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Accounting 23rd Edition Jonathan E. Duchac, James M. Reeve, Carl S. Warren - Solutions

Day Timer Publishers Inc. projected sales of 205,000 schedule planners for 2010. The estimated January 1, 2010, inventory is 18,500 units, and the desired December 31, 2010, inventory is 15,000 units. What is the budgeted production (in units) for 2010?
Soft Glow Candle Co, budgeted production of 78,900 candles in 2010. Wax is required to produce a candle. Assume 8 ounces (one half of a pound) of wax is required for each candle. The estimated January 1, 2010, wax inventory is 2,000 pounds. The desired December 31, 2010, wax inventory is 2,400
Day Timer Publishers Inc, budgeted production of 201,500 schedule planners in 2010. Paper is required to produce a planner. Assume 80 square feet of paper are required for each planner. The estimated January 1, 2010, paper inventory is 250,000 square feet. The desired December 31, 2010, paper
Day Timer Publishers Inc. budgeted production of 201,500 schedule planners in 2010. Each planner requires assembly. Assume that 12 minutes are required to assemble each planner. If assembly labor costs $14 per hour, determine the direct labor cost budget for 2010.
Soft Glow Candle Co. budgeted production of 78,900 candles in 2010. Each candle requires molding. Assume that 15 minutes are required to mold each candle. If molding labor costs $16.00 per hour, determine the direct labor cost budget for 2010.
Prepare a cost of goods sold budget for Day Timer Publishers Inc. using the information in Practice Exercises 22-3B and 22-4B. Assume the estimated inventories on January 1, 2010, for finished goods and work in process were $39,000 and $18,000, respectively. Also assume the desired inventories on
Prepare a cost of goods sold budget for Soft Glow Candle Co. using the information in Practice Exercises 22-3A and 22-4A. Assume the estimated inventories on January 1, 2010, for finished goods and work in process were $12,000 and $4,000, respectively. Also assume the desired inventories on
Soft Glow Candle Co. pays 20% of its purchases on account in the month of the purchase and 80% in the month following the purchase. If purchases are budgeted to be $15,000 for October and $17,000 for November, what are the budgeted cash payments for purchases on account for November?
Day Timer Publishers Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales on account are budgeted to be $390,000 for April and $360,000 for May, what are the budgeted cash receipts from sales on account for May?
At the beginning of the 2010 school year, Britney Logan decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following
Agent Blaze uses flexible budgets that are based on the following data: Sales commissions . . . . . . . . . . . . . . . . . 8% of sales Advertising expense . . . . . . . . . . . . . . . . 21% of sales Miscellaneous selling expense . . . . . . ..$2,250
The production supervisor of the Machining Department for Nell Company agreed to the following monthly static budget for the upcoming year: The actual amount spent and the actual units produced in the first three months of 2010 in the Machining Department were as follows: The Machining
Steelcase Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it produces filing cabinets in two departments: Fabrication and Trim Assembly. Assume the following information for the Fabrication Department: Steel per
Accu-Weight, Inc. produces a small and large version of its popular electronic scale. The anticipated unit sales for the scales by sales region are as follows: The finished goods inventory estimated for May 1, 2011, for the small and large scale models is 1,500 and 2,300 units, respectively. The
Harmony Audio Company manufactures two models of speakers, DL and XL. Based on the following production and sales data for September 2009, prepare(a) A sales budget and(b) A productionbudget.
Roberts and Chou, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending December 31, 2010: The average billing rate for staff is $130 per hour, and
Based on the data in Exercise 22-7 and assuming that the average compensation per hour for staff is $30 and for partners is $125, prepare a professional labor cost budget for Roberts and Chou, CPAs, for the year ending December 31, 2010. Use the following column headings:Staff Partners
Marino's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for April 2010: There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for
Coca-Cola Enterprises is the largest bottler of Coca-Cola® in North America. The company purchases Coke® and Sprite® concentrate from The Coca-Cola Company, dilutes and mixes the concentrate with carbonated water, and then fills the blended beverage into cans or plastic two-liter bottles. Assume
Anticipated sales for Sure Grip Tire Company were 42,000 passenger car tires and 15,000 truck tires. There were no anticipated beginning or ending finished goods inventories for either product. Rubber and steel belts are used in producing passenger car and truck tires according to the following
Hammer Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for October for the two rackets is as follows: Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated
Sleep-EZ Suites, Inc., operates a downtown hotel property that has 250 rooms. On average, 72% of Sleep-EZ Suites’ rooms are occupied on weekdays, and 48% are occupied during the weekend. The manager has asked you to develop a direct labor budget for the housekeeping and restaurant staff for
Levi Strauss & Co. manufactures slacks and jeans under a variety of brand names, such as Dockersâ and 501 Jeansâ. Slacks and jeans are assembled by a variety of different sewing operations. Assume that the sales budget for Dockers and 501 Jeans shows estimated sales of 24,700 and 53,600
Venus Candy Company budgeted the following costs for anticipated production forSeptember 2010: Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only factory fixedcosts.
Delaware Chemical Company uses oil to produce two types of plastic products, P1 and P2. Deleware budgeted 25,000 barrels of oil for purchase in September for $72 per barrel. Direct labor budgeted in the chemical process was $210,000 for September. Factory overhead was budgeted $325,000 during
The controller of Swiss Ceramics Inc. wishes to prepare a cost of goods sold budget for June. The controller assembled the following information for constructing the cost of goods sold budget: Use the preceding information to prepare a cost of goods sold budget for June2010.
Pet Joy Wholesale Inc., a pet wholesale supplier, was organized on May 1, 2010. Projected sales for each of the first three months of operations are as follows:May $360,000June 450,000July 600,000The company expects to sell 10% of its merchandise for cash. Of sales on account, 50% are
Office Mate Supplies Inc. has “cash and carry” customers and credit customers. Office Mate estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80%
Excel Learning Systems Inc. was organized on May 31, 2010. Projected selling and administrative expenses for each of the first three months of operations are as follows:June $117,400July 110,500August 100,400Depreciation, insurance, and property taxes represent $25,000 of the estimated
Rejuvenation Physical Therapy Inc. is planning its cash payments for operations for the third quarter (July?September), 2011. The Accrued Expenses Payable balance on July 1 is $24,000. The budgeted expenses for the next three months are as follows: Other operating expenses include $10,500 of
On January 1, 2010, the controller of Gardeneer Tools Inc. is planning capital expenditures for the years 2010–2013. The following interviews helped the controller collect the necessary information for the capital expenditures budget:Director of Facilities: A construction contract was signed in
Guardian Devices Inc. prepared the following sales budget for the current year: At the end of December 2010, the following unit sales data were reported for the year: For the year ending December 31, 2011, unit sales are expected to follow the patterns established during the year ending December
The budget director of Regal Furniture Company requests estimates of sales, production and other operating data from the various administrative units every month. Selected information concerning sales and production for August 2010 is summarized as follows:a. Estimated sales of King and Prince
The budget director of Heads Up Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for January 2010:a. Estimated sales for January:Batting helmet . . . . . . . . .
As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2011, the following tentative trial balance as of December 31, 2010, is prepared by the Accounting Department of Webster Publishing Co.:Factory output and sales for 2011 are
Van Gogh Frame Company prepared the following sales budget for the current year: At the end of December 2010, the following unit sales data were reported for the year: For the year ending December 31, 2011, unit sales are expected to follow the patterns established during the year ending December
The budget director of Outdoor Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for July 2010 is summarized as follows:a. Estimated sales for July by sales
The budget director of Feathered Friends Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for December 2010:a. Estimated sales for December:Bird House . . . . . . . . .
As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2011, the following tentative trial balance as of December 31, 2010, is prepared by the Accounting Department of Spring Garden Soap Co.: Factory output and sales for 2011 are
How often should standards be revised?
How are standards used in budgetary performance evaluation?
a. What are the two variances between the actual cost and the standard cost for direct materials?b. Discuss some possible causes of these variances.
The materials cost variance report for Nickols Inc. indicates a large favorable materials price variance and a significant unfavorable materials quantity variance. What might have caused these offsetting variances?
a. What are the two variances between the actual cost and the standard cost for direct labor?b. Who generally has control over the direct labor cost?
A new assistant controller recently was heard to remark: “All the assembly workers in this plant are covered by union contracts, so there should be no labor variances.” Was the controller’s remark correct? Discuss.
Would the use of standards be appropriate in a non-manufacturing setting, such as a fast-food restaurant?
a. Describe the two variances between the actual costs and the standard costs for factory overhead.b. What is a factory overhead cost variance report?
What are budgeted fixed costs at normal volume?
Briefly explain why firms might use non-financial performance measures.
Norris Company produces a product that requires six standard pounds per unit. The standard price is $1.25 per pound. If 500 units required 2,900 pounds, which were purchased at $1.30 per pound, what is the direct materials (a) Price variance, (b) Quantity variance, and (c) Cost variance?
McLean Company produces a product that requires three standard gallons per unit. The standard price is $18.50 per gallon. If 2,500 units required 8,000 gallons, which were purchased at $18.00 per gallon, what is the direct materials (a) Price variance, (b) Quantity variance, and (c) Cost variance?
Norris Company produces a product that requires 3.5 standard hours per unit at a standard hourly rate of $12 per hour. If 500 units required 1,500 hours at an hourly rate of $11.50 per hour, what is the direct labor(a) Rate variance,(b) Time variance,(c) Cost variance?
McLean Company produces a product that requires two standard hours per unit at a standard hourly rate of $18 per hour. If 2,500 units required 5,500 hours at an hourly rate of $19 per hour, what is the direct labor (a) Rate variance, (b) Time variance, and (c) Cost variance?
Norris Company produced 500 units of product that required 3.5 standard hours per unit. The standard variable overhead cost per unit is $0.70 per hour. The actual variable factory overhead was $1,200. Determine the variable factory overhead controllable variance.
McLean Company produced 2,500 units of product that required two standard hours per unit. The standard variable overhead cost per unit is $2.50 per hour. The actual variable factory overhead was $12,900. Determine the variable factory overhead controllable variance.
Norris Company produced 500 units of product that required 3.5 standard hours per unit. The standard fixed overhead cost per unit is $0.30 per hour at 1,800 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance.
McLean Company produced 2,500 units of product that required two standard hours per unit. The standard fixed overhead cost per unit is $1.30 per hour at 4,600 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance.
Norris Company produced 500 units that require six standard pounds per unit at $1.25 standard price per pound. The company actually used 2,900 pounds in production. Journalize the entry to record the standard direct materials used in production.
McLean Company produced 2,500 units that require three standard gallons per unit at $18.50 standard price per gallon. The company actually used 8,000 gallons in production. Journalize the entry to record the standard direct materials used in production.
Prepare an income statement through gross profit for Norris Company using the variance data in Practice Exercises 23-1A, 23-2A, 23-3A, and 23-4A. Assume Norris sold 500 units at $105 per unit.
Prepare an income statement through gross profit for McLean Company using the variance data in Practice Exercises 23-1B, 23-2B, 23-3B, and 23-4B. Assume McLean sold 2,500 units at $214 per unit.
The following are inputs and outputs to the cooking process of a restaurant:Percent of meals prepared on timeNumber of unexpected cook absencesNumber of times ingredients are missingNumber of server order mistakesNumber of hours kitchen equipment is down for repairsNumber of customer
The following are inputs and outputs to the copying process of a copy shop:Percent jobs done on timeNumber of times paper supply runs outNumber of pages copied per hourNumber of employee errorsNumber of customer complaintsCopy machine downtime (broken)Identify whether each is an input or output to
Bavarian Chocolate Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,000 bars) are as follows: Determine the standard direct materials cost per bar ofchocolate.
Hickory Furniture Company manufactures unfinished oak furniture. Hickory uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Determine the standard cost per dining roomtable.
Warwick Bottle Company (WBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: At the beginning of July, WBC management planned to produce 650,000 bottles. The actual number of bottles produced for July was 700,000
The following data relate to the direct materials cost for the production of 2,000 automobile a. Determine the price variance, quantity variance, and total direct materials cost variance.b. To whom should the variances be reported for analysis andcontrol?
I-Time, Inc., produces electronic timepieces. The company uses mini-LCD displays for its products. Each timepiece uses one display. The company produced 550 timepieces during March. However, due to LCD defects, the company actually used 570 LCD displays during March. Each display has a standard
The following data relating to direct materials cost for March of the current year are taken from the records of Play Tyme Inc., a manufacturer of plastic toys: Quantity of direct materials used 5,000 lbs. Actual unit price
H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (1,500 pounds) has the following standards: The actual materials in a batch may vary from the standard due to tomato characteristics.Assume that the actual quantities of materials for batch K103 were
The following data relate to labor cost for production of 5,500 cellular telephones: a. Determine the rate variance, time variance, and total direct labor cost variance.b. Discuss what might have caused thesevariances.
Alpine Bicycle Company manufactures mountain bikes. The following data for May of the current year are available: Quantity of direct labor used 600 hrs. Actual rate for direct labor $12.50 per hr.
The Freedom Clothes Company produced 18,000 units during June of the current year. The Cutting Department used 3,500 direct labor hours at an actual rate of $12.10 per hour. The Sewing Department used 5,800 direct labor hours at an actual rate of $11.80 per hour. Assume there were no work in
St. Luke Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: The unscheduled admission took longer, since name, address, and insurance information needed to be determined at the time of admission. Information was
One of the operations in the U.S. Post Office is a mechanical mail sorting operation. In this operation, letter mail is sorted at a rate of one letter per second. The letter is mechanically sorted from a three-digit code input by an operator sitting at a keyboard. The manager of the mechanical
At the beginning of October, Cornerstone Printers Company budgeted 16,000 books to be printed in October at standard direct materials and direct labor costs as follows:Direct materials.....................................$24,000Direct
Western Wood Products Company prepared the following factory overhead cost budget for the Press Department for February 2010, during which it expected to require 10,000 hours of productive capacity in the department: Assuming that the estimated costs for March are the same as for February, prepare
Colliers Company has determined that the variable overhead rate is $2.90 per direct labor hour in the Fabrication Department. The normal production capacity for the Fabrication Department is 14,000 hours for the month. Fixed costs are budgeted at $65,800 for the month. a. Prepare a monthly factory
The following data relate to factory overhead cost for the production of 5,000 computers: If productive capacity of 100% was 8,000 hours and the factory overhead cost budgeted at the level of 5,000 standard hours was $162,750, determine the variable factory overhead controllable variance, fixed
Perma Weave Textiles Corporation began January with a budget for 30,000 hours of production in the Weaving Department. The department has a full capacity of 40,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of January was as follows:
The data related to Acclaim Sporting Goods Company's factory overhead cost for the production of 50,000 units of product are as follows: Productive capacity at 100% of normal was 75,000 hours, and the factory overhead cost budgeted at the level of 76,000 standard hours was $456,000. Based on
Scientific Molded Products Inc. prepared the following factory overhead cost budget for the Trim Department for August 2010, during which it expected to use 10,000 hours for production: Scientific Molded Products has available 15,000 hours of monthly productive capacity in the Trim Department
Orion Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions:a. Purchased 1,700 units of copper tubing on account at $54.50 per unit. The standard price is
The Assembly Department produced 2,000 units of product during June. Each unit required 1.5 standard direct labor hours. There were 3,200 actual hours used in the Assembly Department during June at an actual rate of $14.00 per hour. The standard direct labor rate is $15 per hour. Assuming direct
The following data were taken from the records of Parrott Company for December 2010: Administrative expenses $ 72,000 Cost of goods sold (at standard)
Under Par, Inc., is an Internet retailer of golf equipment. Customers order golf equipment from the company, using an online catalog. The company processes these orders and delivers the requested product from its warehouse. The company wants to provide customers with an excellent purchase
Tri-County College wishes to monitor the efficiency and quality of its course registration process.a. Identify three input and three output measures for this process.b. Why would Tri-County College use non-financial measures for monitoring this process?
Best Bathware Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage
Scandia Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made available: Scandia Coat does not expect there to be any beginning or ending inventories of filler and lining material. At the end of the budget
Road Ready Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 5,200 tires were as follows: Each tire requires 0.25 hour of direct labor.InstructionsDetermine (a) The price variance,
Bio-Care, Inc., a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly Department for March 2010. The company expected to operate the department at 100% of normal capacity of 18,000 hours. During March, the department operated at 16,900
The Radiology Department provides imaging services for Parkside Medical Center. One important activity in the Radiology Department is transcribing digitally recorded analyses of images into a written report. The manager of the Radiology Department determined that the average transcriptionist could
Vintage Dresses Inc. manufactures dresses in a small manufacturing facility. Manufacturing has 20 employees. Each employee presently provides 35 hours of productive labor per week. Information about a production week is as follows: Standard wage per hr.
Eastern Polymers, Inc., processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 23,500 units of product were as follows: Each unit requires 0.1 hour of direct labor.InstructionsDetermine (a)
KAT Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for December 2010. The company expected to operate the department at 100% of normal capacity of 5,600 hours. Variable costs: During December, the department
Office Pro, Inc., does software development. One important activity in software development is writing software code. The manager of the WordPro Development Team determined that the average software programmer could write 40 lines of code in an hour. The plan for the first week in May called for
How would each of the following costs be classified if units produced is the activity base?a. Direct materials costsb. Direct labor costsc. Electricity costs of $0.35 per kilowatt-hour
Describe the behavior of (a) Total fixed costs and (b) Unit fixed costs as the level of activity increases.
How would each of the following costs be classified if units produced is the activity base?a. Salary of factory supervisor ($70,000 per year)b. Straight-line depreciation of plant and equipmentc. Property rent of $6,000 per month on plant and equipment
In cost analyses, how are mixed costs treated?

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