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business
cost accounting

Questions and Answers of Cost Accounting

The Unruh Company reports the following results for the month of November: Sales (10,000 units) ..... $600,000Variable costs ....... 420,000Contribution margin .... 180,000Fixed costs
Carter Company manufactures cappuccino makers. For the first eight months of the year the company reported the following operating results while operating at 80% of plant capacity: Sales
Barnes Company manufactured 6,000 units of a component part that is used in its product and incurred the following costs: Direct materials ........ $35,000Direct labor ...........
Carter Company manufactures cappuccino makers. For the first eight months of the year the company reported the following operating results while operating at 80% of plant capacity: Sales
Barnes Company manufactured 6,000 units of a component part that is used in its product and incurred the following costs: Direct materials ........ $35,000Direct labor ...........
Stock Co. began 2010 with three job in process:TYPE OF COSTDuring 2010, the following transactions occurred:1. The firm purchased and paid for $542,000 of raw material.2. Factory payroll records
Montana Woolen Products has two divisions: a Fabric division that manufactures woollen fabrics and a Clothing division that manufactures woollen dresses, coats, shirts, and accessories. All fabric
Green Grass Incorporated is a distributor of golf balls. Garry's Golf Supplies is a local retail outlet which sells golf balls. Garry's purchases the golf balls from Green Grass Incorporated at $0.75
LeCompte Corp. has $312,900 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $620,000, and its net income after taxes was $24,655. Stockholders recently
Lakeside Hospital is a division of Superior Healthcare organized as an investment centre. In the past year, the hospital reported an after-tax income of $2,500,000.Total interest expense was
Consider two companies: Quantum Products and Aquafin Products. Senior managers at Quantum Products are evaluated in terms of increases in profit. In fiscal 2011, Quantum Products had a net operating
Consider the following information for HandyCraft Stores for 2011 and 2012. Requireda. Compute ROI for both years. b. Break ROI down into profit margin and investment turnover.c. Comment on
ELN Waste Management has a subsidiary that disposes of hazardous waste and a subsidiary that collects and disposes of residential garbage. Information related to the two subsidiaries
A common stock is held for two years, during which time it receives an annual dividend of $20. The stock was sold for $100 and generated an average annual return of 32%. What price was paid for the
Identify at least three roles that budgeting plays in helping managers control and monitor a business.
What two common benchmarks can be used to evaluate actual performance? Which of the two is generally more useful?
What is the benefit of continuous budgeting?
Identify three usual time horizons for short-term planning and budgets.
Why should each department participate in preparing its own budget?
How does budgeting help management coordinate and plan business activities?
Why is the sales budget so important to the budgeting process?
What is a selling expense budget? What is a capital expenditures budget?
Budgeting promotes good decision making by requiring managers to conduct ______ and by focusing their attention on the ______.
What is a cash budget? Why must operating budgets and the capital expenditures budget be prepared before the cash budget?
What is the difference between a production budget and a manufacturing budget?
Would a manager of a Best Buy retail store participate more in budgeting than a manager at the corporate offices? Explain.
Does the manager of a local Circuit City retail store participate in long-term budgeting? Explain.
Assume that Apple’s iMac division is charged with preparing a master budget. Identify the participants—for example, the sales manager for the sales budget—and describe the information each
Which one of the following sets of items are all necessary components of the master budget?1. Prior sales reports, capital expenditures budget, and financial budgets.2. Sales budget, operating
The motivation of employees is one goal of budgeting. Identify three guidelines that organizations should follow if budgeting is to serve effectively as a source of motivation for employees.
Brill Company’s July sales budget calls for sales of $800,000. The store expects to begin July with $30,000 of inventory and to end the month with $35,000 of inventory. Gross margin is typically
Good management includes good budgeting.(1) Explain why the bottom-up approach to budgeting is considered a more successful management technique than a top-down approach.(2) Provide an example of
RedTop Company anticipates total sales for June and July of $540,000 and $472,000, respectively. Cash sales are normally 30% of total sales. Of the credit sales, 25% are collected in the same month
Use the following information to prepare a cash budget for the month ended on March 31 for Grant Company. The budget should show expected cash receipts and cash disbursements for the month of March
Activity-based budgeting is a budget system based on expected activities. (1) Describe activity-based budgeting, and explain its preparation of budgets. (2) How does activity-based budgeting differ
Luna Company manufactures watches and has a JIT policy that ending inventory must equal 8% of the next month’s sales. It estimates that October’s actual ending inventory will consist of 24,000
Refer to information from QS 7-8A. Luna Company assigns variable overhead at the rate of $1.75 per unit of production. Fixed overhead equals $5,000,000 per month. Prepare a factory overhead budget
Tech-Cam sells miniature digital cameras for $800 each. 450 units were sold in May, and it forecasts 2% growth in unit sales each month. Determine(a) The number of camera sales and(b) The dollar
Refer to information from QS 7-10. Tech-Cam pays a sales manager a monthly salary of $3,000 and a commission of 7.5% of camera sales (in dollars). Prepare a selling expense budget for the month of
Refer to information from QS 7-10. Assume 30% of Tech-Cam’s sales are for cash. The remaining 70% are credit sales; these customers pay in the month following the sale. Compute the budgeted cash
Following are selected accounts for a company. For each account, indicate whether it will appear on a budgeted income statement (BIS) or a budgeted balance sheet (BBS). If an item will not appear on
Troy Company prepares monthly budgets. The current budget plans for a September ending inventory of 38,000 units. Company policy is to end each month with merchandise inventory equal to a specified
Franke Co. budgeted the following cash receipts and cash disbursements for the first three months of next year.According to a credit agreement with the company€™s bank, Franke promises to
Use the following information to prepare the July cash budget for Anker Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31.a.
Use the information in Exercise 7-3 and the following additional information to prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31.a. Cost of goods
DeVon Company’s cost of goods sold is consistently $30 per unit. The company plans to carry ending merchandise inventory for each month equal to 20% of the next month’s budgeted unit sales;
Dollar Value Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances and merchandise inventory balances. Cash payments on accounts payable
E-Sound, a merchandising company specializing in home computer speakers, budgets its monthly cost of goods sold to equal 50% of sales. Its inventory policy calls for ending inventory in each month to
Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending inventory for the first quarter will be 38,500 units. The following unit sales of
Refer to information from Exercise 7-8A. Electro Company reports direct materials requirements of 0.60 per unit. It also aims to end each quarter with an ending inventory of direct materials equal to
Refer to information from Exercise 7-8A. Each transmission requires 2 direct labor hours, at a cost of $18 per hour. Prepare a direct labor budget for the second quarter.
Herron Supply is a merchandiser of three different products. The company€™s February 28 inventories are footwear, 18,500 units; sports equipment, 80,000 units; and apparel, 50,000 units.
During the last week of August, Muir Company€™s owner approaches the bank for a $100,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an
Culver Company sells its product for $165 per unit. Its actual and projected sales follow.All sales are on credit. Recent experience shows that 28% of credit sales is collected in the month of the
Poole, a one-product mail-order firm, buys its product for $75 per unit and sells it for $140 per unit. The sales staff receives a 10% commission on the sale of each unit. Its December income
Near the end of 2009, the management of Nygaard Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2009.To prepare a master budget for January,
Black Diamond Company produces snow skis. Each ski requires 2 pounds of carbon fiber. The company’s management predicts that 4,800 skis and 6,100 pounds of carbon fiber will be in inventory on June
Water Sports Corp. is a merchandiser of three different products. The company€™s March 31 inventories are water skis, 60,000 units; tow ropes, 45,000 units; and life jackets, 75,000 units.
During the last week of March, Harlan Stereo€™s owner approaches the bank for an $80,000 loan to be made on April 1 and repaid on June 30 with annual interest of 12%, for an interest cost
Parador Company sells its product for $22 per unit. Its actual and projected sales follow.All sales are on credit. Recent experience shows that 40% of credit sales is collected in the month of the
Tech-Media buys its product for $90 and sells it for $200 per unit. The sales staff receives a 12% commission on the sale of each unit. Its June income statement follows.TECH-MEDIA COMPANYIncome
Near the end of 2009, the management of Pak Corp., a merchandising company, prepared the following estimated balance sheet for December 31, 2009.To prepare a master budget for January, February, and
Thorpe Company produces baseball bats. Each bat requires 3 pounds of aluminum alloy. Management predicts that 4,000 bats and 7,500 pounds of aluminum alloy will be in inventory on March 31 of the
Adriana Lopez expects second quarter 2010 sales of her new line of computer furniture to be the same as the first quarter’s sales (reported below) without any changes in strategy. Monthly sales
Financial statements often serve as a starting point in formulating budgets. You are assigned to review Best Buy’s financial statements to determine its cash paid for dividends in the current
One source of cash savings for a company is improved management of inventory. To illustrate, assume that Best Buy and Circuit City both have $300,000 per month in sales in the Virginia area, and both
Both the budget process and budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among not-for-profit organizations and government
The sales budget is usually the first and most crucial of the component budgets in a master budget because all other budgets usually rely on it for planning purposes.RequiredAssume that your
Access information on e-budgets through The Manage Mentor: www.themanagementor.com/kuniverse/kmailers_universe/finance_kmailers/cfa/budgeting2.htm Read the information provided at this website and
Your team is to prepare a budget report outlining the costs of attending college (fulltime) for the next two semesters (30 hours) or three quarters (45 hours). This budget’s focus is solely on
Jibbitz produces charms to fit in the holes of Crocs shoes. Assume Jibbitz is considering expanding its product line to include necklaces that hold the charms. They plan on meeting with a financial
To help understand the factors impacting a sales budget, you are to visit three businesses with the same ownership or franchise membership. Record the selling prices of two identical products at each
Access DSG’s income statement (www.DSGiplc.com) for the year ended April 28, 2007.Required1. Is DSG’s administrative expense budget likely to be an important budget in its master budgeting
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 of the
Dew Hats Inc. manufactures three different styles of hats: Vogue, Beauty, and Glamour. Dew expects to incur $576,000 of overhead cost during the next fiscal year. Other budget information
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
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 in January and 1,300 complaints in
Woods Corporation expects to incur indirect overhead costs of $60,000 per month and direct manufacturing costs of $11 per unit. The expected production activity for the first four months of 2012 is
Jasti Manufacturing Company produced 1,200 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
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
What motivated congress to pass the Sarbanes-Oxley Act (SOX) of 2002?
Define the term internal control.
Explain the relationship between SOX and COSO.
Name and briefly define the five components of COSO’s internal control framework.
Explain how COSO’s Enterprise Risk Management––An Integrated Framework project relates to COSO’s Internal Control––An Integrated Framework project.
List several control activities of an effective internal control system.
SOX and COSO’s Internal Control FrameworksRequireda. Explain what the acronym SOX refers to.b. Define the acronym COSO and explain how it relates to SOX.c. Name and briefly define the five
Control activities of a strong internal control systemRequiredList and describe nine control activities of a strong internal control system discussed in this chapter.
Internal controls for small businessesRequiredAssume you are the owner of a small business that has only two employees.a. Which of the internal control procedures are most important to you?b. How can
Emergency Care Medical Centers (ECMC) hired a new physician, Ken Major, who was an immediate success. Everyone loved his bedside manner; he could charm the most cantankerous patient. Indeed, he was a
Bell Gates was in charge of the returns department at The Software Company. She was responsible for evaluating returned merchandise. She sent merchandise that was reusable back to the warehouse,
Rankin Stationery's bank statement contained a $250 NSF check that one of its customers had written to pay for supplies purchased.Requireda. Show the effects of recognizing the NSF check on the
As of June 30, 2012, the bank statement showed an ending balance of $13,879.85. The unadjusted Cash account balance was $13,483.75. The following information is available:1. Deposit in transit,
The following information is available for Hamby Company for the month of June:1. The unadjusted balance per the bank statement on June 30 was $68,714.35.2. Deposits in transit on June 30 were
Crumbley Company had an unadjusted cash balance of $6,450 as of May 31. The company’s bank statement, also dated May 31, included a $38 NSF check written by one of Crumbley’s customers. There
Walter Walker owns and operates Walker Enterprises. Walter’s sister, Sarah, is the independent public accountant for Walker Enterprises. Sarah worked for the Walker Enterprises for five years
Courtney Simmons owns the fastest growing CPA practice in her local community. She attributes her success to her marketing skills. She makes a special effort to get to know her clients personally.
Bill Perry is a CPA with a secret. His secret is that he gambles on sports. Bill knows that his profession disapproves of gambling, but considers the professional standards to be misguided in his
West Aston discovered a significant fraud in the accounting records of a high profile client. The story has been broadcast on national airways. Aston was unable to resolve his remaining concerns with
You have probably heard it is unwise to bite the hand that feeds you. Independent auditors are chosen by, paid by, and can be fired by the companies they audit. What keeps the auditor independent? In

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