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cost accounting

Questions and Answers of Cost Accounting

Prepare journal entries to charge materials into production and record variances.
Compute labor efficiency and labor rate variances and identify them as being favorable or unfavorable.
Prepare journal entries to charge labor costs into production and record variances.LO.1
What are standard manufacturing costs?LO.1
What is a standard cost sheet?LO.1
What are theoretical standards?LO.1
What are normal standards?LO.1
Should theoretical standards or normal standards be used to set goals?Explain your answer.LO.1
What is a materials quantity standard?LO.1
What is a materials price standard?LO.1
How are materials quantity standards determined?LO.1
What two variances account for the difference between actual materials cost and standard materials cost for a period?LO.1
Explain how to calculate the materials price variance.LO.1
Explain how to calculate the materials quantity variance.LO.1
Explain how the labor efficiency variance is computed.LO.1
Explain how the labor rate variance is computed.LO.1
At what point are the labor efficiency and labor rate variances recorded?LO.1
Are favorable labor variances recorded as debits or as credits?LO.1
Should the production manager have a role in setting labor time standards?LO.1
How does a theoretical standard differ from a normal standard?LO.1
What causes a materials price variance?LO.1
What does an unfavorable materials quantity variance suggest?LO.1
How is the variance for a raw material item during the period computed?LO.1
In general, who is responsible for materials price variances?LO.1
At what point in the accounting cycle are materials variances recorded?LO.1
When labor efficiency variances are unfavorable, which manager is likely to be called on to explain the problem?LO.1
Give two other terms that might be used for labor efficiency variance.LO.1
Explain how a labor efficiency variance is similar to a materials quantity variance.LO.1
Suggest four reasons that might explain an unfavorable materials quantity variance.LO.1
The management of the Penoke Company has suggested that the company adopt a standard cost accounting system to get better control over operations. The controller is opposed to this idea because he
What are some advantages to management of using a standard cost system?LO.1
The management of the Dole Corporation is developing standard costs. The vice president of finance has heard of theoretical standards and thinks that they should be used because they provide closer
Assume that you are a cost accountant at the Winspear Company.Briefly explain to management the reasons why variances between actual and standard costs of materials may exist.LO.1
Which level of management is usually responsible for labor rate variances? Explain.LO.1
As a production manager, would you be likely to have more control over materials price variances or materials quantity variances?Explain.LO.1
The accountant for the Jobe Corporation has noticed that, historically, when there have been favorable labor rate variances, there have been unfavorable labor efficiency variances. What factors may
During the month of August, the overall labor efficiency variance was favorable. The production manager suggests that it is not, therefore, necessary to compute the labor efficiency for different
Compute standard materials cost per unit of product. (Obj. 2).Zelmos is a product manufactured by Zelna Company. The company is establishing standard costs for the product, which requires two raw
Compute materials quantity and price variances. (Obj. 3). The Sanger Company manufactures a product using a special type of alloy.Each unit of product should require 2^ feet of alloy. The standard
Prepare a journal entry to charge materials into production and record variances. (Obj. 4). The standard cost of raw materials use in the Injection Department in January was $120,000 (10,000 units at
Compute materials quantity and price variances; record variances.(Objs. 3, 4). The standard materials cost of producing 1 pound of Hard Coat is as follows:8^ ounces of resin at 12 cents per ounce
Compute labor rate and labor efficiency variances. (Obj. 5). The standard labor cost for a unit of product is 3 hours of labor at $14.40 per hour. Compute the labor rate variance and the labor
Compute labor efficiency and labor rate variances; record variances.(Objs. 5,6). The standard cost sheet calls for I hour and 45 minutes of labor in the Assembly Department for each boom box
Compute labor rate and efficiency variances; record variances.(Objs. 5, 6). In the Costing Department of the Apache Ftirniture Company, each desk manufactured requires 30 minutes of sanding labor and
Determine standard overhead cost per unit of product and total standard overhead for the period.LO.1
Compute total variance between standard overhead for the units produced during the period and the actual cost incurred.LO.1
Use the two-variance analysis method to analyze the total overhead variance for the period.LO.1
Use the three-variance analysis method to analyze the total overhead variance for the period.LO.1
Use the four-variance analysis method to analyze the total overhead variance for the period.LO.1
Apply manufacturing overhead to Work in Process and record overhead variances.LO.1
Transfer standard costs of products from Work in Process to Finished Goods and record cost of goods sold under the standard cost system.LO.1
Properly dispose of standard cost variances.LO.1
Prepare an income statement using standard costing.LO.1
Explain briefly how the budget variance is computed under the two-variance analysis method.LO.1
Explain briefly how the volume variance is computed under the two-variance analysis method.LO.1
Which of the variances computed under the two-variance analysis method is most likely to be controllable? Why?LO.1
If the budget variance and volume variance are added, what amount should the sum agree with?LO.1
Why is it almost certain that there will be a volume variance each month?LO.1
Compare the components of the three-variance analysis and the twovariance analysis.LO.1
Explain the efficiency variance computed under the three-variance analysis.LO.1
Which costs (variable costs or fixed costs) give rise to the efficiency variance?Explain.LO.1
Which of the variances computed under the three-vahance method (the spending variance, the efficiency variance, or the volume variance) is likely to be more controllable by the manager of the
Which of the variances would be least likely to be affected by a change in fixed costs during the reporting period? Explain.LO.1
Compare the three-variance analysis method and the four-variance analysis method.LO.1
In what way is the four-variance analysis method superior to the threevariance analysis method? Explain.LO.1
Is the producing department manager more likely to be responsible for the fixed overhead spending variance or the variable overhead spending variance?Explain.LO.1
What are the primary causes of the variable overhead spending variance?LO.1
Under a standard cost accounting system, how are the amounts of manufacturing overhead charged to the Work in Process accounts determined?LO.1
What are the two most common ways to account for standard cost variances?LO.1
Which method is most commonly used to dispose of standard cost variances at year-end? Why is this method most commonly used?LO.1
When products are transferred from the final producing department to the Finished Goods account, how is the cost at which the products are transferred determined?LO.1
If standard cost variances are closed into Cost of Goods Sold, how are the variances shown in the income statement?LO.1
Explain how the standard overhead cost for a period is determined.LO.1
What basis is used for charging overhead costs into Work in Process when a standard cost accounting system is used?LO.1
Are standard costs easier or more difficult to establish for overhead than for direct labor? Explain.LO.1
How is the total manufacturing overhead variance computed?LO.1
Explain the two variances computed under a two-variance method.LO.1
What causes the volume variance computed under the twovariance method?LO.1
Which variances computed under the three -variance method make up the budget variance computed under the two-variance method?LO.1
What is the main reason why an overhead efficiency variance arises?LO.1
What is the major cause of variable overhead spending variances?LO.1
Compare the components of the two-variance analysis method with those of the four-variance analysis method.LO.1
Under what circumstances, if any, can fixed overhead spending rise?LO.1
If a debit account is used to record an overhead variance, is the variance favorable or is it unfavorable?LO.1
Is it possible to have overhead variances even though costs are perfectly controlled? Explain.LO.1
What entry is made to transfer the cost of completed products from Work in Process to Finished Goods under a standard cost system?LO.1
What is the most common treatment given to overapplied and underapplied overhead balances at the end of the year?LO.1
Is the budget variance or the volume variance more likely to be the responsibility of the producing department manager? Explain.LO.1
Is management likely to be more interested in the total overhead variance or in the individual components of the variance? Why?LO.1
The manager of the Cooking Department in your business has come to you, the cost accountant, to complain about the overhead variances you have reported for his department. He is particularly upset
During June 19X9, the Apollo Corporation had a substantial unfavorable manufacturing overhead volume variance. As a result, the company's production manager asked the controller to explain the
As cost accountant, you have followed the practice of allocating overhead variances between Work in Process, Finished Goods, and Cost of Goods Sold. The controller has questioned this practice.She
You have computed variainces under the four-variance analysis method and have reported sizable volume variances, variable overhead spending variances, and fixed overhead spending variances.The
Your company uses the four-variance analysis approach to analyzing overhead variances. You have studied the variances for each of the past four years and found that in the months of July and August
Your company uses the four-variance analysis method. The president of the company has asked you, as cost accountant, to compare the variable overhead spending variance with the materials price
Compute standard overhead cost per unit. (Obj. 1). D.C. Corporation uses direct labor hours as a basis for charging standard overhead to Work in Process. The standard overhead rate for 19X9 is based
Compute standard overhead cost per unit; compute total standard overhead for units produced during period. (Obj. 1). Newark Corporation uses direct labor hours as a basis for charging standard
Compute standard overhead cost per unit; compute total standard overhead for units produced; compute total overhead variance;use the two-variance method to analyze total variance. (Objs.1-3). Boise
Compute standard overhead cost per unit; compute total standard overhead cost for year's production; compute total overhead variance;use the three-variance method to analyze total overhead variance.
Compute the standard overhead cost per unit; compute the total standard overhead cost for units produced during the period; compute the total variance for period; use the four-variance method to

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