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Principles of Accounting 11th Edition Needles, Powers, crosson - Solutions

The three product cost elements-direct materials, direct labor, and overhead-flow through a job order costing system in a structured, orderly fashion. Specific accounts and subsidiary ledgers are used to verify and record cost information. Write a paragraph describing the cost flow in a job order
On June 30, New Haven Company’s work in Process inventory account showed a beginning balance of $29,400. The Materials Inventory account showed a beginning balance of $240,000. Production activity for July was as follows: Direct materials costing $238,820 were requested for production; total
Partial operating data for Merton Company are presented below. Management has set the predetermined overhead rate for the current year at 120 percent of direct labor costs.Using T accounts and the data provided, compute the unknown values. Show all your computations.
Partial operating data for Charing Cross Company are presented below. Charing Cross Company’s management has set the predetermined overhead rate for the current year at 80 percent of direct labor costs.Account/Transaction....................DecemberBeginning Materials Inventory ............... $
In January, the Cabinet Company worked on six job orders for specialty kitchen cabinets. It began job A-62 are as follows:The Cabinet Company produced a total of 34 cabinets for job A-62. Its current predetermined overhead rate is $21.60 per machine hour. From the information given, prepare a job
Using job order costing, determine the product unit cost based on the following costs incurred during March: liability insurance, manufacturing, $2,500; rent, sales office, $2,900; depreciation, manufacturing equipment, $6,100; direct materials, $32,650; indirect labor, manufacturing, $3,480;
Wild Things, Inc., manufactures custom-made stuffed animals. Last month the company produced 4,540 stuffed bears with stethoscopes for the local children’s hospital to sell at a fund-raising event. Using job order costing, determine the product unit cost of a stuffed bear based on the following
Arch Corporation manufactures specialty lines of women's apparel. During February, the company worked on three special orders: A-25, A-27, and B-14. Cost and production data for each order are as follows:1. Compute the total cost associated with each job. Show the subtotals for each cost
A job order cost card for Hal's Computer Services appears at the top of the next page. Complete the missing information. The profit factor in the organization's cost-plus contract is 30 percent of total cost.
A job order cost card for Miniblinds by Jenny appears below. Complete the missing information. The profit factor in the company's cost-plus contract is 50 percent of total cost.
Personal Shoppers, Inc., relieves busy women executives of the stress of shopping for clothes by raking an inventory of a client's current wardrobe and shopping for her needs for the next season or a special event. The company charges clients $30 per hour for the service plus the cost of the
A job order cost card for personal Trainers, Inc., appears at the top of the next page. Fill in the missing information.
Flagstaff Enterprises makes flagpoles. Dan Dalripple, the company's new controller, can find only the following partial information for the past two months:The current year's predetermined overhead rate is 80 percent of direct labor cost.RequiredUsing the data provided and T accounts, compute the
Par Carts, Inc., produces special-order golf carts, so Par Carts uses a job order costing system. Overhead is applied at the rate of 90 percent of direct labor cost. The following is a list of transactions for January:Jan. 1 Purchased direct materials on account, $215,400.2 Purchased indirect
On May 31, the inventory balances of Princess Designs, a manufacturer of high-quality children's clothing, were as follows: Materials Inventory, $21,360; Work in Process Inventory, $15,112; and finished Goods Inventory, $17,120. Job order cost cards for jobs in process as of June 30 had these
Riley & Associates is a CPA firm located in Clinton, Kansas. The firm deals primarily in tax and audit work. For billing of major audit engagements, it uses cost-plus contracts, and its profit factor is 25 percent of total job cost. Costs are accumulated for three primary activities: preliminary
Peruga Engineering Company specializes in designing automated characters and displays for theme parks. It uses cost-plus profit contracts, and its profit factor is 30 percent of total cost.Peruga uses a job order costing system to track the costs of developing each job. Costs are accumulated for
Hard Core Enterprises makes peripheral equipment for computers. Emily Vit, the company's new controller, can find only the following partial information for the past two months:The current year's predetermined overhead rate is 110 percent of direct labor cost.RequiredUsing the data provided and T
Rhile Industries, Inc., produces colorful and stylish nursing uniforms. During September, Rhile Industries completed the following transactions:Sept.1Purchased direct materials on account, $59,400.3Requested direct materials costing $26,850 for production (all for Job A).4Purchased indirect
Laurence Norton is the chief financial officer of Rotham Industries, a company that makes special-order sound systems for home theaters. His records for February revealed the following information:Beginning inventory balancesMaterials Inventory.......$27,450Work in Process Inventory ....
Locust Lodge, a restored 1920s lodge located in Alabama, caters and serves special events for businesses and social occasions. The company earns 60 percent of its revenue from weekly luncheon meetings of local clubs like Rotary. The remainder of its business comes from bookings for weddings and
Refer to assignment P 5 in this chapter. Peruga Engineering Company needs to analyze its jobs in process during the month of January.Required1. Using Excel's chart Wizard and the job order cost cards that you created for Jobs P-12, P-15, and P-19, prepare a bar chart that compares the bid and
Eagle Manufacturing supplies engine parts to Cherokee Cycle Company, a major U.S manufacturer of motorcycles. Like all of Cherokee€™s suppliers, Eagle has always added a healthy profit margin to its cost when quoting selling prices to Cherokee. Recently, however, several companies have
Refer to the information in C1. Jordan Smith, the president of Eagle Manufacturing, wants to improve the quality of the company’s operations and products. She believes waste exists in the design and manufacture of standard engine parts. To begin the improvement process, she has asked you to(1)
Kevin Rogers, the production manager of Stitts Metal Products Company, entered the office of controller Ed Harris and asked, “Ed, what gives here? I was charged for 330 direct labor hours on job AD22 and my records show that we spent only 290 hours on that job. That 40-hour difference caused the
Software development companies frequently have a problem: When is “good enough” good enough? How many hours should be devoted to developing a new product? The industry’s rule of thumb is that developing and shipping new software takes six to nine months. To be the first to market, a company
One or your college’s overall goals is customer satisfaction. In light of that goal, match each of the following stakeholders’ perspectives with the appropriate objective:Perspective1. Financial (investors)2. Learning and growth3. Internal business processes4. CustomersObjectivea)
Identify each of the following as a cost center, a discretionary cost center, a revenue center, a profit center, or an investment center:1. The manger of center A is responsible for generating cash inflows and incurring costs with the goal of making money for the company. The manager has no
Ha Kim is the manager of the Paper Cutting Department in the Northwest Division of Striking Paper Products. Identify each of the following costs as either controllable or not controllable by Kim:1. Lumber Department hauling costs2. Salaries of cutting machine workers3. Cost of cutting machine
Complete the following performance report for cost center C for the month ended December31:
Complete the following performance report for profit center P for the month ended December31:
Complete the profit margin, asset turnover, and return on investment calculations for investment centers D andV
Complete the average assets invested, profit margin, asset turnover, and return on investment calculations for investment centers J and K on the next page.
Complete the operating income, ending assets invested, average assets invested, and residual income calculations, for investment centers H andF:
Complete the current liabilities, total assets-current liabilities, and economic value added calculations for investment centers M andN:
One of your college’s goals is customer satisfaction. In view of that goal, identify each of the following as a linked objective, a measure, or a performance target:1. To have successful fund-raising campaigns2. Number of publications per year per tenure-track faculty3. To increase the average
Biggs Industries is considering adopting the balanced scorecard and has compiled the following list of possible performance measures. Select the balanced scorecard perspective that best matches each performance measure. Performance Measure1. Residual income 2. Customer satisfaction
Valient Online Products is considering adopting the balanced scorecard and has compiled the following list of possible performance measures. Select the balanced scorecard perspective that best matches each performance measure.Performance Measure1. Economic value added 2. Employee turnover3.
Beva Washington wants to measure her division’s product quality. Link an appropriate performance measure with each balances scorecard perspective.Product Quality1. Financial (investors)2. Learning and growth (employees)3. Internal business processes4. CustomersPossible Performance Measuresa.
Sam Yu wants to measure customer satisfaction within his region. Link an appropriate performance measure with each balanced scorecard perspective.Customer Satisfaction1. Financial (investors)2. Learning and growth (employees)3. Internal business processes4. CustomersPossible Performance Measuresa.
Identify the most appropriate type of responsibility center for each of the following organizational units:1. A manufacturing department of a large corporation2. An eye clinic in a community hospital3. The South American division of a multinational company4. The food preparation plant of a large
Angel Sweets produces pies. The company has the following three-tiered manufacturing structure:Identify the manager responsible for each of the following costs:Repair and maintenance costsMaterials handling costsDirect laborSupervisors€™ salariesMaintenance of plant
Happy Industries wants to formalize its management structure by designing an organization chart. The company has a president, a board of directors, and two vice presidents. Four discretionary cost centers-Financial Resources, Human Resources, Information Resources, and Physical Resources-report to
Jackie Jefferson, a new employee at Handown, Inc., is learning about the various types of performance reports. Describe the typical contents of a performance report for each type of responsibility center.
Vegan, LLC, owns a chain of gourmet vegetarian take-out markets. Last month, Store Q generated the following information: sales, $890,000; direct materials, $220,000; direct labor, $97,000; variable overhead, $150,000; fixed overhead, $130,000; variable selling and administrative expenses, $44,500;
The income statement in the traditional reporting format for Green Products, Inc., for the year ended December 31, is as follows:Total fixed manufacturing costs for the year were $16,750. All administrative expenses are considered to be fixed. Using this information, prepare an income statement for
Archer, LLC, owns a blueberry processing Plant. Last month, the plant generated the following information: blueberries processed, 50,000 pounds; direct materials, $50,000; direct labor, $10,000; variable overhead, $12,000; and fixed overhead, $13,000. There were no beginning or ending inventories.
Momence Associates is evaluating the performance of three divisions: Maple, Oaks, and Juniper. Using the following data, compute the return on investment and residual income for each division, compare the divisions' performance, and comment on the factors that influencedperformance:
Leesburg, LLP, is evaluating the performance of three divisions: Lake, Sumter, and Poe. Using the data that appear on the next page, compute the economic value added by each division, and comment on each division's performance.
Dynamic Consulting is advising Solid Industries on the short-term and long-term effectiveness of cash bonuses, awards, profit sharing, and stock as performance incentives. Prepare a chart identifying the effectiveness of each incentive as either long-term or short-term or both.
Serious Toys, Inc., has adopted the balanced scorecard to motivate its managers to work toward the companywide goal of leading its industry in innovation. Identify the four stakeholder perspectives that would link to the following objectives, measures, andtargets:
Beverage Products, LLC, manufactures metal beverage containers. The division that manufactures soft-drink beverage cans for the North American market has two plants that operate 24 hours a day, 365 days a year. The plants are evaluated as cost centers. Small tools and supplies are considered
Roofing tile is the major product of the Tops Corporation. The company had a particularly good year, as shown by its operating data. It sold 88,400 cases of tile. Variable cost of goods sold was $848,640; variable selling expenses were $132,600; fixed overhead was $166,680; fixed selling expenses
Bobbie Howell, the managing partner of the law firm Howell, Bagan, and Clark, LLP, makes asset acquisition and disposal decisions for the firm. As managing partner, she supervises the partners in charge of the firm's three branch offices. Those partners have the authority to make employee
The financial results for the past two years for Ornamental Iron, a division of Iron Foundry Company, follow:Required1. Compute the division's profit margin, asset turnover, and return on investment for this year and last year. Beginning total assets for last year were $157,900. Round to two
The balance sheet for the New Products Division of NuBone Corporation showed invested assets of $200,000 at the beginning of the year and $300,000 at the end of the year. During the year, the division’s operating income was $12,500 on sales of $500,000.Required1. Compute the division’s
Plastic Products, LLC, manufactures plastic beverage bottles. The division that manufactures water bottles for the North American market has two plants that operate 24 hours a day, 365 days a year. The plants are evaluated as cost centers. Small tools and supplies are considered variable overhead.
Interior designers often use the deluxe carper products of Lux Mills, Inc. the Maricpa blend is the company’s top product line. In Marc, Lux produced and sold 174,900 square yards of Maricopa blend. Factory operating data for the month included variable cost of goods sold of $2,623,500 and fixed
Portia Carter is the president of a company that owns six multiplex movie theaters. Carter has delegated decision-making authority to the theater managers for all decisions except those relating to capital expenditures and film selection. The theater managers' compensation depends on the
The financial results for the past two years for ABB Company, follow.Required1. Compute the company's profit margin, asset turnover, and return on investment for this year and last year. Beginning total assets for last year were $160,000. Round to two decimal places.2. The desired return on
Micanopy Company makes replicas of Indian artifacts. The balance sheet for the Arrowhead Division showed that the company had invested assets of $300,000 at the beginning of the year and $500,000 at the end of the year. During the year, Arrowhead Division’s operating income was $80,000 on sales
IT, Inc., has adopted the balanced scorecard approach to motivate the managers of its product divisions to work toward the companywide goal of leading its industry in innovation. The corporation€™s selected performance measures and scorecard results are as follows:Can you effectively
Wood4Fun makes wooden playground equipment for the institutional and consumer markets. The company strives for low-cost, high-quality production because it operates in a highly competitive market in which product price is set by the marketplace and is not based on production costs. The company is
Yuma Foods acquired Aldo€™s Tortillas several years ago. Aldo€™s has continued to operate as an independent company, except that Yuma Foods has exclusive authority over capital investments, production quantity, and pricing decisions because Yuma has been Aldo€™s only
Sevilla Consulting offers environmental consulting services worldwide. The managers of branch offices are rewarded for superior performance with bonuses based on the economic value that the office adds to the company. Last year's operating results for the entire company and for its three offices,
Suppose Alexandra Pater, the manager of the Food and Lodging Division at Winter Wonderland Resort, has hired you as a consultant to help her examine her division's performance under several different circumstances.1. Type the data that follow into an Excel spreadsheet to compute the division's
As we continue with this case, assume that your cookie store is now part of a national chain. The store has been consistently profitable, and sales remain satisfactory despite a temporary economic downturn in your area.At the first of the year, corporate headquarters set a targeted return on
Indicate whether the manufacturer of each of the following products should use a job order costing system or a process costing system to accumulate product costs:1. Plastics2. Ocean cruise ships3. Cereal4. Medical drugs for veterinary practices
Indicate whether each of the following is a characteristic of job order costing or of process costing:1. Several Work in Process Inventory accounts are used, one for each department or work cell in the process.2. Costs are grouped by process, department, or work cell.3. Costs are measured for each
Chemical Pro uses an automated mixing machine in its Mixing Department to combine three raw materials into a product called Triogo. On average, each unit of Triogo contains $3 of Material X, $6 of Material Y, $9 of Material Z, $2 of direct labor, and $12 of overhead. Total costs charged to the
Blue Blaze adds direct materials at the beginning of its production process and adds conversion costs uniformly throughout the process. Given the following information from Blue Blaze’s records for July and using Steps 1 and 2 of the FIFO costing method, compute the equivalent units of
Using the information from SE 4 and the following data, compute the total cost per equivalentunit:
Using the data in SE 4 and SE 5, assign costs to the units transferred out and to the units in ending inventory for July.
Using the same data as in SE 4 but Steps 1 and 2 of the average costing method, compute the equivalent units of production for the month.
Using the average costing method and the information from SE 4, SE 5, and SE 7, compute the total cost per equivalent unit.
Using the data in SE 4, SE 5, SE 7, and SE 8, and assuming that Blue Blaze uses the average costing method, assign costs to the units completed and transferred out and to the units in ending inventory for July.
Red company adds direct materials at the beginning of its production process and adds conversion costs uniformly throughout the process. Given the following information from Red company’s records for July, compute the current period’s equivalent units of production for direct materials and
Indicate whether the manufacturer of each of the following products should use a job order costing system or a process costing system to accumulate product costs:1. Paint2. Fruit juices3. Tailor-made suits4. Milk5. Coffee cups printed with your school insignia6. Paper7. Roller coaster for a theme
Tom’s Bakery makes a variety of cakes, cookies, and pies for distribution to five major chains of grocery stores in the area. The company uses a standard manufacturing process for all items except special-order cakes. It currently uses a process costing system. Tom, the owner of the company, has
Gilbert, Inc., which uses a process costing system, makes a chemical used as a food preservative. The manufacturing process involves Departments A and B. the company had the following total costs and unit costs for completed production last month, when it manufactured 10,000 pounds of the chemical.
McQuary Stone Company produces bricks. Although the company has been in operation for only 12 months, it already enjoys a good reputation. During its first 12 months, it put 600,000 bricks into production and completed and transferred 586,000 bricks to finished goods inventory. The remaining bricks
O’Leon Enterprises makes Perfect shampoo for professional hair stylists. On July 31, it had 5,200 liters of shampoo in process that were 80 percent complete in regard to conversion costs and 100 percent complete in regard to direct materials costs. During August, it put 212,500 liters of direct
Paper Savers Corporation produces wood pulp that is used in making paper. The following data pertain to the company's production of pulp during September:Compute the equivalent units of production for direct materials and conversion costs for September using the FIFO costing method.
Scientists at Anschultz Laboratories, Inc., have just perfected Dentalite, a liquid substance that dissolves tooth decay. The substance which is generated by a complex process involving five departments, is very expensive. Cost and equivalent unit data for the latest week are as follows (units are
Reuse Cookware, Inc., manufactures sets of heavy-duty pots. It has just completed production for August. At the beginning of August, its Work in process Inventory account showed direct materials costs of $31,700 and conversion costs of $29,400. The cost of direct materials used in August was
The bakery produces tea cakes. It uses a process costing system. In March, its beginning inventory was 450 units, which were 100 percent complete for direct materials costs and 10 percent complete for conversion costs. The cost of beginning inventory was $655. Units started and completed during the
Toy Country Corporation produces children’s toys using a liquid plastic formula and a continuous production process. In the company’s toy truck work cell, the plastic is heated and fed into a molding machine. The molded toys are then cooled and trimmed and sent to the packaging work cell. All
Using the data in E 4 and assuming that the company uses the average costing method, compute the equivalent units of production for direct materials and conversion costs for the year ended December 31.
Using the data in E 5 and assuming that the company uses the average costing method, compute the equivalent units of production for direct materials and conversion for August.
Using the data in E 6 and assuming that the company uses the average costing method, compute the equivalent units of production for direct materials and conversion for September.
Using the data in E 8 and the average costing method, determine the cost per equivalent set for August. Assume equivalent sets are 16,900 for direct materials costs and 17,039 for conversion costs.
Liquid Extracts Company produces a line of fruit extracts for home use in making wine, jams and jellies, pies, and meat sauces. Fruit enter the production process in pounds; the product emerges in quarts (1 pound of input equals 1 quart of output). On May 31,4,250 units were in process. All direct
Wash Clean Laboratories produces biodegradable liquid detergents that leave no soap film. The production process has been automated, so the product can now be produced in one operation instead of in a series of heating, mixing, and cooling operations. All direct materials are added at the beginning
Lid Corporation produces a line of beverage lids. The production process has been automated, so the product can now be produced in one operation rather than in the three operations that were needed before the company purchased the automated machinery. All direct materials are added at the beginning
Hurricane Products, Inc., makes high-vitamin, calorie-packed wagers that are popular among professional athletes because they supply quick energy. The company produces the wagers in a continuous flow, and it uses a process costing system based on the average costing method. It recently purchased
Sunshine Soda Company manufactures and sells several different kinds of soft drinks. Direct materials (sugar syrup and artificial flavor) are added at the beginning of production in the Mixing Department. Direct labor and overhead costs are applied to products throughout the process. For August,
Canned fruits and vegetables are the main products made by Good Foods, Inc. All direct materials are added at the beginning of the Mixing Department's process. When the ingredients have been mixed, they go to the Cooking Department. There the mixture is heated to 100Â° Celsius and simmered for 20
Honey Dews Company produces organic honey, which it sells to health food stores and restaurants. The company owns thousands of beehives. No direct materials other than honey are used. The production operation is a simple one. Impure honey is added at the beginning of the process and flows through a
Carton Corporation produces a line of beverage cartons. The production process has been automated, so the product can now be produced in one operation rather than in the three operations that were needed before the company purchased the automated machinery. All direct materials are added at the
Many of the products made by Wireless Plastics Company are standard telephone replacement parts that require long production runs and are produced continuously. A unit for Wireless plastics is a box of parts. During April, direct materials for 25,250 units were put into production. Total cost of

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