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intermediate accounting

Accounting 9th edition Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett - Solutions

`If you order a vehicle with special features from a large motor vehicle manufacturer then it is possible to track the production of your vehicle online so that you know when the manufacturer began building it, where it is roughly in the production process and when it is being finished off. With
‘With process costing, the need to distinguish between direct and indirect materials and labour is not as important as in the case of a job order costing system.’ Discuss this statement.
Why is it important to assign costs to equivalent units when such units do not really exist in a physical form?
When your motor vehicle is serviced, the account you receive lists such things as labour, part numbers of parts used, consumables, GST and who performed the service. What type of cost accounting system does this suggest is used for motor vehicle servicing, and under what cost heading are the
‘In service businesses, the principles of costing services are the same as for producing physical products, and the same problems exist.’ Do you agree? Explain.
With Surteco Australia, the plastics manufacturer in the scene setter, would direct labour be the most appropriate cost driver to allocate overhead given its recent changes to manufacturing?
Explain two reasons why the actual overhead cost incurred might not always equal the overhead applied to production.
Internal control of cash is strengthened by requiring that each day’s receipts are deposited intact and that all payments are made by cheque or electronic transfer. Do you agree? Why or why not?
Many people think of cash as coins and notes. In accounting cash has a broader meaning. What type of assets are defined as cash in accounting?
Pizza Cheese Ltd produces cheese topping for the fast pizza industry. At the beginning of April, 40 000 kilograms of cheese topping was in process, 100% complete as to raw materials and 60% complete as to conversion costs. During the month, 920 000 kilograms of raw materials were placed into
Delish Ltd produces a dishwashing liquid. At the beginning of January, 126000litres of liquid cleaner were in process, 100% complete as to raw materials and 40% complete as to conversion costs. During the month, 920000litres of raw materials were placed into production. At the end of the month,
Fine Furniture Ltd had a balance in its Work in Process Inventory account on 1 October 2016 of $13 600 made up of two jobs: Job 730, $6400; and Job 731, $7200. At the end of October, costs assigned to production summarised by the source documents are presented below:Job no.Materials
Creative Advertisements Pty Ltd, a marketing firm, uses a job order costing system to charge its clients. The firm specialises in marketing work for small local businesses in Melbourne such as tradespeople and small shops that are not associated with national franchises. The cost data for March
Beautiful Bottles Pty Ltd, bottle manufacturer for the food industry, has just installed a job order costing system. The company uses machine hours to apply its overhead to work in process. On 1 May 2016, management estimated that the company would incur $680 000 in manufacturing overhead costs and
Fine Furniture Ltd uses a job order costing system. The September cost data were as follows:Raw materials purchased on creditDirect labour costsRaw materials issued to productionActual factory overhead costs (including depreciation of $27240)Cost of goods manufacturedSales (all
Job order cost data for Jobs 125 to 134 are shown below. The costs were incurred by Beejay Ltd during March and April, the company’s first 2 months of operations.Job order no.Costs at 1 AprilApril production
The expected costs and operating data for two manufacturers are presented below:Aloe LtdBasil LtdUnits producedFactory overhead costsDirect labour hoursDirect labour cost104 000$499 200151 600$996 00083 960$888 160164 000$803 600Aloe Ltd applies factory
As a manager you have been asked by your employer, BestTime Hotels, to determine the overhead rate applicable to each night’s accommodation in one of the hotel’s rooms. The hotel has 150 rooms and achieves an 80% occupancy rate on average over the 365 days of the year. You have determined the
Fine Furniture Ltd, which specialises in the manufacture of custom-built furniture, uses a job order costing system. On 1 March, the company had no beginning work in process inventory. During March, the following costs were recorded:Direct materialsDirect labour (8400 hours)Actual factory
Refer to the scene setter and explain why it is important to manage cash flows. Suggest methods a business can utilize to manage its cash flows.
Tom Shanks, production manager for Innovative Products Ltd, had just finished his annual performance appraisal with the managing director, May Martin. May had indicated that, although Tom’s performance as production manager was satisfactory, she and other senior managers were concerned with the
Hardwood Furniture Ltd produces standard dining-room tables and chairs on a production line that includes a cutting department, a shaping department, a construction department and a finishing department. This dining-room furniture is sold to mid-priced retailers around the country. They are a
A. Prepare a table showing the predetermined factory overhead rate based on each of the following: direct materials cost, direct labour cost, direct labour hours, machine hours, and units of production.B. The following data relate to Job 6543 which was completed during the year: materials costs
Melaleuca Manufacturing Ltd produces timber felling machines for the forestry industry around the world. Its two machines are the Tree Toppler, which cuts down trees and clears undergrowth, and the Melaleuca Muncher that pulps the timber into woodchips.The costs, volumes and cost drivers for the
Tsoulos, Tsoulakis and Associates is a small firm of architectural consultants. At 1 July 2015, three architects other than the principals, Tony Tsoulos and Maria Tsoulakis, are employed. The following information is relevant for the 2015–16 financial year.It is expected that each of the five
Cakemix Ltd produces cakes. Production is carried out in three processes — mixing, baking and packaging. The work in process accounts for the three processes for the month of April are set out below:Work in Process – MixingApril 30MaterialsLabourFactory
Internet Inhand Ltd began producing netbooks on 1 July 2016. A unit of production passes through two processes — manufacturing and finishing. Production data for the month of July are presented below:ManufacturingFinishingUnits started in process during JulyUnits received from previous process
Refer to the Hotbox Ltd production process details in problem 9.10.RequiredExplain in detail, using the facts from Problem 9.10, why it is most appropriate for Hotbox Ltd to use a process costing system rather than a job order costing system. Your answer should be no less than 250 words and should
Hotbox Ltd produces pizza boxes using two processes — cutting and packaging. The production budget for the year ending 30 June 2016 estimated raw materials use of $400000, factory overhead of $270000, direct labour costs of $190000 and 168750 machine hours. (Ignore GST.)During April 2016, the
Chiu Ltd prepares bulk supplies of Singapore noodles using two departments, a Blending Department and a Packaging Department. The finished product is sold in large quantities to retailers that package it and sell it with their own labels.Raw materials (ingredients) are added at the beginning of
EmployUs Pty Ltd is a human resource management firm that specialises in employing middle to senior management staff on behalf of other firms. The charge to employ a person is set at 50% of the first year’s remuneration package for the person being employed. To work out the profitability of each
Newbery and Newstead is a public accounting firm specialising in auditing local medium-sized businesses. Fees charged for each audit are determined on the basis of identifiable hours worked on an audit by each one of the accountants in the firm, an allocation of general overheads via a
Swiss Chocolates Ltd produces blocks of chocolate. Raw materials in the form of cocoa solids, milk and sugar are added at the beginning of the process, flavouring, fruit and nuts are added half-way through the process and a cardboard box is added at the end. The conversion costs (direct labour and
Eatern and Sons Ltd accounts for its manufacturing costs using a job order costing system and has provided the following production data during June 2016.· Job Z241 was in process as of 1 June with a cost of $22000.· The purchases of raw materials on credit during the month amounted to
Abbott Ltd produces a chemical used to clean showers in a single process in the Production Department. Raw materials in the form of chemicals are added at the beginning of the process, and a litre container is added at the end. The conversion costs (direct labour and factory overhead) are incurred
The April 2016 transactions of Jackson Productions Ltd, which uses a job order costing system, are shown below. (Ignore GST.)1. Raw materials purchased, $342000.2. Raw materials issued to production, $320000 direct and $42000 indirect.3. Factory payroll included $498000 of direct
A job order cost sheet for Standish Ltd is shown below:Job order no. 92For 2000 unitsDateDirect MaterialsDirect LabourManufacturing OverheadBeg. bal. Jan. 17 0008 0005 200 55 000
Innovative Products Ltd uses a job order costing system to control costs in its two production departments. Factory overhead is applied on the basis of machine hours in the Construction Department and on the basis of direct labour cost in the Finishing Department. The company prepared the following
Professionals Pty Ltd is a firm that offers a wide variety of professional services such as marketing, employment of professionals for other firms and accounting services. The firm has the following annual overhead costs:Office rentSecretarial staff wagesCleaning costsDepreciation of office
Imelda Instrument Ltd manufactures two products: missile range instruments and space pressure gauges. During January, 53 range instruments and 360 pressure gauges were produced, and overhead costs of $81 480 were incurred. An analysis of overhead costs reveals the following activities:ActivityCost
Green Consultants Pty Ltd specialise in consulting on landscape design. The company developed a predetermined charge-out rate based on hours for each of its consultants on 1 July 2016 to assign the cost of labour directly associated with each client job for the coming year. The company employs four
Basic Chemicals Ltd incurred the following transactions during the accounting period:1. Purchased raw materials on account $45 850.2. Raw materials of $36 400 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6740 was
Easy Construction Pty Ltd produces a single product, using two production departments — Construction and Packaging. The June cost and operating data for the Construction Department is:Beginning work in process inventoryUnits started in Construction DepartmentUnits transferred to Packaging
After reading the chapter, discuss the areas in which accountants work, and indicate which area(s) you find most interesting and/or familiar. If you intend to pursue a career in any one of these areas of accounting, discuss the types of decisions and advice that you believe you will be involved in
Herman and Sons' Law Offices opened on January 1, 2018. During the first year of business, the company had the following transactions:• January 2: The owners invested $250,000 (the par value of the stock) into the business and acquired 25,000 shares of common stock in return.• January 15 :
Branton Stores began operations on January I, 2018. Branton had the following transactions in its first year of business:• January 4: Owners invested $400,000 (the par value of the stock) in exchange for 40,000 shares of common stock.• January 31: Branton purchased an office building for
Jester Entertainment Company began operations on January 1, 2018. The company had the following transactions in its first year of business:January 4: Owners invested $120,000 (the par value of the stock) in exchange for 20,000 shares of common stock.February 2: Jester took out a 10-year note
PharmY,Inc. is a U.S. GAAP reporter that is in the pharmaceutical industry. In the current year. PharmY incurred expenditures related to laboratory experiments designed to discover a new drug. The expenditures were as follows:Laboratory equipment that will be used for this project only
Abtos Company is a U.S. manufacturer that is publicly traded. Abtos reports $12 million of inventory on its balance sheet, inventory includes raw materials, work-in-process, and finished goods. Is Abtos required to disclose the amounts for each class of inventory or can it simply report the total
Part I: Read paragraph OB11 of Statement of Financial Accounting Concepts No. 8. Conceptual Framework for Financial Reporting: Chapter 1. The Objective of General purpose Financial Reporting, and Chapter 3. Qualitative Characteristics of Useful/Financial Information. What does FASB say about the
How does FASB define cash equivalents? Provide the Codification reference.
What is the Basis for Conclusions and where can they be found for U.S. GAAP?
How does the Accounting Standards Codification make the body of U.S. GAAP easier to use?
You are provided the following information for the Del Campo Consulting Associates.RequiredAssume that all supplies purchased were used in operations in the year of purchase. Rental payments pertain to rental space used in the year of payment.a. Prepare an income statement of Del Campo for 2019 and
Review the following accounting practices and indicate whether you believe that the practice is correct or incorrect. Justify your answer with an accounting concept. principle, or assumption.a. Citcra Company, a large multinational corporation, expensed the acquisition of a $4,000 computer
Complete the following statements by identifying the appropriate term or concept.a. A___________sets forth theory, concepts, and principles to ensure that accounting standards are coherent and uniform.b . Information has ___________ if decision makers can use it as an input into processes that help
Determine the concept that is violated in each of the following cases:a. Management examined registration and legal fees for a trademark, and determined that it should record a trademark for $5,000.b . Katia Clothing, a U.S. GAAP reporter, purchased land five years ago and recently had it appraised
Noeleen Auto Mall. Ltd. recently completed an initial public offering (IPO) for $23,000,000 by listing its common shares on the New York Stock Exchange. Prior to its [PO. Noeleen was a privately held family business. As a public company, Noeleen faces increased reporting requirements, particularly
List the components of the current conceptual framework.
When are expenses recognized under U.S. GAAP?
What is the difference between a point-in-time element and a period-of-time element?
What is predictive value?
What are the attributes of relevance?
What is the SEC's role in standard setting, both historically and currently?
What is the composition of the FASB's membership?
What is the standard-setting process followed by FASB?
What is an economic entity?
What is the definition of financial accounting?
Smart Manufacturing Systems Pty Ltd’s accountant recently prepared the following data from the company’s accounting records for the year ended 30 June 2016:SalesInventories at 1 July 2015:Raw materialsWork in processFinished goodsInventories at 30 June 2016:Raw materialsWork in processFinished
Precision Balls Ltd produces and sells high-quality lawn bowls sets. Each set of balls is contained in a wooden carrying case, which is purchased from an outside supplier. The wooden cases are held as raw materials inventory until they are placed into production and combined with the lawn bowls.
Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows:July123678101314151921222326282930Chee Yong Chaw invested $36000 cash and $21000 office equipment
James Schroeder uses sales, purchases, cash receipts, cash payments and general journals along with subsidiary ledgers for accounts receivable and accounts payable in the accounts of his business. The business has adopted the perpetual inventory system. The post-closing trial balance as at 31May
Zhang Ltd uses sales, purchases, cash receipts, cash payments and a general journal along with subsidiary ledgers for accounts receivable and accounts payable. Zhang Ltd’s financial year ends on 31 December 2016. The post-closing trial balance as at 30 June 2016 and schedules of balances of the
A. Elliott started business on 1 July 2016. The accounting system includes a sales journal, a purchases journal, a cash receipts journal, a cash payments journal and a general journal. The chart of accounts shows the following titles:100110115150201210300400Cash at BankAccountsReceivable
Refer to the details and data presented in problem 7.5, and assume further that Galluzo Ltd and its suppliers are registered for the GST. The following additional accounts are in the general ledger and appear in the trial balance — 2-2300 GST Receivable and 1-1300 GST Payable. Assume both
Summary financial information for two independent companies is presented below:Kalkallo LtdMickleham LtdSalesSales returnsNet salesCost of salesGross profitExpensesProfit420000?396000230000?105000??18000510000?165000?80000RequiredA. Calculate the missing amounts.B. Calculate the gross profit ratio,
The trial balance of Westmeadow Weightlifting contains the following account balances at 30 June.DebitCreditInventoryWalter Westmeadow, DrawingsSalesSales returns and allowancesDiscount allowedCost of salesFreight inwardsDiscount receivedSelling and distribution expensesAdministrative expensesOther
The following information is taken from the trial balance of Petra’s Pedicure Parlour.DebitCreditInventory, 1 July 2016Petra Portillo, DrawingsSalesSales returns and allowancesDiscount allowedPurchasesPurchases returns and allowancesDiscount receivedFreight inwardsSelling and distribution
Selected accounts and a section of a worksheet for Sunhill Stores are shown below:Worksheet (section only)AccountAdjusted trial balanceIncome statementBalance sheetDebitCreditDebitCreditDebitCreditInventorySalesSales Returns and AllowancesDiscount AllowedPurchasesPurchases Returns and
The account balances below are taken from the records of Gilberton Retail Prepare an income statement under the perpetual inventory system for the year ended 30 June 2016.Cost of salesInventory, 30 June 2016Selling and distribution expensesSalesSales returns and allowancesAdministrative
The production of 100 cartons of cans of soft drinks could be costed as part of a job order costing system or a process costing system. Do you agree? Explain.
Refer to the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:Required1. What inventories are carried by JB Hi-Fi Ltd in the consolidated statement? If only one class of inventories is carried, suggest why any classification used is
Toolkit Pty Ltd manufactures high-quality tools for sale to tradespeople. The company produces two major lines of products — spanners and hammers. Trevor is the manager of spanner production and Helmut is the manager responsible for hammer production. The direct materials for the spanners and
Sustainable manufacturing is increasing in importance as consumers and governments become more aware of the long-term impacts of the production of the products we use. On page 000 the concept of Design for Environment (DfE) is outlined and the business knowledge vignette explains how Mercedes-Benz
A. Determine the selling price of each computer over the past year.B. Innovative Computers Pty Ltd wants to increase sales by 25% in the next year. Management is not sure whether to increase the price by up to 25%, keep the price the same, or even reduce the price. Assuming that the policy of a
Moore Manufacturing Pty Ltd makes refrigerators and is trying to determine the cost of its ending work in process. The accountant has put together the following data for the year ended 30 June 2016.Factory overhead costs for the yearDirect labour costs for the yearMachine hours for the yearDirect
Basic Chemicals Ltd produces a highly flammable chemical product. The company experienced a flood on 1 April 2016 that destroyed its entire work in process inventory but did not affect the raw materials or finished goods inventories because they were located elsewhere. The insurance company wants
The listing of the ledger accounts (unadjusted) of Smart Manufacturing Systems Pty Ltd at 30 June 2016 is presented below. All ledger balances are normal balances.SMART MANUFACTURING SYSTEMS PTY LTDUnadjusted List of Accountsas at 30 June 2016BalanceCash at bankAccounts receivableFinished goods
The unadjusted trial balance of Innovative Computers Pty Ltd on 30 June 2016 is presented below:INNOVATIVE COMPUTERS PTY LTDUnadjusted Trial Balanceas at 30 June 2016DebitCreditCash at bankTrade debtorsFinished goods inventory, 1/7/15Work in process, 1/7/15Raw materials inventory, 1/7/15Prepaid
You are provided with the cost of goods manufactured statement and income statement for Prider Manufacturers Ltd.RequiredPrepare the closing entries for Prider Manufacturers Ltd.PRIDER MANUFACTURERS PTY LTDCost of Goods Manufactured Statementfor the year ended 30 June 2016Direct materials:Beginning
You are provided with the worksheet shown on page 000 for Norman Pty Ltd for the year ended 30 June 2016. The adjustments have already been made and the worksheet begins with the adjusted trial balance.Assume all insurance relates to the factory. Closing inventory balances at 30 June 2016 were $108
The following data were taken from the records of Manik Manufacturing Ltd for the year ended 30 June 2016.Raw materials inventory, 1/7/15Raw materials inventory, 30/6/16Finished goods inventory, 1/7/15Finished goods inventory, 30/6/16Work in process inventory, 1/7/15Work in process inventory,
The following accounts and amounts (balances are normal balances) were taken from the records of Prider Manufacturers Ltd at 30 June 2016:Advertising expenseSales travel expenseDepreciation – factory machineryDepreciation – office equipmentDirect labourFactory powerFactory rentFactory
An analysis of the accounts of Beautiful Bottles Pty Ltd reveals the following manufacturing cost data for the month ended 30 June 2016.BeginningEndingInventories:Raw materialsWork in processFinished goodsCosts incurred:Raw materials purchasesDirect labourManufacturing
Two cases of data concerning production costs, other expenses and sales are presented below:Case 1Case 2Beginning work in processEnding work in processDirect materials costDirect labourFactory overheadTotal manufacturing costsCost of goods manufacturedSales incomeBeginning finished goods
Smart Manufacturing Systems Pty Ltd uses a periodic inventory system and closes its accounts on 30June each year. The company’s closing entries made on 30 June 2016 were as shown below.June 30Manufacturing SummaryRaw Materials InventoryWork in Process InventoryRaw Materials PurchasesFreight
Incomplete information concerning the financial performance of two manufacturing companies is presented below.Company ACompany BWork in process, 1/7/15Work in process, 30/6/16Direct materials usedDirect labourFactory overheadSales incomeAccounts receivable, 1/7/15Accounts receivable, 30/6/16Cost of
As the marketing manager for Fast Fones Industries Pty Ltd, you have asked the accountant what it costs to make the Fone2000 model because you want to set a price for the phone. A similar phone produced by a competitor sells for $600. Your usual pricing policy is to set the price of phones at twice
During the year ended 30 June 2016, Beautiful Bottles Pty Ltd incurred the following costs in connection with its production activities.Raw materials purchasesFactory electricityIndirect labourDirect labourDepreciation on manufacturing equipmentPlant rentSupplies used in productionRepairs to
For company A, B and C, fill in the missing data. Each company is independentIncome statementCompany ACompany BCompany CSales(1)154 40080 300Beginning finished goods(2)36 3008 500Cost of goods manufactured96 200(5)32 600Ending finished goods38 00050 800(9)Cost of sales88 000(6)35 300Gross profit106

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