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cost accounting

Questions and Answers of Cost Accounting

Alina Sadofsky, who operates a small grocery store, has established the following policies with regard to the checkout cashiers:1. Each cashier has his or her own cash drawer, to which no one else
Adelphi Video Store maintains the following policies with regard to purchases of new videotapes at teach of its branch stores:1. Employees are required to take vacations, and the duties of employees
Items a€“e below are a company€™s departments. Items f and g are firms with which the company has transactions:a. Requesting departmentb. Purchasing departmentc. Receiving
Careful scrutiny of accounting records and financial statements can lead to the discovery of fraud or embezzlement. Each of the situations that follow may indicate a breakdown in internal control.
Developing a convenient means of providing sales representatives with cash for their incidental expenses, such as entertaining a client at lunch, is a problem many companies face. Under one
A small company maintains a petty cash fund for minor expenditures. In June and July 2011, the following transactions took place:a. The fund was established in the amount of $100.00 on June 1 from
Dodge Company, a small retail bookstore, has experienced losses of inventory over the past year. George Dodge, the owner, on the advice of his accountant, has adopted a set of internal controls in an
VuWay Printers makes printers for personal computers and maintains a factory outlet showroom through which it sells its products to the public. The company’s management has set up a system of
Eyles Sports Shop is a small neighborhood sporting goods store. The shop’s owner, Samantha Eyles, has set up a system of internal control over sales to prevent theft and to ensure the accuracy of
A small company maintains a petty cash fund for minor expenditures. The following transactions occurred in June and July 2011:a. The fund was established in the amount of $300.00 on June 1 from the
Jason Company, a small electronics distributor, has experienced kisses of inventory over the past year. Sara Jason, the owner, on the advice of her accountant, has adapted a set of internal controls
Industrial Services Company provides maintenance services to factories in and around West Bend, Wisconsin. The company, which buys a large amount of cleaning supplies, consistently has been over
On July 1, 2011, Acton Company established an Imprest (petty cash) fund in the amount of $400.00 in cash from a check drawn for the purpose establishing the fund. On July 31, the petty cash fund has
Fleet’s is a retail store with several departments. Its internal control procedures for cash sales and purchases are as follows:Cash sales. The sties clerk in each department rings up ever cash
In the spring of each year, Steinbrook College’s theater department puts on a contemporary play. Before the performance, the theater manager instructs student volunteers in their duties as cashier,
Starbucks Corporation accused an employee and her husband of embezzling $3.7 million by billion the company for services from a fictitious consulting firm. The couple had created a phony company
Suppose you have a part-time sales position over the winter break in a small clothing store that is part of a national chain. The stores one full-time employee, with whom you have become friendly,
To answer the following questions, refer to Managements Report on Internal Control over Financial Reporting and the Report of Independent Registered Public Accounting Firm in CVS’s annual report in
In a typical CVS store, customers wheel carts down aisles to select items for purchase and take them to a checkout counter where they pay with cash or credit card. The company is concerned that
Indicate whether each of the following is a direct cost (D), an indirect cost (ID), or neither (N) and a variable (V) or a fixed (F) cost. Also indicate whether each adds value (VA) or does not add
Using the following information from Char Company, prepare an income statement through operating income for the year:Sales ................. $900,000Finished goods inventory, beginning ......
Given the following information, compute the ending balances of the Materials Inventory, Work in process Inventory, and Finished Goods Inventory accounts:Materials Inventory, beginning balance
Identify the document needed to support each of the following activities in a manufacturing organization:1. Placing an order for direct materials with a supplier2. Recording direct labor time at the
Dalston Lui, the accountant at Brightlight, Inc., Must group the costs of manufacturing candles. Indicate whether each of the following items should be classified as direct materials (DM), direct
What is the product unit cost for JOB 14, which consists of 300 units and has total manufacturing costs of direct materials, $4,500; direct labor, $7,500; and overhead, $3,600? What are the prime
At year end, records show that actual overhead costs incurred were $25,870 and the amount of overhead costs applied to production was $27,000. Identify the amount of under-or over-applied overhead,
Compute the overhead rate per service request for the Maintenance Department if estimated overhead costs are $18,290 and the number of estimated service request is 3,100.
Calculate the amount of overhead costs applied to production if the predetermined overhead rate is $4 per direct labor hour and 1,200 direct labor hours were worked.
Indicate whether each of the following activities takes place during the planning (PL), performing (PE), evaluating (E), or communicating (C) stage of the management process:1. Changing regular price
Indicate whether each of the following costs for a bicycle manufacturer is a product or a period cost, a variable or a fixed cost, a value-adding or a non-value adding cost, and, if it is a product
Indicate whether each of these equations applies to a service organization (SER), a retail organization (RET), or a manufacturing organization (MANF):1. Cost of Goods Sold – Beginning Merchandise
During August, Radio Company’s purchases of direct materials totaled $139,000; direct labor for the month was 3,400 hours at $8.75 per hour. Radio also incurred the following overhead costs:
Treetop Corp. makes irrigation sprinkler systems for tree nurseries. Ramsey Roe, Treetop's new controller, can find only the following partial information for the past year:Using the information
Indicate whether each of the following is typical of a service organization (SER), a retail organization (RET), or a manufacturing organization (MANF):1. Maintains only one balance sheet inventory
Presented below are incomplete inventory and income statement data for Toliver Corporations. Determine the missingamounts.
The data presented below are for a retail organization and a manufacturing organization.1. Fill in the missing data for the retail organization:2. Fill in the missing data for the
Waltz Company manufactures music boxes. Seventy percent of its products are standard items produced in long production runs. The other 30 percent are special orders with specific requests for tunes.
For each of the following activities, identify the inventory account (Materials Inventory, Work in Process Inventory, or Finished Goods Inventory), if any, that is affected. If an inventory account
The Pattia Winery is one of the finest wineries in the country. One of its famous produces is a red wine called Old Vines. Recently, management has become concerned about the increasing cost of
Walden Green provides custom farming services to owners of 5-acre wheat fields. In July, he earned $2,400 by cutting, turning, and balling 3,000 bales. In the same month, the incurred the following
The overhead costs that Lucca Industries, Inc., used to compute its overhead rate for the past year are as follows:Indirect materials and supplies ........ $ 79,200Repairs and maintenance ...........
Compumatics specializes in the analysis and reporting of complex inventory costing projects. Materials costs are minimal, consisting entirely of operating supplies (DVDs, inventory sheets, and other
At the end of this year, Compumatics had complied a total of 89,920 labor hours worked. The actual overhead incurred was $1,143,400.1. Using the overhead rate computed in E 14, determine the total
The following information is from the trial balance of Mills Manufacturing Company:Required1. Manufacturing organizations use asset accounts that are not needed by retail organizations.a. List the
Carola Industries, Ind., manufactures discs for several of the leading recording studios in the United States and Europe. Department 60 is responsible for the electronic circuitry within each disc.
Natural Cosmetics Company applies overhead costs on the basis of machine hours. The overhead rate is computed by analyzing data from the previous year to determine the percentage change in costs.
Byte Computer Company, a manufacturing organization, has just completed an order that Grater, Ltd., placed for 80 computers. Direct materials, purchased parts, and direct labor costs for the Grater
Dillo Vineyards, a large winery in Texas, produces a full line of varietal wines. The company, whose fiscal year begins on November 1, has just completed a record-breaking year. Its inventory account
Municipal Hospital relies heavily on cost data to keep its pricing structures in line with those of its competitors. The hospital provides a wide range of services, including intensive care,
Lund products, Inc., uses a predetermined overhead rate in its production, assembly, and testing departments. One rate is used for he entire company; it is based on machine hours. The rate is
Fraser Products, Inc., which produces copy machines rate computed? When was it applied? Finally, when under-applied overhead determined and the Cost of Goods Sold account adjusted to reflect actual
Visit a local fast-food restaurant. Observe all aspects of the operation and take notes on the entire process. Describe the procedures used to take, Process, and full an order and deliver the food to
As the manager of grounds maintenance for Latchey, a large insurance company in Missouri, you are responsible for maintaining the grounds surrounding the company’s three buildings, the six
Tarbox Manufacturing Company makes sheet metal products for heating and air conditioning installations. For the past several years, the company's income has been declining. Its statements of cost of
The H&W Pharmaceuticals Corporation manufactures most of its three pharmaceutical products in Indonesia. Inventory balances for March and April are as follows:During April, purchases of direct
Lake Weir Power Plant provides power to a metropolitan area of 4 million people. Sundeep Guliani, the plant’s controller, has just returned from a conference on the Environmental Protection Alton
At Yorio Wholesale Company, two mail clerks open all mail receipts. How does this strengthen internal control?
Laib 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.
On December 1, 2012, Bluemound Company had the following account balances.During December, the company completed the following transactions.Dec. 7 Received $3,600 cash from customers in payment of
The cost formula for the maintenance department of Rainbow, Ltd., is $12,600 per month plus $4.50 per machine hour used by the production department.Required:a. Calculate the maintenance cost that
Rocky Mountain Manufacturing produces a single product. The original budget for November was based on expected production of 35,000 units; actual production for November was 33,250 units. The
Following is a partially completed performance report for a recent week for direct labor in the binding department of a book publisher:The original budget is based on the expectation that 8,000 books
For the stamping department of a manufacturing firm, the standard cost for direct labor is $12 per hour, and the production standard calls for 1,000 stampings per hour. During June, 168 hours were
Ackerman’s Garage uses standards to plan and control labor time and expense. The standard time for an engine tune-up is 3 hours, and the standard labor rate is $25 per hour. Last week, 42 tune-ups
Coastal Industries has established direct labor performance standards for its maintenance and repair shop. However, some of the labor records were destroyed during a recent fire. The actual hours
Birchwood, Inc., manufactures end tables, armchairs, and other wood furniture products from high-quality materials. The company uses a standard costing system and isolates variances as soon as
Fiberworks Company is a manufacturer of fiberglass toy boats. The company has recently implemented a standard cost system and has designed the system to isolate variances as soon as possible. During
The president of Truman, Inc., attended a seminar about the contribution margin model and returned to her company full of enthusiasm about it. She requested that last year€™s traditional
Vogel Co. produces three models of heating and air conditioning thermostat components. The following table summarizes data about each model:Required:a. Criticize the preceding presentation. On what
The Central Division of American, Inc., has operating income of $19,200 on sales revenue of $160,000. Divisional operating assets are $100,000, and management of American has determined that a
Milano Corporation has three operating divisions and requires a 12% return on all investments. Selected information is presented here:Required:a. Calculate the missing amounts for each division.b.
The standards for one case of Springfever Tonic are:Direct materials . . . . . . . . . . . . . . . . . . . . 6 lbs. @ $5.00/lb. = $30Direct labor . . . . . . . . . . . . . . . . . . . . . . . 5 hrs.
The standards for one case of liquid weed killer are:Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 lbs. @ $ 6.00/lb.Direct labor . . . . . . . . . . . . . . .
The Foster Insurance Company developed standard times for processing claims. When a claim was received at the processing center, it was first reviewed and classified as simple or complex. The
Pioneer State Bank developed a standard for teller staffing that provided for one teller to handle 12 customers per hour. During April, the bank averaged 57 customers per hour and had six tellers on
Silverstone’s production budget for March called for making 200,000 units of a single product. The firm’s production standards allow one-quarter of a machine hour per unit produced. The fixed
Presented here are the original overhead budget and the actual costs incurred during July for Rembrant, Inc. Rembrant's managers relate overhead to direct labor hours for planning, control, and
The chair of the Science Department of State University has a budget for laboratory supplies. Supplies have a variable cost behavior pattern that is a function of the number of students enrolled in
One of the significant costs for a nonpublic college or university is student aid in the form of gifts and grants awarded to students because of academic potential or performance, and/or financial
If a company uses a standard cost system, should all variances be calculated with the same frequency (e.g., monthly) and should they always be expressed in dollar amounts? Explain your answer and
Assume that you are the production manager of a small branch plant of a large manufacturing firm. The central accounting control department sends you monthly performance reports showing the flexed
Williamson, Inc., manufactures quality replacement parts for the auto industry. The company uses a standard costing system and isolates variances as soon as possible. The purchasing manager is
During the year ended May 31, 2009, Teller Register Co. reported favorable raw material usage and direct labor and variable overhead efficiency variances that totaled $114,312. Price and rate
York Co. uses a standard cost system. When raw materials are purchased, the standard cost of the raw materials purchased is recorded as an increase in the Raw Materials Inventory account.When raw
The Consortium for Advanced Manufacturing—International (CAM-I) is an international consortium of companies, consultancies, and academics that have elected to work cooperatively in a precompetitive
Describe the two-stage allocation process for assigning support service costs to products in a traditional manufacturing environment.
Assume that a company has decided not to allocate any support service costs to producing departments. Describe the likely behavior of the managers of the producing departments. Would this be good or
Explain how allocating support service costs will encourage service departments to operate more efficiently.
Why is it important to identify and use causal factors to allocate support service costs?
Explain why it is better to allocate budgeted support service costs rather than actual support service costs.
Why is it desirable to allocate variable costs and fixed costs separately?
Explain why variable bases should not be used to allocate fixed costs.
Why is the dual-rate charging method better than the single-rate method? In what circumstances would it not matter whether dual or single rates were used?
The reciprocal method of allocation is more accurate than either the direct or sequential methods. Do you agree or disagree? Explain.
What is a joint cost? How does it relate to by-products?
How do joint costs differ from other common costs?
Classify each of the following departments in a factory that produces crème-filled snack cakes as a producing department or a support department.a. Janitorialb. Bakingc. Inspectiond. Mixinge.
Classify each of the following departments in a large metropolitan law firm as a producing department or a support department.a. Copyingb. Westlaw computer researchc. Tax planningd. Environmental
Identify some possible causal factors for the following support departments:a. Cafeteriab. Custodial servicesc. Laundryd. Receiving, shipping, and storese. Maintenancef. Personnelg. Accountingh.
James Beard owns a block of shops on a street just off Rodeo Drive. Of the 10 store spaces in the building, seven are rented by boutique owners, and three are vacant. James has decided that offering

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