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business
cost accounting
Cost Accounting Principles And Applications 6th Edition Horace R. Brock, Linda Herrington - Solutions
Explain the principles of internal control that should be present in materials purchasing procedures.LO.1
Compute the reorder point and the economic order quantity(EOQ).LO.1
Prepare a purchase order.LO.1
Prepare a receiving report.LO.1
Record materials received on materials ledger cards.LO.1
Prepare a debit memorandum.LO.1
Prepare a disbursement voucher.LO.1
Record the financial transactions normally encountered in materials purchasing procedures.LO.1
Assume that a company's production requires 400 pounds of steel each day, that it takes four days to receive steel from the supplier, and that the company wants to have 400 pounds of steel on hand at all times. Calculate the reorder point.LO.1
Assume that a company uses 10,000 pounds of plastic each year, that its cost to carry a pound of plastic in inventory is $.30, and that its cost to place an order is $1.35. Calculate the EOQ.LO.1
What document is used when a department needs to reorder material?What document is sent to the supplier authorizing shipment of the material?LO.1
What is the function of the receiving report?LO.1
Why is it important to have a Balance column on the materials ledger card?LO.1
Why is it necessary to attach the purchase requisition, purchase order, and receiving report to the disbursement voucher?LO.1
List three factors in determining techniques for controUing materials.LO.1
How does a purchase requisition differ from a purchase order?LO.1
What is a receiving report?LO.1
What is the formula for computing the economic order quantity(EOQ)?LO.1
What individual costs are considered in determining the total cost to place an order? What individual costs are considered when computing the total cost to carry an item in inventory?LO.1
Why is a blind copy of the purchase order sent to the receiving department?LO.1
What type of information is shown on a materials ledger card?LO.1
What procedures should be followed before an entry is made in the voucher register to record the purchase of raw materials?LO.1
Define bill of materials.LO.1
What document is prepared to inform the supplier of a deduction from an invoice for the cost of goods returned to the supplier?LO.1
Which departments are responsible for each of the following procedures?a. Issuing purchase requisitionsb. Issuing purchase ordersc. Recording approved vouchersd. Preparing checks to pay voucherse. Counting goods received LO.1
What are some advantages of maintaining a materials ledger? LO.1
Under what circumstances would a bill of materials be prepared?LO.1
Before a disbursement voucher is recorded and approved for payment, copies of the purchase requisition, purchase order, receiving report, and purchase invoice should be compared and doublechecked for accuracy. Why?LO.1
List at least three procedures for purchasing materials that should be followed in order to achieve good internal control. Explain how each helps in achieving internal control.LO.1
Why is it important for management to have complete and current data on the cost of materials?LO.1
Prepare a table that shows each step in the purchasing process, who is responsible for each step, and any documents or reports that would be produced during each step. Use the following column headings in the preparation of the table.Step in Purchasing Materials Person/Department Documents/Reports
Calculate the reorder point. (Obj. 3). The Siegel Company uses 8,000 pounds of Material ST400 every day in production. It it takes 1 2 days for an order to be delivered and if the company always wants to have a 3-day supply on hand, what is the point at which it should reorder Material ST400?LO.1
Calculate the ending balance from a materials ledger card. (Obj.6). Calculate the ending balance of Material No. 45867 {6-inch iron brackets) based on the following information from the materials ledger card:Units Amount per Unit Beginning balance 178 $13.60 Issued 156 13.60 Received 218 13.60 LO.1
Calculate the amount of a disbursement voucher. (Obj. 8). Voucher No. 10-16 was prepared from a purchase invoice for $46,840 and a debit memorandum for $2,800 (for damaged goods returned). What is the gross amount of the voucher? Calculate the net amount of disbursement vouchers. (Obj. 8).LO.1
Calculate the net amount of the following disbursement vouchers:a. Gross amount of invoice: $42,730; terms: 3/10, n/30; debit mem- orandum: $4,380.b. Gross amount of invoice: $116,708; terms: 4/20, n/60; debit mem- orandum: $5,460.LO.1
Analyze and record transactions involving the receiving, storing, and issuing of materials.LO.1
Prepare materials requisitions.LO.1
Maintain the materials ledger.LO.1
Maintain a materials requisition journal.LO.1
Maintain a job cost sheet for each specific job.LO.1
Maintain a departmental overhead analysis sheet for each department.LO.1
Maintain a returned materials journal.LO.1
Prepare returned materials reports.LO.1
Maintain a voucher register.LO.1
Explain the principles of internal control that should be present in materials issuance procedures.LO.1
Which general ledger control account is supported by the materials ledger cards?LO.1
What account(s) is debited when a materials requisition for direct materials is recorded in the materials requisition journal? What account(s) is credited?LO.1
Why should materials be issued only upon proper written authorization?LO.1
Name three places where a materials requisition for direct materials is recorded.LO.1
How are materials returned to the storeroom entered on the materials ledger card?LO.1
What account(s) is debited when a returned materials report for indirect materials is recorded in the returned materials journal? What account(s) is credited?LO.1
How does a bin tag differ from a materials ledger card?LO.1
What Is a materials requisition?LO.1
List the three places where a materials requisition for direct materials must be recorded. List three places where a materials requisition for indirect materials must be recorded.LO.1
What is a returned materials report? How does a returned materials report differ from a return shipping order?LO.1
Describe the procedures used in recording materials requisitions and returned materials reports on materials ledger cards.LO.1
What is the purpose of an On Order column on a materials ledger card?LO.1
Describe the procedure followed in recording information in the Reserved Quantity column of an expanded materials ledger card.LO.1
Indicate the sequence in which the following documents would be prepEired:a. Purchase invoiced. Purchase requisitionb. Bill of materialse. Materials requisitionc. Return shipping orderf. Purchase order LO.1
What are the sources for the debit entries in the Raw Materials account in the general ledger? What are the sources for the credit entries?LO.1
How are materials requisitions used in controlling the materials inventory?LO.1
What procedures should be used in storing and issuing materials to achieve good internal control?LO.1
What would be the advantage of using a materials requisition journal?LO.1
What information can management obtain from the On Order and Reserved Quantity columns of an expanded materials ledger card?Why is this useful?LO.1
Why is it necessary to maintain departmental overhead analysis sheets for each production and service department?LO.1
Which accounting records and forms would provide information to management that would be useful in analyzing high indirect materials costs in the factory?LO.1
What are job cost sheets, and what types of data do they provide to management?LO.1
Calculate materials costs. (Obj. 5). Calculate the materials cost for Job 620 from the job cost sheet information given below.Requisitions 476 $898.00 35.97 328.00 648.35 55.87 493 497 503 514 Returned Materials Reports 39 $78.00 43 9.50 48 46.80 LO.1
Calculate ending inventory balances. (Obj. 3). Compute the ending balance and the cost of the ending inventory of Raw Material 4-89, which has a unit price of $6.80. The materials ledger card shows the following data:Beginning balance Purchases Units 7,990 3,300 6,200 Issuances Units 2,560 675
Journalize materials requisitions. (Obj. 4). During May 19X9, Cummin's Pools had requisitions totaling $74,490 for direct materials and $8,160 for indirect materials. Prepare the entry in general journal form to record the cost of materials requisitioned for the month.LO.1
Journalize returned materials reports. (Obj. 7). During August 19X9, Jones Products Inc. had returned $6,740 in direct materials and $590 in indirect materials. Prepare the entry in general journal form to record the cost of the materials returned to the storeroom for the month.LO.1
Journalize a return shipping order. (Obj. 3). The Schmidt Manufacturing Company returned materials totaling $2,412.20 to its supplier, Martinez Inc. Prepare the entry in general journal form for materials returned.LO.1
Explain and demonstrate how to keep records of time worked by factory employees. LO.1
Differentiate between and compute overtime premium earnings and overtime earnings. LO.1
Compute gross and net earnings of individual employees. LO.1
Prepare a payroll register, including computations of gross earnings, taxes and other deductions, and net earnings of several employees. LO.1
Prepare the journal entry to record employee earnings and deduction liabilities. LO.1
Prepare journal entries to record payments of period payrolls. LO.1
What is the name of the record that keeps track of the hours worked by an hourly employee? LO.1
Calculate the regular earnings, overtime premium, and gross earnings for an employee who works 44 hours during the week and has an hourly wage rate of $12. LO.1
Calculate the net pay for the employee described in Self-Review Question No. 2 assuming the same social security and medicare tax rates as used in the text and federal income tax withheld of $65. LO.1
Prepare the journal entry to record the payroll of the employee described in Self-Review Questions 1 and 2. LO.1
Define timekeeping. LO.1
What is overtime premium? LO.1
What are two methods for recording overtime premium? LO.1
What types of information and payroll calculations are shown on the payroll register? LO.1
What deductions are employers required by law to make from an employee's gross wages? LO.1
What accounts are debited and credited in the journal entry to record the payroll? What is the source of the amounts used in this entry? LO.1
What accounts are debited and credited in the journal entries to record the payment of the payroll? LO.1
What information is contained in an individual earnings record?Why is it necessary for a company to keep these records? LO.1
Why should management be concerned with the overtime premlvun paid to employees? LO.1
What types of deductions are required by law? What deductions are optional? LO.1
What technology can replace a time clock and time cards and speed up payroll processing? LO.1
Calculate gross earnings. (Obj. 3). Determine the amoimt of gross pay for Sonia Grammer, who worked 46 hours in one week at a rate of $9 an hour. Show the amount of regular earnings and overtime premiimi if she is paid one and a half times the regular rate for hours worked in excess of 40. LO.1
Determine deductions. {Obj. 3). Calculate the amount of social security and medicare and federal Income tax to be withheld from an employee's gross pay of $1,300 if all earnings are taxable for social security and medicare taxes and the federal income tax rate is 15 percent. LO.1
Calculate net pay. (Obj. 3). Based on the data that follow, what is the net pay for Mike Chin for the week ended June 16, 19X9?Hours and rate Earnings to date Federal income tax 42 hours worked at $8 an hour$14,000 15% of earnings LO.1
Calculate social security taxes. (Obj. 3). Determine the amounts of social security tax to be deducted under the following assumptions:a. Alice Hernandez earned gross wages of $1,500 for the week and has wages to date of $42,500.b. Assume that Alice's wages to date are $65,000.c. Assume that
Prepare journal entries. (Obj. 5). Wilmington Gardening Supplies' manufactures pots for plants and small garden tools. The weekly payroll for the factory totaled $25,900. The employees' share of the social security tax was $1,632, the medicare tax was $388, and the federal income taxes were $3,700.
Explain the function of a time ticket and list the infornnation included on a time ticket.LO.1
Explain how the analysis of time tickets and the analysis of semimonthly payroll are prepared and used.LO.1
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