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fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Limyadi Company uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,900 units of Product B was received. The standard cost of one unit of Product B
Koeq NV uses a standard cost accounting system. In 2020, the company produced 28,000 units. Each unit took several kilograms of direct materials and 1.6 standard hours of direct labor at a standard
Rudd Clothiers is a small company that manufactures tall-men’s suits. The company has used a standard cost accounting system. In May 2020, 11,250 suits were produced. The following standard and
Ayala plc accumulates the following data relative to jobs started and finished during the month of June 2020.Overhead is applied on the basis of standard machine hours. Three hours of machine time
Tjandra Company manufactures a single product. The standard cost per unit of productis shown below.Direct materials—1 kilogram plastic at €7.00 per
Data for Chiu Enterprises are given in E26.7.InstructionsJournalize the entries to record the materials and labor variances.Data from E26.7:Chiu Enterprises, which produces a single product, has
Lopez Manufacturing uses a standard cost accounting system. Some of the ledger accounts have been destroyed in a fire. The controller asks your help in reconstructing some missing entries and
Oorg Electric installed a standard cost system on January 1. Selected transactions for themonth of January are as follows.1. Purchased 18,000 units of raw materials on account at a cost of €4.50
Karadag A.Ş. uses a standard cost accounting system. During January, the company reported the following manufacturing variances.In addition, 8,000 units of product were sold at 8 per unit. Each unit
Hekou Ltd. prepared the following variance report.InstructionsFill in the appropriate amounts or letters for the question marks in the report. Hekou Ltd. Variance Report–Purchasing Department For
Ceelo SE purchased (at a cost of €10,200) and used 2,400 kilograms of materials during May. Ceelo’s standard cost of materials per unit produced is based on 2 kilograms per unit at a cost €5
Sato Ltd. produces one product, a putter called GO-Putter. Sato uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production
Manufacturing overhead data for the production of Product H by Shakira Shampoos are as follows.Overhead incurred for 52,000 actual direct labor hours
During March 2020, Pranav Tool & Die worked on four jobs. A review of direct labor costs reveals the following summary data.Analysis reveals that Job A257 was a repeat job. Job A258 was a rush
You have been given the following information about the production of Mizrahi AG, and are asked to provide the plant manager with information for a meeting with the vice president of operations.The
The following direct materials and direct labor data pertain to the operations of Limanto SA for the month of August.Instructionsa. Compute the total, price, and quantity variances for materials and
Chiu Enterprises, which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 kilograms at HK$25 per
Ivanov Shoes’ standard labor cost of producing one unit of Product DD is 4 hours at the rate of €12.00 per hour. During August, 40,600 hours of labor are incurred at a cost of €12.15 per hour
The standard cost of Product B manufactured by Yi Snacks includes three units of directmaterials at W5,000 per unit. During June, 29,000 units of direct materials are purchased at a cost of W4,700
Stefani SpA has gathered the following information about its product.Direct materials. Each unit of product contains 4.5 kilograms of materials. The average waste and spoilage per unit produced under
Venetian Windows has two production departments, Fabricating and Assembling. At a department managers’ meeting, the controller uses flexible budget graphs to explain total budgeted costs. Separate
UrLink Solutions is a newly formed company specializing in high-speed Internet service for home and business. The owner, Juan Diaz, had divided the company into two segments: Home Internet Service
Yosu Enterprises’ manufacturing overhead budget for the first quarter of 2020 contained the following data.Actual variable costs were indirect materials W13,500,000 indirect labor W9,500,000,
As sales manager, Enzo Colombo was given the following static budget report for selling expenses in the Clothing Department of Lugano Textiles for the month of October.As a result of this budget
Appliance Possible (AP) is a manufacturer of toaster ovens. To improve control over operations, the president of AP wants to begin using a flexible budgeting system, rather than use only the current
The actual selling expenses incurred in March 2020 by Moscavide Publishers are as follows.Instructionsa. Prepare a flexible budget performance report for March using the budget data in E25.5,
Moscavide Publishers uses flexible budgets to control its selling expenses. Monthly sales are expected to range from €170,000 to €200,000. Variable costs and their percentage relationship to
Using the information in E25.3, assume that in July 2020, Shillong Lighting incurs the following manufacturing overhead costs.Instructionsa. Prepare a fl exible budget performance report, assuming
Shillong Lighting uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. Indirect
Changshan Equipment budgeted selling expenses of HK$300,000 in January, HK$350,000 in February, and HK$400,000 in March. Actual selling expenses were HK$312,000 in January, HK$345,250 in February,
Yun Bai has prepared the following list of statements about budgetary control.1. Budget reports compare actual results with planned objectives.2. All budget reports are prepared on a weekly basis.3.
The service division of Penrith Industries reported the following results for 2020.Sales.............................................€500,000Variable
The Nakatsu Division operates as a profit center. It reports the following for the year.Prepare a responsibility report for the Nakatsu Division at December 31, 2020. Budget Actual ¥2,000,000
In Luda Company’s flexible budget graph, the fixed cost line and the total budgeted cost line intersect the vertical axis at ¥90,000. The total budgeted cost line is ¥350,000 at an activity level
Wade plc estimates that it will produce 6,000 units of product IOA during the current month. Budgeted variable manufacturing costs per unit are direct materials £7, direct labor £13, and overhead
Presented below is information related to the Southern Division of Porto Alegro SA.Contribution margin........................................R$1,200,000Controllable
Sakri Industries reports the following fi nancial information.Average operating assets...........................................R3,000,000Controllable
Data for the investment centers for Kowloon Ltd. are given in BE25.9. The centers expect the following changes in the next year: (I) increase sales 15%, (II) decrease costs HK$400,000, and (III)
For its three investment centers, Kowloon Ltd. accumulates the following data:Compute the return on investment (ROI) for each center. II III HK$4,000,000 HK$ 4,000,000| 3,600,000 10,000,000 Sales
Kimje Industries’ statement of financial position at December 31, 2019, is presented below.To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2020, the
Tony Covelli manufactures and sells homemade wine, and he wants to develop a standard cost per liter. The following are required for production of a 50-liter batch.3,000 grams of grape concentrate at
Tanaka Group is planning to produce 2,000 units of product in 2020. Each unit requires 3 kilograms of materials at ¥500 per kilogram and a half-hour of labor at ¥1600 per hour. The overhead rate is
Tropic Zone Ltd. experienced the following variances: materials price £350 U, materials quantity £1,700 F, labor price £800 F, labor quantity £500 F, and overhead £1,200 U.Sales revenue was
Ludhiana AG accumulated the following standard cost data concerning product I-Tal.Direct materials per unit: 2 kilograms at €5 per kilogramDirect labor per unit: 0.2 hours at €16 per
Using the data in BE26.6 and BE26.10, compute the overhead volume variance. Normal capacity was 25,000 direct labor hours.Data from BE26.10:Some overhead data for Woo Industries are given in BE26.6.
Some overhead data for Woo Industries are given in BE26.6. In addition, the fl exible manufacturing overhead budget shows that budgeted costs are NT$120 variable per direct labor hour and
Journalize the following transactions for Shelton Ltd.a. Incurred direct labor costs of £24,000 for 3,000 hours. The standard labor cost was £24,900.b. Assigned 3,000 direct labor hours costing
Journalize the following transactions for Nilsen Papers.a. Purchased 6,000 units of raw materials on account for €11,500. The standard cost was €12,000.b. Issued 5,600 units of raw materials for
In October, Woo Industries reports 21,000 actual direct labor hours, and it incurs NT$3,540,000 of manufacturing overhead costs. Standard hours allowed for the work done is 20,600 hours. The
Riya plc’s standard labor cost per unit of output is £22 (2 hours × £11 per hour). During August, the company incurs 2,150 hours of direct labor at an hourly cost of £10.80 per hour in making
Simba Company’s standard materials cost per unit of output is R100 (2 kilograms × R50). During July, the company purchases and uses 3,200 kilograms of materials costing R161,920 in making 1,500
Labor data for making one liter of finished product in Kozlov Paints are as follows. (1) Price—hourly wage rate €14.00, payroll taxes €0.80, and fringe benefits €1.20. (2) Quantity—actual
Celik Cleaners accumulates the following data concerning raw materials in making one liter of finished product. (1) Price—net purchase price 2.30, freight-in 0.20, and receiving and handling 0.10.
Lopez Sports uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and labor are €1,400,000 and
Jun Wang is attempting to outline the important points about overhead variances on a class examination. List four points that Jun should include in his outline.
Ayan Nigam says that the balanced scorecard was created to replace financial measures as the primary mechanism for performance evaluation. He says that it uses only non-financial measures. Is this
Cruz Company’s standard predetermined overhead rate is €9 per direct labor hour. For the month of June, 26,000 actual hours were worked, and 27,000 standard hours were allowed. How much overhead
World Wide Production Ltd. participates in a highly competitive industry. In order to meet this competition and achieve profit goals, the company has chosen the decentralized form of organization.
The manufacturing overhead budget for Huang Sunglasses contains the following items.The budget was based on an estimated 2,000 units being produced. During the past month, 1,500 units were produced,
Lumbrein Luggage manufactures expensive watch cases sold as souvenirs. Three of its sales departments are Retail Sales, Wholesale Sales, and Outlet Sales. The Retail Sales Department is a profit
Green Pastures is a 400-acre farm on the outskirts of the Northwich, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a
Northampton Plastics uses a responsibility reporting system. It has divisions in Cambridge, Bedford, and Fulbourn. Each division has three production departments: Cutting, Shaping, and Finishing. The
Taegu Ltd. manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home Division for the
Lufeng Enterprises operates the Patio Furniture Division as a profit center. Operating data for this division for the year ended December 31, 2020, are as shown below.In addition, Lufeng incurs
Minh Furniture uses budgets in controlling costs. The August 2020 budget report for the company’s Assembling Department is as follows.The monthly budget amounts in the report were based on an
Jamalpur Dining manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2020. The following data were used in
Kapoor Ltd. estimates that 300,000 direct labor hours will be worked during the coming year, 2020, in the Packaging Department. On this basis, the following budgeted manufacturing overhead cost data
Presented below is selected financial information for two divisions of Bomaderry Brewing.InstructionsSupply the missing information for the lettered items. Lite Lager Lager Contribution margin
Presented below is selected information for three regional divisions of Limyadi Machinery. (Amounts are in thousands.)Instructionsa. Compute the return on investment for each division.b. Compute the
The Li Transportation uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of
The South Division of Viuu Group reported the following data for the current month.Sales.................................................NT$3,000,000Variable
The Sports Equipment Division of Harrington plc is operated as a profit center. Sales for the division were budgeted for 2020 at £900,000. The only variable costs budgeted for the division were cost
Sampath Company has three divisions which are operated as profit centers. Actual operating data for the divisions listed alphabetically are as follows.Instructionsa. Compute the missing amounts. Show
The Mixing Department manager of Xuzhou Ltd. is able to control all overhead costs except rent, property taxes, and salaries. Budgeted monthly overhead costs for the Mixing Department, in
Sydney Industries’ organization chart includes the president; the vice president of production; three assembly plants—Sutherland, Kogarah, and Canterbury; and two departments within each
For the year ending December 31, 2020, Corum Industries accumulates the following data for the Plastics Division which it operates as an investment center: contribution margin—€700,000 budget,
Torres SE accumulates the following summary data for the year ending December 31, 2020, for its Water Division, which it operates as a profit center: sales—€2,000,000 budget, €2,080,000 actual;
In the Assembly Department of Hongsong Toys, budgeted and actual manufacturing overhead costs for the month of April 2020 were as follows.All costs are controllable by the department manager. Prepare
Data for Shillong Electronics are given in BE25.4. In March 2020, the company incurs the following costs in producing 100,000 units: direct materials £520,000, direct labor £596,000, and variable
Shillong Electronics expects to produce 1,200,000 units of Product XX in 2020. Monthly production is expected to range from 80,000 to 120,000 units. Budgeted variable manufacturing costs per unit are
In Gansu Ltd., direct labor is ¥20 per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2020, direct labor totaling ¥206,000 is incurred in working 10,400
Data for Croix AG are given in BE25.1. In the second quarter, budgeted sales were CHF380,000, and actual sales were CHF384,000. Prepare a static budget report for the second quarter and for the year
For the quarter ended March 31, 2020, Croix AG accumulates the following sales data for its newest guitar, The Edge: CHF315,000 budget; CHF305,000 actual. Prepare a static budget report for the
What is a major disadvantage of using ROI to evaluate investment and company performance?
Ojas Namjoshi is confused about controllable margin reported in an income statement for a profit center. How is this margin computed, and what is its primary purpose?
Kalyani Rai is studying for an accounting examination. Describe for Kalyani what conditions are necessary for responsibility accounting to be used effectively.
The flexible budget formula is fixed costs R$50,000 plus variable costs of R$4 per direct labor hour. What is the total budgeted cost at (a) 9,000 hours and (b) 12,345 hours?
Kimje Foods has prepared a graph of flexible budget data. At zero direct labor hours, the total budgeted cost line intersects the vertical axis at €20,000. At 10,000 direct labor hours, the line
Georgi Petrov is confused about how a flexible budget is prepared. Identify the steps for Georgi.
Razia Azen questions the usefulness of a master sales budget in evaluating sales performance. Is there justification for Razia’s concern? Explain.
a. What is budgetary control? b. Kabir Lal is describing budgetary control. What steps should be included in Kabir’s description?
In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical
You are an accountant in the budgetary, projections, and special projects department of Goel Conductor Ltd., a large manufacturing company. The president, Arav Malik, asks you on very short notice to
In order to better serve their rural patients, Drs. Hao and Jun Zhang (brothers) began giving safety seminars. Especially popular were their “emergency-preparedness” talks given to farmers. Many
Hanjaya Industries manufactures ergonomic devices for computer users. Some of its more popular products include anti-glare filters and privacy filters (for computer monitors) and keyboard stands with
Hwang Ltd. operates on a calendar-year basis. It begins the annual budgeting process in late August when the president establishes targets for the total sales and net income before taxes for the next
Tian Yang recently opened her own basket weaving studio. She sells finished baskets in addition to the raw materials needed by customers to weave baskets of their own. Tian has put together a variety
Deines plc has fixed costs of £480,000. It has a unit selling price of £6, unit variable costs of £4.40, and a target net income of £1,500,000. Compute the required sales in units to achieve its
For Astoria Equipment, actual sales are R1,000,000, and break-even sales are R800,000. Compute (a) the margin of safety and (b) the margin of safety ratio.
For Flynn Manufacturing, variable costs are 70% of sales, and fixed costs are €195,000. Management’s net income goal is €75,000. Compute the required sales needed to achieve management’s

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