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Questions and Answers of Financial Accounting

Jelly Treats produces jelly beans in three sequential processing departments: Centers, Shells, and Packaging. Assume that the Shells processing department began April with $18,500 of unfinished jelly
Refer to the Arctic Springs Bottling Department Data Set and your answers to S5-18 and S5-19. Complete Step 5 of the process costing procedure: Assign costs to units completed and to units in ending
Refer to the Arctic Springs Bottling Department Data Set and your answer to S5-20.Arctic Springs produces premium bottled water. The preceding Short Exercises considered the first process in bottling
Golden Sun Bakery mass-produces bread using three sequential processing departments: Mixing, Baking, and Packaging. The following transactions occurred during April: 1. Direct materials used in the
Patty's Pumpkin Pies collected the following production information relating to November's baking operations:Requirements Complete the first two steps in the process costing procedure: Summarize the
Boswell's Hot Sauce uses a process costing system to determine its product's cost. The last of the three processes is packaging. The Packaging Department reported the following information for the
The Color World Paint Company prepares and packages paint products. The company has two departments: (1) Blending and (2) Packaging. Direct materials are added at the beginning of the blending
Return to the Blending Department for the Color World Paint Company in E5-26A. In E5-26A Department are as follows: Gallons: Beginning work in process inventory
Woodson Dairy produces an organic butter that is sold by the pound. The production of the butter begins in the Churning Department. Data for the Churning Department for January follows: Units in
Refer to the Churning Department information for Woodson Dairy in E5-28A. In E5-28A Data for the Churning Department for January follows: Units in beginning Work in Process (WIP)
PEZ Candy Inc. produces the popular small candy that is dispensed in collectible flip-top dispensers. In the United States, PEZ candies are produced in a factory in Connecticut. Over 3 billion of the
Refer to E5-28A and E5-29A. Assume the Woodson Dairy Forming Department has the following costs per equivalent unit (EU) on its own production cost report for the month of January: Cost per EU
Record the following process costing transactions in the general journal:a. Purchase of raw materials on account, $9,300b. Requisition of direct materials toAssembly Department, $4,300Finishing
The Assembly Department of Easton Motors began September with no work in process inventory. During the month, production that cost $41,352 (direct materials, $12,532, and conversion costs, $28,820)
Paulson Winery in Albany, New York, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging
Revol Industries manufactures plastic bottles for the food industry. On average, Revol pays $76 per ton for its plastics. Revol's waste-disposal company has increased its waste-disposal charge to $57
The following information was taken from the ledger of Cleveland Foundry:The Forming Department had 10,150 partially complete units in beginning work in process inventory. The department started work
Alpha Semiconductors experienced the following activity in its Photolithography Department during December. Materials are added at the beginning of the photolithography process. Units: Work in
Early Start Bakery mass-produces bread using three sequential processing departments: Mixing, Baking, and Packaging. The following transactions occurred during February: 1. Direct materials used in
Paul's Pies collected the following production information relating to November's baking operations:Requirements Complete the first two steps in the process costing procedure: 1. Summarize the flow
Wendell's Hot Sauce uses a process costing system to determine its product's cost. The last of the three processes is packaging. The Packaging Department reported the following information for the
Lundeen Soda's Bottling Department had 15,000 units in the beginning inventory of Work in Process on September 1. During September, 125,000 units were started into production. On September 30, 29,000
The Bright Day Paint Company prepares and packages paint products. The company has two departments: (1) Blending and (2) Packaging. Direct materials are added at the beginning of the blending process
Return to the Blending Department for the Bright Day Paint Company in E5-40B. In E5-40B Gallons: Beginning work in process inventory
Landon Dairy produces an organic butter that is sold by the pound. The production of the butter begins in the Churning Department. Data for the Churning Department for January follows: Units in
Refer to the Churning Department information for Landon Dairy in E5-42B. Requirements 1. What journal entry(s) would have been made during the month to record manufacturing costs? (Use Wages Payable
Refer to E5-42B and E5-43B. Assume the Landon Dairy Forming Department has the following costs per equivalent unit (EU) on its own production cost report for the month of January: Cost per EU
Record the following process costing transactions in the general journal:a. Purchase of raw materials on account, $9,900b. Requisition of direct materials to:Assembly Department, $4,500Finishing
The Assembly Department of Thomas Motors began September with no work in process inventory. During the month, production that cost $35,282 (direct materials, $8,242, and conversion costs, $27,040)
Newton Winery in Newton, Massachusetts, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging
Sandler Industries manufactures plastic bottles for the food industry. On average, Sandler pays $72 per ton for its plastics. Sandler's waste-disposal company has increased its waste-disposal charge
The following information was taken from the ledger of Denver Foundry:The Forming Department had 10,470 partially complete units in beginning work in process inventory. The department started work on
Klein's Packaging Department had the following information at January 31. All direct materials are added at the end of the conversion process. The units in ending work in process inventory were only
Brookman Semiconductors experienced the following activity in its Photolithography Department during May. Materials are added at the beginning of the photolithography process. Units: Work in process,
Decker Cosmetics produces a lip balm used for cold-weather sports. The balm is manufactured in a single processing department. No lip balm was in process on May 31, and Decker Lips started production
The Timber brook Furniture Company produces dining tables in a three-stage process: Sawing, Assembly, and Staining. Costs incurred in the Sawing Department during September are summarized as
Grammer Chicken produces canned chicken a la king. The chicken a la king passes through three departments: (1) Mixing, (2) Retort (sterilization), and (3) Packing. In the Mixing Department, chicken
Vintage Accessories manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping process. The steel is molded according
Bradley Wilmer operates Bradley's Cricket Farm in Fairview, Georgia. Bradley's raises about 18 million crickets a month. Most are sold to pet stores at $10.26 for a box of 1,000 crickets. Pet stores
Cool Balm produces a lip balm used for cold-weather sports. The balm is manufactured in a single processing department. No lip balm was in process on May 31, and Cool Balm started production on
The Weaver Furniture Company produces dining tables in a three-stage process: Sawing, Assembly, and Staining. Costs incurred in the Sawing Department during September are summarized as follows:Direct
Tastee Foods produces canned chicken a la king. The chicken a la king passes through three departments: (1) Mixing, (2) Retort (sterilization), and (3) Packing. In the Mixing Department, chicken and
Antique Accessories manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping process. The steel is molded according
The Frying Department of Ripple Chips had 110,000 partially completed units in work in process at the end of July. All of the direct materials had been added to these units, but the units were only
Anthony Zelinski operates Anthony's Cricket Farm in Atlanta, Georgia. Anthony's raises about 18 million crickets a month. Most are sold to pet stores at $9.23 for a box of 1,000 crickets. Pet stores
For several years running, the Bacchanel Buffet, a Caesars Palace® Las Vegas all-you-can-eat attraction, has been voted the best buffet by "USA Today" and other publications. The Bacchanal Buffet
Sheldon Products produces plastic containers through a blow-molding process. The company uses process costing because its products are generally homogeneous and are produced in large
Kushner Company's Work in Process Inventory account had a $61,000 beginning balance on March 1 ($36,000 of this related to direct materials used during February, while $25,000 related to conversion
At the end of October, Cranston Bottling's mixing department had "Total costs to account for" of $739,731. Of this amount, $271,596 related to direct materials costs, while the remainder related to
Pharma-True Company produces its product using a single production process. For the month of March, the company determined its "cost per equivalent unit" to be as
The following chart shows three different costs: Cost A, Cost B, and Cost C. For each cost, the chart shows the total cost and cost per unit at two different volumes within the same relevant range.
The Surgical Care Unit of Gold Care Health Group uses the high-low method to predict its total surgical unit supplies costs. It appears that nursing hours worked is a good predictor of surgical unit
The local Hyatt Place hotel collected seven months of data on the number of room-nights rented per month and the monthly utilities cost. The data were graphed, resulting in the following scatter
Refer to the Hyatt Place scatter plot in S6-11.Scatter plot in S6-111. Would the high-low method or regression analysis result in a more accurate cost equation for the data pictured in the scatter
A legal firm wanted to determine the relationship between its monthly operating costs and a potential cost driver, professional hours. An excerpt from the output of a regression analysis performed
Naomi's Quilt Shoppe sells homemade Amish quilts. Naomi buys the quilts from local Amish artisans for $290 each, and her shop sells them for $490 each. She also pays a sales commission of 8% of sales
Dalton's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: • Selling price per unit is $65 • Variable
Gleason Manufacturing manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: • Sales price per unit $47 • Variable
Following are a series of cost behavior graphs. The total cost is shown on the vertical (y) axis and the volume (activity) is shown on the horizontal (x) axis.For each of the following situations,
Many costs are associated with owning a car. Assuming that miles driven is the volume activity, classify each of the following costs associated with car ownership as mainly variable or fixed. a.
Farnsworth Drycleaners has capacity to clean up to 7,500 garments per month.Requirements1. Complete the following schedule for the three volumes shown.2. Why does the average cost per garment
Refer to the Farnsworth Drycleaners in E6-20A. Assume that Farnsworth charges customers $10 per garment for dry cleaning. Prepare Farnsworth's projected income statement if 4,260 garments are cleaned
Rollins Mailbox produces decorative mailboxes. The company's average cost per unit is $23.43 when it produces 1,400 mailboxes. Requirements 1. What is the total cost of producing 1,400 mailboxes? 2.
The Carrollton Buffet offers an all-you-can-eat buffet meal for $30 per person. The restaurant employs ten salaried employees. Rent for the building, employee salaries, and other fixed costs for the
Moonlight Entertainment is a provider of cable, Internet, and on-demand video services. Moonlight currently sends monthly bills to its customers via the postal service. Because of a concern for the
Melody Leigh, owner of Broadway Floral, operates a local chain of floral shops. Each shop has its own delivery van. Instead of charging a flat delivery fee, Leigh wants to set the delivery fee based
Refer to Broadway Floral's data in E6-25A. Use the high-low method to determine Broadway Floral's cost equation for van operating costs. Use your results to predict van operating costs at a volume of
Refer to the Broadway Floral data in E6-25A. Use Microsoft Excel to do the following:Requirements 1. Run a regression analysis. 2. Determine the company's cost equation (use the output from the Excel
Assume that Broadway Floral does a regression analysis on the next year's data using Excel. The output generated by Excel is as follows:Requirements 1. Determine the firm's cost equation (use the
The manager of the main laboratory facility at Elmhurst Health Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies
Scott Equipment produces high-quality soccer balls. If the fixed cost per ball is $3 when the company produces 15,000 balls, what is the fixed cost per ball when it produces 22,500 balls? Assume that
Refer to the laboratory overhead cost and activity data for Elmhurst Health Center in E6-29A. Use the high-low method to determine the laboratory's cost equation for total laboratory overhead. Use
Using the data provided in E6-29A, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:Requirements 1.
The manager of the main laboratory facility at Elmhurst Health Center (from E6-29A) collects seven additional months of data after obtaining the regression results in E6-31A. The number of tests
Lakeview Apartments is an 800-unit apartment complex. When the apartments are 90% occupied, monthly operating costs total $220,040. When occupancy dips to 80%, monthly operating costs fall to
Summerville Company, which uses the high-low method to analyze cost behavior, has determined that machine hours best predict the company's total utilities cost. The company's cost and machine hour
Royal Industries has one product. Information about the production and sales of that product for the past year follows. Selling price per unit
Five Macaws is a specialty pet gift shop selling exotic pet-related items online. The shop has no physical location. Results for last year are shown next:For internal planning and decision-making
Charleston Carriage Company offers guided horse-drawn carriage rides through historic Greenville, South Carolina. The carriage business is highly regulated by the city. Charleston Carriage Company
Hadlock Manufacturing manufactures a single product that it will sell for $68 per unit. The company is looking to project its operating income for its first two years of operations. Cost information
Bruno Industries manufactures and sells a single product. The controller has prepared the following income statement for the most recent year:The company produced 8,000 units and sold 7,000 units
Top Care Brushes produces a premium hair brush. Total manufacturing costs are $250,000 when 20,000 brushes are produced. Of this amount, total variable costs are $80,000. What are the total
The annual data that follow pertain to Aqua Goggles, a manufacturer of swimming goggles (the company had no beginning inventory): Sales price
Whitman Drycleaners has the capacity to clean up to 6,000 garments per month.Requirements1. Complete the following schedule for the three volumes shown.2. Why does the average cost per garment
Refer to the Whitman Drycleaners in E6-41B. Assume that Whitman charges customers $9 per garment for dry cleaning. Prepare Whitman's projected income statement if 4,220 garments are cleaned in March.
Melcher Mailboxes produces decorative mailboxes. The company's average cost per unit is $20.43 when it produces 1,000 mailboxes. Requirements 1. What is the total cost of producing 1,000
The Minerva Buffet offers an all-you-can-eat buffet meal for $35 per person. The restaurant employs ten salaried employees. Rent for the building, employee salaries, and other fixed costs for the
Skye Entertainment is a provider of cable, Internet, and on-demand video services. Skye currently sends monthly bills to its customers via the postal service. Because of a concern for the environment
Tammy Lotta, owner of Fourth Street Floral, operates a local chain of floral shops. Each shop has its own delivery van. Instead of charging a flat delivery fee, Lotta wants to set the delivery fee
Refer to Lotta's Fourth Street Floral data in E6-46B. Use the high-low method to determine the company's cost equation for van operating costs. Use your results to predict van operating costs at a
Refer to the Fourth Street Floral data in E6-46B. Use Microsoft Excel to run a regression analysis, then do the following calculations:Requirements1. Determine the firm's cost equation (use the
Assume that Fourth Street Floral does a regression analysis on the next year's data using Excel. The output generated by Excel is as follows:Requirements 1. Determine the firm's cost equation (use
Suppose Anytime Wireless offers an international calling plan that charges $8.00 per month plus $0.20 per minute for calls outside the United States. 1. Under this plan, what is your monthly
The manager of the main laboratory facility at Rosedale Health Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies
Refer to the laboratory overhead cost and activity data for Rosedale Health Center in E6-50B. Use the high-low method to determine the laboratory's cost equation for total laboratory overhead. Use
Using the data provided in E6-50B, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:Requirements 1.
The manager of the main laboratory facility at Rosedale Health Center (from E6-50B) collects seven additional months of data after obtaining the regression results in the prior period. The number of
Creekside Apartments is a 900-unit apartment complex. When the apartments are 90% occupied, monthly operating costs total $223,360. When occupancy dips to 80%, monthly operating costs fall to
Bates Company, which uses the high-low method to analyze cost behavior, has determined that machine hours best predict the company's total utilities cost. The company's cost and machine hour usage
Chief Industries has one product. Information about the production and sales of that product for the past year follows. Selling price per unit

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