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Horngrens Financial and Managerial Accounting 4th Edition Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura - Solutions

Is it possible to close the total factory overhead to the individual producing departments with a single journal entry?
What are the classifications of cost commonly used in activity-based costing? Give examples of each.
If the factory overhead control account has a debit balance of $1,000 at the end of the first month of the fiscal year, has the overhead been under-or overapplied for the month? What are some probable causes for the debit balance?
Ames Automotive Company has accumulated the following data over a six-month period:Separate the indirect labor into its fixed and variable components, using the high-low method.
El Paso Products Company has accumulated the following data over a six-month period:Separate the machine-related costs into their fixed and variable components, using the high-low method.
French Fragrances, Ltd. budgeted for 12,000 bottles of perfume Belle during May. The unit cost of Belle was $20, consisting of direct materials, $7; direct labor, $8; and factory overhead, $5 (fixed, $2; variable, $3). a. What would be the unit cost if 10,000 bottles were manufactured? b. What
Compute the total job cost for each of the following scenarios: a. If the direct labor cost method is used in applying factory overhead and the predetermined rate is 100%, what amount should be charged to Job 2010 for factory overhead? Assume that direct materials used totaled $5,000 and that the
The books of Petry Products Co. revealed that the following general journal entry had been made at the end of the current accounting period: Factory Overhead ................................................... 2,000 Under- and Overapplied Factory Overhead ...................... 2,000 Closed
The general ledger of Lawson Lumber Co. contains the following control account:If the materials charged to the one uncompleted job still in process amounted to $3,400, what amount of labor and factory overhead must have been charged to the job if the factory overhead rate is 100% of direct labor
Nelson Fabrication Inc. had a remaining credit balance of $20,000 in its under-and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these
Housley Paints Co. had a remaining debit balance of $25,000 in its under-and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts,
The cost behavior patterns below are lettered A through H. The vertical axes of the graphs represent total dollars of expense, and the horizontal axes represent production in units, machine hours, or direct labor hours. In each case, the zero point is at the intersection of the two axes. Each graph
Miller Minerals Co. manufactures a product that requires the use of a considerable amount of natural gas to heat it to a desired temperature. The process requires a constant level of heat, so the furnaces are maintained at a set temperature for 24 hours a day. Although units are not continuously
Using the data in P4-2 and a piece of graph paper:1. Plot the data points on the graph and draw a line by visual inspection, indicating the trend shown by the data points. 2. Determine the variable cost per unit and the total fixed cost from the information on the graph. 3. Determine the variable
Menlo Materials is divided into five departments, Mixing, Blending, Finishing, Factory Office, and Building Maintenance. The first three departments are engaged in production work. Factory Office and Building Maintenance are service departments. During the month of June, the following factory
Using the information in P, prepare a schedule showing the distribution of the service departments€™ expenses using the sequential distribution method in the order of number of other departments served.In P, Menlo Materials is divided into five departments, Mixing, Blending, Finishing,
Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor.Assume that factory overhead is applied on the basis of direct labor costs and that the
Beemer Products Inc. has its factory divided into three departments, with individual factory overhead rates for each department. In each department, all the operations are sufficiently alike for the department to be regarded as a cost center. The estimated monthly factory overhead for the
Focus Fabrication Co. uses ABC. The factory overhead budget for the coming period is $500,000, consisting of the following: Cost Pool Budgeted Amount Direct labor and facility support................. $150,000 Machine support.........................................
Mansfield Manufacturing Co. uses ABC. The factory overhead bud- get for the coming period is $750,000, consisting of the following: Cost Pool Budgeted Amount Direct labor facility and support...................... $300,000 Machine support..............................................
Hughes Products Inc. uses a job order cost system. Selected transactions dealing with factory items for the month follow: a. Requisitioned indirect materials from storeroom, $3,200. b. Purchased, on account, factory supplies for future needs, $4,400. c. Purchased parts, on account, for repairing a
Abbey Products Company is studying the results of applying factory overhead to production. The following data have been used: estimated factory overhead, $60,000; estimated materials costs, $50,000; estimated direct labor costs, $60,000; estimated direct labor hours, 10,000; estimated machine
The following information, taken from the books of Herman Brothers Manufacturing represents the operations for January:The job cost system is used, and the February cost sheet for Job M45 shows the following: The following actual information was accumulated during February: Required: 1. Using the
Rockford Company has four departmental accounts: Building Maintenance, General Factory Overhead, Machining, and Assembly. The direct labor hour method is used to apply factory overhead to the jobs being worked on in Machining and Assembly. The company expects each production department to use
Luna Manufacturing Inc. completed Job 2525 on May 31, and there were no jobs in process in the plant. Prior to June 1, the predetermined overhead application rate for June was computed from the following data, based on an estimate of 5,000 direct labor hours:Estimated variable factory
Phillips Products, Inc. had a remaining credit balance of $10,000 in its under-and overapplied factory overhead account at year-end. It also had year-end balances in the following accounts: Work in Process...................................................... $ 25,000 Finished
Nathan Industries had a remaining debit balance of $20,000 in its under-and overapplied factory overhead account at year-end. It also had year-end balances in the following accounts: Work in Process........................................................... $ 20,000 Finished
Video Options Ltd. manufactures two types of DVD players: standard and deluxe. It attempts to set selling prices based on a 50% markup on manufacturing costs to cover selling and administrative expenses and to earn an acceptable return for shareholders. Bill Merch, vice presidentâ€”Marketing,
What is the difference between the accounting treatment of overhead for a service business and for a manufacturer?
Define appraisal costs and explain how they relate to prevention costs.
James and Waymire have a professional service firm that has the following budgeted costs for the current year: Associates’ salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000 Depreciation—equipment. . . . . . . . . . . . . . . . . . . . . . . . . .
Luxe Inc., a chain of gasoline service stations, has a strategy of charging premium prices for its gasoline by providing excellent service such as attendants to pump gas, clean restrooms, and free air for tire inflation. Its balanced scorecard performance measures include: Increase in operating
Basic Inc., a chain of gasoline service stations, has a strategy of charging discount prices for its gasoline by providing very little service and charging relatively high prices for the goods in its attached mini-market. Its balanced scorecard performance measures include: Increase in operating
Sebastian and Whitley, plumbers, successfully bid $30,000 for the plumbing work on a new luxury home. Total direct labor cost on the job was $9,500, other direct costs were $2,500, and overhead is charged to jobs at 150% of direct labor cost. 1. Compute the profit or loss on the job in (a) dollars
Klein and Sachs, CPAs, budgeted for the following professional labor hours for the coming year: partners, 4,000; managers, 10,000; and staff, 25,000. Budgeted billing rates are: partners, $250 per hour; managers, $120 per hour; and staff accountants, $80 per hour. Prepare a revenue budget for the
Davidson and Zhuang, physicians, budgeted for the following revenue and expenses for September: Depreciation—equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,850 Fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lopez and Tiznado, dentists, budgeted for the following revenue and expenses for March: Depreciation—equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,500 Fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The partners of Mason and Hutton, attorneys-at-law, decide to implement an activity-based costing system for their firm. They identify the following three cost pools and budgeted amounts for each for the coming year: fringe benefits, $450,000; paralegal support, $250,000; and research support,
A client, Jim Adams, requires 10 partner labor hours and 25 professional associate hours from Mason and Hutton, the law firm in E9-6. Partners are paid $125 per hour, and associates make $60 per hour. Compute the cost of the Adams’ job.
Prior to instituting an activity-based costing system, Mason and Hutton, the attorneys in E9-6 and E9-7, utilized a simplified costing system with one direct cost category, professional labor, and one indirect cost category, professional support. The average wage rate for professional labor was $73
The partners of Rozow and Cardis, CPAs, decide to implement an activity-based costing system for their firm. They identify the following three cost pools and budgeted amounts for each for the coming year: fringe benefits, $300,000; administrative support, $175,000; and audit support, $450,000. It
Bailey and Tepe, attorneys-at-law, provided legal representation to Goode Equipment Inc. in a product liability suit. Twenty partner hours and 65 associate hours were worked in defending the company. The cost of each partner hour is $325, which includes partner wages plus overhead, based on direct
Action Athletics manufactures sporting goods that are then sold to retailers. It is a very competitive industry, where quality and price are important to gain space on retailers’ shelves. Action’s strategy is to produce defect-free athletic equipment that can be sold at moderate
Delhi Dairies is a vertically integrated company that has dairy farms, processing plants, and retail ice cream stores. Delhi’s strategy is to maximize shareholder value by providing top-of-the-line ice cream products that are high in butter fat and for which consumers will pay premium
Pimental Manufacturing Inc. is the producer of specialty machinery for numerous customers. It had $10,000,000 of sales in 2016 and identified the following costs as being related to quality: Scrap and spoilage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Required Based on the cost of quality report that you prepared in P9-12 above, offer suggestions to Pimental Manufacturing Inc. as to how it might improve its quality program
The budget for the Goode Equipment Inc. job in P9-1 consisted of the following amounts: Partners’ salary and overhead . . . . . . . . . . . . . . . . . . . . . $6,300 Associates’ salary and overhead . . . . . . . . . . . . . . . . . . . 9,175 Travel. . . . . . . . . . . . . . . . . . . . . .
Crable and Tesch, partners in a systems consulting firm, budgeted the following professional labor hours for the year ended December 31, 2016: Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 Associates . . . . . . . . . . . . . . . . . . . . .
Crable and Tesch, the systems consultants in P9-3, budgeted overhead and other expenses as follows for the year ended December 31, 2016: Overhead: Depreciation—equipment . . . . . . . . . . . . . . . . . . . . . . . $ 60,000 Depreciation—building . . . . . . . . . . . . . . . . . . . . . . . .
Using the information for Crable and Tesch, the systems consultants in P9-3 and P9-4, prepare a budgeted income statement for the year ended December 31, 2016.
The partners of Trebbi and Schertzer, a security services firm, decide to implement an activity-based costing system. They identify the following three cost pools and budgeted amounts for each for the coming year: fringe benefits, $140,000; technology support, $80,000; and research support,
The two partners of Hickey and Scheingold, a highly successful New York City law firm, decide to implement an activity-based costing system. They identify the following three cost pools and budgeted amounts for each for the coming year: fringe benefits, $625,000; administrative support, $120,000;
Williams and DiMaggio, architects, have been using a simplified costing system in which all professional labor costs are included in a single direct cost category, professional labor; and all overhead costs are included in a single indirect cost pool, professional sup- port, and allocated to jobs
Dee Beach, the consultant introduced at the beginning of section three of the chapter (p. 493), has obtained the following data relative to the Barnes & Riley consulting job:Assume that the La Mesa job will require 50 partner hours and 20 associate hours, while the El Cajon job will require 15
What impact does income tax have on the break-even point?
What is an opportunity cost? Give an example.
What is the difference between gross margin and manufacturing margin?
Yellowstone Fabricators uses a process cost system and applies actual factory overhead to work in process at the end of the month. The following data came from the records for March: Direct materials................................................... $200,000 Direct
Augusta Industries manufactures and sells two products, golf balls and tennis balls. Fixed costs are $100,000, and unit sales are 60,000 sheaths of golf balls and 40,000 cans of tennis balls. The unit sales prices and unit variable costs are as follows:1. Compute the sales mix percentages. 2.
Yosemite Enterprises desires to earn an after-tax income of $150,000. It has fixed costs of $1,000,000, a unit sales price of $500, and unit variable costs of $200. The company is in the 30% tax bracket. 1. How many dollars of sales revenue must be earned to achieve the after-tax profit of
Alamo Metal Works produces 300,000 units at 80% of its total capacity. Its fixed factory overhead is $2,500,000. Unit contribution margin is as follows: Selling price .................................... $35 Variable costs ................................... 25 contribution margin
Score, Inc. manufactures basketballs. The company€™s forecasted income statement for the year, before any special orders, is as follows:Fixed costs included in the forecasted income statement are $4,000,000 in manufacturing cost of goods sold and $400,000 in selling expenses. A new client
Redwood Industries needs 20,000 units of a certain part to use in its production cycle. The following information is available: Cost to Redwood to make the part: Direct materials ........................................................... $ 4 Direct
Saguaro Manufacturing, Inc. wishes to determine the profitability of its products and asks the cost accountant to make a comparative analysis of sales, cost of sales, and distribution costs of each product for the year. The accountant gathers the following information, which will be useful in
The chief executive officer of Acadia, Inc. attended a conference in which one of the sessions was devoted to variable costing. The CEO was impressed by the presentation and has asked that the following data of Acadia, Inc. be used to prepare comparative statements using variable costing and the
The following production data came from the records of Olympic Enterprises for the year ended December 31, 2016: Materials....................................................... $480,000 Labor .............................................................. 260,000 Variable factory
The fixed overhead budgeted for Ranier Industries at an expected capacity of 500,000 units is $1,500,000. Variable costing is used internally, and the net income is adjusted to an absorption costing net income at year-end. Data collected over the last three years show the following:Determine the
Columbia Products Inc. has two divisions, Salem and Seaside. For the month ended March 31, Salem had sales and variable costs of $500,000 and $225,000, respectively, and Seaside had sales and variable costs of $800,000 and $475,000, respectively. Salem had direct fixed production and administrative
The sales price per unit is $13 for the Voyageur Company’s only product. The variable cost per unit is $5. In 2016, the company sold 80,000 units, which was 10,000 units above the break-even point. Compute the following: 1. Total fixed expenses. 2. Total variable expense at the break-even
Teton, Inc. sells its only product for $50 per unit. Fixed expenses total $800,000 per year. Variable expenses are $1,000,000 when 40,000 units are sold. How many units must be sold to earn a net operating income of $75,000?
Biscayne Industries has determined the cost of manufacturing a unit of product as follows, based on normal production of 100,000 units per year:Direct materials............................... $ 5Direct labor................................... 4Variable factory overhead....................
Nutting Company sells three types of nuts: almonds, cashews, and walnuts. Ten thousand cans of nuts were sold in 2016, and the amount of walnuts sold were twice as much as the number of cans of cashews, whereas almond sales were one-half the amount of cashew sales. Fixed costs were $40,000, and the
Emerald Island Company is considering building a manufacturing plant in County Kerry. Predicting sales of 100,000 units, Emerald Isle estimates the following expenses:An Irish firm that specializes in marketing will be engaged to sell the manufactured product and will receive a commission of 10% of
Royale Aluminum desires an after-tax income of $500,000. It has fixed costs of $2,500,000, a unit sales price of $300, and unit variable costs of $150, and is in the 40% tax bracket. Required: 1. What amount of pre-tax income is needed to earn an after-tax income of $500,000? 2. What target volume
Deuce Sporting Goods manufactures a high-end model tennis racket. The company€™s forecasted income statement for the year, before any special orders, is as follows:Fixed costs included in the forecasted income statement are $400,000 in manufacturing cost of goods sold and $200,000 in
StopZM Inc. produces and sells a line of insect repellants that is sold primarily in the summer months. Recently, the chief operating officer has become interested in possibly manufacturing a repellant, "Halt," that can prevent a person from being attacked by use of a "pepper" repellant. The appeal
Shenandoah Manufacturing Company has a maximum productive capacity of 210,000 units per year. Normal capacity is 180,000 units per year. Standard variable manufacturing costs are $10 per unit. Fixed factory overhead is $360,000 per year. Variable selling expense is $5 per unit, and fixed selling
Roosevelt Enterprises has determined the cost of manufacturing a unit of product as follows, based on normal production of 50,000 units per year:Direct materials............................................. $ 8Direct labor................................................. 6Variable factory
Joshua Company has determined the following selling price and manufacturing cost per unit based on normal production of 72,000 units per year:Selling price per unit....................................... $ 22Variable cost per unit:Direct
Lassen Corporation has determined the following selling price and manufacturing cost per unit based on normal production of 48,000 units per year:Selling price per unit.................................................... $ 28Variable cost per unit:Direct
Mow-It Inc. manufactures two products, mowers and trimmers, which are sold in two territories designated by the company as East Territory and West Territory. The following income statement prepared for the company shows the product-line segments.The territorial product sales are as follows: The
Arctic Software Inc. has two product lines. The income statement for the year ended December 31 shows the following:The products, Num 1 and Num 2, are sold in two territories, North and South, as follows: The common fixed expenses are traceable to each territory as follows: North fixed expenses
Bryce Publishing Co. prepares income statements segmented by divisions, but the chief operating officer is not certain about how the company is actually performing. Financial data for the year followThe Electronic Publishing Division appears to be floundering, and the CEO believes a closer look
The production of a new product required Zion Manufacturing Co. to lease additional plant facilities. Based on studies, the following data have been made available: Estimated annual sales€”24,000 unitsSelling expenses are expected to be 5% of sales, and net income is to amount to $2.00
Grand Canyon Manufacturing Inc. produces and sells a product with a price of $100 per unit. The following cost data have been prepared for its estimated upper and lower limits of activity:Required: 1. Classify each cost element as either variable, fixed, or semi-variable. 2. Calculate the
The board of directors of Mesa Verde Tool Company set the profit goal for calendar year 2016 at $2,200,000. It also established a bonus plan in which the top five officers of the company will share $150,000 if the profit goal is met or exceeded. If the goal is not met, there is no bonus. T. J.
List internal control procedures related to e-commerce.
When are the only times the Petty Cash account is used in a journal entry?
What are some common controls used with a bank account?
What is a bank reconciliation?
List some examples of timing differences, and for each difference, determine if it would affect the book side of the reconciliation or the bank side of the reconciliation.
What does the cash ratio help determine, and how is it calculated?
Conduct an Internet search for information on internal control and Sarbanes-Oxley. Write a report of your findings. In your report, discuss some of the advantages and disadvantages of Sarbanes-Oxley. Present it to your class (if required by your instructor).
What are the three sections of the cash budget?
What are the budgeted financial statements? How do they differ from regular financial statements?
What budgets are included in the financial budget for a merchandising company?
List the three key benefits companies get from preparing a budget.
What is a static budget performance report?
What is a standard cost system?
What is management by exception?

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