how would it be useful?
How does accounting for factory overhead differ in small enterprises versus large enterprises?
What is the function and use of each of the two types of factory overhead analysis spreadsheets?
What are two types of departments found in a factory? What is the function or purpose of each?
What are the two most frequently used methods of distributing service department costs to production departments?
When using the step-down method of distributing service department costs, if a service department receives services from other service departments, will those costs be allocated back to it even
When using the step-down method of distributing service department costs, if each of two service departments services the same number of other departments, how is it determined as to which service
What are the shortcomings of waiting until the actual factory overhead expenses are known before recording such costs on the job cost sheets?
What are the two types of budget data needed to compute predetermined overhead rates?
What are three methods traditionally used for applying factory overhead to jobs? Discuss the allocation base used in each method.
What factory operating conditions and data are required for each of the traditionally used methods for applying factory overhead to products? Discuss the strengths and weaknesses of each method.
Under what conditions would it be desirable for a company to use more than one method to apply factory overhead to jobs or products?
How does activity-based costing differ from traditional methods of applying overhead to products?
What steps must a company take to successfully employ activity-based costing?
What is the relationship between activity-based costing and activity-based management?
Distinguish between volume-related and non-volume-related overhead costs.
If the factory overhead control account has a debit balance of $1,000 at the end of the first month of the fiscal year, has the overhead been under-or over-applied for the month? What are some
What are two ways that an under- or over-applied factory overhead balance can be disposed of at the end of a fiscal period? How can one decide which method to choose?
Classify each of the following items of factory overhead as either a fixed or a variable cost. (Include any costs that you consider to be semivariable within the variable category. Remember that
Copper Mountain Company has accumulated the following data over a six-month period:Separate the indirect labor into its fixed and variable components, using the high-lowmethod.
Using the data in E4-2 and a piece of graph paper:1. Plot the data points on the graph and draw a line by visual inspection, indicating the trend shown by the data points.2. Determine the variable
Using the data in E4-2 and Microsoft Excel, determine:1. The variable cost per unit, the total fixed cost, and R2.2. The plotted data points using Chart Wizard.3. Compare the results to your
Scentsation, Inc., budgeted for 12,000 bottles of perfume Oui during the month of May. The unit cost of Oui was $20, consisting of direct materials, $7; direct labor, $8; and factory overhead, $5
What would be the appropriate basis for distributing the costs of each of the following service departments to the user departments?a. Building maintenanceb. Inspection and packingc. Machine
A manufacturing company has two service and two production departments. Building Maintenance and Factory Office are the service departments. The production departments are Assembly and Machining. The
a. If the direct labor cost method is used in applying factory overhead and the predetermined rate is 100%, what amount should be charged to Job 2010 for factory overhead? Assume that direct
Job 401k required $5,000 for direct materials, $2,000 for direct labor, 200 direct labor hours, 100 machine hours, two setups, and three design changes. The cost pools and overhead rates for each
Match each of the following cost pools with the most appropriate cost allocation base and determine the overhead rates:Cost Pool AmountAssembly support . . . . . . . . . . . . . . . . . . . . . . . .
The books of Prestige Products Company revealed that the following general journal entry had been made at the end of the current accounting period:Factory Overhead . . . . . . . . . . . . . . . . . .
The general ledger of Stephens Products, Inc. contains the following control account:If the materials charged to the one uncompleted job still in process amounted to $3,400, what amount of labor and
The following form represents an account taken from the general ledger of Brodsky Costumes Company:Answer the following questions:a. What is the title of the account?b. Is this a departmentalized
ETA Company had a remaining credit balance of $20,000 in its under- and over-applied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work
The cost behavior patterns on page 222 are lettered A through H. The vertical axes of the graphs represent total dollars of expense, and the horizontal axes represent production in units, machine
Fahrenheit Company manufactures a product that requires the use of a considerable amount of natural gas to heat it to a desired temperature. The process requires a constant level of heat, so the
Using the data in P4-2 and a piece of graph paper:1. Plot the data points on the graph and draw a line by visual inspection, indicating the trend shown by the data points.2. Determine the variable
Using the data in P4-2 and Microsoft Excel:1. Separate the variable and fixed elements.2. Determine the cost to be charged to the product for the year.3. Determine the cost to be charged to factory
Listed below are the budgeted factory overhead costs for 2011 for Muncie Manufacturing, Inc., at a projected level of 2,000 units:Expenses:Indirect materials . . . . . . . . . . . . . . . . . . . . .
Bakery Products, Inc., is divided into five departments, Mixing, Blending, Finishing, Factory Office, and Building Maintenance. The first three departments are engaged in production work. Factory
Distribution of service department costs to production departments using the sequential distribution method similar to Self-Study Problem 1Required:Using the information in P4-6 above, prepare a
Barbara-Lee Manufacturing Company uses the job order cost system of accounting. The following is a list of the jobs completed during the month of March, showing the charges for materials
Lexus Products, Inc., has its factory divided into three departments, with individual factory overhead rates for each department. In each department, all the operations are sufficiently alike for the
Julio Manufacturing Company uses activity-based costing. The factory overhead budget for the coming period is $500,000, consisting of the following:Cost Pool Budgeted AmountDirect labor support . . .
GGT Products, Inc., uses a job order cost system. Selected transactions dealing with factory items for the month follow:a. Requisitioned indirect materials from storeroom, $3,200.b. Purchased, on
Lubbock Manufacturing Company is studying the results of applying factory overhead to production. The following data have been used: estimated factory overhead, $60,000; estimated materials costs,
The following information, taken from the books of Nicholas Company, represents the operations for the month of January:The job cost system is used, and the February cost sheet for Job M45 shows the
Ko-Be Corporation has four departmental accounts: Building Maintenance, General Factory Overhead, Machining, and Assembly. The direct labor hour method is used to apply factory overhead to the jobs
Planet Products, Inc., completed Job 2525 on May 31, and there were no jobs in process in the plant. Prior to June 1, the predetermined overhead application rate for June was computed from the
Plano Products, Inc., had a remaining credit balance of $10,000 in its under- and over-applied factory overhead account at yearend. It also had year-end balances in the following accounts:Work in
Chrome-It, Inc., manufactures special chromed parts made to the order and specifications of the customer. It has two production departments, stamping and plating, and two service departments, power
Home Entertainment, Inc., manufactures two types of DVD players: standard and deluxe. It attempts to set selling prices based on a 50% markup on manufacturing costs to cover selling and
Go to the companion Web site at www.cengage.com/accounting/vanderbeck and click on the link to Activity-based costing from Economist.com.Required:Answer the following questions based on the
What are the two major objectives of materials control?
Materials often represent a substantial portion of a company’s assets; therefore, they should be controlled from the time orders are placed to the time finished goods are shipped to the customer.
What factors should management consider when determining the amount of investment in materials?
What is the meaning of the term order point?
What kind of information and data are needed to calculate an order point?
How would you define the term economic order quantity?
What kind of information and data are needed to calculate the economic order quantity?
What factors should be considered when determining the cost of placing an order?
What are the costs associated with carrying materials in stock?
Briefly, what are the duties of the following employees?a. Purchasing agentb. Receiving clerkc. Storeroom keeperd. Production supervisor
Proper authorization is required before orders for new materials can be placed. What is the difference between a purchase requisition and a purchase order?
Purchasing agents are responsible for contacting vendors from which to purchase materials required by production. Why is the purchasing agent also responsible for reviewing and approving incoming
Illustrations of forms for requisitioning, ordering, and accounting for materials are presented in the chapter. Would you expect these forms, as shown, to be used by all manufacturers? Discuss.
What internal control procedures should be established for incoming shipments of materials purchased?
What is the purpose of a debit-credit memorandum?
Who originates each of the following forms?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Materials requisitione. Debit-credit memorandum
Normally, a manufacturer maintains an accounting system that includes a materials ledger and a general ledger account for Materials. What is the relationship between the materials ledger and the

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