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cost accounting

Questions and Answers of Cost Accounting

Weighted-average method, inspection at 80% completion (chapter appendix). (A. Atkinson) The Kim Company is a furniture manufacturer with two departments: molding and finishing. The company uses the
Job costing, rework Solutions Corporation is a manufacturer of computer chips based in San Jose. It manufactures two types of computer chips, CS1 and CS2. The costs of manufacturing each CS1 chip,
Cost allocation in hospitals, alternative allocation criteria. Dave Meltzer vacationed at Lake Tahoe last winter. Unfortunately, he broke his ankle while skiing and spent two days at the Sierra
Allocating Costs to Divisions Gether Corporation manufactures appliances. It has four divisions: Refrigerator, Stove, Dishwasher, and Microwave oven. Each division is located in a different city and
Cost allocation to divisions. Rembrandt Hotel & Casino is situated on beautiful Lake Tahoe in Nevada. The complex includes a 300-room hotel, a casino, and a restaurant. As Rembrandt’s new
Cost allocation to divisions. Lenzig Corporation has three divisions: Pulp, Paper, and Fibers. Lenzig’s new controller, Ari Bardem, is reviewing the allocation of fixed corporate-overhead costs to
Customer profitability, customer-cost hierarchy Ramish Electronics has only two retail and two wholesale customers. Information relating to each customer for 2009 follows (in thousands):Ramish’s
Customer profitability, Service Company. Instant Service (IS) repairs printers and photocopiers for five multisite companies in a tristate area. IS’s costs consist of the cost of technicians and
Customer profitability, distribution. Figure Four is a distributor of pharmaceutical products. Its ABC system has five activities: Rick Flair, the controller of Figure Four, wants to use this ABC
Variance analysis, multiple products. The Detroit Penguins play in the American Ice Hockey League. The Penguins play in the Downtown Arena (owned and managed by the City of Detroit, which has a
Variance analysis, working backward the Jinwa Corporation sells two brands of wine glasses: Plain and Chic. Jinwa provides the following information for sales in the month of June 2009: All
Variance analysis, multiple products Soda-King manufactures and sells three soft drinks: Kola Limor, and Orlem. Budgeted and actual results for 2009 are as follows: 1. Compute the total sales-volume
Market-share and market-size variances (continuation of 14-25) Soda-King prepared the budget for 2009 assuming a 10% market share based on total sales in the western region of the United States. The
Allocation of corporate costs to divisions. Dusty Rhodes, controller of Richfield Oil Company, is preparing a presentation to senior executives about the performance of its four divisions. Summary
Cost allocation to divisions. Forber Bakery makes baked goods for grocery stores, and has three divisions: Bread, Cake, and Doughnuts. Each division is run and evaluated separately, but the main
Customer profitability Ring Delights is a new company that manufactures custom jewelry. Ring Delights currently has six customers referenced by customer number 01, 02, 03, 04, 05 and 06. Besides the
Customer profitability, distribution. Spring Distribution has decided to analyze the profitability of five new customers. It buys bottled water at $12 per case and sells to retail customers at a list
Customer profitability in a manufacturing firm. Bizzan Manufacturing makes a component they call P14-31. This component is manufactured only when ordered by a customer, so Bizzan keeps no inventory
Variance analysis, sales-mix, and sales-quantity variances. Aussie Infonautics, Inc., produces hand- held Windows CETM__compatible organizers. Aussie Infonautics markets three different handheld
Market-share and market-size variances (continuation of 14-32). Aussie Intonautics’ senior vice president of marketing prepared his budget at the beginning of the third quarter assuming a 25%
Variance analysis, multiple products. Debbie’s Delight, Inc., operates a chain of cookie stores. Budgeted and actual operating data of its three Chicago stores for August 2009 are as
Market-share and market-size variances (continuation of 14-34). Debbie’s Delight attains a 10% market share based on total sales of the Chicago market. The total Chicago market is expected to be
Direct materials efficiency, mix and yield variances. Flavr-Wave Company makes candy. Their most popular product is the toe pop, a large lollipop shaped like a toe. The direct materials used in the
Materials variances: price, efficiency, mix, and yield. PDS Manufacturing makes wooden furniture. One of their products is a wooden dresser. The exterior and some of the shelves are made of oak, a
Customer profitability and ethics. Blat Corporation manufactures a product called the glat, which it sells to merchandising firms such as International House of Glats (lHoG,) Blats-R-Us (GRU,) Glat
Cost allocation and decision making. Greenbold Manufacturing has four divisions named after its locations: Arizona, Colorado, Delaware, and Florida. Corporate headquarters is in Minnesota. Greenbold
Single-rate versus dual-rate methods, support department. The Chicago power plant that services all manufacturing departments of MidWest Engineering has a budget for the coming year. This budget been
Single-rate method, budgeted versus actual costs and quantities. Chocolate Inc. is a producer of premium chocolate based in Palo Alto. The company has a separate division for each of its two
Dual-rate method, budgeted versus actual costs, and practical capacity versus actual quantities (continuation of 15-17). Chocolat, Inc. decides to examine the effect of using the dual-rate method for
Support-department cost allocation: direct and step-down methods. Phoenix Partners provides management consulting services to government and corporate clients. Phoenix has two support
Support-department cost allocation, reciprocal method (continuation of 15-19). Refer to the data given in Exercise 15-19.1. Allocate the two support departments’ costs to the two operating
Direct and step-down allocation E-books, an online book retailer, has two operating departments—Corporate Sales and Consumer Sales—and two support departments—Human Resources and Information
Reciprocal cost allocation (continuation of 15-21). Consider E-books again. The controller of E-books reads a widely used textbook that states that “the reciprocal method is conceptually the most
Allocation of common costs. Mike and Ed are students at Berkeley College. They share an apartment that is owned by Ed. Ed is considering subscribing to an Internet provider that has the following
Allocation of common costs. Sunny Dunn, a self-employed consultant near Sacramento, received an invitation to visit a prospective client in Baltimore. A few days later, she received an invitation to
Revenue allocation, bundled products. Yves Parfum Company blends and sells designer fragrances. It has a Men’s Fragrances Division and a Women’s Fragrances Division, each with different sales
Allocation of Common Costs. The cities of Albany, Troy and Schenectady are considering the implementation of a new program to handle disposal of hazardous waste to comply with a new, more stringent
Single-rate, dual-rate, and practical capacity allocation, beauty Department Store has a new promotional program that offers a free gift-wrapping service for its customers. Beauty’s
Revenue allocation. Lee Shu-yu Inc. produces and sells DVDs to business people and students who are planning extended stays in China. It has been very successful with two DVDs: Beginning Mandarin and
Fixed cost allocation. Three restaurants in a downtown area of a large city have decided to share a valet service and parking lot for their customers. The cost of the service and lot is $10,000 per
Allocating costs of support departments; step-down and direct methods, the Central Valley Company has prepared department overhead budgets for budgeted-volume levels before allocations as
Support-department cost allocations; single-department cost pools; direct step-down, and reciprocal methods. The Manes Company has two products. Product 1 is manufactured entirely in Department X.
Common costs. Wright Inc. and Brown Inc. are two small clothing companies that are considering leasing a dyeing machine together. The companies estimated that in order to meet production, Wright
Stand-alone revenue allocation, Funland is an amusement park complex in southern Florida. Funland is divided into three autonomous divisions: a water park, a superhero theme park with rides, and an
Effect of demand (continuation of 15-33), the director of the water park, Lori Lemaris, is upset with the allocation of the revenues for the three-day ticket. Because of her hard work, and
Revenue allocation, bundled products Heavenly Resorts operates a five-star hotel with a world- recognized championship golf course. Heavenly has a decentralized management structure, with three
Joint-cost allocation, insurance settlement Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Information pertaining to production in July 2009 is:Joint
Joint products and byproducts (continuation of 16-16). Quality Chicken is computing the ending inventory values for its July 31, 2009, balance sheet. ending inventory amounts on July 31 are 15 pounds
Net realizable value method Convad Company is one of the world’s leading corn refiners. It produces two joint products—corn syrup and corn starch—using a common production process. In July
Alternative joint-cost-allocation methods, further-process decision. The Wood Spirits Company produces two products—turpentine and methanol (wood alcohol)—by a joint process. Joint costs amount
Alternative methods of joint-cost allocation, ending inventories. The Darl Company operates a simple chemical process to convert a single material into three separate items, referred to here as X, 4
Joint-cost allocation, process further. Sinclair Oil & Gas, a large energy conglomerate, jointly processes purchased hydrocarbons to generate three non-saleable intermediate products: ICR8, ING4,
Joint-cost allocation, sales value, physical measure, NRV methods. Instant Foods produces two types of microwavable products—beef-flavored ramen and shrimp-flavored ramen. The two products share
Joint cost allocation: sell immediately or process further. Iowa Soy Products (ISP) buys soy beans and processes them into other soy products. Each ton of soy beans that ISP purchases for $300 can be
Accounting for a main product and a byproduct. (Cheatham and Green, adapted) yum, Inc. is a producer of potato chips. A single production process at yum, Inc. yields potato chips as the main product
Joint costs and byproducts. (W. Crum) Royston, Inc. is a large food processing company. It processes 120,000 pounds of peanuts in the Peanuts Department at a cost of $1 60,000 to yield 10,000 pounds
Accounting for a byproduct. Washington Oceanic Water (WOW) desalinates and bottles sea water. The desalinated water is in high demand from a large group of environmentally conscious people on the
Alternative methods of joint-cost allocation, product-mix decisions. The Sunshine Oil Company buys crude vegetable oil. Refining this oil results in four products at the splitoft point; A, B, C, and
Comparison of alternative joint-cost-allocation methods, further-processing decision, chocolate products. The Chocolate Factory manufactures and distributes chocolate products. It purchases cocoa
Joint-cost allocation, process further or sell. (CMA, adapted) Sonimad Sawmill, Inc. (381), purchases logs from independent timber contractors and processes the logs into three types of lumber
Joint-cost allocation. Elsie Dairy Products Corp buys one input full-cream milk, and refines it in a churning process. From each gallon of milk Elsie produces two cups (one pound) of butter and two
Further processing decision (continuation of 18-30). Elsie has decided that buttermilk may sell better if it was marketed for baking and sold in pints. This would involve additional packaging at an
Joint-cost allocation with a byproduct. The Cumberland Mine is a small mine that extracts coal in West Virginia. Each ton of coal mined is 40% Grade A coal, 40% Grade B coal, and 20% coal tar. All
Byproduct-costing journal entries (continuation of 16-32). Cumberland’s accountant needs to record the information about the joint and byproducts in the general journal, but is not sure what the
Process further or sell, byproduct. (CMA, adapted) Newcastle Mining Company (NMC) mines coal, puts it through a one-step crushing process, and loads the bulk raw coal onto river barges for shipment
Accounting for a byproduct Sanjana’s Silk Shirts (SSS) hand-makes blouses and sells them to high-end department stores. SSS buys bolts of silk for $300 each. Out of each bolt it gets 30 blouses,
Joint Cost Allocation. Memory Manufacturing Company (MMC) produces memory modules in a two-step process: chip fabrication and module assembly. In chip fabrication, each batch of raw silicon wafers
Balanced scorecard La Quinta Corporation manufactures corrugated cardboard boxes. It competes and plans to grow by selling high-quality boxes at a low price and by delivering them to customers
Analysis of growth, price-recovery, and productivity components (continuation of 13-16). An analysis of La Quinta’s operating-income changes between 2008 and 2009 shows the following:The
Strategy, balanced scorecard, merchandising operation Oceano & Sons buys T-shirts in bulk, applies its own trendsetting silk-screen designs, and then sells the T-shirts to a number of retailers.
Strategic analysis of operating income (continuation of 13-18) Refer to Exercise 13-18.1. Calculate Oceano’s operating income in both 2008 and 2009.2. Calculate the growth, price-recovery, and
Analysis of growth, price-recovery, and productivity components (continuation of 13-19) Refer to Exercise 13-19. Suppose that the market for silk-screened T-shirts grew by 10% during 2009. All other
Identifying and managing unused capacity (continuation of 13-18). Refer to Exercise 13-18.1. Calculate the amount and cost of (a) unused administrative capacity and (b) unused design capacity at the
Strategy balanced scorecard. Meredith Corporation makes a special-purpose machine, D4H, used in the textile industry. Meredith has designed the D4H machine for 2009 to be distinct from its
Strategic analysis of operating income (continuation of 13-22) Refer to Exercise 13-22.1. Calculate the operating income of Meredith Corporation in 2008 and 2009.2. Calculate the growth,
Analysis of growth, price-recovery, and productivity components (continuation of 13-23) Suppose that during 2009, the market for Meredith’s special-purpose machines grew by 3%. All increases in
Identifying and managing unused capacity (continuation of 13-22). Refer to Exercise 13-22.1. Where possible, calculate the amount and cost of (a) unused manufacturing capacity, (b) unused selling and
Strategy, balanced scorecard, Service Company Snyder Corporation is a small information systems consulting firm that specializes in helping companies implement sales-management software. The market
Strategic analysis of operating income (continuation of 13-26). Refer to Exercise 13-26.1. Calculate the operating income of Snyder Corporation in 2008 and 2009.2. Calculate the growth,
Analysis of growth, price-recovery, and productivity components (continuation of 13-27). Suppose that during 2009 the market for implementing sales-management software increases by 5% and that Snyder
Identifying and managing unused capacity (continuation of 13-26). Refer to Exercise 13-26.1. Where possible, calculate the amount and cost of (a) unused software-implementation support capacity and
Balanced scorecard and strategy Dransfield Company manufactures an electronic component, ZP98. This component is significantly less expensive than similar products sold by Dransfield’s competitors.
Strategic analysis of operating income (continuation of 13-3D) Refer to Problem 13-30. Assume that in 2009, Dransfield has changed its processes and trained workers to recognize quality problems and
Analysis of growth, price-recovery, and productivity components (continuation of 13-31) Suppose that during 2009, the market for ZP98 grew 8%. All increases in market share (that is, sales increases
Identifying and managing unused capacity (continuation of 13-31) refer to the information for Dransfield Company in 13-31.1. Calculate the amount and cost of unused capacity for:a. Manufacturingb.
Balanced scorecard Following is a random-order listing of perspectives, strategic objectives, and performance measures for the balanced scorecard. For each perspective, select those strategic
Balanced scorecard (H. Kaplan, adapted) Caltex, Inc., refines gasoline and sells it through its own Caltex l3as Stations. On the basis of market research, Caltex determines that 60% of the overall
Balanced scorecard. Lee Corporation manufactures various types of color laser printers in a highly automated facility with high fixed costs. The market for laser printers is competitive. The various
Partial productivity measurement Guble Company manufactures wallets from fabric. In 2008, Guble made 2,500,000 wallets using 1,875,000 yards of fabric. In 2009, Guble plans to make 2,650,000 wallets
Total factor productivity (continuation of 13-37). Refer to the data for problem 13-38. Assume the fabric costs $4 per yard in 2009 and $4.10 per yard in 2008.1. Compute Guble Company’s total
Strategic analysis of operating income. Halsey Company sells women’s clothing. Halsey’s strategy is to offer a wide selection of clothes and excellent customer service and to charge a premium
Costs of quality (CMA, adapted) Costen, Inc., produces cell phone equipment. Jessica Tolmy, Costen’s president, decided to devote more resources to the improvement of product quality after
Costs of quality analysis. Safe Rider produces car seats for children from newborn to 2 years old. The company is worried because one of its competitors has recently come under public scrutiny
Cost of quality analysis, ethical considerations (continuation of 19-17). Refer to information in Exercise 19-17 in answering this question. Safe Rider has discovered a more serious problem with the
Non-financial measures of quality and time. Worldwide Cell Phones (WCP) has developed a cell phone that can be used anywhere in the world (even countries like Japan that have a relatively unique cell
Quality improvement, relevant costs, relevant revenues. TechnoPrint manufactures and sells 20,000 high-technology printing presses each year. The variable and fixed costs of rework and repair are as
Non-financial quality measures, on-time delivery. Checkers Pizza promises to deliver pizzas in twenty-five minutes or less. If pizzas are not delivered on time, then the customer receives $5 off the
Waiting time, service industry. The registration advisors at a small midwestern university (SMU) help 4,000 students develop each of their class schedules and register for classes each semester. Each
Waiting time, cost considerations, customer satisfaction. Refer to the information presented in Exercise 19-22. The head of the registration advisors at SMU has decided that the advisors must finish
Manufacturing cycle time, manufacturing cycle efficiency. (CMA, adapted) Torrance Manufacturing evaluates the performance of its production managers based on a variety of factors, including cost

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