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fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Zheng Bo is confused about the differences between a product cost and a period cost. Explain the differences to Zheng.
Daehyun Kim is studying for his next accounting examination. Explain to Daehyun what he should know about the differences between the income statements for a manufacturing and for a merchandising
Ying Li is studying for the next accounting mid-term examination. Summarize for Ying what she should know about management functions.
Bruno Group accumulates the following data concerning a mixed cost, using kilometers as the activity level.Compute the variable- and fixed-cost elements using the high-low method. Kilometers Total
For Wesland Ltd., a mixed cost is £15,000 plus £18 per direct labor hour. Diagram the behavior of the cost using increments of 500 hours up to 2,500 hours on the horizontal axis and increments of
For Marino SpA, the relevant range of production is 40–80% of capacity. At 40% of capacity, a variable cost is €4,000 and a fixed cost is €6,000. Diagram the behavior of each cost within the
Monthly production costs in Paek Ltd. for two levels of production are as follows.Indicate which costs are variable, fixed, and mixed, and give the reason for each answer. Cost Indirect labor
Huang Ltd.’s break-even sales are HK$5,000,000. Assuming fixed costs are HK$1,800,000, what sales volume is needed to achieve a target net income of HK$900,000?
Marshall plc’s GWhiz calculator sells for £40. Variable costs per unit are estimated to be £26. What are the unit contribution margin and the contribution margin ratio?
Yoko Kawamura defines contribution margin as the amount of profit available to cover operating expenses. Is there any truth in this definition? Discuss.
Rezaul Karim is confused. He does not understand why rent on his apartment is a fixed cost and rent on a Hertz rental truck is a mixed cost. Explain the difference to Rezaul.
a. Ke Liu asks your help in understanding the term “activity index.” Explain the meaning and importance of this term for Ke. b. State the two ways that variable costs may be defi ned.
Paek Electronics manufactures a high-tech component used in Bluetooth speakers that passes through two production processing departments, Molding and Assembly. Department managers are partially
Qianyi Wu was a good friend of yours in high school and is from your home town. While you chose to major in accounting when you both went away to college, she majored in marketing and management. You
Wilson Furniture Ltd. manufactures living room furniture through two departments: Framing and Upholstering. Materials are entered at the beginning of each process. For May, the following cost data
Haifeng Cycles manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Haifeng Cycles uses
Polk 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 2020
Rivera SpA has several processing departments. Costs charged to the Assembly Department for November 2020 totaled €2,280,000 as follows.Production records show that 35,000 units were in beginning
Shihfan Industries Ltd. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost
Bautista Equipment manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling
Fire Out plc manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2020,
The ledger of Suzuki Group has the following work in process account.Production records show that there were 800 units in the beginning inventory, 30% complete, 1,100 units started, and 1,500 units
Hai Ltd. 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
The Welding Department of Healthy AG has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process.InstructionsPrepare a
Kang Ting has recently been promoted to production manager. He has just started to receive various managerial reports, including the production cost report that you prepared. It showed that his
Ramali Ltd. has gathered the following information.Units in beginning work in process –0–Units started
The Sanding Department of Liu Furniture has the following production and manufacturing cost data for March 2020, the fi rst month of operation.Production: 7,000 units fi nished and transferred out;
The Cutting Department of Fontana SA 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
In Huang Group, 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
Lawrence plc 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
Ciatti SpA 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
Jiao Wu 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
Production costs chargeable to the Finishing Department in May at Kim Clothiers are materials ¥750,000, labor ¥200,000, and overhead ¥180,000. Equivalent units of production are materials 20,000
Using the data in BE21.10, prepare the cost section of the production cost report for Pix NV.Data from BE21.10:Pix NV has the following production data for March: no beginning work in process, units
Pix NV 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
Data for Hollins plc are given in BE21.8. 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 costs and
Production costs chargeable to the Finishing Department in June for Hollins plc are materials £12,000, labor £29,500, and overhead £18,000. Equivalent units of production are materials 20,000 and
Chunsheng Ltd. 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
The Smelting Department of Kato Enterprises has the following production data for November.Beginning work in process 2,000 units that are 100% complete as to materials and 20% complete as to
Factory labor data for Wen Ltd. are given in BE21.2. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and
Data for Wen Ltd. are given in BE21.1. Supporting records show that (a) the Assembly Department used HK$240,000 of raw materials and HK$350,000 of the factory labor, and (b) the Finishing Department
Wen Ltd. purchases HK$500,000 of raw materials on account, and it incurs HK$600,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until
Fung Ltd. 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
At Narkar Electronics, 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 total
Zou 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
Song Ltd. 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?
Lixin Cai 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.
Qinfen Mei believes there are no significant differences in the flow of costs between job order cost accounting and process cost accounting. Is Mei correct? Explain.
Identify which costing system—job order or process cost—the following companies would primarily use: (a) Mars Foods (China) Co. Ltd., (b) Jif Peanut Butter, (c) Gulf Craft (luxury
After graduating, you might decide to start a small business. As discussed in this chapter, owners of any business need to know how to calculate the cost of their products. In fact, many small
Many of you will work for a small business. Some of you will even own your own business. In order to operate a small business, you will need a good understanding of managerial accounting, as well as
LRF Printing provides printing services to many different company clients. Although LRF bids most jobs, some jobs, particularly new ones, are negotiated on a “cost-plus” basis. Cost-plus means
Agassi SE uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours
Poawit Ltd. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the
For the year ended December 31, 2020, the job cost sheets of Cinta NV contained the following data.Other data:1. Raw materials inventory totaled €15,000 on January 1. During the year, €140,000 of
Rossi AG begins operations on April 1. Information from job cost sheets shows the following.Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in
At May 31, 2020, the accounts of Lopez Company show the following.1. May 1 inventories—fi nished goods €12,600, work in process €14,700, and raw materials €8,200.2. May 31 inventories—fi
Rhim Printing Ltd. uses a job order cost system. The following data summarize the operations related to the fi rst quarter’s production.1. Materials purchased on account W192,000,000, and factory
The gross earnings of the factory workers for Junhong Ltd. during the month of January are HK$760,000. The employer’s payroll taxes for the factory payroll are HK$80,000. The fringe benefits to be
For Naidoo Company, the predetermined overhead rate is 130% of direct labor cost. During the month, Naidoo incurred R1,000,000 of factory labor costs, of which R850,000 is direct labor and R150,000
Romila Electronics produces earbuds. During the year, manufacturing overhead costs are expected to be Rs20,000,000. Expected machine usage is 2,500 hours. The company assigns overhead based on
During the current month, Tanaka Tech incurs the following manufacturing costs.a. Purchased raw materials of ¥1,800,000 on account.b. Incurred factory labor of ¥4,000,000. Of that amount,
In March, Xiaoping Computers completes Jobs 10 and 11. Job 10 cost HK$200,000 and Job 11 HK$300,000. On March 31, Job 10 is sold to the customer for HK$350,000 in cash. Journalize the entries for the
During the first quarter, Ghim Enterprises incurs the following direct labor costs: January W40,000,000, February W30,000,000, and March W50,000,000. For each month, prepare the entry to assign
Marquis SA estimates that annual manufacturing overhead costs will be €900,000. Estimated annual operating activity bases are direct labor cost €500,000, direct labor hours 50,000, and machine
Factory labor data for Galli Group is given in BE20.2. During January, time tickets show that the factory labor of CHF6,000 was used as follows: Job 1 CHF2,200, Job 2 CHF1,600, Job 3 CHF1,400, and
In January, Galli Group requisitions raw materials for production as follows: Job 1 CHF900, Job 2 CHF1,200, Job 3 CHF700, and general factory use CHF600. Prepare a summary journal entry to record raw
During January, its first month of operations, Galli Group accumulated the following manufacturing costs: raw materials CHF4,000 on account, factory labor CHF6,000 of which CHF5,200 relates to
Galli Group begins operations on January 1. Because all work is done to customer specifications, the company decides to use a job order cost system. Prepare a flowchart of a typical job order system
Fengli Gao is confused about under- and overapplied manufacturing overhead. Define the terms for Fengli, and indicate the balance in the manufacturing overhead account applicable to each term.
Tarun Naik believes that the cost of goods manufactured schedule in job order cost accounting is the same as shown in Chapter 19. Is Tarun correct? Explain.
Yunyan Kuang is confused about the source documents used in assigning materials and labor costs. Identify the documents and give the entry for each document.
a. Arijit Sen is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Arijit.b. What is an important feature of a cost accounting system?
As noted in this chapter, because of global competition, companies have become increasingly focused on reducing costs. To reduce costs and remain competitive, many companies are turning to
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.Instructionsa. Prepare a cost of goods manufactured schedule. (Assume all raw materials used
Bell Audio started its production in October 2020. 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
An analysis of the accounts of Roberts Industries reveals the following manufacturing cost data for the month ended June 30, 2020.Costs incurred: raw materials purchases £54,000, direct labor
The following information is available for Patel Ltd.Instructionsa. Compute cost of goods manufactured.b. Prepare an income statement through gross profit.c. Show the presentation of the ending
Incomplete manufacturing cost data for Zhang Ltd. for 2020 are presented as follows for four different situations.Instructionsa. Indicate the missing amount for each letter.b. Prepare a condensed
National Express reports the following costs and expenses in June 2020 for its delivery service (amounts are in thousands).InstructionsDetermine the total amount of (a) delivery service (product)
The administrators of Chesterfield 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
Jang Electronics is a manufacturer of laptop computers. Various costs and expenses associated with its operations are as follows.1. Property taxes on the factory building.2. Production
Bjorklund Manufacturing reports the following costs and expenses in May.InstructionsFrom the information, determine the total amount of:a. Manufacturing overhead.b. Product costs.c. Period costs.
The following is a list of costs and expenses usually incurred by Souza Furniture in its factory.1. Salaries for assembly line inspectors.2. Insurance on factory machines.3. Property taxes on the
Mukta Joshi has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management.1. Financial accounting focuses on providing information
Which of the following gains or losses would Organic Foods account for as unusual and/or infrequent?a. A hurricane destroys rainwater tanks that result in a loss for Organic Foods.b. The used vehicle
Franklin Co. reported the following year-end data: net income of $220,000; annual cash dividends per share of $3;market price per (common) share of $150; and earnings per share of $10. Compute the(a)
Edison Co. reported the following for the current year: net sales of $80,000; cost of goods sold of $56,000; net income of$16,000; beginning balance of total assets of $60,000; and ending balance of
Paddy’s Pub reported the following year-end data: income before interest expense and income tax expense of $30,000;cost of goods sold of $17,000; interest expense of $1,500; total assets of
Ruiz Foods makes energy bars using a traditional manufacturing process. Raw materials are stored in inventory and thenmoved into production. Work in process inventory is moved across the company’s
Auto-Motion is a lean manufacturer of self-driving wheelchairs. The company budgets $680,000 of conversion costs and 2,000 production hours for the next year. Each wheelchair requires 25 production
Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $250 of raw materials. Estimated conversion costs to produce 2,000 units in the next year are $800,000. During a recent
Apple uses lean principles to reduce waste and use fewer resources. The data below are from its recent Environmental Responsibility Report.1. Did Apple’s percent (%) of energy used from renewable
Use the information below to answer the requirements.1. Compute days’ payable outstanding for the current year. Round to the nearest day.2. If the company’s accounts payable were 8% lower, by how
Use the information below for Netflix to answer the requirements.1. Compute days’ payable outstanding for the current year. Round to the nearest day.2. Compute days’ payable outstanding for the
Use the information below for Tesla to answer the requirements.1. Compute days’ sales in work in process inventory for the current year. Round to the nearest day.2. If the company’s work in
Management of a T-shirt manufacturer believes if the company applies lean principles, then cycle efficiency can be improved. The following are estimated completion times for different activities in
A manufacturer makes T-shirts in several processes. Information on the components of cycle time follow. Compute(a) Value-added time,(b) Inspection time,(c) Move time,(d) Wait time,(e) Cycle time.
Dyzor is a lean manufacturer of wireless sound systems. Its wireless speaker value stream budgets $270,000 of conversion costs and 500 production hours for the next quarter. The company can produce
Robo-Pool manufactures robotic pool vacuums. Each unit requires $225 of raw materials and $375 of conversion costs and is sold for $700. During a recent month the company produced 120 units and sold

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