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Management Accounting 5th Edition Don R Hansen, Maryanne M Mowen - Solutions
Refer to the data in Exercise 6-25. Calculate the following using the FIFO method:Required:1. Prepare a physical flow schedule.wa Calculate equivalent units of production for direct materials and conversion cost.3. Compute unit cost.4. Calculate the cost of goods transferred to finishing at the end
Havel Company produces a product that passes through two processes: assembly and finishing. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for November:a. Work in process, November 1, had 6,000 units (60 percent
Refer to the data in Problem 6-27.Required:Prepare a production report for the assembly department for November using the FIFO method of costing. The report should contain the same schedules described in Problem 6-27. (Hint: Carry the unit cost computation to four decimal places.) LO3
Tyrone Company produces a variety of stationery products. One product, sealing wax sticks, passes through two processes: blending and molding. The weighted av- erage method is used to account for the costs of production. Two ingredients, parafin and pigment, are added at the beginning of the
Keating Company manufactures a product that passes through three departments. In Department C, materials are added at the end of the process. Conversion costs are incurred uniformly throughout the process. During January, Department C received 20,000 units from Department B. The transferred-in cost
Merrifield, Inc., manufactures a single product that passes through several processes.During the first quarter of the year, the mixing department received 45,000 gallons of liquid from the cooking department (transferred in at $28,800). Upon receiving the liquid, the mixing department adds a powder
Refer to Problem 6-31.Required:Prepare a production report for the mixing department using the weighted average method. LO3
Seacrest Company uses a process-costing system. The company manufactures a product that is processed in two departments, A and B. In Department A, materials are added at the beginning of the process; in Department B, additional materials are added at the end of the process. In both departments,
Benson Pharmaceuticals uses a process-costing system to compute the unit costs of the over-the-counter cold remedies that it produces. It has three departments: picking, encapsulating, and bottling. In picking, the ingredients for the cold capsules are measured, sifted, and blended. The mix is
Refer to the data in Problem 6-35.Required:Prepare a production report for each department using the FIFO method. LO3
Strathmore, Inc., manufactures educational toys using a weighted average processcosting system. Plastic is molded into the appropriate shapes in the molding department. Molded components are transferred to the assembly department where the toys are assembled and additional materials (for example,
Refer to the data in Problem 6-37.Required:Repeat Requirements 2 through 5 using the FIFO method.
Susan Manners, cost accountant for Lean Jeans, Inc., spent the weekend completing a production report for the inspection department for the month of December.Inspection is the final department in the production of fashion jeans. In that department, each pair of jeans is carefully inspected for
Consider the following conversation between Gary Means, manager of a division that produces industrial machinery, and his controller, Donna Simpson, a CMA and CPA:Gary: “Donna, we have a real problem. Our operating cash is too low, and we are in desperate need of a loan. As you know, our
Compare and contrast functional-based, activity-based, and strategic-based responsibility accounting systems. lop4
Explain process value analysis. lop4
Describe activity performance measurement. lop4
Explain the basic features of the Balanced Scorecard. lop4
What is meant by continuous improvement? lop4
Why are functional-based evaluation and control measures not suitable for the continuous improvement environment? lop4
Why are process innovation and process improvement key to continuous improvement? lop4
How can we measure activity performance? lop4
Why is activity-based management compatible with continuous improvement? lop4
What role, if any, do cost reports play in a continuous improvement environment? lop4
How can an organization achieve an integrated performance measurement system? lop4
Describe a functional-based responsibility ac counting system. lop4
Describe an activity-based responsibility account- ing system. How does it differ from functional- based responsibility accounting? lop4
Describe a strategic-based responsibility account- ing system. How does it differ from activity-based responsibility accounting? lop4
What are the two dimensions of the activity-based management model? How do they differ? lop4
What is driver analysis? What role does it play in process value analysis? lop4
What is meant by "activity inputs"? "activity out- put"? Explain what is meant by "activity output measurement." lop4
What is activity analysis? Why is this approach compatible with the goal of continuous improve ment? lop4
What are value-added activities? value-added costs? lop4
What are nonvalue-added activities? nonvalue- added costs? Give an example of each. lop4
Identify and define four different ways to man- age activities so that costs can be reduced. lop4
Explain how value-added standards are used to identify value-added and nonvalue-added costs. lop4
Explain how trend reports of nonvalue-added costs can be used. lop4
What is a kaizen standard? Describe the kaizen and maintenance subcycles. lop4
Explain how benchmarking can be used to im- prove activity performance. lop4
What is the meaning of the activity volume vari- ance? Explain how the unused capacity variance is useful to managers? lop4
Describe the benefits of life-cycle cost budgeting. lop4
What is target costing? Describe how costs are re- duced so that the target cost can be met. lop4
What is the purpose of a Balanced Scorecard? 20. According to the Balanced Scorecard, what is a strategy? lop4
Explain the difference between lag measures and lead measures. lop4
What is a testable strategy? 23. What is meant by double feedback? lop4
What are the three strategic themes of the finan cial perspective? lop4
Identify the five core objectives of the customer perspective? lop4
Explain what is meant by the long-wave and the short-wave of value creation. lop4
What is cycle time? velocity? lop4
What is manufacturing cycle efficiency? lop4
Identify three objectives of the learning and growth perspective. lop4
Cambry Day, president of DayTime Novelties, was considering a memo sent to her by Colby Sorensen, vice-president of operations. The memo argued that DayTime needed to change its responsibility accounting system from an activity-based ap- proach to a strategic-based approach. Colby was convinced
Six independent situations are presented below.A. It takes 45 minutes and 6 pounds of material to produce a product using a functional manufacturing process. A process reengineering study provided a new manufacturing process design (using existing technology) that would take 15 minutes and 4 pounds
Lemmons Company has developed value-added standards for four activities: pur- chasing parts, assembling parts, administering parts, and inspecting parts. The ac- tivities, the activity driver, the standard and actual quantities, and the price stan- dards follow for 2000:Activities Activity Driver
Refer to Exercise 10-6. Suppose that Lemmons Company used an activity analysis program during 2001 in an effort to reduce nonvalue-added costs. The value-added standards, actual quantities, and prices for 2001 follow:Activities Activity Driver SQ AQ SP.Purchasing parts Orders 500 600 $300
Kenzie Sorensen, controller of Riqueza Company, has been helping an outside consulting group install an activity-based cost management system. This new accounting system is designed to support the company’s efforts to become more competitive (by creating a competitive advantage). For the past two
Nabors Motors Division had been given the charge to reduce the delivery time of its tractor motors from three days to one day. To help achieve this goal, engineering and production workers had made the commitment to reduce setup times.Current setup times were 12 hours. Setup cost was $50 per setup
Metcalf Electronics’ product development department was in the process of devel- oping a new model for its cellular phone line. The product life cycle is estimated at 27 months. Estimated sales over its life cycle are 200,000 units. For the current de- sign, the development, production, and
Listed below are a number of scorecard measures. Classify each performance measure according to the following: Perspective (e.g., customer or learning and growth), Financial or Nonfinancial, Subjective or Objective, External or Internal, and Lead or Lag.Number of new customers Percentage of
The theoretical cycle time for a product is 20 minutes per unit. The budgeted conversion costs for the manufacturing cell are $1,800,000 per year. The total labor minutes available are 400,000. During the year, the cell was able to produce two units of the product per hour. Suppose also that
John Thomas, vice-president of Mallett Company (a producer of a variety of plastic products), has been supervising the implementation of an activity-based cost management system. One of John’s objectives is to improve process efficiency by improving the activities that define the processes. To
Arequipa Products has two plants that manufacture a line of recliners. One is lo- cated in Denver and the other in Fresno. Each plant is set up as a profit center. During the past year, both plants sold the regular model for $450. Sales volume averages 20,000 units per year in each plant. Recently,
Boyce Products manufactures products with life cycles that average three years. The first year involves product development, and the remaining two years emphasize production and sales. A budgeted life-cycle income statement developed for two proposed products follows. Each product will sell 200,000
Anderson Company makes a product that experiences the following activities (and times):Hours Processing (two departments) 30 Inspecting 2 Rework 5 Moving (three moves) 8 Waiting (for the second process) 24 Storage (before delivery to customer) 31 Required:1. Compute the MCE for this product.2.
Explain the importance of measuring environmental costs. lop2
Explain how environmental costs are assigned to products and processes. lop2
Describe the life-cycle cost assessment model. lop2
Describe activity- and strategic-based environmental control. lop2
What are environmental costs? lop2
Are environmental costs significant enough to track and report to management? lop2
Will improving environmental performance increase or decrease total environmental costs? lop2
Should environmental costs be assigned to products and processes as a separate item? lop2
What is the best way to control environmental costs? lop2
Should companies be concerned about environmental costs that they cause but for which they do not have financial responsibility? lop2
Explain why firms have an increased interest in environmental costing. lop2
What is ecoefficiency? lop2
What are the six incentives, or causes, for ecoeffi- ciency? lop2
What is an environmental cost? lop2
What are the four categories of environmental costs? Define each category. lop2
What is the difference between a realized exter- nal failure (environmental) cost and an unrealized external failure (societal) cost? lop2
What does full environmental costing mean? full private costing? lop2
Explain how functional-based costing assigns en- vironmental costs to products. What are the prob- lems with this approach? lop2
Explain how activity-based costing assigns envi- ronmental costs to products. lop2
What information is communicated by the unit environmental cost of a product? lop2
What is life-cycle assessment? lop2
What are the environmentally important life-cycle. stages of a product? lop2
Define the three steps of life-cycle assessment. lop2
How can life-cycle costing improve life-cycle as- sessment? lop2
What is the justification for adding an environ- mental perspective to the Balanced Scorecard? lop2
What are the five core objectives of the environ- mental perspective? lop2
Why is minimizing the use of raw materials an environmental issue? lop2
What are some possible performance measures for the objective of minimizing the release of residues? lop2
Do you agree that all environmental failure ac- tivities are nonvalue-added activities? Explain. lop2
What is the meaning of design for the environ- ment? What is its role in activity-based manage- ment of environmental activities? lop2
Describe the possible value of financial measures of environmental performance. Give several ex- amples. lop2
Classify the following environmental activities as prevention costs, detection costs, internal failure costs, or external failure costs. For external failure costs, classify the costs as societal or private. Also, label those activities that are compatible with sustainable development (SD).A
At the end of 2001, Fargo Chemicals began to implement an environmental quality management program. As a first step, it identified the following costs for the year just ended in its accounting records as environmentally related:2001 Inefficient materials usage $200,000 Treating and disposing of
Billing Chemical produces a number of chemical products, two of which are a dyestuff intermediate and an adhesive for rubber. The controller and environmen- tal manager have identified the following environmental activities and costs associ- ated with the two products.Dyestuff Intermediate Rubber
Refer to the data in Exercise 12-4. Suppose that the CEO of Billing decides to launch an environmental performance improvement program. First, efforts were made to reduce the amount of packaging. The demand for packaging materials was reduced by 10 percent.-Second, a way was found to reuse the
Loring Chemical Products Division produces surfactants, ingredients used in producing laundry detergents (surfactants are the components that help release soil from clothing). There are different types of surfactants possible, depending on the nature of the raw material input. One possibility, for
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