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managerial accounting

Accounting Principles 11th Edition Jerry Weygandt, Paul Kimmel, Donald Kieso - Solutions

Presented below are Dieker Company's monthly manufacturing cost data related to its personal computer products.(a) Utilities for manufacturing equipment ......$116,000(b) Raw material (CPU, chips, etc.) ......... $ 85,000(c) Depreciation on manufacturing building .....$880,000(d) Wages for
Francum Manufacturing Company has the following data: direct labor $209,000, direct materials used $180,000, total manufacturing overhead $208,000, and beginning work in process $25,000. Compute (a) Total manufacturing costs and (b) Total cost of work in process.
In alphabetical order below are current asset items for Ruiz Company’s balance sheet at December 31, 2012. Prepare the current assets section (including a complete heading).Accounts receivable ......... $200,000Cash ............... 62,000Finished goods ........... 91,000Prepaid expenses
Presented below are incomplete manufacturing cost data. Determine the missing amounts for three differentsituations.
Use the same data from BE14€“10 above and the data below. Determine the missingamounts.
Kline Manufacturing Company uses a worksheet in preparing financial statements. The following accounts are included in the adjusted trial balance: Finished Goods Inventory $28,000, Work in Process Inventory $21,600, Raw Materials Purchases $175,000, and Direct Labor $140,000. Indicate the worksheet
The following information is available for Fishel Manufacturing Company.Prepare the cost of goods manufactured schedule for the month ofApril.
Richard Larkin has prepared the following list of statements about managerial accounting and financial accounting.1. Financial accounting focuses on providing information to internal users.2. Analyzing cost-volume-profit relationships is part of managerial accounting.3. Preparation of budgets is
Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory?1. Salaries for assembly line inspectors.2. Insurance on factory machines.3. Property taxes on the factory building.4. Factory repairs.5. Upholstery used in
Ryan Corporation incurred the following costs while manufacturing its product.Instructions(a) Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs.(b) Explain the basic difference in accounting for product costs and periodcosts.
Knight Company reports the following costs and expenses in May.InstructionsFrom the information, determine the total amount of:(a) Manufacturing overhead.(b) Product costs.(c) Periodcosts.
Ikerd Company is a manufacturer of personal computers. Various costs and expenses associated with its operations are as follows.1. Property taxes on the factory building.2. Production superintendents’ salaries.3. Memory boards and chips used in assembling computers.4. Depreciation on the factory
The administrators of Crawford County’s Memorial Hospital are interested in identifying the various costs and expenses that are incurred in producing a patient’s X-ray.A list of such costs and expenses is presented below.1. Salaries for the X-ray machine technicians.2. Wages for the hospital
Kwik Delivery Service reports the following costs and expenses in June 2012.InstructionsDetermine the total amount of (a) Delivery service (product) costs and (b) Periodcosts.
Lopez Corporation incurred the following costs while manufacturing its product.Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January 1 and $45,600 at December 31.Instructions(a) Compute cost of goods manufactured.(b) Compute
Manufacturing cost data for Copa Company are presented below.InstructionsIndicate the missing amount for each letter (a) through(i).
Incomplete manufacturing cost data for Colaw Company for 2012 are presented as follows for four different situations.Instructions(a) Indicate the missing amount for each letter.(b) Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31,2012.
Cepeda Corporation has the following cost records for June 2012Instructions(a) Prepare a cost of goods manufactured schedule for June 2012.(b) Prepare an income statement through gross profit for June 2012 assuming net sales are$92,100.
Joyce Tombert, the bookkeeper for Marks Consulting, a political consulting firm, has recently completed a managerial accounting course at her local college. One of the topics covered in the course was the cost of goods manufactured schedule. Joyce wondered if such a schedule could be prepared for
The following information is available for Aikman Company.Instructions(a) Compute cost of goods manufactured.(b) Prepare an income statement through gross profit.(c) Show the presentation of the ending inventories on the December 31, 2012, balance sheet.(d) How would the income statement and
Chambers Manufacturing Company produces blankets. From its accounting records, it prepares the following schedule and financial statements on a yearly basis.(a) Cost of goods manufactured schedule.(b) Income statement.(c) Balance sheet.The following items are found in its ledger and accompanying
An analysis of the accounts of Roberts Manufacturing reveals the following manufacturing cost data for the month ended June 30, 2012.Costs incurred: Raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500,
Buhler Motor Company manufactures automobiles. During September 2012, the company purchased 5,000 head lamps at a cost of $10 per lamp. Buhler withdrew 4,650 lamps from the warehouse during the month. Fifty of these lamps were used to replace the head lamps in autos used by traveling sales staff.
Data for Roberts Manufacturing are presented in E14-16.InstructionsBeginning with the adjusted trial balance, prepare a partial worksheet for Roberts Manufacturing using the format shown in Illustration 14A-2.Data from E14-16
Lott Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Lott€™s monthly manufacturing cost and other
Bell Company, a manufacturer of audio systems, started its production in October 2012. For the preceding 3 years, Bell had been a retailer of audio systems. After a thorough survey of audio system markets, Bell decided to turn its retail store into an audio equipment factory.Raw materials cost for
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.Instructions(a) Indicate the missing amount for each letter.(b) Prepare a condensed cost of goods manufactured schedule for Case 1.(c) Prepare an income statement and the current assets section of the
The following data were taken from the records of Clarkson Manufacturing Company for the fiscal year ended June 30, 2012.Instructions(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)(b) Prepare an income statement through gross profit.(c)
Phillips Company is a manufacturer of computers. Its controller resigned in October 2012. An inexperienced assistant accountant has prepared the following income statement for the month of October 2012.Prior to October 2012, the company had been profitable every month. The company's president is
Garrett Manufacturing Company uses a simple manufacturing accounting system. At the end of its fiscal year on August 31, 2012, the adjusted trial balance contains the following accounts.Physical inventory accounts on August 31, 2012, show the following inventory amounts: Finished Goods $50,600,
Agler Company specializes in manufacturing motorcycle helmets. The company has enough orders to keep the factory production at 1,000 motorcycle helmets per month. Agler€™s monthly manufacturing cost and other expense data are as follows.Maintenance costs on factory building ......... $
Elliott Company, a manufacturer of tennis rackets, started production in November 2011. For the preceding 5 years, Elliott had been a retailer of sports equipment. After a thorough survey of tennis racket markets, Elliott decided to turn its retail store into a tennis racket factory.Raw materials
The following data were taken from the records of Moxie Manufacturing Company for the year ended December 31, 2012.Instructions(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)(b) Prepare an income statement through gross profit.(c) Prepare
Ortiz Company is a manufacturer of toys. Its controller resigned in August 2012. An inexperienced assistant accountant has prepared the following income statement for the month of August 2012.Prior to August 2012, the company had been profitable every month. The company's president is concerned
Wendall Manufacturing Company specializes in producing fashion outfits. On July 31, 2012, a tornado touched down at its factory and general office. The inventories in the warehouse and the factory were completely destroyed as was the general office nearby. Next morning, through a careful search of
Tenrack is a fairly large manufacturing company located in the southern United States. The company manufactures tennis rackets, tennis balls, tennis clothing, and tennis shoes, all bearing the company’s distinctive logo, a large green question mark on a white flocked tennis ball. The company’s
Refer to Problem 14–5A and add the following requirement. Prepare a letter to the president of the company, Shelly Phillips, describing the changes you made. Explain clearly why net income is different after the changes. Keep the following points in mind as you compose your letter.1. This is a
Steve Morgan, controller for Newton Industries, was reviewing production cost reports for the year. One amount in these reports continued to bother him—advertising. During the year, the company had instituted an expensive advertising campaign to sell some of its slower-moving products. It was
The primary purpose of managerial accounting is to provide information useful for management decisions. Many of the managerial accounting techniques that you learn in this course will be useful for decisions you make in your everyday life.InstructionsFor each of the following managerial accounting
Sam Bowyer believes there are no significant differences in the flow of costs between job order cost accounting and process cost accounting. Is Bowyer correct? Explain.
At Ely Company, overhead is assigned to production departments at the rate of $5 per machine hour. In July, machine hours were 3,000 in the Machining Department and 2,400 in the Assembly Department. Prepare the entry to assign overhead to production.
Mark Haley is uncertain about the steps used to prepare a production cost report. State the procedures that are required in the sequence in which they are performed.
John Harbeck is confused about computing physical units. Explain to John how physical units to be accounted for and physical units accounted for are determined.
Coats Company had zero units of beginning work in process. During the period, 9,000 units were completed, and there were 600 units of ending work in process. What were the units started into production?
Sanchez Co. has zero units of beginning work in process. During the period, 12,000 units were completed, and there were 500 units of ending work in process one-fifth complete as to conversion cost and 100% complete as to materials cost. What were the equivalent units of production for?(a) Materials
Hindi Co. started 3,000 units for the period. Its beginning inventory is 500 units one-fourth complete as to conversion costs and 100% complete as to materials costs. Its ending inventory is 300 units one-fifth complete as to conversion costs and 100% complete as to materials costs. How many units
Clauss Company transfers out 14,000 units and has 2,000 units of ending work in process that are 25% complete. Materials are entered at the beginning of the process and there is no beginning work in process.Assuming unit materials costs of $3 and unit conversion costs of $5, what are the costs to
(a) Ann Quinn believes the production cost report is an external report for stockholders. Is Ann correct? Explain.(b) Identify the sections in a production cost report.
At Trent Company, there are 800 units of ending work in process that are 100% complete as to materials and 40% complete as to conversion costs. If the unit cost of materials is $3 and the costs assigned to the 800 units is $6,000, what is the per unit conversion cost?
Soria Co. started and completed 2,000 units for the period. Its beginning inventory is 800 units 25% complete and its ending inventory is 400 units 20% complete. Soria uses the FIFO method to compute equivalent units. How many units were transferred out this period?
Reyes Company transfers out 12,000 units and has 2,000 units of ending work in process that are 25% complete. Materials are entered at the beginning of the process and there is no beginning work in process. Reyes uses the FIFO method to compute equivalent units. Assuming unit materials costs of $3
Weber Manufacturing purchases $45,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Journalize the two transactions on March 31 assuming the labor costs are not paid until April.
Data for Weber Manufacturing are given in BE16-1. Supporting records show that (a) The Assembly Department used $24,000 of raw materials and $35,000 of the factory labor, and (b) The Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on
Factory labor data for Weber Manufacturing are given in BE16-2. Manufacturing overhead is assigned to departments on the basis of 200% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments.
Goode Manufacturing Company has the following production data for selected months.Compute the physical units for each month.
Using the data in BE16-4, compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process.Data from BE16-4
In Lopez Company, total material costs are $36,000, and total conversion costs are $54,000. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for materials, conversion costs, and total manufacturing costs.
Trek Company has the following production data for April: units transferred out 40,000, and ending work in process 5,000 units that are 100% complete for materials and 40% complete for conversion costs. If unit materials cost is $4 and unit conversion cost is $7, determine the costs to be assigned
Production costs chargeable to the Finishing Department in June in Cascio Company are materials $16,000, labor $29,500, overhead $18,000. Equivalent units of production are materials 20,000 and conversion costs 19,000. Compute the unit costs for materials and conversion costs.
Data for Cascio Company are given in BE16-8. Production records indicate that 18,000 units were transferred out, and 2,000 units in ending work in process were 50% complete as to conversion cost and 100% complete as to materials. Prepare a cost reconciliation schedule.
The Smelting Department of Mathews Manufacturing Company has the following production and cost data for November.Production: Beginning work in process 2,000 units that are 100% complete as to materials and 20% complete as to conversion costs; units transferred out 8,000 units; and ending work in
Sanderson Company has the following production data for March: no beginning work in process, units started and completed 30,000, and ending work in process 5,000 units that are 100% complete for materials and 40% complete for conversion costs. Sanderson uses the FIFO method to compute equivalent
Using the data in BE16-11, prepare the cost section of the production cost report for Sanderson Company.Data from BE16-11Sanderson Company has the following production data for March: no beginning work in process, units started and completed 30,000, and ending work in process 5,000 units that are
Production costs chargeable to the Finishing Department in May at Kim Company are materials $8,000, labor $20,000, overhead $18,000, and transferred-in costs $67,000. Equivalent units of production are materials 20,000 and conversion costs 19,000.Kim uses the FIFO method to compute equivalent
Indicate whether each of the following statements is true or false.1. Many hospitals use job order costing for small, routine medical procedures.2. A manufacturer of computer flash drives would use a job order cost system.3. A process cost system uses multiple work in process accounts.4. A process
Kopa Company manufactures CH-21 through two processes: Mixing and Packaging. In July, the following costs were incurred.Units completed at a cost of $21,000 in the Mixing Department are transferred to the Packaging Department. Units completed at a cost of $106,000 in the Packaging Department are
The assembly department has the following production and cost data for the current month.Materials are entered at the beginning of the process. The ending work in process units are 70% complete as to conversion costs. Compute the equivalent units of production for(a) Materials and (b)
In March, Kelly Manufacturing had the following unit production costs: materials $10 and conversion costs $8. On March 1, it had zero work in process. During March, Kelly transferred out 22,000 units. As of March 31, 4,000 units that were 40% complete as to conversion costs and 100% complete as to
Robert Mallory has prepared the following list of statements about process cost accounting.1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.2. A process cost system is used when each finished unit is indistinguishable from another.3.
Harrelson Company manufactures pizza sauce through two production departments: Cooking and Canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of April, the work in process accounts shows the following debits.InstructionsJournalize the
The ledger of Custer Company has the following work in process account.Production records show that there were 400 units in the beginning inventory, 30% complete, 1,400 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of
Schrager Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process—Cutting $2,900, Work in Process—Assembly $10,600, and Finished Goods $31,000. During July, the following transactions occurred.1. Purchased $62,500
In Wayne Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2012 are as follows.Instructions(a) Compute the physical units
The Cutting Department of Cassel Manufacturing has the following production and cost data for July.Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.Instructions(a) Determine the equivalent units of production for (1) Materials and (2)
The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2012, the first month of operation. Production: 9,000 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to
The Blending Department of Luongo Company has the following cost and production data for the month of April.Costs:Work in process, April 1Direct materials: 100% complete ......$100,000Conversion costs: 20% complete ...... 70,000Cost of work in process, April 1 .......$170,000Costs incurred during
Kostrivas Company has gathered the following information.Units in beginning work in process ........ _0_Units started into production .......... 40,000Units in ending work in process ........ 6,000Percent complete in ending work in process:Conversion costs ..............
Overton Company has gathered the following information.Units in beginning work in process ....... 20,000Units started into production ......... 164,000Units in ending work in process ....... 24,000Percent complete in ending work in process:Conversion costs ............. 60%Materials
The Polishing Department of Harbin Manufacturing Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process.Production: Beginning inventory 1,600 units that are 100% complete as to materials and 30% complete as to conversion
David Skaros has recently been promoted to production manager, and so he has just started to receive various managerial reports. One of the reports he has received is the production cost report that you prepared. It showed that his department had 2,000 equivalent units in ending inventory. His
The Welding Department of Thorpe Manufacturing Company has the following production and manufacturing cost data for February 2012. All materials are added at the beginning of the process.InstructionsPrepare a production cost report for the Welding Department for the month ofFebruary.
Remington Shipping, Inc. is contemplating the use of process costing to track the costs of its operations. The operation consists of three segments (departments): receiving, shipping, and delivery. Containers are received at Remington’s docks and sorted according to the ship they will be carried
Royale Mortgage Company uses a process costing system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September.Materials are the forms used in
Using the data in E16-15, assume Royale Mortgage Company uses the FIFO method. Also assume that the applications in process on September 1 were 100% complete as to materials (forms) and 40% complete as to conversion costs.Instructions(a) Determine the equivalent units of service (production) for
The Cutting Department of Keigi Manufacturing has the following production and cost data for August.Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Keigi Manufacturing uses the FIFO method to compute equivalent units.Instructions(a)
The Smelting Department of Polzin Manufacturing Company has the following production and cost data for September.Production: Beginning work in process 2,000 units that are 100% complete as to materials and 20% complete as to conversion costs; units started and finished 9,000 units; and ending work
The ledger of Hannon Company has the following work in process account.Production records show that there were 800 units in the beginning inventory, 30% complete, 1,200 units started, and 1,500 units transferred out. The units in ending inventory were 40% complete. Materials are entered at the
The Welding Department of Majestic Manufacturing Company has the following production and manufacturing cost data for February 2012. All materials are added at the beginning of the process. Majestic uses the FIFO method to compute equivalent units.InstructionsPrepare a production cost report for
Conwell Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2012, inventories consisted of Raw Materials $26,000, Work in Process—Mixing $0, Work in Process—Packaging
Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods
Seagren Industries Inc. manufactures in separate processes furniture for homes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing plants are as
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2012 totaled $2,280,000 as follows.Production records show that 35,000 units were in beginning work in process 30% complete as to conversion costs, 660,000 units were started into production,
Morse Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2012 are as follows.Instructions(a) Calculate the following.(1) The equivalent units of production for
Hamilton Processing Company uses a weighted-average process costing system and manufactures a single product'a premium rug shampoo and cleaner. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the
Rondeli Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Rondeli Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are
Wilbury Company manufactures a nutrient, Everlife, through two manufacturing processes: Blending and Packaging. All materials are entered at the beginning of each process. On August 1, 2012, inventories consisted of Raw Materials $5,000, Work in Process—Blending $0, Work in Process—Packaging
Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department, fiberglass is heated and shaped into the form of a ski. In the Packaging Department, the skis are placed in cartons and sent to the finished goods warehouse. Materials are entered at
Borman Corporation manufactures in separate processes refrigerators and freezers for homes. In each process, materials are entered at the beginning and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing
Luxman Company has several processing departments. Costs charged to the Assembly Department for October 2012 totaled $1,298,400 as follows.Production records show that 25,000 units were in beginning work in process 40% complete as to conversion cost, 435,000 units were started into production, and
Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the month of May are as follows.Instructions(a) Calculate the following.(1) The equivalent units of production for materials

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