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business
cost accounting

Questions and Answers of Cost Accounting

Apply manufacturing overhead to Work in Process and record overhead variances. (Obj. 6). Selected data for the Halifax Corporation for May 19X9 are as follows:Standard cost of work $82,000 Actual
Record standard cost of goods transferred to Finished Goods and of cost of goods sold. (Obj. 7). Stamford Company uses a standard cost system. The total standard cost per unit for materials, labor,
Properly dispose of overhead variance accounts. (Obj. 8). Cleveland Corporation accumulates overhead variances during the year. At the end of the year all variances are closed out to Cost of Goods
Use three-variance analysis to analyze manufacturing overhead variance. Prepare partial income statement using standard costing.(Objs. 4, 9). Selected accounts from the adjusted general ledger
Compute standard overhead cost for period; compute total overhead variance for period; use three-variance analysis to analyze total overhead variance. (Objs. 2, 3, 4).Data for Exercise 10.Number of
What factors might cause Speedway Toys, Inc., to revise its sales budget for the year?LO.1
What factors might have influenced the management of Speedway Toys, Inc., to set the level of the ending inventory for plastic, motors, and wheels and axles at 5. 10, and 1 percent budgeted
a. Assume that production in February was 5,500 cars.(1)What would be the total budgeted variable overhead cost?(2) What would be the total budgeted fixed overhead cost?(3) What would be the total
If Speedway Toys, Inc., wanted to make a gross profit of 40 percent for the year, what selling price would it set for the toy cars?LO.1
The president of Speedway Toys, Inc., thinks that the standard costs should be based on theoretical standards instead of normal standards as a way to motivate employees to reach a higher level of
Explain how the variances that you have computed for Speedway Toys, Inc., might be handled on the financial statements.LO.1
Answer the following questions about the materials variances:a. Give some possible causes for each materials variance that you computed.b. Which person in the company is probably responsible for each
Answer the following questions about the labor variances:a. Give some possible causes for each labor variance that you computed.b. Which person in the company is probably responsible for each of
Answer the following questions about the manufacturing overhead variances:a. Give some possible causes for each overhead variance that you computed.b. Which person in the company is probably
Prepare an income statement based on absorption costing.LO.1
Compute contribution margin.LO.1
Prepare an income statement based on direct costing.LO.1
Compare the results of direct costing and absorption costing.LO.1
Compute the break-even point.LO.1
Use cost-volume-profit analysis to estimate profitability at various levels of sales.LO.1
Prepare a break-even chart.LO.1
Analyze effects of operating changes on profits and on break-even point.LO.1
what is meant by the statement that under direct costing fixed manufacturing costs are treated as period costs?LO.1
Why is direct costing sometimes called variable costing?LO.1
If in a given year the number of units of product manufactured exceeds the number of units sold, is the reported net income likely to be larger under absorption costing or under direct costing?
What is the contribution margin reported when the direct costing method is used?LO.1
Is direct costing acceptable for financial reporting under generally accepted accounting principles (GAAP)? If not, why not?LO.1
What sales volume is required in order for the business to break even (to have neither a profit nor a loss)?LO.1
What sales volume would be necessary to produce a given amount of profit for the period?LO.1
What would be the impact of a specific change in gross profit per unit or of a specific change in the gross profit percentage?LO.1
What would be the profit at a specified sales volume?LO.1
How is the contribution margin per unit of product computed?LO.1
If the contribution margin per unit of product is known, inow can it be used to compute the break-even point, expressed in units of product?LO.1
How is the conthbution margin ratio for a unit of product determined?LO.1
If the contribution margin ratio is known, how can it be used in computing the break-even dollar sales volume?LO.1
Assume that you know the contribution margin ratio and the total fixed costs. How would you compute the sales volume, expressed in dollars, to earn a profit of $500,000?LO.1
What is a break-even chart? Name the lines that are shown on the chart.LO.1
Suppose that you are analyzing profitability for a business that manufactures and sells many different products. What information would you need to obtain in order to compute the contribution margin
What assumptions would you need to make if you were computing the break-even point for a company that manufactures and sells many different products?LO.1
Suppose that your employer is considering hiring an additional sales manager at a cost of $70,000 per year Assuming no change in variable costs, what is the most important factor to consider in
What, in your opinion, is the key element necessary in order to use C-V-P relationships to help reach management decisions?LO.1
How does the cost of goods manufactured under absorption cost ing differ from that under direct costing?LO.1
If the ending inventory of finished goods increases during a year, would the net income reported under direct costing be greater than or less than it would be under absorption costing?LO.1
How does an income statement prepared under direct costinj differ in format from one prepared under absorption costin LO.1
Would it be possible to show a profit for a year using absorption costing while showing a loss under direct costing? Explain.LO.1
If production volume equals sales volume, would the income under absorption costing be more than or less than it would be under direct costing?LO.1
Does direct costing assume that all factory costs are directly related to the product? Explain.LO.1
Under direct costing, how are fixed manufacturing overhead costs treated?LO.1
Is direct costing widely used in published financial reports?LO.1
Which method, direct costing or absorption costing, more directly reflects the impact of volume on costs and profits? Explain.LO.1
Assuming that more units are sold than are produced, would reported net income be larger under absorption costing or under direct costing? Why?LO.1
Under direct costing, how is profit an"ected by variations in the inventory of finished goods?LO.1
Under direct costing, what costs enter into the cost of finished goods?LO.1
What is meant by the term contribution margin?LO.1
What is meant by the term break-even point?LO.1
Why does the cost line in a break-even chart not start at zero cost?LO.1
Why is it sometimes not feasible to have the horizontal axis in a break-even chart expressed in units of products sold?LO.1
Why is a constant product mix sometimes assumed in computing the break-even point in sales?LO.1
What are the advantages to management of using a direct costing approach instead of an absorption costing approach?LO.1
You have told management that one of the advantages of direct costing is that it concentrates attention on the contribution margin.Management asks how contribution margin can be used in management
You have suggested that your company use direct costing to provide additional information for management decisions. Your company president is confused because the illustrative income statement you
Of what benefit to management is a break-even chart?LO.1
Explain how management can use the break-even approach to estimate quickly the sales volume needed to make a specific desired profit.LO.1
A company has computed its break-even point. A proposal has been made to increase fixed costs by $80,000 per year. This would result in a decrease in variable costs of $2.40 per unit. Explain how the
Your friend is accounting manager for a manufacturing company.He has suggested that C-V-P relationships provide the "definitive and final" answer in evaluating the effects of management decisions on
Compute the break-even point. (Obj. 5). George Company manufactures a product that sells for $124 per unit. The variable manufacturing costs are $60 per unit: the variable selling and administrative
Estimate profit or loss at specific sales volume. (Obj. 6). A company's contribution margin ratio is 60 percent. Its fixed costs are$360,000 per year. What would be the company's anticipated profit
Determine sales volume to earn desired profit. (Obj. 6). A company's contribution margin ratio is 40 percent. Its fixed costs are$280,000 per year. What sales volume would be necessary if the
Compile contribution margin; compute the break-even point.(Objs. 2, 5). Compute the contribution margin per birdhouse and use that amount to compute the break-even volume expressed in number of
Compute total contribution margin. (Obj. 2). If sales total 50 birdhouses during the month of April, what will be the total contribution margin? Show computations.LO.1
Forecasting profit at specified sales volume. (Obj. 6). If Henry constructs and sells 50 birdhouses a month, what will be his estimated net income?LO.1
Forecasting volume necessary to earn desired profit. (Obj. 6). If Henry's goal is to earn $400 per month, how many birdhouses will he have to construct and sell each month?LO.1
Analyze effects of changes in operations on profit. (Obj. 8). A company's contribution margin is 48 percent. A proposal has been made to install certain equipment that would result in an increase
If prices are unchanged, what volume of sales will be necessary to break even?LO.1
What sales price per unit will be necessary to keep profits at the present level if the number of units sold remains at 10,000 per year and the proposed labor contract takes effect?LO.1
If the selling price is increased by $10 per unit and there is a resulting decline of 2 percent in the number of units sold, what amount of profit should be anticipated, considering the proposed
What other factors should management consider in deciding on a course of action?LO.1
What sales volume would be necessary for the company to break even on this line of products, assuming that the expense data given are reliable?LO.1
What sales volume would be necessary to earn a net profit of 5 percent of sales?LO.1
List the most important questions that should be asked by management to arrive at a decision about whether or not to discontinue this line of products.LO.1
Explain the steps in management's decision-making process.LO.1
Make a decision on whether to add or discontinue a product.LO.1
Make a decision on whether to buy a part or to manufacture it.LO.1
Make a decision on whether to further process a product.LO.1
Make a decision on granting special prices for products.LO.1
What is the roie of the accountant in management's decision making?LO.1
Why is the concept of relevant costs so important in decision making?LO.1
What is a sunk cost? What is the general role of sunk costs in decision making?LO.1
What are differential revenues? Differential costs?LO.1
What is nonmeasurable data? Why must nonmeasurable data be considered in decision making?LO.1
What is generally the best approach in deciding whether a product should be dropped? Why?LO.1
Suggest some nonquantifiable factors that might be considered in making a decision to drop a product.LO.1
Why is capacity utilization a factor to consider in deciding whether to make or buy a part?LO.1
Do you think the decision to make or buy a part should be based on a perunit analysis or on an analysis showing the total impact on costs and/or profit for the year?LO.1
What is the basic requirement that must be met before a company elects to further process a product that it can sell at an intermediate state of completion?LO.1
A company would have to add new equipment and facilities in order to further process a product that could be sold without that processing. What impact will this fact have on the decision to further
What special nonmeasurable factors must be taken into account when a company is considering selling its regular products on a special order at a price less than its normal price?LO.1
When a company must decide whether to accept an order at a special price, what are the pertinent measurable factors to be considered?LO.1
Define relevant costs.LO.1
What is a sunk cost? Give an example.LO.1

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