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cost accounting

Questions and Answers of Cost Accounting

Transferred-in costs, weighted-average method. Bookworm, Inc., has two departments: printing and binding. Each department has one direct-cost category (direct materials) and one indirect-cost
Transferred-in costs, FIFO method. Refer to the information in Problem 17-38. Suppose that Bookworm, Inc., uses the FIFO method instead of the weighted-average method in all of its departments. The
Transferred-in costs, weighted-average and FIFO methods. Frito-Lay, Inc., manufactures convenience foods, including potato chips and corn chips. Production of corn chips occurs in four departments:
Standard-costing with beginning and ending work in process. Penelope's Pearls Company (PPC) is a manufacturer of knock off jewelry. Penelope attends Fashion Week in New York City every September and
EOQ for a retailer. The Denim World sells fabrics to a wide range of industrial and consumer users. One of the products it carries is denim cloth, used in the manufacture of jeans and carrying bags.
Sensitivity of EOQ to changes in relevant ordering and carrying costs, cost of prediction error. Alpha Company’s annual demand for its only product, XT-590, is 10,000 units. Alpha is currently
Effect of different order quantities on ordering costs and carrying costs, EOQ. Soothing Meadow, a retailer of bed and bath linen, sells 380,000 packages of Mona Lisa designer sheets each year.
EOQ, uncertainty, safety stock, reorder point. Chadwick Shoe Co. produces and sells an excellent quality walking shoe. After production, the shoes are distributed to 20 warehouses around the country.
MRP, EOQ, and JIT. Global Tunes Corp. produces J-Pods, music players that can download thousands of songs. Global Tunes forecasts that demand in 2011 will be 48,000 J-Pods. The variable production
Effect of management evaluation criteria on EOQ model. Computers 4 U purchases one model of computer at a wholesale cost of $200 per unit and resells it to end consumers. The annual demand for the
Backflush costing and JIT production. The Rippel Corporation manufactures electrical meters. For August, there were no beginning inventories of direct materials and no beginning or ending work in
JIT production, relevant benefits, relevant costs, ethics. Parson Container Corporation is considering implementing a JIT production system. The new system would reduce current average inventory
Standard costing method, spoilage, journal entries. Jordan, Inc., is a manufacturer of vents for water heaters. The company uses a process-costing system to account for its work-in-process
Recognition of loss from spoilage. Arokia Electronics manufactures cell phone models in its Walnut Creek plant. Suppose the company provides you with the following information regarding operations
FIFO method, spoilage. Refer to the information in Exercise 18-24.RequiredDo Exercise 18-24 using the FIFO method of process costing.
Spoilage and job costing. (L. Bamber) Barrett Kitchens produces a variety of items in accordance with special job orders from hospitals, plant cafeterias, and university dormitories. An order for
Scrap, job costing. The Morgan Company has an extensive job-costing facility that uses a variety of metals. Consider each requirement independently.Required1. Job 372 uses a particular metal alloy
Weighted-average method, spoilage. The Boston Company is a food-processing company based in San Francisco. It operates under the weighted-average method of process costing and has two departments:
FIFO method, spoilage. Refer to the information in Problem 18-30.RequiredDo Problem 18-30 using the FIFO method of process costing. (Problem 18-33 explores additional facets of this problem.)
Weighted-average method, packaging department (continuation of 18-30). In Boston Company's packaging department, conversion costs are added evenly during the process, and direct materials are added
Job-costing spoilage and scrap. MetalWorks, Inc., manufactures various metal parts in batches as ordered by customers, and accounts for them using job costing. Job 2346-8, a large job for customer X,
Spoilage in job costing. Crystal Clear Machine Shop is a manufacturer of motorized carts for vacation resorts. Peter Cruz, the plant manager of Crystal Clear, obtains the following information for
Rework in job costing, journal entry (continuation of 18-35). Assume that the 7 spoiled units of Whitefish Machine Shop’s Job #10 can be reworked for a total cost of $1,700. A total cost of $10,150
Scrap at time of sale or at time of production, journal entries (continuation of 18-35). Assume that Job #10 of Crystal Clear Machine Shop generates normal scrap with a total sales value of $650 (it
Physical units, inspection at various stages of completion. Fantastic Furniture manufactures plastic lawn furniture in a continuous process. The company pours molten plastic into molds and then cools
Job costing, rework. Riposte Corporation manufactures a computer chip called XD1. Manufacturing costs of one XD1 chip, excluding rework costs, are direct materials, $60; direct manufacturing labor,
Physical units, inspection at various levels of completion, weighted-average process costing report. Lester Company makes metal products and has a forging department. In this department, materials
Cost data for T. Clark Manufacturing Company for the month ending April 30, 2008, are as follows: Inventories April 1 April 30 1.Prepare a cost of goods manufactured statement for April
What is a cost object? Identify four different cost objects in which an accountant would be interested.
Why is cost accumulation imprecise?
If the cost object is a manufactured product, what are the three major cost categories to accumulate?
What is a direct cost? What criteria are used to determine whether a cost is a direct cost?
Why are the terms direct cost and indirect cost independent of the terms fixed cost and variable cost? Give an example to illustrate.
Give an example of why the statement, “All direct costs are avoidable,” is incorrect.
What are the important factors in determining the appropriate cost driver to use in allocating a cost?
How is an allocation rate determined? How is an allocation made?
In a manufacturing environment, which costs are direct and which are indirect in product costing?
Why are some manufacturing costs not directly traceable to products?
What is the objective of allocating indirect manufacturing overhead costs to the product?
On January 31, the managers of Integra, Inc., seek to determine the cost of producing their product during January for product pricing and control purposes. The company can easily determine the costs
Respond to the following statement: “The allocation base chosen is unimportant. What is important in product costing is that overhead costs be assigned to production in a specific period by an
Larry Kwang insists that the costs of his school’s fund-raising project should be determined after the project is complete. He argues that only after the project is complete can its costs be
What are the three methods used for allocating service center costs? How do the methods differ?
Sims Services Company (SSC) has 50 employees, 38 of whom are assigned to Division A and 12 to Division B. SSC incurred $296,000 of fringe benefits cost during 2011. RequiredDetermine the amount
Jeelani Construction Company is composed of two divisions:(1) Home Construction and(2) Commercial Construction. The Home Construction Division is in the process of building 12 houses and the
Dew Hats Corporation manufactures three different models of hats: Vogue, Beauty, and Glamour. Dew expects to incur $576,000 of overhead cost during the next fiscal year. Other budget information
Nevin Company makes three products in its factory: plastic cups, plastic tablecloths, and plastic bottles. The expected overhead costs for the next fiscal year include the following. Nevin uses
Deka Construction Company expects to build three new homes during a specific accounting period. The estimated direct materials and labor costs are as follows. .:.Assume Deka needs to allocate
Production workers for Nabors Manufacturing Company provided 280 hours of labor in January and 500 hours in February. Nabors expects to use 4,000 hours of labor during the year. The rental fee for
Production workers for Bianco Manufacturing Company provided 3,600 hours of labor in January and 1,900 hours in February. The company, whose operation is labor intensive, expects to use 32,000 hours
Allocating to solve a timing problem Stevens Air is a large airline company that pays a customer relations representative $4,000 per month. The representative, who processed 1,000 customer complaints
Allocating overhead cost to accomplish smoothing Woods Corporation expects to incur indirect overhead costs of $60,000 per month and direct manufacturing costs of $11 per unit. The expected
Jasti Manufacturing Company produced 1,000 units of inventory in January 2011. It expects to produce an additional 8,400 units during the remaining 11 months of the year. In other words, total
Mallett Manufacturing Co. expects to make 30,000 chairs during the 2011 accounting period. The company made 3,200 chairs in January. Materials and labor costs for January were $16,000 and $24,000,
Turley Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 300,000 pounds of raw materials, the company generates 70,000
Dearman Clinics provides medical care in three departments: internal medicine (IM), pediatrics (PD), and obstetrics gynecology (OB). The estimated costs to run each department follow:Dearman expects
Fowler Corporation’s computer services department assists two operating departments in using the company’s information system effectively. The annual cost of computer services is $360,000. The
Allocating costs of service centers to operating departments— step method Hardy Health Care Center, Inc., has three clinics servicing the Seattle metropolitan area. The company’s legal services
Jooste Trust Corporation has two service departments: actuary and economic analysis. Jooste also has three operating departments: annuity, fund management, and employee benefit services. The annual
Singh Manufacturing Company makes two different products, M and N. The company’s two departments are named after the products; for example, Product M is made in Department M. Singh’s accountant
The Vest School of Vocational Technology has organized the school training programs into three departments. Each department provides training in a different area as follows: nursing assistant, dental
Kirby Airlines is a small airline that occasionally carries overload shipments for the overnight delivery company Never-Fail, Inc. Never-Fail is a multimillion-dollar company started by Jack Never
Hunt Manufacturing Company makes tents that it sells directly to camping enthusiasts through a mail-order marketing program. The company pays a quality control expert $72,000 per year to inspect
Daniel 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
Allocation to accomplish smoothing O’Hara Corporation estimated its overhead costs would be $24,000 per month except for January when it pays the $72,000 annual insurance premium on the
Erin Tarver 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
Richter Department Stores, Inc. has three departments: women’s, men’s, and children’s. The following are the indirect costs related to its operations: Medical insurance Salaries of
Koch Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak.
Romero Information Services, Inc., has two service departments: human resources and billing. Romero’s operating departments, organized according to the special industry each department serves, are
Smith and Warren, LLP, has three departments: auditing, tax, and information systems. The departments occupy 2,500 square feet, 1,500 square feet, and 1,000 square feet of office space, respectively.
Direct versus indirect costs Kenta and Associates, LLP, is an accounting firm that provides two major types of professional services: (1) tax services as provided by the tax department and (2)
Diat Company manufactures three different sizes of automobile sunscreens: large, medium, and small. Diat expects to incur $480,000 of overhead costs during the next fiscal year. Other budget
Yunan Company makes three models of jump drives in its factory: J512, J1G, and J4G. The expected overhead costs for the next fiscal year are as follows: Yunan uses labor hours as the cost driver
Blotski Company makes household plastic bags in three different sizes: Snack, Sandwich, and Storage. The estimated direct materials and direct labor costs are as follows. Blotski allocates two
Allocating indirect cost over varying levels of production Denver Company’s annual factory depreciation is $108,000. Denver estimated it would operate the factory a total of 2,400 hours this year.
Allocating indirect cost over varying levels of production On January 1, Glaze Corporation paid the annual royalty of $720,000 for rights to use patented technology to make batteries for laptop
Last year, Sean Tapper bought an automobile for $24,000 to use in his taxi business. He expected to drive the vehicle for 140,000 miles before disposing of it for $3,000. Sean drove 3,200 miles this
In 2012, Pingtung Corporation incurred direct manufacturing costs of $35 per unit and manufacturing overhead costs of $175,000. The production activity for the four quarters of 2012
Rosen Manufacturing Company produced 500 units of inventory in January 2011. The company expects to produce an additional 5,500 units of inventory during the remaining 11 months of the year, for
How fixed cost allocation affects a pricing decision Neumann Manufacturing Company expects to make 30,000 travel sewing kits during 2012. In January, the company made 1,800 kits. Materials and labor
Pannier Food Corporation makes two products from soybeans: cooking oil and cattle feed. From a standard batch of 100,000 pounds of soybeans, Pannier produces 20,000 pounds of cooking oil and 80,000
Duddley Company builds custom sailboats. Duddley currently has three boats under construction. The estimated costs to complete each boat are shown below.Duddley expects to incur $48,000 of indirect
Allocating a service center cost to operating departments The administrative department of Andrews Consulting, LLC, provides office administration and professional support to its two operating
Allocating service centers’ costs to operating departments— step method Shepard Consulting, LLP, has three operating departments: tax, estate planning, and small business. The company’s
Quebec Corporation, a book publisher, has two service departments: editing and typesetting. Quebec also has three operating departments: children’s fiction, youth fiction, and adult fiction. The
Otto Tools Company has two production departments in its manufacturing facilities. Home tools specializes in hand tools for individual home users, and professional tools makes sophisticated tools for
Selecting an appropriate cost driver (What is the base?) Letterman Research Institute has three departments: biology, chemistry, and physics. The institute’s controller wants to estimate the cost
Newton, and Associates provides legal services for its local community. In addition to its regular attorneys, the firm hires some part-time attorneys to handle small cases. Two secretaries assist all
Cost allocation in a manufacturing company Solid Door Corporation makes a particular type of door. The labor cost is $90 per door and the material cost is $160 per door. Solid rents a factory
Pettway Furniture Company has two production departments. The parts department uses automated machinery to make parts; as a result, it uses very few employees. The assembly department is labor
Lagatta Corporation’s overhead costs are usually $24,000 per month. However, the company pays $54,000 of real estate tax on the factory facility in March. Thus, the overhead costs for March
McCombs Corporation has hired a marketing representative to sell the company’s two products: Marvelous and Wonderful. The representative’s total salary and fringe benefits are $10,000 monthly.
Esquire Furniture Company incurred the following costs in the process of making tables and chairs. Requireda. Organize the costs in the following three pools: indirect materials, indirect labor,
Mountain Tea Co. makes two products: a high-grade tea branded Wulong and a low-grade tea branded San Tea for the Asian market. Mountain purchases tea leaves from tea firms in mountainous villages of
Dunne Corporation has three production departments: forming, assembly, and packaging. The maintenance department supports only the production departments; the computer services department supports
During its fiscal year ending on July 31, 2008, the Dr. Ing.h.c. F. Porsche AG, commonly known as “Porsche,” manufactured 105,162 vehicles. During that same year, Porsche recorded depreciation on
Selection of the cost driver Vulcan College School of Business is divided into three departments: accounting, marketing, and management. Relevant information for each of the departments
Using real world data from Pepsi Bottling Group Use the 2008 Form 10-K for Pepsi Bottling Group to complete the requirements below. Pepsi Bottling Group (PBG) is a separate company from PepsiCo, so
Selection of the appropriate cost driver Bullions Enterprises, Inc. (BEI), makes gold, silver, and bronze medals used to recognize outstanding athletic performance in regional and national sporting
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

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