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cost accounting

Questions and Answers of Cost Accounting

Transferred-in costs, weighted-average method. Publish, Inc. has two departments: Printing and Binding. Each department has one direct-cost category (direct materials) and one indirect-cost category
Transferred-in costs, FIFO method. Refer to the information in Problem 17-38. Suppose that Publish, 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. Paquita’s Pearls Company (PPC) is a manufacturer of knock off jewelry. Paquita attends Fashion Week in New York City every September and
Operation costing (chapter appendix). Farkas Shoes, a high-end shoe manufacturer, produces two lines of shoes for women. The shoes are identical in design, but differ in the materials used and the
Economic order quantity for retailer. Fan Base (FB) operates a megastore featuring sports merchandise. It uses an EOQ decision model to make inventory decisions. It is now considering inventory
Economic order quantity, effect of parameter changes (continuation of 20-16). Athletic Textiles (AT) manufactures the Galaxy jerseys that Fan Base (FB) sells to its customers. AT has recently
EOQ for a retailer. The Cloth Center 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.
EOQ for manufacturer. Lakeland Company, which produces lawn mowers, purchases 18,000 units of a rotor blade part each year at a cost of $60 per unit Lakeland requires a 15% annual rate of return on
Sensitivity of EOQ to changes in relevant ordering and carrying costs. Alyia Company’s annual demand for Model X253 is 10,000 units. Alyia is unsure about the relevant carrying cost per unit per
Inventory management and the balanced scorecard. Devin Sports Cars (DSC) has implemented a balanced scorecard to measure and support its just-in-time production system. In the learning and growth
JIT production, relevant benefits, relevant costs. The Champion Hardware Company manufactures specialty brass door handles at its Lynchburg plant Champion is considering implementing a JIT production
Backflush costing and JIT production. Road Warrior Corporation assembles handheld computers that have scaled-down capabilities of laptop computers. Each handheld computer takes 6 hours to assemble.
Backflush costing, two trigger points, materials purchase and sale (continuation of 20-23). Assume the same facts as in Exercise 20-23, except that Road Warrior now uses a backflush costing system
Backflush costing, two trigger points, completion of production and sale (continuation of 20-23). Assume the same facts as in Exercise 20-23, except now Road Warrior uses only two trigger points, the
Effect of different order quantities on ordering costs and carrying costs, EOQ. Koala Blue, a retailer of bed and bath linen, sells 234,000 packages of Mona Lisa designer sheets each year Koala Blue
EOQ, uncertainty, safety stock, reorder point, Clarkson Shoe Co. produces and sells excellent quality walking shoes. After production, the shoes are distributed to 20 warehouses around the country.
MRP, EOQ and JIT. MacroHard Corp produces J-Pods, music players that can download thousands of songs. MacroHard forecasts that demand in 2010 will be 48,000 J-Pods. The variable production cost of
Effect of management evaluation criteria on EOQ model. Computers 4 U is an online company that sells computers to individual consumers. The annual demand for one model that will be shipped from the
Effect of EOG ordering on supplier costs (continuation of Problem 20-29). IMBest Computers supplies computers to Computers 4 U. Terry Moore, the president of IMBest, is pleased to hear that Computers
JIT purchasing, relevant benefits, relevant costs. (CMA, adapted) The Margro Corporation is an automotive supplier that uses automatic turning machines to manufacture precision parts from steel bars.
Supply chain effects on total relevant inventory cost. Cow Spot Computer Co. outsources the production of motherboards for its computers. It has narrowed down its choice of suppliers to two
Back flush costing and JIT production. The Acton Corporation manufactures electrical meters. For August there were no beginning inventories of direct materials and no beginning or ending work in
Backflush, two trigger points, materials purchase and sale (continuation of 20-33). Assume that the second trigger point for Acton Corporation is the sale—rather than the completion—of finished
Backflush, two trigger points, completion of production and sale (continuation of 20-33). Assume the same facts as in Problem 20-33 except now there are only two trigger points: the completion of
Lean Accounting. Flexible Security Devices (FSD) has introduced a just-in-time production process and is considering the adoption of lean accounting principles to support its new production
Backflushing. The following conversation occurred between Brian Richardson, plant manager at Glendale Engineering, and Charles Cheng, plant controller. Glendale manufactures automotive component
Exercises in compound interest, no income taxes. To be sure that you understand how to use the tables in Appendix B at the end of this book, solve the following exercises. Ignore income tax
Capital budgeting methods, no income taxes. Riverbend Company runs hardware stores in a tri-state area. Riverbend’s management estimates that if it invests $160,000 in a new computer system, it can
Capital budgeting methods, no income taxes. City Hospital, a non-profit organization, estimates that it can save $28,000 a year in cash operating costs for the next 10 years if it buys a
Capital budgeting, income taxes. Assume the same facts as in Exercise 21-18 except that City Hospital is a taxpaying entity. The income tax rate is 30% for all transactions that affect income
Capital budgeting with uneven cash flows, no income taxes. Southern Cola is considering the purchase of a special-purpose bottling machine for $23,000. It is expected to have a useful life of 4 years
Comparison of projects, no income taxes. (CMA, adapted) New Rio Corporation is a rapidly growing biotech company that has a required rate of return of 12%. It plans to build a new facility in Santa
Payback and NPV methods, no income taxes. (CMA, adapted) Andrews Construction is analyzing its capital expenditure proposals for the purchase of equipment in the coming year. The capital budget is
DCF, accrual accounting rate of return, working capital, evaluation of performance, no income taxes. Century Lab plans to purchase a new centrifuge machine for its New Hampshire facility. The machine
New equipment purchase, income taxes Anna’s Bakery plans to purchase a new oven for its store. The oven has an estimated useful life of 4 years. The estimated pretax cash flows for the oven are as
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 life
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, 2008. Peter Laney, the corporate
Equipment replacement, no income taxes. Pro Chips is a manufacturer of prototype chips based in Dublin, Ireland. Next year, in 2010, Pro Chips expects to deliver 552 prototype chips at an average
Equipment replacement, income taxes (continuation of 21-27). Assume the same facts as in Problem 21-27, except that the plant is located in Austin, Texas. Pro Chips has no special waiver on income
DCF, sensitivity analysis, no income taxes. (CMA, adapted) Landom Corporation is an international manufacturer of fragrances for women. Management at Landom is considering expanding the product line
NPV, IRR, and sensitivity analysis. Crumbly Cookie Company is considering expanding by buying a new (additional) machine that costs $42,000, has zero terminal disposal value and a 10-year useful
Payback, even and uneven cash flows. You have the opportunity to expand your business by purchasing new equipment for $159,000. You expect to incur cash fixed costs of $96,000 per year to use this
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. Nate Stately, a manager of the Plate Division for the Great Slate Manufacturing Company, has the opportunity to expand the division by investing in additional
Recognizing cash flows for capital investment projects. Ludmilla Quagg owns a fitness center and is thinking of replacing the old Fit-0-Matic machine with a brand new Flab-Buster 3000. The old
Recognizing cash flows for capital investment projects, NPV. Met-All Manufacturing manufactures over 20,000 different products made from metal, including building materials, tools, and furniture
NPV and inflation. Cost-Less Foods is considering replacing all of its old cash registers with new ones. The old registers are fully depreciated and have no disposal value. The new registers
NPV, inflation and taxes (continuation of 21-36). Refer to the information in the preceding problem, but now assume that the tax rate is 30% and that you are not ignoring taxes.1. Calculate the NPV
Net present value, Internal Rate of Return, Sensitivity Analysis. Francesca Freed wants a Burg-N- Fry franchise. The buy-in is $500,000. Burg-N-Fry headquarters tells Francesca that typical annual
Disposal of assets answers the following questions.1. A company has an inventory of 1,000 assorted parts for a line of missiles that has been discontinued. The inventory cost is $75,000. The parts
Relevant and irrelevant costs. Answer the following questions. 1. Dalton computers makes 5,000 units of a circuit board, CB76 at a cost of $230 each. Variable cost pa? unit is $180 and fixed cost per
1. The Woody Company manufactures slippers and sells them at $10 a pair. Variable manufacturing cost is $4.50 a pair, and allocated fixed manufacturing cost is $1.50 a pair. It has enough idle
Special order, activity-based costing. The Award Plus Company manufactures medals for winners of athletic events and other contests. Its manufacturing plant has the capacity to produce 10,000
Make versus buy, activity-based costing. The Svenson Corporation manufactures cellular modems. It manufactures its own cellular modem circuit boards (CMCB), an important part of the cellular modem.
Inventory decision, opportunity costs. Lawnox, a manufacturer of lawn mowers, predicts that it will purchase 240,000 spark plugs next year. Lawnox estimates that 20,000 spark plugs will be required
Relevant costs, contribution margin, product emphasis. The Beach Comber is a take-out food store at a popular beach resort. Susan Sexton, owner of the Beach Comber, is deciding how much refrigerator
Selection of most profitable product. Body-Builders, Inc., produces two basic types of weight- lifting equipment, Model 9 and Model 14. Pertinent data are as follows:The weight-lifting craze is such
Which base to close, relevant-cost analysis, opportunity costs? The U.S. Defense Department has the difficult decision of deciding which military bases to shut down. Military and political factors
Closing and opening stores Sanchez Corporation runs two convenience stores, one in Connecticut and one in Rhode Island. Operating income for each store in 2009 is as follows:The equipment has a
Choosing customers. Broadway Printers operates a printing press with a monthly capacity of 2,000 machine-hours. Broadway has two main customers: Taylor Corporation and Kelly Corporation. Data on
Relevance of equipment costs. The Auto Wash Company has just today paid for and installed a special machine for polishing cars at one of its several outlets. It is the first day of the company’s
Equipment upgrade versus replacement (A. Spero, adapted) The TechMech Company produces sells 6,000 modular computer desks per year at a selling price of $500 each. Its current production equipment,
Special Order Louisville Corporation produces baseball bats for kids that it sells for $32 each. At capacity, the company can produce 50,000 bats a year. The costs of producing and selling 50,000
Contribution approach, relevant costs. Air Frisco has leased a single jet aircraft that it operates between San Francisco and the Fijian Islands. Only tourist-class seats are available on its planes.
Relevant costs, opportunity costs. Larry Miller, the general manager of Basil Software, must decide when to release the new version of Basil’s spreadsheet package, Easyspread 2.0. Development of
Opportunity costs. The Wolverine Corporation is working at full production capacity producing 10,000 units of a unique product Rosebo. Manufacturing cost per unit for Rosebo is as
Product mix, relevant costs (N. Melumad, adapted) Pendleton Engineering makes cutting tools for metalworking operations. It makes two types of tools: R3, a regular cutting tool, and HP6, a
Dropping a product line, selling more units. The Northern Division of Grossman Corporation makes and sells tables and beds. The following estimated revenue and cost information from the division?s
Make or buy unknown level of volume. (A. Atkinson) Oxford Engineering manufactures small engines. The engines are sold to manufacturers who install them in such products as lawn mowers. The company
Make versus buy, activity-based costing opportunity costs. (N. Melumad and S. Reichelstein, adapted) The Ace Company produces bicycles. This year’s expected production is 10,000 units. Currently,
Multiple choice comprehensive problem on relevant costs. The following are the Class Company’s unit costs of manufacturing and marketing a high-style pen at an output level of 20,000 units per
Closing down divisions. Aristide corporation has four operating divisions. During the first quarter of 2009, the company reported total income from operations of $61,000 and the following results for
Product mix, constrained resource Westford Company produces three products, A110, B382 and D657. Unit data for the three products follows: All three products use the same direct material, Bistide.
Optimal product mix (Chapter Appendix) Della Simpson, Inc., sells two popular brands of cookies: Della’s Delight and Bonny’s Bourbon. Della’s Delight goes through the Mixing and Baking
Make versus buy, ethics. (CMA, adapted) Lynn Hart is a management accountant at Paibec Corporation. Paibec is under intense cost competition. Hart has been asked to evaluate whether Paibec
Product mix, constrained resource. Taylor Furniture produces and sells specialty mattresses. Production is a machine-intensive process. Taylor’s variable costs are direct material costs, variable
Normal and abnormal spoilage in units. The following data, in physical units, describe a grinding process for January: Inspection occurs at the 100% completion stage. Normal spoilage is 5% of the
Weighted-average method, spoilage, equivalent units. (CMA, adapted) Consider the following data for November 2009 from Gray Manufacturing Company, which makes silk pennants and uses a process-costing
Weighted-average method, assigning costs (continuation of 18-17). For the data in Exercise 18-17, summarize total costs to account for, calculate the cost per equivalent unit for direct materials and
FIFO method, spoilage, equivalent units. Refer to the information in Exercise 18-17. Suppose Gray Manufacturing Company uses the FIFO method of process costing instead of the weighted-average method.
FIFO method, assigning costs (continuation of 18-19). For the data in Exercise 18-17, use the FIFO method to summarize total costs to account for, calculate the cost per equivalent unit for direct
Weighted-average method, spoilage. Appleton Company makes wooden toys in its Forming Department, and it uses the weighted-average method of process costing. All direct materials are added at the
Standard costing method, spoilage, journal entries. Aaron, 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
Weighted-average method, spoilage. Chipcity is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly
FIFO method, spoilage. Refer to the information in Exercise 18-24. If you want to use Excel to solve this exercise, go to the Excel Lab at www.prenhall.com/horngren/cos113e and download the template
Standard-costing method, spoilage. Refer to the information in Exercise 18-24. Suppose Chipcity determines standard costs of $200 per equivalent unit for direct materials and $75 per equivalent unit
Spoilage and job costing. (L. Bamber) Bamber Kitchens produces a variety of items in accordance with special job orders from hospitals, plant cafeterias, and university dormitories. An order for
Reworked units, casts of rework. White Goods assembles washing machines at its Auburn plant. In February 2009, 60 tumbler units that cost $44 each (from a new supplier who subsequently went bankrupt)
Scrap, job costing. The Mendoza Company has an extensive job-costing facility that uses a variety of metals. Consider each requirement independently.1. Job 372 uses a particular metal alloy that is
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. If you want to use Excel to solve this problem, go to the Excel Lab at www.prenhall.com/horngren/cost13e and download the template
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
FIFO method, Packaging Department (continuation of 18-31). Refer to the information in Problem 18-32 except for the transferred-in costs for May, which equal the total cost of good units completed
Job-costing spoilage and scrap. (F Mayne) Santa Cruz Metal Fabricators, Inc., has a large job, No. 2734, that calls for producing various ore bins, chutes, and metal boxes for enlarging a copper
Spoilage in job costing. Whitefish Machine Shop is a manufacturer of motorized carts for vacation resorts. Peter Cruz, the plant manager of Whitefish, obtains the following information for Job #10 in
Rework in job costing, journal entry (continuation of 18-35). Assume that the 5 spoiled units of Whitefish Machine Shop’s Job #10 can be reworked for a total cost $1,800. A total cost of $5,000
Scrap at time of sale or at time of production, journal entries (continuation of 18-35). Assume that Job #10 of Whitefish Machine Shop generates normal scrap with a total sales value of $300 (it is
Physical units, inspection at various stages of completion (chapter appendix). Normal spoilage is 6% of the good units passing inspection in a forging process. In March, a total of 10,000 units were

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