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cost accounting
Questions and Answers of
Cost Accounting
What is cost-plus pricing?
Refer to Problem 12-30. As a result of the actions taken, quality has significantly improved in 2013 while rework and unit costs of the Maxus have decreased. Scott has reduced manufacturing capacity
Refer to Exercise 12-26.Required:1. Calculate the amount and cost of unused software-implementation support capacity at the beginning of 2013, based on the number of jobs actually done in 2013.2.
Refer to Exercise 12-22.1. Calculate the amount and cost of (a) unused manufacturing capacity and (b) unused selling and customer-service capacity at the beginning of 2013 based on actual production
Stanmore Corporation makes a special-purpose machine, D4H, used in the textile industry. Stanmore has designed the D4H machine for 2013 to be distinct from its competitors. It has been generally
Refer to Exercise 12-18.1. Calculate the amount and cost of unused administrative capacity at the beginning of 2013, based on the actual number of customers Ramiro served in 2013.2. Suppose Ramiro
Refer to Exercise 12-19. Suppose that the market for silk-screened T-shirts grew by 10% during 2013. All increases in sales greater than 10% are the result of Ramiro’s strategic actions.Calculate
What is a partial-productivity measure?
Define strategy.
Sanchez Corporation runs two convenience stores, one in Connecticut and one in Rhode Island. Operating income for each store in 2014 is as follows:The equipment has a zero disposal value. In a senior
The Svenson Corporation manufactures cellular modems. It manufactures its own cellular modem circuit boards (CMCB), an important part of the cellular modem. It reports the following cost information
Goldstein Corporation manufactures a children’s bicycle, model CT8. Goldstein currently manufactures the bicycle frame. During 2014, Goldstein made 32,000 frames at a total cost of $1,056,000. Ryan
Gower, Inc., a manufacturer of plastic products, reports the following manufacturing costs and account analysis classification for the year ended December 31, 2014.Gower, Inc., produced 75,000 units
Gammaro Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2014:1. Calculate the budgeted
The Mavis Company uses an absorption-costing system based on standard costs. Total variable manufacturing cost, including direct material cost, is $3 per unit; the standard production rate is 10
Thunder Bolt, Inc., is a manufacturer of the very popular G36 motorcycles. The management at Thunder Bolt has recently adopted absorption costing and is debating which denominator-level concept to
Osawa, Inc., planned and actually manufactured 200,000 units of its single product in 2014, its first year of operation. Variable manufacturing cost was $20 per unit produced. Variable operating
The Zwatch Company manufactures trendy, high-quality, moderately priced watches. As Zwatch’s senior financial analyst, you are asked to recommend a method of inventory costing. The CFO will use
Crystal Clear Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2014 are as follows:The selling price per unit
The variable manufacturing costs per unit of Nascar Motors are as follows:Required:1. Prepare income statements for Nascar Motors in April and May 2014 under throughput costing.2. Contrast the
Nascar Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2014 are as follows: The selling price per vehicle is $24,000. The budgeted level of
Consider the following two situations—cases A and B—independently. Data refer to operations for April 2014. For each situation, assume standard costing. Also assume the use of a flexible budget
Best Around, Inc., is a manufacturer of vacuums and uses standard costing. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of budgeted machine-hours. In 2014,
Rozema, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2015:Use F for favorable and U for unfavorable:
The French Bread Company also allocates fixed manufacturing overhead to products on the basis of standard direct manufacturing labor-hours. For 2014, fixed manufacturing overhead was budgeted at
The French Bread Company bakes baguettes for distribution to upscale grocery stores. The company has two direct-cost categories: direct materials and direct manufacturing labor. Variable
Esquire Clothing allocates fixed manufacturing overhead to each suit using budgeted direct manufacturing labor-hours per suit. Data pertaining to fixed manufacturing overhead costs for June 2014 are
Esquire Clothing is a manufacturer of designer suits. The cost of each suit is the sum of three variable costs (direct material costs, direct manufacturing labor costs, and manufacturing overhead
Prepare journal entries and post them to T-accounts for all transactions in Exercise 7-25, including requirement 2. Summarize how these journal entries differ from the normal-costing entries
Dunn, Inc., is a privately held furniture manufacturer. For August 2014, Dunn had the following standards for one of its products, a wicker chair:The following data were compiled regarding actual
The Clarkson Company produces engine parts for car manufacturers. A new accountant intern at Clarkson has accidentally deleted the calculations on the company’s variance analysis calculations for
Bank Management Printers, Inc., produces luxury checkbooks with three checks and stubs per page. Each checkbook is designed for an individual customer and is ordered through the customer’s bank.
Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2014, it budgeted to manufacture and sell 3,000 tires at a variable cost of $74 per tire and total fixed
Inglenook Co. produces wine. The company expects to produce 2,500,000 two-liter bottles of Chablis in 2015. Inglenook purchases empty glass bottles from an outside vendor. Its target ending inventory
Automotive Products (AP) designs and produces automotive parts. In 2014, actual variable manufacturing overhead is $308,600. AP’s simple costing system allocates variable manufacturing overhead to
The Walliston Group (WG) provides tax advice to multinational firms. WG charges clients for (a) direct professional time (at an hourly rate) and (b) support services (at 30% of the direct
The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2014:Machine-hours data
The Ride-On-Wave Company (ROW) produces a line of non-motorized boats. ROW uses a normal-costing system and allocates manufacturing overhead using direct manufacturing labor cost. The following data
The University of Chicago Press is wholly owned by the university. It performs the bulk of its work for other university departments, which pay as though the press were an outside business
Taylor & Associates, a consulting firm, has the following condensed budget for 2014:Taylor has a single direct-cost category (professional labor) and a single indirect-cost pool (client support).
Anderson Construction assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materials and direct labor) and one indirect-cost pool (assembly support).
Destin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Destin allocates manufacturing
Mirabella Cosmetics manufactures and sells a face cream to small ethnic stores in the greater New York area. It presents the monthly operating income statement shown here to George Lopez, a potential
Garrett Manufacturing sold 410,000 units of its product for $68 per unit in 2014. Variable cost per unit is $60, and total fixed costs are $1,640,000.Required:1. Calculate (a) contribution margin and
Describe sensitivity analysis. How has the advent of the electronic spreadsheet affected the use of sensitivity analysis?
Define cost–volume–profit analysis.
1. Calculate total prime costs and total conversion costs.2. Calculate total inventoriable costs and period costs.3. Design costs and R&D costs are not considered product costs for financial
1. How would the answer to Problem 2-34 be modified if you were asked for a schedule of cost of goods manufactured and sold instead of a schedule of cost of goods manufactured? Be specific.2. Would
The Howell Corporation has the following account balances (in millions):Required:Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31,
The following data are for Marvin Department Store. The account balances (in thousands) are for 2014.Required:1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.2. Prepare the
Each of the following cost items pertains to one of these companies: Star Market (a merchandising sector company), Maytag (a manufacturing-sector company), and Yahoo! (a service-sector company):a.
The representative cost drivers in the right column of this table are randomized so they do not match the list of functions in the left column.Required:1. Match each function with its representative
Minnesota Office Products (MOP) produces three different paper products at its Vaasa lumber plant: Supreme, Deluxe, and Regular. Each product has its own dedicated production line at the plant. It
Describe the overtime-premium and idle-time categories of indirect labor.
Ed Sykes is the president of Valley Tree Service. He takes the following actions, not necessarily in the order given. For each action (a–e) state whether it is a planning decision or a control
Describe the five-step decision-making process.
Bruno Limited manufactures padlocks for which they have established unit standard costs as shown below:During July, 400 padlocks were manufactured at the costs shown below. There was no opening
Assume Stassen Company on January 1, 2020, decides to contract with another company to preassemble a large percentage of the components of its telescopes. The revised manufacturing cost structure for
Silicon Valley Computer (SVC), the producer of keyboards for personal computers, which is discussed in the chapter, is a subsidiary of El Camino Corporation. Each year, headquarters of El Camino
Part AReturning to the Vector hybrid bus project, assume that Vector is a nonprofit organization and that the expected additional operating cash inflows are $240,000 in years 1 through 4 and $210,000
Compute the missing amounts. Required If 10,000 units are produced If 20,000 units are produced If 50,000 units are produced Variable Costs Total ? ? ? Per Unit $5 517 ? ? Fixed Costs Per
O’Shea Company manufactures ceramic vases. It uses its standard costing system when developing its flexible-budget amounts. In September 2020, O’Shea produced 2,000 finished units. The following
Nina Garcia is the newly appointed president of Aerospace Products Division (APD), which manufactures solar arrays for satellites. Garcia is concerned about manufacturing overhead costs at APD. APD
1. Prepare an income statement under throughput costing for the year ended December 31, 2020 for Stenback Company.2. Reconcile the difference between the contribution margin and the throughput margin
Inorganic Chemicals (IC) processes salt into various industrial products. In July 2020, IC incurred joint costs of $100,000 to purchase salt and convert it into two products: caustic soda and
1. Lee Company has a Singapore plant that manufactures Blu-Ray players. One component is an XT chip. Expected demand is for 5,200 of these chips in March 2020. Lee estimates the ordering cost per
Raymore, a unit of Outdoor UnPlugged, manufactures a line of electric, cordless, lawn mowers. Senior management of Outdoor UnPlugged has noticed that Raymore has been producing more lawn mowers than
Pressing Matters manufactures and sells 18,000 high-technology printing presses each year. The variable and fixed costs of rework and repair are as follows:Pressing Matters’ current presses have a
The HomeServe Corporation provides a wide range of household essentials to householders. One of the products it offers is dotted paper rolls, used in kitchens and toilets. The supplier for the dotted
“There is no tradeoff between customer-response time and on-time performance.” Do you agree? Explain.
Refer to Exercise 21-27. Jose, the unit manager of Raymore, is concerned that switching to the backflush costing system will lower the operating income of his unit. The senior management at Outdoor
Dublin Chips is a manufacturer of prototype chips based in Dublin, Ireland. Next year, in 2021, Dublin Chips expects to deliver 615 prototype chips at an average price of $95,000. Dublin Chips’
Bobwhite Laundromat is trying to enhance the services it provides to customers, mostly college students. It is looking into the purchase of new high efficiency washing machines that will allow for
The Pillercat Corporation is a highly decentralized company. Each division manager has full authority for sourcing decisions and selling decisions. The machining division of Pillercat has been the
The Jill-Farley Corporation, manufacturer of tractors and other heavy farm equipment, is organized along decentralized product lines, with each manufacturing division operating as a separate profit
The baseball division of Home Run Sports manufactures and sells baseballs. Assume production equals sales. Budgeted data for February 2020 are as follows:Required:1. Compute the minimum selling price
1. If Kappa sells all 350,000 CFLs produced, what would be the effect on operating income of using each type of capacity as a basis for calculating manufacturing cost per unit?2. Compare the results
In 2021, only 740,000 TopStuff meals were produced and sold to the hospitals. Smith suspects that hospital controllers had systematically inflated their 2021 meal estimates.Required:1. Recall that
The Helicopter Division of GLD, Inc., is examining helicopter assembly costs at its Indiana plant. It has received an initial order for eight of its new land-surveying helicopters. GLD can adopt the
Inbee is concerned that she still does not understand the relationship between output and labor consumption. She consults with Jim Park, the head of engineering, and shares the results of her
It is June, and the manager of the retail chain PriceTrimmer wants to increase revenues during the back-to-school period. He plans to identify parents in early August whose children are entering
Kevin Brown is the management accountant at Boehm and Sons Bank. Some of his colleagues attended a conference recently where they learned that machine learning can be used to accurately predict loan
The data science team at Swift Investments uses a sample of 16 loans to build a decision tree that predicts whether a loan will repay or default. Although the data science team is very familiar with
Assume the same information for TelMark as in Exercise 11-24. A member of the data science team points out that overfitting is often an issue with decision trees. To avoid this issue, he suggests
Assume the same information for Blanda Brothers as in Problem 11-29. Due to increased competition among grocery stores, the cost to Blanda of selling a low-quality apple to the grocery store as an
Assume the same information for Keebler- Olson as in Problems 11-31 and 11-32.Data from Problems 11-31:James Silva is a management accountant at Keebler-Olson, where he is in charge of their
Assume the same information for Keebler-Olson as in Problems 11-31, 11-32, and 11-33. While James is presenting his work to the president and his team, someone asks whether he had calculated the
Assume the same information for Keebler-Olson as in Problems 11-31, 11-32, 11-33, and 11-34. James plans to invest $100 in each of the 1,000 loans he is examining. If he decides not to invest in a
Wally Lewis is manager of the engineering development division of Goldcoast Products. Lewis has just received a proposal signed by his engineers to replace workstations with networked personal
What is a one-time-only special order?
What is a partial-productivity measure?
Following a strategy of product differentiation, Westwood Corporation makes a high-end kitchen range hood, KE8. Westwood’s data for 2019 and 2020 are shown below:In 2020, Westwood reduced direct
Reconsider the Astel Computer example (pages 583–586). Astel’s marketing manager realizes that a further reduction in price is necessary to sell 200,000 units of Provalue II. To maintain a target
What is cost-plus pricing?
What is life-cycle budgeting?
Florida Temps, a large labor contractor, supplies contract labor to construction companies. For 2020, Florida Temps has budgeted to supply 82,000 hours of contract labor. Its variable costs are $11
The management of ProDry is considering use of the cost-plus approach rather than the target-cost approach used in 14-35. Refer to the information in 14-35.Data from Problem 14-35:ProDry is entering
The Payne Company manufactures two types of vinyl flooring. Budgeted and actual operating data for 2020 are as follows:In late 2019, a marketing research firm estimated industry volume for commercial
How can a company track the extent of price discounting on a customer-by-customer basis?
What is the sales price variance of Juliet Brazier for January 2019?a. £27,500 favorableb. £27,500 unfavorablec. £40,000 unfavorabled. £40,000 favorable
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