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business
cost accounting

Questions and Answers of Cost Accounting

Choosing cost drivers, activity-based costing, activity-based management. Pumpkin Bags (PB) is a designer of high quality backpacks and purses. Each design is made in small batches. Each spring, PB
ABC, health care. Uppervale Health Center runs two programs: drug addict rehabilitation and aftercare (counseling and support of patients after release from a mental hospital). The center's budget
ABC, implementation, ethics. (CMA, adapted) Applewood Electronics, a division of Elgin Corporation, manufactures two large-screen television models: the Monarch, which has been produced since 2006
In 2011, Rouse & Sons, a small environmental-testing firm, performed 12,200 radon tests for $290 each and 16,400 lead tests for $240 each. Because newer homes are being built with lead-free
Xerxes Manufacturing Company manufactures blue rugs, using wool and dye as direct materials. One rug is budgeted to use 36 skeins of wool at a cost of $2 per skein and 0.8 gallons of dye at a cost of
Family Supermarkets (FS) has a kaizen (continuous improvement) approach to budgeting monthly activity costs for each month of 2011. Each successive month, the budgeted cost-driver rate decreases by
Consider each of the following independent situations for Anderson Forklifts. Anderson manufactures and sells forklifts. The company also contracts to service both its own and other brands of
Game Guys is a retail store selling video games. Sales are uniform for most of the year, but pick up in June and December, both because new releases come out and because games are purchased in
Logo Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. The company sews the blankets from fabric and sews on a logo patch purchased
DryPool T-Shirt Factory manufactures plain white and solid colored T-shirts. Inputs include the following: Additionally, the colored T-shirts require 3 ounces of dye per shirt at a cost of $0.20
Barney Briggs owns a restaurant franchise that is part of a chain of “southern homestyle” restaurants. One of the chain’s popular breakfast items is biscuits and gravy. Central Warehouse makes
Pet Luggage Company makes two pet carriers, the Cat-allac and the Dog-eriffic. They are both made of plastic with metal doors, but the Cat-allac is smaller. Information for the two products for the
Refer to the information in Problem 6-33. Assume the following: Pet Luggage (PL) does not make any sales on credit. PL sells only to the public, and accepts cash and credit cards; 90% of its sales
On December 1, 2011, the Itami Wholesale Co. is attempting to project cash receipts and disbursements through January 31, 2012. On this latter date, a note will be payable in the amount of $100,000.
Follete Inc. operates at capacity and makes plastic combs and hairbrushes. Although the combs and brushes are a matching set, they are sold individually and so the sales mix is not 1:1. Follette Inc.
Delma Company manufactures a variety of products in a variety of departments, and evaluates departments and departmental managers by comparing actual cost and output relative to the budget.
Jag Meerkat owns three upscale hair salons: Hair Suite I, II, and III. Each of the salons has a manager and 10 stylists who rent space in the salons as independent contractors and who pay a fee of
Borkenstick makes a very popular undyed cloth sandal in one style, but in Regular and Deluxe. The Regular sandals have cloth soles and the Deluxe sandals have cloth covered wooden soles. Borkenstick
How can the sales-volume variance be decomposed further to obtain useful information?
Flexible-budget and sales volume variances, market-share and market-size variances. Marron, Inc., produces the basic fillings used in many popular frozen desserts and treats'vanilla and chocolate ice
The Monroe Corporation sets monthly standard costs using a continuous-improvement approach. In January 2012, the standard direct material cost is $45 per unit and the standard direct manufacturing
Rhaden Company produces sweat-resistant headbands for joggers. Information pertaining to Rhaden's operations for May 2011 follows:br> Required1. Compute the sales volume variance for May 2011.2.
Tuscany Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static
Stevie McQueen has run Lightning Car Detailing for the past 10 years. His static budget and actual results for June 2011 are provided next. Stevie has one employee who has been with him for all 10
Possible causes for price and efficiency variances You are a student preparing for a job interview with a Fortune 100 consumer products manufacturer. You are applying for a job in the finance
Katharine Stanley is the owner of Better Bikes, a company that produces high quality cross-country bicycles. Better Bikes participates in a supply chain that consists of suppliers, manufacturers,
Morro Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $225 per board. This includes 30 pounds of direct materials, at the
On May 1, 2012, Bovar Company began the manufacture of a new paging machine known as Dandy. The company installed a standard costing system to account for manufacturing costs. The standard costs for
Shayna’s Smart Shawls, Inc., is a small business that Shayna developed while in college. She began hand-knitting shawls for her dorm friends to wear while studying. As demand grew, she hired some
You are a new junior accountant at Clearview Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the Controller, has given you the
Sonnet, Inc., has the following budgeted standards for the month of March 2011:Average selling price per diskette $ 6.00Total direct material cost per diskette $ 1.50Direct manufacturing laborDirect
Iceland, Inc., is a fast-growing ice-cream maker. The company's new ice-cream flavor, Cherry Star, sells for $9 per pound. The standard monthly production level is 300,000 pounds, and the standard
Stuckey, Inc., manufactures industrial 55 gallon drums for storing chemicals used in the mining industry. The body of the drums is made from aluminum and the lid is made of chemical resistant
The Solutions Corporation is a manufacturer of centrifuges. Fixed and variable manufacturing overheads are allocated to each centrifuge using budgeted assembly-hours. Budgeted assembly time is two
Rozema, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2013: Use F for favorable and U forunfavorable:
The Lopez Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 4,000 output units per year, included 6
The Singapore division of a Canadian telecommunications company uses standard costing for its machine-paced production of telephone equipment. Data regarding production during June are as
Furniture, Inc., specializes in the production of futons. It uses standard costing and flexible budgets to account for the production of a new line of futons. For 2011, budgeted variable overhead at
David James is a cost accountant and business analyst for Doorknob Design Company (DDC), which manufactures expensive brass doorknobs. DDC uses two direct cost categories: direct materials and direct
Journal entries (continuation of 8-29)Required1. Prepare journal entries for variable and fixed manufacturing overhead (you will need to calculate the various variances to accomplish this).2.
Best Around, Inc., is a manufacturer of vacuums and uses standard costing. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of budgeted machine-hours. In 2012,
Consider the following two situations'cases A and B' independently. Data refer to operations for April 2012. For each situation, assume standard costing. Also assume the use of a flexible budget for
Sarah Beth's Art Supply Company produces various types of paints. Actual direct manufacturing labor hours in the factory that produces paint have been higher than budgeted hours for the last few
Pointe's Fleet Feet, Inc., produces dance shoes for stores all over the world. While the pairs of shoes are boxed individually, they are crated and shipped in batches. The shipping department records
Jo Nathan Publishing Company specializes in printing specialty textbooks for a small but profitable college market. Due to the high setup costs for each batch printed, Jo Nathan holds the book
Supreme Canine Products produces high quality dog food distributed only through veterinary offices. To ensure that the food is of the highest quality and has taste appeal, Supreme has a rigorous
Eco-Green Company manufactures cloth shopping bags that it plans to sell for $5 each. Budgeted production and sales for these bags for 2011 is 800,000 bags, with a standard of 400,000 machine hours
Zeller Company uses standard costing. The company has two manufacturing plants, one in Nevada and the other in Ohio. For the Nevada plant, Zeller has budgeted annual output of 4,000,000 units.
Variable versus absorption costing The Zwatch Company manufactures trendy, high-quality moderately priced watches. As Zwatch’s senior financial analyst, you are asked to recommend a method of
Absorption versus variable costing Grunewald Company manufacturers a professional grade vacuum cleaner and began operations in 2011. For 2011, Grunewald budgeted to produce and sell 20,000 units. The
Variable and absorption costing, sales, and operating-income changes Helmetsmart, a three year-old company, has been producing and selling a single type of bicycle helmet. Helmetsmart uses standard
Denominator-level problem Thunder Bolt, Inc., is a manufacturer of the very popular G36 motorcycles. The management at Thunder Bolt has recently adopted absorption costing and is debating which
Variable and absorption costing and breakeven points Mega-Air, Inc., manufactures a specialized snowboard made for the advanced snowboarder. Mega-Air began 2011 with an inventory of 240 snowboards.
Variable costing versus absorption costing The Mavis Company uses an absorption-costing system based on standard costs. Total variable manufacturing cost, including direct material cost, is $3 per
Variable costing and absorption costing, the All-Fixed Company (R. Marple, adapted) It is the end of 2011. The All-Fixed Company began operations in January 2010. The company is so named because it
Effects of differing production levels on absorption costing income: University Press produces textbooks for college courses. The company recently hired a new editor, Leslie White, to handle
Denominator-level choices, changes in inventory levels, effect on operating income. Koshu Corporation is a manufacturer of computer accessories. It uses absorption costing based on standard costs and
Effects of denominator-level choice. Carlisle Company is a manufacturer of precision surgical tools. It initiated standard costing and a flexible budget on January 1, 2011. The company president,
Downward demand spiral Spirelli Company is about to enter the highly competitive personal electronics market with a new optical reader. In anticipation of future growth, the company has leased a
Absorption costing and production volume variance -- alternative capacity bases Earth’s Best Light (EBL), a producer of energy-efficient light bulbs, expects that demand will increase markedly over
Operating income effects of denominator-level choice and disposal of production-volume variance (continuation of 9-37)Required1. If EBL sells all 250,000 bulbs produced, what would be the effect on
Cost allocation, downward demand spiral. Cayzer Associates operates a chain of 10 hospitals in the Los Angeles area. Its central food-catering facility, Mealman, prepares and delivers meals to the
Cost allocation, responsibility accounting, ethics (continuation of 9-39). In 2013, only 760,500 Mealman meals were produced and sold to the hospitals. Smith suspects that hospital controllers had
Mile-High Foods, Inc., was formed in March 2011 to provide prepackaged snack boxes for a new low cost regional airline beginning on April 1. The company has just leased warehouse space central to the
Capital budget methods, no income taxes Riverbend Company runs hardware stores in a tristate area. Riverbend’s management estimates that if it invests $250,000 in a new computer system, it can save
Comparison of projects, no income taxes (CMA, adapted) New Bio Corporation is a rapidly growing biotech company that has a required rate of return of 10%. It plans to build a new facility in Santa
New equipment purchase, income taxes Innovation, Inc., is considering the purchase of a new industrial electric motor to improve efficiency at its Fremont plant. The motor has an estimated useful
Selling a plant, income taxes (CMA, adapted) The Crossroad Company is an international clothing manufacturer. Its Santa Monica plant will become idle on December 31, 2011. Peter Laney, the corporate
DCF, sensitivity analysis, no income taxes. (CMA, adapted) Whimsical Corporation is an international manufacturer of fragrances for women. Management at Whimsical is considering expanding the product
NPV, IRR, and sensitivity analysis Crumbly Cookie Company is considering expanding by buying a new (additional) machine that costs $62,000, has zero terminal disposal value, and has a 10-year useful
Payback methods, even and uneven cash flows You have the opportunity to expand your business by purchasing new equipment for $159,000. The equipment has a useful life of nine years. You expect to
Replacement of a machine, income taxes, sensitivity. (CMA, adapted) The Smacker Company is a family-owned business that produces fruit jam. The company has a grinding machine that has been in use for
NPV and AARR, goal-congruence issues Jack Garrett, a manager of the plate division for the Marble Top Manufacturing Company, has the opportunity to expand the division by investing in additional
Recognizing cash flows for capital investment projects, NPV Unbreakable Manufacturing manufactures over 20,000 different products made from metal, including building materials, tools, and furniture
NPV, inflation and taxes Best-Cost Foods is considering replacing all 10 of its old cash registers with new ones. The old registers are fully depreciated and have no disposal value. The new registers
Net present value, Internal Rate of Return, Sensitivity Analysis Sally wants to purchase a Burgers-N-Fries franchise. She can buy one for $500,000. Burgers-N-Fries headquarters provides the following
NPV, Relevant costs, Income taxes Phish Corporation is the largest manufacturer and distributor of novelty ice creams across the East Coast. The company’s products, because of their perishable
Evaluating management control systems, balanced scorecard Adventure Parks Inc. (API) operates ten theme parks throughout the United States. The company’s slogan is “Name Your Adventure,” and
Benefits and costs of decentralization Jackson Markets, a chain of traditional supermarkets, is interested in gaining access to the organic and health food retail market by acquiring a regional
Multinational transfer pricing, effect of alternative transfer-pricing methods, global income tax minimization. Tech Friendly Computer, Inc., with headquarters in San Francisco, manufactures and
Multinational transfer pricing, global tax minimization The Mornay Company manufactures telecommunications equipment at its plant in Toledo, Ohio. The company has marketing divisions throughout the
Multinational transfer pricing, goal congruence (continuation of 22-23) Suppose that the U.S. division could sell as many units of Product 4A36 as it makes at $900 per unit in the U.S. market, net of
General guideline, transfer pricing The Slate Company manufactures and sells television sets. Its assembly division (AD) buys television screens from the screen division (SD) and assembles the TV
Multinational transfer pricing, global tax minimization. Industrial Diamonds, Inc., based in Los Angeles, has two divisions: South African mining division, which mines a rich diamond vein in South
International transfer pricing, taxes, goal congruence. Argone division of Gemini Corporation is located in the United States. Its effective income tax rate is 30%. Another division of Gemini,
Transfer pricing, goal congruence. The Bosh Corporation makes and sells 20,000 multisystem music players each year. Its assembly division purchases components from other divisions of Bosh or from
Transfer pricing, goal congruence, ethics. Jeremiah Industries manufactures high-grade aluminum luggage made from recycled metal. The company operates two divisions: metal recycling and luggage
Transfer pricing, utilization of capacity. (J. Patell, adapted) The California Instrument Company (CIC) consists of the semiconductor division and the process-control division, each of which operates
What are the three steps in designing accounting-based performance measures?
Analysis of return on invested assets, comparison of two divisions, DuPont method. Global Data, Inc., has two divisions: Test Preparation and Language Arts. Results (in millions) for the past three
Multinational performance measurement, ROI, RI. The Seaside Corporation manufactures similar products in the United States and Norway. The U.S. and Norwegian operations are organized as decentralized
Residual Income and EVA; timing issues Doorchime Company makes doorbells. It has a weighted average cost of capital of 9%, and total assets of $5,550,000. Doorchime has current liabilities of
ROI, measurement alternatives for performance measures P. F. Skidaddle's operates casual dining restaurants in three regions: Denver, Seattle, and Sacramento. Each geographic market is considered a
ROI, RI, and Multinational Firms Konekopf Corporation has a division in the United States, and another in France. The investment in the French assets was made when the exchange rate was $1.30 per
Multinational firms, differing risk, comparison of profit, ROI and RI Zynga Multinational, Inc., has divisions in the United States, Germany, and New Zealand. The U.S. division is the oldest and most
ROI, RI, DuPont method, investment decisions, balanced scorecard. Global Event Group has two major divisions: print and Internet. Summary financial data (in millions) for 2011 and 2012 are as
Chris Moreno seeks your advice on revising the existing bonus plan for division managers of Global Event Group. Assume division managers do not like bearing risk. Moreno is considering three
Executive compensation, balanced scorecard Community Bank recently introduced a new bonus plan for its business unit executives. The company believes that current profitability and customer
Ethics, manager’s performance evaluation. (A. Spero, adapted) Hamilton Semiconductors manufactures specialized chips that sell for $25 each. Hamilton’s manufacturing costs consist of variable
Ethics, levers of control. Monroe Moulding is a large manufacturer of wood picture frame moulding. The company operates distribution centers in Dallas and Philadelphia. The distribution centers cut

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