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cost accounting

Questions and Answers of Cost Accounting

A company may select an inventory costing method from a number of commonly used procedures. Briefly, how would you describe each of the following methods?a. First-in, first-outb. Last-in, first-outc.
Why do companies adopt the LIFO method of inventory costing? Your discussion should include the effects on both the income statement and balance sheet.
Which of the forms shown in the chapter is the source for the following entries to subsidiary ledger accounts?a. Debits in materials ledger to record materials purchasedb. Credits in materials ledger
How does the just-in-time approach to production differ from the traditional approach?
Explain the meaning of the terms push manufacturing and pull manufacturing.
List three disadvantages of the ‘‘push’’ manufacturing approach to production.What are the arguments for and against ‘‘backflush’’ costing?
What is the difference between throughput time and velocity?
List three advantages to producing all units of a specific product in a single manufacturing cell?
What are the arguments for and against ‘‘backflush’’ costing?
A manufacturing process may produce a considerable quantity of scrap material because of the nature of the product. What methods can be used to account for the sales value of scrap material?
After a product is inspected, some units may be classified as spoiled and others as defective. What distinguishes a product as being spoiled or defective?
Aztec Company expects daily usage of 500 pounds of material Inca, an anticipated lead time of seven days, and a desired safety stock of 2,500 pounds.a. Determine the order point.b. Determine the
Patriot Company predicts that it will use 360,000 gallons of material during the year. The material is expected to cost $5 per gallon. Patriot anticipates that it will cost $72 to place each order.
Match the materials control form in the left column with the person responsible for its preparation in the right column.(A selection may be used more than once.)a. Purchase requisition 1.
Catskill Manufacturing, Inc., records the following use of materials during the month of June:Prepare a summary journal entry for the materialsrequisitions.
Prepare a journal entry to record each of the following materials transactions:a. Total materials purchased on account during the month amounted to $200,000.b. Direct materials requisitioned for the
Using first-in, first-out; perpetual inventory costing; and the following information, determine the cost of materials used and the cost of the July 31 inventory:July 1 Balance on hand, 1,000 yd of
Using last-in, first-out; perpetual inventory costing; and the information presented in E2-6, compute the cost of materials used and the cost of the July 31 inventory.
Using the moving average method of perpetual inventory costing and the information presented in E2-6, compute the cost of materials used and the cost of the July 31 inventory. (Round unit prices to
In tabular form, compare the total materials cost transferred to Work in Process and the cost of the ending inventory for each method used in E2-6, E2-7, and E2-8. Discuss the effect that each method
Benson Company was franchised on January 1, 2011. At the end of its third year of operations, December 31, 2013, management requested a study to determine what effect different materials inventory
Mystic Manufacturing Company maintains the following accounts in the general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. On June 1, the materials account had a debit
Iwamura Industries produces 10,000 units each day, and the average number of units in work in process is 40,000.1. Determine the throughput time.2. If the same daily output can be achieved while
RDI Company uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to
In E2-13, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods.
A machine shop manufactures a stainless steel part that is used in an assembled product. Materials charged to a particular job amounted to $600. At the point of final inspection, it was discovered
Venus, Inc., manufactures tennis clothing. During the month, the company cut and assembled 8,000 skirts. One hundred of the skirts did not meet specifications and were considered ‘‘seconds.’’
David Mfg. Company manufactures an integrated transistor circuit board for repeat customers but also accepts special orders for the same product. Job No. MS1 incurred the following unit costs for
Marino Company predicts that it will use 25,000 units of material during the year. The expected daily usage is 200 units, and there is an expected lead time of five days and a desired safety stock of
Cortez Chemical, Inc., requires 20,000 gallons of material annually; the cost of placing an order is $20, and the annual carrying cost per gallon is $5.Required:Determine the EOQ from potential order
In P2-2, assume that the company desires a safety stock of 500 gallons.Required:1. Compute the average number of gallons in inventory.2. Compute the total carrying cost.3. Compute the total order
The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of HD Corporation for the month of November follow:Required:1. Complete a materials ledger account similar
The following transactions affecting materials occurred in February:Feb. 1 Balance on hand, 1,200 ft @ $2.76, $3,312.00 (plastic tubing, materials ledger account #906).5 Issued 60 ft to production on
Milano’s Specialty Clothing, Inc., uses a job order cost system. A partial list of the accounts being maintained by the company, with their balances as of November 1, follows:Cash . . . . . . . . .
Scarlatta€™s Manufacturing Company uses a job order cost system. The following accounts have been taken from the books of the company:Required:1. Analyze the accounts and describe in
The following actions occurred at Sanibel Sheet Metal Company relative to accounting for materials costs for April.Mar. 31 The factory manager informs the storeroom keeper that for the month of
Yusane Bolts, Inc., produces 50,000 units each day, and the average number of units in work in process is 200,000. The average annual inventory carrying cost percentage is 25%, and the average work
T. Hilliary, Inc., uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products,
An examination of Frosty Corporation’s records reveals the following transactions:a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the moving
One of the tennis racquets that Set Point manufactures is a titanium model (Ace) that sells for $149. The cost of each Ace consists of:Materials . . . . . . . . . . . . . . . . . . . . . . . . . . .
Torre, Inc., manufactures electrical equipment from specifications received from customers. Job X10 was for 1,000 motors to be used in a specially designed electrical complex. The following costs
Review Problem for Chapters 1 and 2 Lift It, Inc., manufactures chain hoists. The raw materials inventories on hand on October 1 were as follows:Chain . . . . . . . . . . . . . . . . . . . . . . . .
Katy, Inc., manufactures ‘‘smart phones.’’ It is considering the implementation of a JIT system. Costs to reconfigure the production line will amount to $200,000 annually. Estimated benefits
In the scenario on page 91, Boston Company was trying to decide whether or not to change from a traditional inventory system to a just-in-time (JIT) system. The president, Teresa Francona, wanted to
Go to the text Website at www.cengage.com/accounting/vanderbeck and click on the link to the following article: Benefits From Lean and Cellular Manufacturing, by Strategos, Inc.-Consultants,
What is the difference between direct and indirect labor?
Briefly stated, what are the advantages and disadvantages of (a) The hourly rate wage plan and (b) The piece-rate wage plan?
What is a modified wage plan?
What is the concept of production work teams as it relates to incentive wage plans?
What is the function of the payroll department?
In a payroll system, what purpose is served by a labor time record? How is the information that is recorded on labor time records used?
What purpose do digital records and remote computer terminals serve in a payroll system?
Although payroll records may vary in design, what types of employee data would be found in the payroll records of most manufacturing companies?
What are the sources for posting direct labor cost to (a) Individual jobs in the job cost ledger and (b) The work in process account in the general ledger?
What are the sources for posting indirect labor cost to the indirect labor account in the factory overhead ledger?
In accounting for labor costs, what is the distinction between the accounting treatment for regular pay and overtime premium pay?
Maintaining internal control over labor cost is necessary for a cost accounting system to function effectively. What are the internal control procedures regarding the charge to the work in process
What accounts are used to record employees’ withholding taxes and the employer’s payroll taxes?
What are the procedures involved in accounting for labor cost, and what supporting forms are used for each procedure?
What is the source of data used to:a. record the distribution of the payroll.b. record the employer’s payroll taxes.
In what circumstance should an accrual for payroll earnings and payroll tax expense be made?
What is a shift premium, and how is it usually accounted for?
What is a basic requirement of all pension plans?
a. Distinguish between defined benefit pension plans and defined contribution pension plans.b. Distinguish between contributory and noncontributory pension plans.
In 2009, what was the maximum amount that an employee could contribute to a 401(k) plan?
What accounting treatments do factory bonuses, vacation pay, and holiday pay for factory employees have in common?
What are the two alternatives for accounting for the fringe benefits of direct laborers?
A. Jolly of Pittsburgh Manufacturing Company is paid at the rate of $20 an hour for an 8-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is on
Using the earnings data developed in E3-1 and assuming that this was the first week of employment for A. Jolly with Pittsburgh Manufacturing Company, prepare the journal entries for the following:a.
Marcia Young earns $25 per hour for up to 400 units of production per day. If she produces more than 400 units per day, she will receive an additional piece rate of $0.50 per unit. Assume that her
Albert Machine Tool Company produces tools on a job order basis. During May, two jobs were completed, and the following costs were incurred:Other factory costs for the month totaled $16,800. Factory
A partial summary of the payroll data for Burrington Manufacturing Company for each week of June is as follows:a. Compute the missing amounts in the summary, assuming that no employees have reached
Fontana Fabricating Company paid wages to its employees during the year as follows:Burris . . . . . . . . . . . . . . . . . . . . . . . . $ 15,400Combs . . . . . . . . . . . . . . . . . . . . . . .
Using the earnings data developed in E3-1, and assuming that this was the eighth week of employment for Jolly and the previous earnings to date were $7,900, prepare the journal entries for the
Using the earnings data developed in E3-1, and assuming that this was the fiftieth week of employment for Jolly and the previous earnings to date were $99,800, prepare the journal entries for the
The total wages and salaries earned by all employees of Cutler Manufacturing Company during the month of March, as shown in the labor cost summary and the schedule of fixed administrative and sales
A weekly payroll summary made from labor time records shows the following data for Musketeer Manufacturing Company:Overtime is payable at one-and-a-half times the regular rate of pay for an employee
The payroll records of Torero Machining Company show the following information for the week ended April 17:Hourly workers are paid time-and-a-half for overtime.a. Determine the net earnings of each
Beth Elkins, a factory worker, earns $1,000 each week. In addition, she will receive a $4,000 bonus at year-end and a four-week paid vacation. Prepare the entry to record the weekly payroll and the
Clark Kent earns $800 per week for a five-day week, and he is entitled to 12 paid holidays and four weeks of paid vacation.a. Over how many weeks should the holiday pay and vacation pay be
Fifteen workers are assigned to a group project. The production standard calls for 500 units to be completed each hour to meet a customer's set deadline for the products. If the required units can be
Terri Whelan, SS# 036-47-2189, is a Grade 1 Machinist who earns $20 per hour. On Monday June 12 through Wednesday June 14, she worked four hours per day on each of Jobs 007 and 2525. On Thursday and
A rush order was accepted by San Diego Machine Conversions for five van conversions. The labor time records for the week ended January 27 show the following:All employees are paid $10.00 per hour,
The following form is used by MoJo Manufacturing Company to compute payroll taxes incurred during the month of April:Required:1. Using the above form, calculate the employer's payroll taxes for
WTA Manufacturing Company operates on a modified wage plan. During one week's operation, the following direct labor costs were incurred:The employees are machine operators. Piece rates vary with the
The general ledger of Smokey Mountain Mfg., Inc., showed the following credit balances on January 15:FICA Tax Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The payroll records of XU Corporation for the week ending October 7, the fortieth week in the year, show the following:Required:1. Complete a work sheet with the following column headings: Employee3
Pan-Am Manufacturing Company prepares cost estimates for projects on which it will bid. In order to anticipate the labor cost to be included in a request to bid on a contract for 1,200,000 units that
An analysis of the payroll for the month of November for Hollywood, Inc., reveals the information shown:Crowe, Eastwood, and Carey are production workers, and Penn is the plant manager. Giamatti is
Giovanni Construction Company uses the job order cost system. In recording payroll transactions, the following accounts are used:Cash Administrative SalariesWages Payable Miscellaneous
The factory payroll for the week is $200,000, consisting of $140,000 earned by 100 direct laborers and $60,000 earned by 30 indirect laborers. The total of factory bonuses to be received at year-end
In P3-11 above, prepare the entries to distribute the weekly payroll and the costs and liabilities related to the bonus, vacation, and holiday pay, assuming that the fringe benefits of the direct
Stacey Womack is considering the implementation of an incentive wage plan to increase productivity in her small manufacturing plant. The plant is nonunion, and employees have been compensated with
Elite Manufacturing Company uses a job order cost system to cost its products. It recently signed a new contract with the union that calls for time-and-a-half for all work over 40 hours a week and
Go to the Vanguard Investments’ Web site https://retirementplans.vanguard.com/VGApp/pe/PubHome for retirement information that is linked to the text Web site at
How does the cost accounting function assist in the management of a business?
What is ISO 9000, and why is it an important designation for competing globally?
How do the activities of manufacturers, merchandisers, and service businesses differ?
In what ways does a typical manufacturing business differ from a merchandising concern? In what ways are they similar?
How is cost accounting information used by management?

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