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managerial accounting decision making

Introduction To Managerial Accounting 5th Edition Peter Brewer, Ray Garrison, Eric Noreen - Solutions

BRIEF EXERCISE 7–4 Direct Materials Budget [LO4]Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is 150 roubles per kilogram. (Siberia is located in Russia, whose currency is the
BRIEF EXERCISE 7–3 Production Budget [LO3]Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the next four months as follows:Sales in Units April ............ 50,000 May ............ 75,000 June ........... 90,000 July ............. 80,000 The company is now
BRIEF EXERCISE 7–2 Schedule of Expected Cash Collections [LO2]Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second quarter given below:April May June Total Budgeted sales
BRIEF EXERCISE 7–1 Budget Process [LO1]The following terms pertain to the budgeting process:Benchmarks Bottlenecks Budget Budget committee Control Imposed from above Motivation Planning Responsibility accounting Self-imposed budget Required:Fill in the blanks with the most appropriate word or
PROBLEM 6–27A Changes in Fixed and Variable Costs; Target Profit and Break-Even Analysis[ LO4 , LO5 , LO6 ]Neptune Company produces toys and other items for use in beach and resort areas. A small, inflatable toy has come onto the market that the company is anxious to produce and sell. The new toy
PROBLEM 6–26A Target Profit and Break-Even Analysis [ LO5 , LO6 ]The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thinking of expanding his sales by hiring local high school students, on a commission basis, to sell sweatshirts bearing the name and
PROBLEM 6–25A Graphing; Incremental Analysis; Operating Leverage [ LO2 , LO4 , LO5 , LO6 , LO8]Angie Silva has recently opened The Sandal Shop, a store that specializes in fashionable sandals in B risbane, Australia. Angie has just received a degree in business and she is anxious to apply the
PROBLEM 6–24A Interpretive Questions on the CVP Graph [ LO2 , LO6 ]A CVP graph such as the one shown on the next page is a useful technique for showing relationships among an organization’s costs, volume, and profits.Required:1. Identify the numbered components in the CVP graph.2. State the
PROBLEM 6–23A Sales Mix; Break-Even Analysis; Margin of Safety [ LO7 , LO9 ]Island Novelties, Inc., of Palau makes two products, Hawaiian Fantasy and Tahitian Joy. Present revenue, cost, and sales data for the two products follow:Hawaiian Tahitian Fantasy Joy Selling price per unit
PROBLEM 6–22A Basics of CVP Analysis; Cost Structure [ LO1 , LO3 , LO4 , LO5 , LO6 ]Due to erratic sales of its sole product—a high-capacity battery for laptop computers—PEM, Inc., has been experiencing difficulty for some time. The company’s contribution format income statement for the
PROBLEM 6–21A Basic CVP Analysis; Graphing [ LO1 , LO2 , LO4 , LO6 ]The Fashion Shoe Company operates a chain of women’s shoe shops around the country. The shops carry many styles of shoes that are all sold at the same price. Sales personnel in the shops are paid a substantial commission on
PROBLEM 6–20A Sales Mix; Multiproduct Break-Even Analysis [ LO9 ]Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice—Fragrant, White, and Loonzain. (The currency in Thailand is the baht, which is denoted by B.)Budgeted sales by product
PROBLEM 6–19A Basics of CVP Analysis [ LO1 , LO3 , LO4 , LO6 , LO8]Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit. Variable costs are $8 per unit, and fixed costs total $180,000 per year.Required:Answer the following independent questions:1. What is
EXERCISE 6–18 Multiproduct Break-Even Analysis [ LO9 ]Olongapo Sports Corporation is the distributor in the Philippines of two premium golf balls—the Flight Dynamic and the Sure Shot. Monthly sales, expressed in pesos (P), and the contribution margin ratios for the two products follow:Product
EXERCISE 6–17 Break-Even Analysis and CVP Graphing [ LO2 , LO4 , LO6 ]The Hartford Symphony Guild is planning its annual dinner-dance. The dinner-dance committee has assembled the following expected costs for the event:Dinner (per person) ................................................. $18
EXERCISE 6–16 Target Profit and Break-Even Analysis [ LO4 , LO5 , LO6 ]Outback Outfitters sells recreational equipment. One of the company’s products, a small camp stove, sells for $50 per unit. Variable expenses are $32 per stove, and fixed expenses associated with the stove total$108,000 per
EXERCISE 6–15 Operating Leverage [ LO4 , LO8]Magic Realm, Inc., has developed a new fantasy board game. The company sold 15,000 games last year at a selling price of $20 per game. Fixed costs associated with the game total $182,000 per year, and variable costs are $6 per game. Production of the
EXERCISE 6–14 Missing Data; Basic CVP Concepts [ LO1 , LO9 ]Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others.( Hint: One way to find the missing amounts would be to prepare a contribution format income statement for each case, enter
EXERCISE 6–13 Target Profit and Break-Even Analysis [ LO3 , LO4 , LO5 , LO6 ]Lindon Company is the exclusive distributor for an automotive product that sells for $40 per unit and has a CM ratio of 30%. The company’s fixed expenses are $180,000 per year. The company plans to sell 16,000 units
EXERCISE 6–12 Target Profit and Break-Even Analysis; Margin of Safety; CM Ratio [ LO1 , LO3 , LO5 , LO6 , LO7 ]Menlo Company distributes a single product. The company’s sales and expenses for last month follow:Total Per Unit Sales .................................................... $450,000
EXERCISE 6–11 Using a Contribution Format Income Statement [ LO1 , LO4 ]Miller Company’s most recent contribution format income statement is shown below:Total Per Unit Sales (20,000 units) ............................. $300,000 $15.00 Variable expenses ............................... 180,000
BRIEF EXERCISE 6–10 Compute the Break-Even Point for a Multiproduct Company [ LO9 ]Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below:Claimjumper Makeover Total Sales
BRIEF EXERCISE 6–9 Compute and Use the Degree of Operating Leverage [ LO8]Engberg Company installs lawn sod in home yards. The company’s most recent monthly contribution format income statement follows:Amount Percent of Sales Sales ............................................ $80,000
BRIEF EXERCISE 6–8 Compute the Margin of Safety [ LO7 ]Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month’s budget appear below:Selling price ..................................... $30 per unit Variable expenses
BRIEF EXERCISE 6–7 Compute the Break-Even Point [ LO6 ]Mauro Products distributes a single product, a woven basket whose selling price is $15 and whose variable expense is $12 per unit. The company’s monthly fixed expense is $4,200.Required:1. Solve for the company’s break-even point in unit
BRIEF EXERCISE 6–6 Compute the Level of Sales Required to Attain a Target Profit [ LO5 ]Lin Corporation has a single product whose selling price is $120 and whose variable expense is $80 per unit. The company’s monthly fixed expense is $50,000.Required:1. Using the equation method, solve for
BRIEF EXERCISE 6–5 Changes in Variable Costs, Fixed Costs, Selling Price, and Volume [ LO4 ]Data for Hermann Corporation are shown below:Per Unit Percent of Sales Selling price ................................. $90 100%Variable expenses ....................... 63 70 Contribution margin
BRIEF EXERCISE 6–4 Computing and Using the CM Ratio [ LO3 ]Last month when Holiday Creations, Inc., sold 50,000 units, total sales were $200,000, total variable expenses were $120,000, and fixed expenses were $65,000.Required:1. What is the company’s contribution margin (CM) ratio?2. Estimate
BRIEF EXERCISE 6–3 Prepare a Profit Graph [ LO2 ]Jaffre Enterprises distributes a single product whose selling price is $16 and whose variable expense is $11 per unit. The company’s fixed expense is $16,000 per month.Required:1. Prepare a profit graph for the company up to a sales level of
BRIEF EXERCISE 6–2 Prepare a Cost-Volume-Profit (CVP) Graph [ LO2 ]Karlik Enterprises distributes a single product whose selling price is $24 and whose variable expense is$18 per unit. The company’s monthly fixed expense is $24,000.Required:1. Prepare a cost-volume-profit graph for the company
BRIEF EXERCISE 6–1 Preparing a Contribution Format Income Statement [ LO1 ]Whirly Corporation’s most recent income statement is shown below:Total Per Unit Sales (10,000 units) ..................... $350,000 $35.00 Variable expenses ....................... 200,000 20.00 Contribution margin
PROBLEM 5A–11 Comprehensive Problem with Labor Fixed [ LO5 , LO6 , LO7 ]Far North Telecom, Ltd., of Ontario, has organized a new division to manufacture and sell specialty cellular telephones. The division’s monthly costs are shown below:Manufacturing costs:Variable costs per unit:Direct
PROBLEM 5A–10 Absorption and Variable Costing: Production Constant, Sales Fluctuate [ LO5 , LO6 , LO7 ]Tami Tyler opened Tami’s Creations, Inc., a small manufacturing company, at the beginning of the year.Getting the company through its first quarter of operations placed a considerable strain
PROBLEM 5A–9 Variable and Absorption Costing Unit Product Costs and Income Statements;Explanation of Difference in Net Operating Income [ LO5 , LO6 , LO7 ]High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that
PROBLEM 5A–8 Variable Costing Income Statement; Reconciliation [ LO6 , LO7 ]During Heaton Company’s first two years of operations, the company reported absorption costing net operating income as follows:Year 1 Year 2 Sales (@ $25 per unit)....................................................
EXERCISE 5A–7 Absorption Costing Unit Product Cost and Income Statement [ LO5 , LO6 ]Refer to the data in Exercise 5A–6 for Chuck Wagon Grills. Assume in this exercise that the company uses absorption costing.Required:1. Compute the unit product cost for one barbecue grill.2. Prepare an income
EXERCISE 5A–6 Variable Costing Unit Product Cost and Income Statement; Break-Even [ LO5 , LO6 ]Chuck Wagon Grills, Inc., makes a single product—a handmade specialty barbecue grill that it sells for$210. Data for last year’s operations follow:Units in beginning inventory
EXERCISE 5A–5 Variable Costing Income Statement; Reconciliation [ LO6 , LO7 ]Whitman Company has just completed its first year of operations. The company’s absorption costing income statement for the year follows:Whitman Company Income Statement Sales (35,000 units $25 per unit)
EXERCISE 5A–4 Variable and Absorption Costing Unit Product Costs and Income Statements[ LO5 , LO6 ]Lynch Company manufactures and sells a single product. The following costs were incurred during the company’s first year of operations:Variable costs per unit:Manufacturing:Direct materials
BRIEF EXERCISE 5A–3 Reconciliation of Absorption and Variable Costing Net Operating Incomes [ LO7 ]Jorgansen Lighting, Inc., manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external
BRIEF EXERCISE 5A–2 Variable Costing Income Statement; Explanation of Difference in Net Operating Income [ LO6 ]Refer to the data in Brief Exercise 5A–1 for Ida Sidha Karya Company. The absorption costing income statement prepared by the company’s accountant for last year appears below (all
BRIEF EXERCISE 5A–1 Variable and Absorption Costing Unit Product Costs [ LO5 ]Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to
EXERCISE 4–12 Equivalent Units—Weighted-Average Method [ LO2 ]Alaskan Fisheries, Inc., processes salmon for various distributors. Two departments are involved— Cleaning and Packing. Data relating to pounds of salmon processed in the Cleaning Department during July are presented below:Percent
EXERCISE 4–11 Cost Assignment; Cost Reconciliation—Weighted-Average Method [ LO2 , LO4 , LO5 ]Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to
EXERCISE 4–10 Comprehensive Exercise; Second Production Department—Weighted-Average Method [ LO2 , LO3 , LO4 , LO5 ]Scribners Corporation produces fine papers in three production departments—Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag
EXERCISE 4–9 Equivalent Units and Cost per Equivalent Unit—Weighted-Average Method [ LO2 , LO3 , LO4 ]Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments.All of the material that is used in the first production department is added at the
EXERCISE 4–8 Equivalent Units and Cost per Equivalent Unit—Weighted-Average Method[ LO2 , LO3 ]Pureform, Inc., manufactures a product that passes through two departments. Data for a recent month for the first department follow:Units Materials Labor Overhead Work in process, beginning
EXERCISE 4–7 Equivalent Units—Weighted-Average Method [ LO2 ]Hielta Oy, a Finnish company, processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed during June are provided below:Percent Completed Tons of Labor and Pulp Materials Overhead Work in
EXERCISE 4–6 Process Costing Journal Entries [ LO1 ]Chocolaterie de Geneve, SA, is located in a French-speaking canton in Switzerland. The company makes chocolate truffles that are sold in popular embossed tins. The company has two processing departments—Cooking and Molding. In the Cooking
BRIEF EXERCISE 4–5 Cost Reconciliation Report—Weighted-Average Method [ LO5 ]Maria Am Corporation uses a process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in
BRIEF EXERCISE 4–4 Applying Costs to Units—Weighted-Average Method [ LO4 ]Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below:Materials Conversion Equivalent units of production in ending work
BRIEF EXERCISE 4–3 Cost per Equivalent Unit—Weighted-Average Method [ LO3 ]Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below:Materials Labor Overhead Work in process, May 1
BRIEF EXERCISE 4–2 Computation of Equivalent Units—Weighted-Average Method [ LO2 ]Clonex Labs, Inc., uses a process costing system. The following data are available for one department for October:Percent Completed Units Materials Conversion Work in process, October 1 ........................
BRIEF EXERCISE 4–1 Process Costing Journal Entries [ LO1 ]Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company’s operations in March follows:a. Raw materials were issued for use in production: Molding Department, $23,000;
PROBLEM 3–18A Contrast Activity-Based Costing and Conventional Product Costs [LO2, LO3, LO4]Ellix Company manufactures two models of ultra-high fidelity speakers, the X200 model and the X99 model. Data regarding the two products follow:Direct Annual Labor-Hours Production Total Direct per Unit
PROBLEM 3–17A Cost Flows and Unit Product Costs in Activity-Based Costing [LO2, LO3, LO5]Hunter Corporation uses activity-based costing to determine product costs for external financial reports. At the beginning of the year, management made the following estimates of cost and activity in the
PROBLEM 3–16A Activity-Based Costing Cost Flows and Income Statement [LO2, LO5]Aucton Corporation is a manufacturing company that uses activity-based costing for its external financial reports. The company’s activity cost pools and associated data for the coming year appear below:Activity
PROBLEM 3–15A Activity-Based Costing Cost Flows [LO2, LO3, LO5]Munoz Corporation uses activity-based costing to determine product costs for external financial reports. At the beginning of the year, management made the following estimates of cost and activity in the company’s five activity cost
PROBLEM 3–14A Contrasting ABC and Conventional Product Costs [LO2, LO3, LO4]Siegel Corporation manufactures a product that is available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced several years ago to tap a new segment of
PROBLEM 3–13A Compute and Use Activity Rates to Determine the Costs of Serving Customers[LO2, LO3, LO4]Jordan’s Lakeside is a popular restaurant located on Lake Washington in Seattle. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a
PROBLEM 3–12A Contrasting ABC and Conventional Product Costs [LO2, LO3, LO4]For many years, Zapro Company manufactured a single product called a mono-relay. Then three years ago, the company automated a portion of its plant and at the same time introduced a second product called a bi-relay that
PROBLEM 3–11A ABC Cost Hierarchy [LO1]Juneau Company manufactures a variety of products in a single facility. Consultants hired by the company to do an activity-based costing analysis have identified the following activities carried out in the company on a routine basis:a. Machines are set up
EXERCISE 3–10 Cost Hierarchy and Activity Measures [LO1]The following activities are carried out in Greenberry Company, a manufacturer of consumer goods.a. Direct labor workers assemble a product.b. Engineers design a new product.c. A machine is set up to process a batch.d. Numerically controlled
EXERCISE 3–9 Contrast ABC and Conventional Product Costs [LO2, LO3, LO4]Harrison Company makes two products and uses a conventional costing system in which a single plantwide predetermined overhead rate is computed based on direct labor-hours. Data for the two products for the upcoming year
EXERCISE 3–8 Computing ABC Product Costs [LO2, LO3]Fogerty Company makes two products, titanium Hubs and Sprockets. Data regarding the two products follow:Direct Labor-Hours Annual per Unit Production Hubs ............................................. 0.80 10,000 units Sprockets
EXERCISE 3–7 Assigning Overhead to Products in ABC [LO3]Refer to the data in Exercise 3–6 for Sylvan Company. Activities during the year were distributed across the company’s four products as follows:Actual Activity Activity Cost Pool Product A Product B Product C Product D Labor related
EXERCISE 3–6 Cost Flows in Activity-Based Costing [LO2, LO5]Sylvan Company uses activity-based costing to determine product costs for external financial reports. The company’s partially completed Manufacturing Overhead T-account for the current year is shown below:Manufacturing Overhead(a)
BRIEF EXERCISE 3–5 Cost Flows in an ABC System [LO5]Larker Corporation implemented activity-based costing several years ago and uses it for its external financial reports. The company has four activity cost pools, which are listed below.Activity Cost Pool Activity Rate Machine related
BRIEF EXERCISE 3–4 Contrast ABC and Conventional Product Costs [LO4]Midwest Industrial Products Corporation makes two products, Product H and Product L. Product H is expected to sell 50,000 units next year and Product L is expected to sell 10,000 units. A unit of either product requires 0.2
BRIEF EXERCISE 3–3 Compute ABC Product Costs [LO3]Klumper Corporation is a diversified manufacturer of industrial goods. The company’s activity-based costing system contains the following six activity cost pools and activity rates:Activity Cost Pool Activity Rates Labor related
BRIEF EXERCISE 3–2 Compute Activity Rates [LO2]Kramer Corporation is a diversified manufacturer of consumer goods. The company’s activity-based costing system has the following seven activity cost pools:Estimated Activity Cost Pool Overhead Cost Expected Activity Labor related
BRIEF EXERCISE 3–1 ABC Cost Hierarchy [LO1]The following activities occur at Greenwich Corporation, a company that manufactures a variety of products.a. Receive raw materials from suppliers.b. Manage parts inventories.c. Do rough milling work on products.d. Interview and process new employees in
PROBLEM 2–25A T-Account Analysis of Cost Flows [ LO3 , LO6 , LO8 ]Selected T-accounts of Moore Company are given below for the just completed year:Required:1. What was the cost of raw materials put into production during the year?2. How much of the materials in (1) above consisted of indirect
PROBLEM 2–24A Multiple Departments; Applying Overhead [ LO3 , LO5 , LO8 ]High Desert Potteryworks makes a variety of pottery products that it sells to retailers such as Home Depot.The company uses a job-order costing system in which predetermined overhead rates are used to apply manufacturing
PROBLEM 2–23A Schedule of Cost of Goods Manufactured; Overhead Analysis [ LO3 , LO5 , LO6 , LO7 ]Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production ( not on the basis of raw materials purchased). All materials
PROBLEM 2–22A Journal Entries; T-accounts; Cost Flows [ LO4 , LO5 , LO7 ]Almeda Products, Inc., uses a job-order costing system. The company’s inventory balances on April 1, the start of its fiscal year, were as follows:Raw materials ........................................... $32,000 Work in
PROBLEM 2–21A Comprehensive Problem [ LO3 , LO4 , LO5 , LO7 , LO8 ]Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. A popular pastime among older Chinese men is to take their pet birds on daily excursions to teahouses and public
PROBLEM 2–20A Departmental Overhead Rates [ LO2 , LO3 , LO5 ]White Company has two departments, Cutting and Finishing. The company uses a job-order costing s ystem and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on machine-hours, and the
PROBLEM 2–19A Applying Overhead in a Service Company; Journal Entries [ LO4 , LO5 , LO8 ]Vista Landscaping uses a job-order costing system to track the costs of its landscaping projects. The c ompany provides garden design and installation services for its clients. The table below provides data
EXERCISE 2–18 Varying Predetermined Overhead Rates [ LO3 , LO5 ]Kingsport Containers, Ltd, of the Bahamas experiences wide variation in demand for the 200-liter steel drums it fabricates. The leakproof, rustproof steel drums have a variety of uses from s toring liquids and bulk materials to
EXERCISE 2–17 Applying Overhead; Cost of Goods Manufactured [ LO5 , LO6 , LO8 ]The following cost data relate to the manufacturing activities of Chang Company during the just completed year:Manufacturing overhead costs incurred:Indirect materials
EXERCISE 2–16 Applying Overhead; Journal Entries; T-accounts [ LO3 , LO4 , LO5 , LO7 ]Dillon Products manufactures various machined parts to customer specifications. The company uses a joborder costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the
EXERCISE 2–15 Applying Overhead in a Service Company [ LO2 , LO3 , LO5 ]Leeds Architectural Consultants began operations on January 2. The following activity was recorded in the company’s Work in Process account for the first month of operations:Work in Process Costs of subcontracted work
EXERCISE 2–14 Journal Entries and T-accounts [ LO4 , LO5 , LO7 ]The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company’s fiscal year.a. Raw materials purchased on account, $210,000.b. Raw materials issued to production, $190,000
EXERCISE 2–13 Applying Overhead; Computing Unit Product Cost [ LO5 ]A company assigns overhead cost to completed jobs on the basis of 125% of direct labor cost. The job cost sheet for Job 313 shows that $10,000 in direct materials has been used on the job and that $12,000 in direct labor cost has
EXERCISE 2–12 Applying Overhead; T-accounts; Journal Entries [ LO3 , LO4 , LO5 , LO7 , LO8 ]Harwood Company uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would incur$192,000 in
EXERCISE 2–11 Applying Overhead; Journal Entries; Disposition of Underapplied or Overapplied Overhead [ LO4 , LO7 , LO8 ]The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the
EXERCISE 2–10 Predetermined Overhead Rate; Applying Overhead; Underapplied or Overapplied Overhead [ LO3 , LO5 , LO8 ]Estimated cost and operating data for three companies for the upcoming year follow:Company X Company Y Company Z Direct labor-hours .................................... 80,000
EXERCISE 2–9 Applying Overhead to a Job [ LO5 ]Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,000 for direct labor, and $6,000 for overhead on its
BRIEF EXERCISE 2–8 Underapplied and Overapplied Overhead [ LO8 ]Osborn Manufacturing uses a predetermined overhead rate of $18.20 per direct labor-hour. This predetermined rate was based on 12,000 estimated direct labor-hours and $218,400 of estimated total m anufacturing overhead.The company
BRIEF EXERCISE 2–7 Prepare T-accounts [ LO7 , LO8 ]Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.a. $94,000 in raw materials were purchased for cash.b. $89,000 in raw materials were requisitioned for use in
BRIEF EXERCISE 2–6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [ LO6 ]Primare Corporation has provided the following data concerning last month’s manufacturing operations.Required:1. Prepare a schedule of cost of goods manufactured for the month.2. Prepare a schedule of cost
BRIEF EXERCISE 2–5 Apply Overhead [ LO5 ]Luthan Company uses a predetermined overhead rate of $23.40 per direct labor-hour. This predetermined rate was based on 11,000 estimated direct labor-hours and $257,400 of estimated total manufacturing overhead.The company incurred actual total
BRIEF EXERCISE 2–4 Prepare Journal Entries [ LO4 ]Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct
BRIEF EXERCISE 2–3 Compute the Predetermined Overhead Rate [ LO3 ]Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $134,000 and the total direct labor would
BRIEF EXERCISE 2–2 Job-Order Costing Documents [ LO2 ]Cycle Gear Corporation has incurred the following costs on job number W456, an order for 20 special sprockets to be delivered at the end of next month.Required:1. On what documents would these costs be recorded?2. How much cost should have
BRIEF EXERCISE 2–1 Process Costing and Job-Order Costing [ LO1 ]Which method of determining product costs, job-order costing or process costing, would be more appropriate in each of the following situations?a. An Elmer’s glue factory.b. A textbook publisher such as McGraw-Hill.c. An Exxon oil
PROBLEM 1–22A Working with Incomplete Data from the Income Statement and Schedule of Cost of Goods Manufactured [ LO4 , LO5 ]Supply the missing data in the following cases. Each case is independent of the others. Case 1 2 3 Schedule of Cost of Goods Manufactured Direct materials.... $4,500 $6,000
PROBLEM 1–21A Schedule of Cost of Goods Manufactured; Income Statement; Cost Behavior[ LO2 , LO3 , LO4 , LO5 , LO6 ]Selected account balances for the year ended December 31 are provided below for Superior Company:Inventory balances at the beginning and end of the year were as follows:The total
PROBLEM 1–20A Classification of Various Costs [ LO2 , LO3 , LO6 , LO8 ]Staci Valek began dabbling in pottery several years ago as a hobby. Her work is quite creative, and it has been so popular with friends and others that she has decided to quit her job with an aerospace company and manufacture

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