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financial accounting

Questions and Answers of Financial Accounting

Stewart Engine reconditions engines. Its job cost records yield the following information. Stewart Engine uses a perpetual inventory system.Requirements 1. Compute Stewart Engine's cost of (a) Work
Sloan Company produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Sloan Company reports the following cost data for the past year:Requirements 1.
Unchil & Doshak is an advertising agency. The firm uses a job cost system in which each client is a different "job." Unchil & Doshak traces direct labor, software licensing costs, and travel costs
Thomas Design is an interior design firm. The firm uses a job cost system, in which each client is a different job. Thomas Design traces direct labor, licensing costs, and travel costs directly to
Durable Tire manufactures tires for all-terrain vehicles. Durable Tire uses job costing and has a perpetual inventory system. On November 22, Durable Tire received an order for 100 TX tires from ATV
Red Canyon Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in which each chalet is a job. The following events occurred
Engine Pro reconditions engines. Its job costing records yield the following information. Engine Pro uses a perpetual inventory system.Requirements 1. Compute Engine Pro's cost of (a) Work in Process
This case is a continuation of the Caesars Entertainment Corporation serial case that began in chapter 1. Refer to the introductory story in Chapter 1 for additional background. (The components of
Edmonton Pools manufactures swimming pool equipment. Edmonton estimates total manufacturing overhead costs next year to be $1,400,000. Edmonton also estimates it will use 50,000 direct labor hours
Vicki Thornton is the controller for Jackson Manufacturing. It is a small company that manufactures plastic lumber and is run by the owner and CEO, Franklin Jackson. At the end of the year, Jackson
Use your answers from S3-6 to determine the total manufacturing overhead allocated to Edmonton's manufacturing jobs in the following independent situations: 1. Assume that the company actually used
Use your answers from S3-7 to determine the total over-allocation or under-allocation of manufacturing overhead during the year. Actual manufacturing costs for the year for Edmonton Pools totaled
Adam Industries manufactures wooden backyard playground equipment. Adam estimated $1,800,000 of manufacturing overhead and $2,000,000 of direct labor cost for the year. After the year was over, the
Smarties, the sugar candy that is packaged in rolls of 15 small candies, come in six flavors: white (orange crème), yellow (pineapple), pink (cherry), green (strawberry), purple (grape), and orange
Selle Appliance provides repair services for all makes and models of home appliances. Selle Appliance charges customers for labor on each job at a rate of $89 per hour. The labor rate is high enough
Well-Flow Company had estimated $1,053,000 of manufacturing overhead (MOH) for the year and 58,500 direct labor (DL) hours, resulting in a predetermined MOH rate of $18 per DL hour. By the end of
RitePacks manufactures backpacks. Its plant records include the following materials related transactions: Purchases of canvas (on account) .........................................................
Bentley Glass reports the following labor-related transactions at its plant in Bryan, Ohio. Plant janitor's wages
Irvin Associates, a law firm, hires Attorney Amanda Hiller at an annual salary of $207,000. The law firm expects her to spend 2,300 hours per year performing legal work for clients. Indirect costs
Gerbig Lighting manufactures a variety of lamps for lighting specialty stores. In September, Gerbig Lighting received an order from Zucca Decor for 32 mission-style table lamps (Model 5A). The order
Playtime Industries manufactures custom-designed playground equipment for schools and city parks. Playtime expected to incur $586,600 of manufacturing overhead cost, 41,900 of direct labor hours, and
Elkland Heating & Cooling installs and services commercial heating and cooling systems. Elkland uses job costing to calculate the cost of its jobs. Overhead is allocated to each job based on the
Raymond Industries uses job costing to calculate the costs of its jobs with direct labor cost as its manufacturing overhead allocation base. The company manufactures a variety of engines for use in
Lawrence Plastics manufactures custom park furniture and signage from recycled plastics (primarily shredded milk jugs). Many of the company's customers are municipalities that are required by law to
Fontaine Furniture started and finished Job 310 during April. The company's records show that the following direct materials were requisitioned for Job 310: Lumber: 45 units at $4 per unit Padding:
Olney Recycling recycles newsprint, cardboard, and so forth, into recycled packaging materials. For the coming year, Olney estimates total manufacturing overhead to be $370,000. The company's
Smith Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the
Refer to the data in Exercise 3-25A. Smith's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $364,000, not the
The following transactions were incurred by Howe Fabricators during January, the first month of its fiscal year. Requirements 1. Record the proper journal entry for each transaction. a. $215,000 of
Crystale Displays produces screens for use in various smart phones. The company reports the following information at December 31. Crystale Displays began operations on January 31 earlier that same
Robert Consulting, a real estate consulting firm, specializes in advising companies on potential new plant sites. The firm uses a job cost system with a predetermined indirect cost allocation rate
Kirkland Furniture is a manufacturing plant that makes a variety of tables, benches, and other furniture. Indicate which inventory account(s) would be affected by the following actions that occur at
The following transactions were incurred by Augustine Fabricators during January, the first month of its fiscal year. Requirements 1. Record the proper journal entry for each transaction. a. $205,000
Hamilton Lighting manufactures a variety of lamps for lighting specialty stores. In September, Hamilton Lighting received an order from Rose Decor for 34 mission-style table lamps (Model 5A.) The
Alltime Industries manufactures custom-designed playground equipment for schools and city parks. Alltime expected to incur $664,000 of manufacturing overhead cost, 41,500 of direct labor hours, and
Peterson Heating & Cooling installs and services commercial heating and cooling systems. Peterson uses job costing to calculate the cost of its jobs. Overhead is allocated to each job based on the
Miskimen Industries uses job costing to calculate the costs of its jobs with direct labor cost as its manufacturing overhead allocation base. The company manufactures a variety of engines for use in
Lancaster Plastics manufactures custom park furniture and signage from recycled plastics (primarily shredded milk jugs). Many of the company's customers are municipalities that are required by law to
Stonecreek Furniture started and finished Job 310 during November. The company's records show that the following direct materials were requisitioned for Job 310: Lumber: 45 units at $6 per
Nestor Recycling recycles newsprint, cardboard, and so forth, into recycled packaging materials. For the coming year, Nestor Recycling estimates total manufacturing overhead to be $369,260. The
Benson Foundry in Charleston, South Carolina, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the
Refer to the data in Exercise E3-39B. Benson Foundry's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually
The following transactions were incurred by Gregor Fabricators during January, the first month of its fiscal year. Requirements 1. Record the proper journal entry for each transaction. a. $205,000 of
ClearDay Displays produces screens for use in various smart phones. The company reports the following information at December 31. ClearDay Displays began operations on January 31 earlier that same
Sayres Consulting, a real estate consulting firm, specializes in advising companies on potential new plant sites. The firm uses a job costing system with a predetermined indirect cost allocation rate
The following transactions were incurred by Mooney Fabricators during January, the first month of its fiscal year. Requirements 1. Record the proper journal entry for each transaction. a. $210,000 of
Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Hartley Uniforms reports the following cost data for the past
Anderson & Little is an advertising agency. The firm uses a job cost system in which each client is a different "job." Anderson & Little traces direct labor, software licensing costs, and travel
Sierra Design is an interior design firm. The firm uses a job cost system in which each client is a different "job." Sierra Design traces direct labor, licensing costs, and travel costs directly to
In a Wall Street Journal article ("The Price You Pay for Water at the Airport," Scott McCartney, April 22, 2015), the cost of a bottle of water at various airports was compared to the cost of that
Boswell manufactures high-quality speakers. Suppose Boswell is considering spending the following amounts on a new quality program: Additional 20 minutes of testing for each speaker
Dayton Industries is contemplating some operational changes to reduce its overall costs of quality. The company believes that if it upgrades one component of its product at an additional cost of
Sanderson's Fine Furnishings manufactures upscale custom furniture. Sanderson's currently uses a plant wide overhead rate based on direct labor hours to allocate its $1,000,000 of manufacturing
Whitney Furniture uses departmental overhead rates (rather than a plant wide overhead rate) to allocate its manufacturing overhead to jobs. The company's two production departments have the following
Fuller Company uses ABC to account for its chrome wheel manufacturing process. Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials
Holiday Industries manufactures a variety of custom products. The company has traditionally used a plant wide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to
Kushner & Company is an architectural firm specializing in home remodeling for private clients and new office buildings for corporate clients.Kushner charges customers at a billing rate equal to
Dover Pharmacy, part of a large chain of pharmacies, fills a variety of prescriptions for customers. The complexity of prescriptions filled by Dover varies widely; pharmacists can spend between five
Radley Products has adopted an ABC costing system. The following manufacturing activities, indirect manufacturing costs, and cost drivers have been identified:The Job Cost Record for Job #624
Several years after reengineering its production process, Dettling Corporation hired a new controller, Alana Metzgar. She developed an ABC system very similar to the one used by Dettling's chief
Refer to your answers in E4-25A. In addition to the manufacturing overhead costs, the following data are budgeted for the company's Standard and Deluxe models for next
Sinclair Corp. manufactures radiation-shielding glass panels. Suppose Sinclair is considering spending the following amounts on a new TQM program:Strength-testing one item from each batch of panels
Goodchill Industries manufactures freezers. Here is some information about its "LX17" line of freezers over the past year: Number of units manufactured and sold
Snyder Snacks makes potato chips, corn chips, and cheese puffs using three different production lines within the same manufacturing plant. Currently, Snyder uses a single plant wide overhead rate to
Albertson's Fine Furnishings manufactures upscale custom furniture. Albertson's currently uses a plant wide overhead rate, based on direct labor hours, to allocate its $1,100,000 of manufacturing
Farraway Company uses ABC to account for its chrome wheel manufacturing process. Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials
Newman Industries manufactures a variety of custom products. The company has traditionally used a plant wide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to
Warren & Company is an architectural firm specializing in home remodeling for private clients and new office buildings for corporate clients.Warren charges customers at a billing rate equal to
Gracen Pharmacy, part of a large chain of pharmacies, fills a variety of prescriptions for customers. The complexity of prescriptions filled by Gracen varies widely; pharmacists can spend between
Cornwell Products has adopted an ABC costing system. The following manufacturing activities, indirect manufacturing costs, and cost drivers have been identified:The Job Cost Record for Job #804
Several years after reengineering its production process, King Corporation hired a new controller, Christine Erickson. She developed an ABC system very similar to the one used by King's chief rival.
Refer to your answers in E4-36B. In addition to the manufacturing overhead costs, the following data are budgeted for the company's Standard and Deluxe models for next year: Standard Deluxe Sales
Bradshaw Corp. manufactures radiation-shielding glass panels. Suppose the company is considering spending the following amounts on a new TQM program:Strength-testing one item from each batch of
Nature Made Snacks produces different styles of sweet potato chips (ruffled, flat, thick cut, gourmet) for different corporate customers. Each style of sweet potato chip requires different
Frostline Industries manufactures freezers. Here is some information about its "LX17" line of freezers over the past year: Number of units manufactured and sold
Hughes Products manufactures its products in two separate departments: Machining and Assembly. Total manufacturing overhead costs for the year are budgeted at $1,056,000. Of this amount, the
Arnett Corp. manufactures computer desks in its White Bear Lake, Minnesota, plant. The company uses activity-based costing to allocate all manufacturing conversion costs (direct labor and
Durbin Pharmaceuticals manufactures an over-the-counter allergy medication called Breathe. Durbin is trying to win market share from Sudafed and Tylenol. The company has developed several different
Giant Construction Toys Corp. is using a costs-of-quality approach to evaluate design engineering efforts for a new toy robot. The company's senior managers expect the engineering work to reduce
Workflow Systems specializes in servers for work-group, e-commerce, and enterprise resource planning (ERP) applications. The company's original job cost system has two direct cost categories: direct
Powell Products manufactures its products in two separate departments: Machining and Assembly. Total manufacturing overhead costs for the year are budgeted at $1,050,000. Of this amount, the
Kimbro Furniture manufactures computer desks in its Austin, Texas, plant. The company uses activity-based costing to allocate all manufacturing conversion costs (direct labor and manufacturing
Percival Pharmaceuticals manufactures an over-the-counter allergy medication called Breathe. Percival is trying to win market share from Sudafed and Tylenol. The company has developed several
Big Yellow Construction Toys Corporation is using a costs-of-quality approach to evaluate design engineering efforts for a new toy robot. The company's senior managers expect the engineering work to
Nature Made Snacks just received an order to produce 12,000 single-serving bags of gourmet, fancy-cut, sweet potato chips. The order will require 21 preparation hours and 36 cooking and draining
FirstServer Systems specializes in servers for work-group, e-commerce, and enterprise resource planning (ERP) applications. The company's original job cost system has two direct cost categories:
Caesars Entertainment Corporation (CEC) has several properties in Las Vegas, Nevada, which it owns or manages. The following list of selected property-related data is taken from CEC's 2014 Form 10-K,
Oliver Industries, a small, family-run manufacturer, has adopted an ABC system. The following manufacturing activities, indirect manufacturing costs, and usage of cost drivers have been estimated for
Robbins Manufacturing produces a variety of plastic containers using an extrusion blow molding process. The following activities are part of Robbins Manufacturing's operating process: 1. Patents are
Compare and contrast the primary differences between the job costing and process costing using the following table:
Samson Tile produces its product in two processing departments: Forming and Finishing. The following T-account shows the Forming Department's Work in Process Inventory at August 31 prior to
After completing Steps 1-4 of the process costing procedure, Peterson Corporation arrived at the following equivalent units and costs per equivalent unit for its final production department for the
Gallagher Counter Co. produces quartz countertops in two sequential production departments: Forming and Polishing. The Polishing Department calculated the following costs per equivalent unit (square
Refer to the Arctic Springs Filtration Department Data Set.1. Compute the December conversion costs in the Filtration Department.2. If the Filtration Department completely processed 200,000 liters,
Refer to the Arctic Springs Filtration Department Data Set. At Arctic Springs, water is added at the beginning of the filtration process. Conversion costs are incurred evenly throughout the process,
Refer to the Arctic Springs Filtration Department Data Set and your answer to S5-14. Complete Steps 3 and 4 of the process costing procedure: Summarize total costs to account for and then compute the
Refer to the Arctic Springs Filtration Department Data Set and your answer to S5-14 and S5-15. Complete Step 5 of the process costing procedure: Assign costs to units completed and to units in ending
Refer to the Arctic Springs Filtration Department Data Set and your answer to S5-16.1. Record the journal entry to transfer the cost of the 160,000 liters completed and transferred out of the
Refer to the Arctic Springs Bottling Department Data Set.1. Draw a time line.2. Complete the first two steps of the process costing procedure for the Bottling Department: summarize the physical flow
Refer to the Arctic Springs Bottling Department Data Set and your answer to S5-18. Complete Steps 3 and 4 of the process costing procedure: Summarize total costs to account for and then compute the

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