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cost accounting
Questions and Answers of
Cost Accounting
Contribution margin, decision making Schmidt Men?s Clothing?s revenues and cost data for 2009 are: Contribution margin, decision making Schmidt Men?s Clothing?s re" alt = "Contribution margin,
Contribution margin, gross margin, and margin of safety Mirabella Cosmetics manufactures and sells a face cream to small ethnic stores in the greater New York area. It presents the monthly operating
Uncertainty and expected costs. Dawmart Corp, an international retail giant, is considering implementing a new business to business (B2B) information system for processing purchase orders. The
CVP analysis, service firm Wildlife Escapes generates average revenue of $4,000 per person on its five-day package tours to wildlife parks in Kenya. The variable costs per person are: Annual fixed
CVP, target operating income, service firm Teddy Bear Daycare provides daycare for children Mondays through Fridays. Its monthly variable costs per child are:Teddy Bear charges each parent$600 per
CVP analysis (CMA, adapted) Galaxy Disk’s projected operating income for 2008 is $200,000, based on a sales volume of 200,000 units. Galaxy sells disks for $16 each. Variable costs consist of the
CVP analysis, income taxes ICMA, adapted) R. A. Go and Company, a manufacturer of quality handmade walnut bowls, has had a steady growth in sales for the past five years. However, increased
CVP, sensitivity analysis Technology of the Past (TOP) produces old-fashioned simple corkscrews. Last year was not a good year for sales but TOP expects the market to pick up this year. Last year’s
CVP analysis, shoe stores the Walk Rite Shoe Company operates a chain of shoe stores that sell 10 different styles of inexpensive men’s shoes with identical unit costs and selling prices. A unit is
CVP analysis, shoe stores refer to requirement 3 of Problem 3-38. In this problem, assume the role of the owner of Walk Rite. If you want to use Excel to solve this problem, go to the Excel Lab at
Alternate cost structures, uncertainty, and sensitivity analysis. Edible Bouquets (EB) makes and sells flower bouquets. EB is considering opening a new store in the local mall. The mall has several
CVP alternative cost structures. Kids Lemonade Stand (KLS) is run by Sarah, who sells lemonade for $0.50 per glass. Lemons, sugar and water cost $0.15 per glass. Sarah’s friend, Jessica, helps out
CVP analysis, income taxes, sensitivity. (CMA, adapted) Almo Company manufactures and sells adjustable canopies that attach to motor homes and trailers. For its 2009 budget Almo estimates the
Choosing between compensation plans, operating leverage (CMA, adapted) Marston Corporation manufactures pharmaceutical products that are sold through a network of external sales agents. The agents
Sales mix, three products. The Ronowski Company has three product lines of belts—A, B, and C— with contribution margins of $3, $2, and $1, respectively. The president foresees sales of 200,000
Multi-product CVP and decision making Pure Water Products produces 2 types of water filters.One attaches to the faucet and cleans all water that passes through the faucet. The other is a
Sales mix, two products. The Goldman Company retails two products: a standard and a deluxe version of a luggage carrier. The budgeted income statement for next period is as follows:1. Compute the
Gross margin and contribution margin, the Museum of Art is preparing for its annual appreciation dinner for contributing members. Last year, 500 members attended the dinner. Tickets for the dinner we
Ethics, CVP analysis Allen Corporation produces a molded plastic casing, LX201, for desktop computers. Summary data from its 2008 income statement are as follows:Jane Woodall, Allen’s president is
Deciding where to produce (CMA, adapted) The Domestic Engines Co. produces the same power generators in two Illinois plants, a new plant in Peoria and an older plant in Moline. The following data are
Job costing, process costing. In each of the following situations, determine whether job costing or process costing would be more appropriate.a. A CPA firmb. An oil refineryc. A custom furniture
Actual costing, normal costing, accounting for manufacturing overhead. Destin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and
Job costing, normal and actual costing. Anderson Construction assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materials and direct labor) and one
Budgeted manufacturing overhead rate, allocated manufacturing overhead. Waheed Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The
Job costing, accounting for manufacturing overhead, budgeted rates. The Lynn Company uses a job-costing system at its Minneapolis plant. The plant has a Machining Department and an Assembly
Job costing, consulting firm. Taylor & Associates, a consulting firm, has the following condensed budget for 2009:Taylor has a single direct-cost category (professional labor) and a single
Service industry, time period used to compute indirect cost rates. Printers, Inc. produces annual reports and marketing materials for large companies. There are three categories of costs in its
Accounting for manufacturing overhead. Consider the following selected cost data for the Pittsburgh Forging Company for 2008.Budgeted manufacturing overhead costs $7,500,000Budgeted machine-hours
Job costing, journal entries. The University of Chicago Press is wholly owned by the university. It performs the bulk of its work for other university departments, which pay as though the press were
Journal entries, T-accounts and source documents. Production Company produces gadgets for the coveted small appliance market. The following data reflects activity for the year 2008.Production Co.
Job costing, journal entries. Donnell Transport assembles prestige manufactured homes. Its job costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one
Job costing, unit cost, ending work in process. Raymond Company produces pipes for concert- quality organs. Each job is unique. In April 2009, it completed all outstanding orders, and then, in May
Job costing; actual, normal and variation from normal costing, Chirac & Partners, a Quebec-based public accounting partnership, specializes in audit services, Its job-costing system has a single
Job order costing: actual, normal, and variation from normal costing. Thanatos & Hades (T&H) is law firm that specializes in writing wills. Its job-costing system has one direct cost pool,
Proration of overhead the Ride-On-Water Company (ROW) produces a line of non-motorize boats. ROW uses a normal costing system and allocates manufacturing overhead using direct manufacturing labor
Job costing, accounting for manufacturing overhead, budgeted rates. The Solomon Company uses a job-costing system at its Dover, Delaware, plant. The plant has a Machining Department and a Finishing
Service industry, job costing, law firm. Keating & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (5 partners and 20 associates)
Service industry, job costing, two direct- and two indirect-cost categories, law firm. Keating has just completed a review of its job-costing system. This review included a detailed analysis of how
Proration of overhead. (Z. lqbal, adapted) The Zaf Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The
Normal costing, overhead allocation, working backward. (M. Rajan, adapted) Gibson Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials
Proration of overhead with two indirect cost pools. The Finer Furniture Company produces expensive desks for executives. The wood for the desks are cut into standard sizes and the desks are assembled
General ledger relationships, under- and over allocation. (S. Sridhar adapted) Needham Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information
Overview of general ledger relationships. The Blakely Company is a small machine shop that uses normal costing in its job-costing system. The total debits and credits in certain accounts one day
Allocation and proration of overhead. Franklin & Son Printing designed and printed sales brochures, catalogues, and pamphlets. The business was dissolved in early 1763.Franklin & Son Printing used a
Job costing, contracting, ethics Jack Halpern is the owner and CEO of Aerospace Comfort, a firm specializing in the manufacture of seats for airplanes. He has just received a copy of a letter written
Job costing—service industry. Michael Scott books tours for new bands and arranges to print T-shirts and produce demo CDs to sell on the tour. Scott’s agency uses a normal costing system with two
Cost hierarchy. Teledor, Inc., manufactures boom boxes (music systems with radio, cassette, and compact disc players) for several well-known companies. The boom boxes differ significantly in their
ABC, cost hierarchy, service (CMA, adapted) Plymouth Test Laboratories does heat testing (HT) and stress testing (ST) on materials and operates at capacity. Under its current simple costing system,
Alternative allocation bases for a professional services firm. The Wolfson Group (WO) provides tax advice to multinational firms. WG charges clients for (a) direct professional time (at an hourly
Plantwide department and ABC indirect cost rates. Automotive Products (AP) designs and produces automotive parts. In 2009, actual variable manufacturing overhead is $308,600. AP’s simple costing
ABC, process costing Parker Company produces mathematical and financial calculators and operas at capacity. Data related to the two products are presented here.Total manufacturing overhead costs
Activity-based costing, service company Quikprint Corporation owns a small printing press that prints leaflets, brochures, and advertising materials. Quikprint classifies its various printing jobs as
Allocation of costs to activities, unused capacity. Harmon Academy, a private school for boys, serves 500 students: 200 in the middle school (grades 6—8) and 300 in the high school (grades 9—12).
ABC, retail product-line profitability. Family Supermarkets (FS) operates at capacity and decides to apply ABC analysis to three product lines: baked goods, milk and fruit juice, and frozen foods. It
ABC, wholesale, customer profitability. Villeagas Wholesalers operates at capacity and sells furniture items to tour department-store chains (customers). Mr. Villeagas commented, “We apply ABC to
ABC, activity area cost-driver rates, product cross-subsidization Idaho Potatoes (IP) operates at capacity and processes potatoes into potato cuts at its highly automated Pocatello plant. It sells
Activity-based costing, oh-costing system. The Hewlett-Packard (HP) plant in Roseville, California, operates at capacity and assembles and tests printed-circuit (PC) boards. The job-costing system at
ABC, product costing at banks, cross-subsidization. First International Bank (FIB) is examining the profitability of its Premier Account, a combined savings and checking account. Depositors receive a
Job costing with single direct-cost category, single indirect-cost pool, law firm. Wigan Associates is a recently formed law partnership. Ellery Hanley, the managing partner of Wigan Associates, has
Job costing with multiple direct-cost categories, single indirect-cost pool, law firm Hanley asks his assistant to collect details on those costs included in the $21,000 indirect-cost pool that can
Job costing with multiple direct-cost categories, multiple indirect-cost pools, law firm. Wigan has two classifications of professional staff: partners and associates. Hanley asks his assistant to
Plantwide, department, and activity-cost rates Tarquin’s Trophies makes trophies, plaques, and medallions and operates at capacity. Tarquin does large custom orders, for example the participant
Department and activity-cost rates, service sector Radhika’s Radiology Center (RRC) performs x-rays, ultrasounds, CT scans, and MRls. RRC has developed a reputation as a top Radiology Center in the
Choosing cost drivers, activity-based costing, activity-based management. Annie Warbucks runs a dance studio with childcare and adult fitness classes. Annie’s budget for the upcoming year is as
Activity-based costing, merchandising Pharmacare, Inc., a distributor of special pharmaceutical products, operates at capacity and has three main market segments:a. General supermarket chainsb.
Choosing cost drivers, activity-based costing, activity-based management. Pumpkin Bags (PB) is a designer of high quality backpacks and purses. Each design is made in small batches. Each spring, PB
ABC, health care Uppervale Health Center runs three programs: (1) alcoholic rehabilitation (2) drug addict rehabilitation, and (3) aftercare (counseling and support of patients after release from a
Unused capacity, activity-based costing, activity-based management. Nivag’s Netballs is a manufacturer of high quality basketballs and volleyballs. Setup costs are driven by the number of batches.
Activity-based job costing, unit-cost comparisons. The Tracy Corporation has a machining facility specializing in jobs for the aircraft-components market. Tracy’s previous simple job-costing system
ABC, implementation, ethics. (CMA, adapted) Applewood Electronics, a division of Elgin Corporation, manufactures two large-screen television models: the Monarch, which has been produced since 2004
Activity-based costing, activity-based management merchandising. Super Bookstore (SB) is a large city bookstore that sells books and music CDs, and has a café. SB operates at capacity and allocates
Sales budget, service setting. In 2009, McGrath & Sons, a small environmental-testing firm, per: med 11,000 radon tests for $250 each and 15,200 lead tests for $200 each. Because newer homes are
Sales and production budget. The Mendez Company expects sales in 2010 of 200,000 units of serving’ trays, Mendez’s beginning inventory for 2010 is 15,000 trays; target ending inventory, 25,000
Direct material budget Inglenook Co. produces wine. The company expects to produce 2500,000 two-liter bottles of Chablis in 2010. Inglenook purchases empty glass bottles from an outside vendor. Its
Budgeting material purchases. The Mahoney Company has prepared a sales budget of 45,000 finished units for a three-month period. The company has an inventory of 16,000 units of finished goods on hand
Revenues and production budget. Purity, Inc., bottles and distributes mineral water from the company’s natural springs in northern Oregon. Purity markets two products: twelve-ounce disposable
Budgeting; direct material usage, manufacturing cost and gross margin. Xerxes Manufacturing Company manufactures blue rugs, using wool and dye as direct materials. All other materials are indirect.
Revenues, production, and purchases budgets. The Suzuki Co. in Japan has a division that manufactures two-wheel motorcycles. Its budgeted sales for Model G in 2010 are 900,000 units. Suzuki’s
Budgets for production and direct manufacturing labor. (CMA, adapted) Roletter Company makes and sells artistic frames for pictures of weddings, graduations, and other special events. Bob Anderson,
Activity-based budgeting. The Chelsea store of Family Supermarket (FS), a chain of small neighborhood grocery stores, is preparing its activity-based budget for January 2008. FS has three product
Kaizen approach to activity-based budgeting Family Supermarkets IFS) has a kaizen (continuous improvement) approach to budgeting monthly activity costs for each month of 2008.Each successive month,
Responsibility and controllability. Consider each of the following independent situations:1. A very successful salesman at Amcorp Computers regularly ignores the published sales catalog and offers
Cash flow analysis, chapter appendix. (CMA, adapted) TabComp, Inc., is a retail distributor for MZB-33 computer hardware and related software and support services. TabComp prepares annual sales
Budget schedules for a manufacturer. Sierra Furniture is an elite desk manufacturer. It makes two products: Executive desks'3' ?? 5' oak desks Chairman desks'6' ?? 4' red oak desks The budgeted
Activity based budget; kaizen improvements. Korna Company manufactures a product, gizmo that uses the following direct inputs:Korna has no direct materials inventory. All manufacturing overhead costs
Revenue and production budgets. (CPA, adapted) The Scarborough Corporation manufactures and sells two products: Thingone and Thingtwo. In July 2009, Scarborough’s budget department gathered the
Budgeted income statement. (CMA, adapted) Easecom Company is a manufacturer of videoconferencing products. Regular units are manufactured to meet marketing projections, and specialized units are made
Responsibility of purchasing agent (Adapted from a description by R. Villers) Mark Richards is the purchasing agent for the Hart Manufacturing Company. Kent Sampson is head of the Production Planning
Comprehensive problem with ABC costing. Pet Transport Company makes two pet carriers, the Cat-allac and the Dog-eriffic. They are both made of plastic with metal doors, but the Cat-allac is
Cash budget (appendix.) Refer to the information in problem 6-33. Assume the following: Pet Transport (PT) does not make any sales on credit PT sells only to the public; aid accepts cash and credit
Comprehensive operating budget budgeted balance sheet. Slopes, Inc., manufactures and sells snowboards. Slopes manufacture a single model, the Pipex. In the summer of 2009, Slopes’s management
Cash budgeting, chapter appendix. Retail outlets purchase snowboards from Slopes, Inc., throughout the year However, in anticipation of late summer and early fall purchases, outlets ramp up
Cash budgeting, chapter appendix. On December 1, 2009, the Itami Wholesale Co. is attempting to project cash receipts and disbursements through January 31, 2010. On this latter date, a note will be
Comprehensive problem; ABC manufacturing two products. Dinettes Inc. operates at capacity and 2es glass topped dining tables and wooden chairs, which are then typically sold as sets of four chairs
Budgeting and ethics. Delma Company manufactures a variety of products in a variety of departments, and evaluates departments and departmental managers by comparing actual cost and output relative to
Comprehensive budgeting problem: activity based costing, operating and financial budgets. Yummi-Lik makes really big lollipops in two sizes, large and giant. Yummi-Lik sells these lollipops to
Flexible budget Brabham enterprises manufactures tires for the Formula l motor racing circuit. For August 2009, it budgeted to manufacture and sell 3000 tires at a variable cost of $ 74 per tire and
Flexible budget. Conner Company’s budgeted prices for direct materials, direct manufacturing labor, and direct marketing (distribution) labor per attache case are $40, $8, and $12, respectively.
Flexible-budget preparation and analysis. Bank Management Printers, Inc., produces luxury checkbooks with three checks and stubs per page. Each checkbook is designed for an individual customer and is
Flexible budget, working backward. The Clarkson Company produces engine parts for car manufacturers. A new accountant intern at Clarkson has accidentally deleted the calculations on the company’s
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