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managerial accounting

Fundamental Managerial Accounting Concepts 6th Edition Edmonds, Tsay, olds - Solutions

Missing information in a schedule of cost of goods manufactured and soldRequiredSupply the missing information on the following schedule of cost of goods manufactured and sold.
The following information was drawn from the accounting records of Connor Manufacturing Company.During the accounting period, Connor paid $16,000 to purchase raw materials, $15,000 for direct labor, and $11,000 for overhead costs. Assume that actual overhead equaled applied overhead.Requireda.
Salazar Enterprises' budget included the following estimated costs for the 2012 accounting period.The company uses a predetermined overhead rate based on machine hours. It estimated machine hour usage for 2012 would be 30,000 hours.Requireda. Identify the manufacturing overhead costs Salazar would
Treatment of over- or underapplied overhead On January 1, 2011, Grey Company estimated that its total overhead costs for the coming year would be $306,000 and that it would make 34,000 units of product. Grey actually produced 34,600 units of product and incurred actual overhead costs of $303,200
Recording overhead costs in a T-account Gann Manufacturing Company incurred actual overhead costs of $149,000 during 2011. It uses direct labor dollars as the allocation base for overhead costs. In 2011, actual direct labor costs were $210,000, and overhead costs were underapplied by $2,000.
Treatment of over- or underapplied overhead Kay Company and Way Company base their predetermined overhead rates on machine hours. The following information pertains to the companies€™ most recent accounting periods.Requireda. Compute the predetermined overhead rate for each company.b.
Recording manufacturing overhead costs DeCastro Manufacturing Company incurred the following actual manufacturing overhead costs:(1) cash paid for plant supervisor’s salary, $58,000; (2) depreciation on manufacturing equipment, $27,000; and (3) manufacturing supplies used, $2,300 (DeCastro uses
Missing information in inventory T-accounts The following incomplete T-accounts were drawn from the records of Chilton Manufacturing Company:RequiredDetermine the dollar amounts for (a), (b), (c), (d), and (e). Assume that underapplied and overapplied overhead is closed to Cost of Goods Sold.
Variable costing versus absorption costing The following information was drawn from the records of Daffin Company:During the most recent month Daffin produced 4,000 units of product and sold 3,800 units of product at a sales price of $98 per unit.Requireda. Prepare an income statement for the month
Unit-level (variable) manufacturing costs for Dunmyer Manufacturing Company amount to $4. Fixed manufacturing costs are $4,500 per month. Production workers provided 800 hours of direct labor in January and 1,400 hours in February. Dunmyer expects to use 12,000 hours of labor during the year. It
Manufacturing cost flow across three accounting cycles The following accounting events affected Gitau Manufacturing Company during its first three years of operation. Assume that all transactions are cash transactions.Transactions for 20101. Started manufacturing company by issuing common stock for
Manufacturing cost for one accounting cycle The following trial balance was taken from the records of Jemison Manufacturing Company at the beginning of 2011.Transactions for the Accounting Period1. Jemison purchased $4,600 of direct raw materials and $500 of indirect raw materials on account. The
Manufacturing cost flow for one-year period Burnside Manufacturing started 2011 with the following account balances.Transactions during 20111. Purchased $750 of raw materials with cash.2. Transferred $500 of raw materials to the production department.3. Incurred and paid cash for 80 hours of direct
Manufacturing cost flow for monthly and annual accounting periods York Manufacturing Company manufactures puzzles that depict the works of famous artists. The company rents a small factory and uses local labor on a part-time basis. The following accounting events affected York during its first year
Manufacturing cost flow for multiple accounting cycles The following events apply to Wilkinson Manufacturing Company. Assume that all transactions are cash transactions unless otherwise indicated.Transactions for the 2011 Accounting Period1. The company was started on January 1, 2011, when it
Comprehensive review problem Anita Rowley has worked as the plant manager of Gambrell Corporation, a large manufacturing company, for 10 years. The company produces stereo CD players for automotive vehicles and sells them to some of the largest car manufacturers in the country. Ms. Rowley has
Hattaway Manufacturing Company makes a product that sells for $50 per unit. Manufacturing costs for the product amount to $24 per unit variable, and $160,000 fixed. During the current accounting period, Hattaway made 8,000 units of the product and sold 7,600 units. Selling and administrative
Absorption versus variable costing Alvarez Company makes leather chairs that it sells for $200 per chair. Each chair requires $28 of direct materials and $72 of direct labor. Fixed overhead costs are expected to be $120,000 per year. Alvarez expects to sell 1,500 chairs during the coming year.
Moncier Manufacturing pays its production managers a bonus based on the company's profitability. During the two most recent years, the company maintained the same cost structure to manufacture its products.(Assume that selling and administrative expenses are associated with goods sold.) Moncier's
Airline Meal Services (AMS) makes prepared meals that it sells to regional airlines. The average materials cost per meal is $3.90, and the average labor cost is $2.40. AMS incurs approximately $720,000 of fixed manufacturing overhead costs annually. The marketing department estimated that AMS would
The following information is from the accounts of Depree Manufacturing Company for 2010. Requireda. Divide the class into groups of four or five students per group and organize the groups into three sections. Assign Task 1 to the first section of groups, Task 2 to the second section, and Task
Electronic Arts, Inc., more commonly known as EA Sports, develops and markets games for Sony’s PlayStation 3 and Microsoft’s Xbox. Using either the company’s March 31, 2009, Form 10-K or its annual report, answer the following questions. Access the company’s website to obtain the Form 10-K
Barret Cameron, a student in Professor Wagner’s managerial accounting course, asked the following question. “In the first accounting course, the teacher said inventory costs flow on a FIFO, LIFO, or weighted average pattern. Now you are telling us inventory costs flow through raw materials, to
Cliff Dennis may become a rich man. He is the creative force behind Amazing Drives, a new company. Amazing makes external drives that permit computer users to store large amounts of information on small floppy diskettes. Amazing has experienced tremendous growth since its inception three years ago.
Manning Cassey Computers (MCC) plans to produce and sell 1,600 computers for $720 each in the next fiscal year. The company€™s cost data follow.Requireda. Construct a spreadsheet to calculate the cost of goods manufactured and the cost per unit for MCC. Use formulas in the schedule so
Stanley Manufacturing Company, which sold 16,000 units of product at $20 per unit, collected the following information regarding three different levels of production.Requireda. Construct a spreadsheet that includes the preceding data in the top of the spreadsheet. The rows for fixed overhead per
Magnificent Modems, Inc., acquired a subsidiary named Anywhere, Inc. (AI). AI manufactures a wireless modem that enables users to access the Internet through cell phones. The following trial balance was drawn from the accounts of the subsidiary.The subsidiary completed the following transactions
To what types of products is a job-order costing system best suited? Provide examples.
To what types of products is a process costing system best suited? Provide examples.
Why do both job-order and process costing require some form of cost averaging?
How is the unit cost of a product determined in a process costing system?
Ludwig Company, which normally operates a process costing system to account for the cost of the computers that it produces, has received a special order from a corporate client to produce and sell 5,000 computers. Can Ludwig use a job-order costing system to account for the costs associated with
Which system, a job-order or a process costing system, requires more documentation?
How do source documents help accountants operate a costing system?
In a job-order costing system, what are the Work in Process Inventory subsidiary records called? What information is included in these subsidiary records?
How is indirect labor recorded in ledger accounts? How is this labor eventually assigned to the items produced in a job-order costing system?
How is depreciation on manufacturing equipment recorded in ledger accounts? How is this depreciation assigned to the items produced in a job-order costing system and in a process costing system?
Why is a process costing system not appropriate for companies that produce items that are distinctly different from one another?
The president of Videl Corporation tells you that her company has a difficult time determining the cost per unit of product that it makes. It seems that some units are always partially complete. Counting these units as complete understates the cost per unit because all of the units but only part of
What is the weighted average method of determining equivalent units? Why is it used? What are its weaknesses?
What is the purpose of each of the three primary steps in a process costing system? Describe each.
In a process costing system, what does the term transferred-in costs mean? How is the amount of transferred-in costs determined?
The finishing department is the last of four sequential production departments for Kowalski Graphics, Inc. The company’s other production departments are design, layout, and printing. The finishing department incurred the following costs in March 2012: direct materials, $40,000; direct labor,
Matching products with appropriate costing systemsRequiredIndicate which costing system (job-order, process, or hybrid) would be most appropriate for the type of product listed in the left-hand column. The first item is shown as an example.
Identifying the appropriate costing system Flagg Company makes small aluminum storage bins that it sells through a direct marketing mail order business. The typical bin measures 6 × 8 feet. The bins are normally used to store garden tools or other small household items. Flagg customizes bins for
Job-order or process costing system and a pricing decision Sam Wu, a tailor in his home country, recently immigrated to the United States. He is interested in starting a business making custom suits for men. Mr. Wu is trying to determine the cost of making a suit so he can set an appropriate
Job-order costing in a manufacturing company Ferguson Corporation builds sailboats. On January 1, 2012, the company had the following account balances: $65,000 for both cash and common stock. Boat 25 was started on February 10 and finished on May 31. To build the boat, Ferguson had incurred cash
Job-order costing in a manufacturing company Keeney Corporation makes custom-order furniture to meet the needs of disabled persons. On January 1, 2011, the company had the following account balances: $90,000 for both cash and common stock. In 2011, Keeney worked on three jobs. The relevant direct
Job-order costing in a service company Bailes Condos Corporation is a small company owned by Ray Miller. It leases three condos of differing sizes to customers as vacation facilities. Labor costs for each condo consist of maid service and maintenance cost. Other direct operating costs consist of
The following information applies to Job 730 completed by Porthro Manufacturing Company during October 2010. The amount of labor cost for the job was $81,000. Applied overhead amounted to $102,400. The project was completed and delivered to Rodewald Company at a contract price of $314,000. Porthro
Process costing system—determine equivalent units Sheridan Furniture Company’s cutting department had 400 units in its beginning work in process inventory. During the accounting period it began work on 1,200 units of product and had 600 partially complete units in its ending inventory.Required
McAlister Watches, Inc., makes watches. Its assembly department started the accounting period with a beginning inventory balance of $22,000. During the accounting period, the department incurred $43,500 of transferred-in cost, $21,000 of materials cost, $60,000 of labor cost, and $67,000 of applied
Process costing system—determine equivalent units and allocate costs Milwaukee Ski Company manufactures snow skis. During the most recent accounting period, the company’s finishing department transferred 4,200 sets of skis to finished goods. At the end of the accounting period, 450 sets of skis
Fancher Company is a cosmetics manufacturer. Its assembly department receives raw cosmetics from the molding department. The assembly department places the raw cosmetics into decorative containers and transfers them to the packaging department. The assembly department’s Work in Process Inventory
Selecting the appropriate costing system Larry€™s Car Wash (LCW) offers customers three cleaning options. Under Option 1, only the exterior is cleaned. With Option 2, the exterior and interior are cleaned. Option 3 provides exterior waxing as well as exterior and interior cleaning. LCW
Baucom Manufacturing Corporation was started with the issuance of common stock for $50,000. It purchased $7,000 of raw materials and worked on three job orders during 2012 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.)Factory overhead is applied using
Fenske Construction Company began operations on January 1, 2012, when it acquired $10,000 cash from the issuance of common stock. During the year, Fenske purchased $2,600 of direct raw materials and used $2,400 of the direct materials. There were 108 hours of direct labor worked at an average rate
Alston Corporation makes rocking chairs. The chairs move through two departments during production. Lumber is cut into chair parts in the cutting department, which transfers the parts to the assembly department for completion. The company sells the unfinished chairs to hobby shops. The following
Use the ending balances from Problem 12-15A as the beginning balances for this problem. The transactions for the second year of operation (2012) are described here. (Assume that all transactions are cash transactions unless otherwise indicated.)1. The company purchased $40,000 of direct raw
Burris Company had 250 units of product in its work in process inventory at the beginning of the period and started 2,000 additional units during the period. At the end of the period, 750 units were in work in process inventory. The ending work in process inventory was estimated to be 40 percent
Espinoza Company had 200 units of product in work in process inventory at the beginning of the period. It started 1,400 units during the period and transferred 1,200 units to finished goods inventory. The ending work in process inventory was estimated to be 70 percent complete. Cost data for the
Rockwall Plastic Products Company makes a plastic toy using two departments, parts and assembly. The following data pertain to the parts department’s transactions in 2011.1. The beginning balance in the Work in Process Inventory account was $11,400. This inventory consisted of parts for 1,000
Zest Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments, mixing and bottling. Zest's beginning balances and data pertinent to the mixing department's activities for 2011 follow.1. Zest Cola issued additional common stock for $54,000 cash.2. The company
Reed Corporation makes a health beverage named Reed that is manufactured in a two-stage production process. The drink is first created in the Conversion Department where material ingredients (natural juices, supplements, preservatives, etc.) are combined. On July 1, 2011, the company had a
Matching products with appropriate costing systemsRequiredIndicate which costing system (job-order, process, or hybrid) would be most appropriate for the type of product listed in the left-hand column. The first item is shown as an example.
Dahl Corporation’s Morgan Plant in Jacksoville, Florida, produces the company’s weed-control chemical solution, Weed Terminator. Production begins with pure water from a controlled stream to which the plant adds different chemicals in the production process. Finally, the plant bottles the
Jayne Allen, an artist, plans to make her living drawing customer portraits at a stand in Underground Atlanta. She will carry her drawing equipment and supplies to work each day in bags. By displaying two of her best hand-drawn portraits on either side of her stand, she expects to attract
Job-order costing in a manufacturing company Popejoy Drapery, Inc., specializes in making custom draperies for both commercial and residential customers. It began business on August 1, 2011, by acquiring $48,000 cash through issuing common stock. In August 2011, Popejoy accepted drapery orders,
Job-order costing in a manufacturing company Agu Advertisements Corporation designs and produces television commercials for clients. On March 1, 2012, the company issued common stock for $75,000 cash. During March, Agu worked on three jobs. Pertinent data follow.Actual production overhead cost:
Job-order costing in a service company Navasota Consulting provides financial and estate planning services on a retainer basis for the executive officers of its corporate clients. It incurred the following labor costs on services for three corporate clients during March 2011.Navasota allocated
Determine missing information for a job order The following information pertains to Job 712 that Gillman Manufacturing Company completed during January 2011. Materials and labor costs for the job were $70,000 and $38,000, respectively. Applied overhead costs were $44,000. Gillman completed and
Process costing: determining equivalent units In March 2011, Rite Corporation’s battery plant had 2,000 units in its beginning work in process inventory. During March, the company added 18,000 units to production. At the end of the month, 6,000 units of product were in process.Required(Each
Allocating costs in a process costing system Duval Corporation, a manufacturer of diabetic testing kits, started November production with $60,000 in beginning inventory. During the month, the company incurred $360,000 of materials cost and $240,000 of labor cost. It applied $165,000 of overhead
Process costing: determining equivalent units and allocating costs Bell Corporation, which makes suitcases, completed 30,000 suitcases in August 2011. At the end of August, work in process inventory consisted of 5,000 suitcases estimated to be 40 percent complete. Total product costs for August
Process costing: supply missing information Gospel Publications, Inc., produces Bibles in volume. It printed and sold 120,000 Bibles last year. Demand is sufficient to support producing a particular edition continuously throughout the year. For this operation, Gospel uses two departments, printing
Selecting the appropriate costing system Schroeder Automotive Specialties, Inc., has a successful market niche. It customizes automobile interiors to fit the various needs of disabled customers. Some customers need special equipment to accommodate disabled drivers. Others need modified entrance and
Plano Corporation was created on January 1, 2011, when it received a stockholder's contribution of $65,000. It purchased $7,900 of raw materials and worked on three job orders during the year. Data about these jobs follow. (Assume all transactions are for cash unless otherwise indicated.)The
Presley Roofing Corporation was founded on January 1, 2012, when stockholders contributed $5,000 for common stock. During the year, Presley purchased $2,400 of direct raw materials and used $2,160 of direct materials. There were 80 hours of direct labor worked at an average rate of $8 per hour paid
Whitaker Food Company makes frozen vegetables. Production involves two departments, processing and packaging. Raw materials are cleaned and cut in the processing department and then transferred to the packaging department where they are packaged and frozen. The following transactions apply to
Use the ending balances from Problem 12-15B as the beginning balances for this problem. The transactions for the second year of operation (2012) are described here. (Assume that all transactions are cash transactions unless otherwise indicated.)1. The company purchased $51,000 of direct raw
At the beginning of 2012, Lingua Company had 2,500 units of product in its work in process inventory, and it started 22,500 additional units of product during the year. At the end of the year, 6,000 units of product were in the work in process inventory. The ending work in process inventory was
Ash Company's beginning work in process inventory consisted of 6,000 units of product on January 1, 2011. During 2011, the company started 24,000 units of product and transferred 25,000 units to finished goods inventory. The ending work in process inventory was estimated to be 40 percent complete.
Burdorf Corporation makes blue jeans. Its process involves two departments, cutting and sewing.The following data pertain to the cutting department’s transactions in 2011.1. The beginning balance in work in process inventory was $8,772. This inventory consisted of fabric for 6,000 pairs of jeans.
Seguin Paper Products Corporation produces paper cups using two production departments, printing and forming. Beginning balances and printing department data for 2011 follow.1. Seguin Paper Products issued additional common stock for $110,000 cash.2. The company purchased raw materials and
Shin Gifts makes unique western gifts that are sold at souvenir shops. One of the company's more popular products is a ceramic eagle that is produced in a mass production process that entails two manufacturing stages. In the first production stage ceramic glass is heated and molded into the shape
This problem covers concepts that were presented in Chapters 11 and 12 concerning job-order costing systems. Mid-Life Motorcycles (MLM) is a small shop that builds customized motorcycles, mostly for middle-aged men with significant discretionary income, who are hoping to fulfill a high school
Bowen Bridge Company constructs bridges for the State of Kentucky. During 2010, Bowen started work on three bridges. The cost of materials and labor for each bridge follows.The predetermined overhead rate is $1.20 per direct labor dollar. Actual overhead costs were $2,170,800. Bridge 306 was
Identifying appropriate product costing systems for three real world companies Obtain the Form 10-Ks for these three companies: AGCO Corporation, Crown Holdings, Inc., and Noble Corporation. To obtain the Form 10-Ks you can use either the EDGAR system following the instructions in Appendix A, or
Determining the proper costing system Professor Julia Silverman received the following e-mail message. “I don’t know if you remember me. I am Tim Wallace. I was in your introductory accounting class a couple of years ago. I recently graduated and have just started my first real job. I remember
René Alverez knew she was in over her head soon after she took the job. Even so, the opportunity for promotion comes along rarely and she believed that she would grow into it. Ms. Alverez is the cost accounting specialist assigned to the finishing department of Standard Tool Company. Bill Sawyer,
Lewis Company had 8,000 units of product in work in process inventory at the beginning of the period and started 16,000 units during the period. At the end of the period, 4,000 units remained in work in process. The ending work in process inventory was estimated to be 40 percent complete. The cost
Refer to the job cost sheet in Exhibit 12.3. RequiredConstruct a spreadsheet that recreates the job cost sheet in Exhibit 12.3. Use formulas wherever possible, such as in the total row. Spreadsheet Tips(1) Center the headings for direct materials, direct labor, and applied overhead across two or
This is a continuation of the comprehensive problem in Chapter 11. During 2012, Anywhere,Inc. (AI), incurred the following product costs.Recall that the 2011 ending balance in the Work in Process (WIP) account was $26,000. Accordingly, this is the beginning WIP balance for 2012. There were 110
Bindon Furniture Manufacturing has completed its monthly inventory count for dining room chairs and recorded the following information for ending inventory: 600 units 100 percent complete, 300 units 60 percent complete, and 100 units 20 percent complete. The company uses a process costing system to
Why are ratios and trends used in financial analysis?
What do the terms liquidity and solvency mean?
What is apparent from a horizontal presentation of financial statement information? A vertical presentation?
What is the significance of inventory turnover, and how is it calculated?
What is the difference between the current ratio and the quick ratio? What does each measure?
Why are absolute amounts of limited use when comparing companies?

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