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business
cost accounting

Questions and Answers of Cost Accounting

(Strategy) You are the manager of a small restaurant in your hometown.a. What information would you obtain in making the decision whether to add quiche and spicy chicken wings to your menu?b. Why
(Strategy) Choose a company that might use each of the following strategies relative to its competitors and discuss the benefits that might be realized from that strategy. Indicate the industry in
(Strategy) Select a major U.S. or non-U.S. automobile manufacturer. Use li¬ brary, Internet, and other resources to answer as completely as possible the questions in Exhibit 1-5 about the auto
(Mission statement) Obtain a copy of the mission statement of your college or university. Draft a mission statement for this cost accounting class that supports the school’s mission statement.a.
(Mission statement) You have managed Missouri’s Best Buy franchise for 15 years and employ 100 employees. Business has been profitable, but you are concerned that Best Buy’s Kansas City,
(Mission) Mission statements are intended to indicate what an organization does and why it exists. Some of them, however, are simply empty words with little or no substance used by few people to
(Core competencies) As a team, list the core competencies of your local public school district and explain why you believe these items to be core competencies. Make appointments with the principal of
(Value chain) You are the management accountant for an automobile manu¬ facturer. You’ve been asked to prepare a presentation that will illustrate the company’s value chain.a. What activities or
(Value chain) Strategic alliances represent an important value chain arrange¬ ment. In many organizations, suppliers are beginning to provide more and more input into customer activities.a. In the
(Organizational structure) Early this year, you started a financial planning services firm and now have 20 clients. Because of other obligations (includ¬ ing classes), you have hired three employees
(Ethics) In pursuing organizational strategy, cost and management accoun¬ tants want to instill taist between themselves and their constituents including other organizational members and the
(Ethics) You are a senior manager at MegaMac Inc. All senior managers and the board of directors are scheduled to meet next week to discuss the questionable earnings management found by the outside
(Ethics) The Foreign Corrupt Practices Act (FCPA) prohibits U.S. firms from giving bribes to officials in foreign countries, although bribery is customary in some countries. Non-U.S. companies
(Ethics) “Few trends could so thoroughly undermine the very foundation of our free society,” writes Milton Friedman in Capitalism and Fieedom, as the acceptance by corporate officials of a social
(Ethics) Accounting has a long histoiy of being an ethical profession. In re¬ cent years, however, some companies have asked their accountants to help “manage earnings.”a. What does it mean to
(Code of conduct) Use library and Internet resources to research the names and countries of the stock exchanges on which Sappi Fine Paper lists. As a cost accountant, cite the sources you would use
(Interview) Call a local company and set up an interview with the firm’s cost or management accountant. Use the following questions as starting points for your interview.• What is your
Sterling Corporation produces air conditioning units. The following values apply for a part used in their production (purchased from external suppliers):Required:1. For Sterling, calculate the
Jimbaya Corporation has an EOQ of 2,500 units. The company uses an average of 250 units per day. An order to replenish the part requires a lead time of five days.Required:1. Calculate the reorder
Fisher Company produces two types of airplane components: Component A and Component B, with unit contribution margins of $200 and $400, respectively. Assume initially that Fisher can sell all that is
Fisher Company produces two types of components for airplanes: A and B, with unit contribution margins of $200 and $400, respectively. The components pass through three sequential processes: cutting,
See Cornerstone Exercise 20-4. Fisher Company has three sequential processes: cutting, welding, and assembly. Assume that the optimal mix is: Component A = 0 units per week; Component B = 30 units
Larsen, Inc., uses 160,000 plastic housing units each year in its production of paper shredders. The cost of placing an order is $60. The cost of holding one unit of inventory for one year is $7.50.
Refer to the data in Exercise 20-6.Required:1. Compute the economic order quantity.2. Compute the ordering, carrying, and total costs for the EOQ.3. How much money does using the EOQ policy save the
Melchar Company uses 78,125 pounds of oats each year. The cost of placing an order is$18, and the carrying cost for one pound of sucrose is $0.45.Required:1. Compute the economic order quantity for
Baker Company manufactures backpacks. A heavy-duty strap is one part the company orders from an outside supplier. Information pertaining to the strap is as follows:Required:1. What is the reorder
Cushing Manufacturing produces casings for sewing machines: large and small. To produce the different casings, equipment must be set up. The setup cost per production run is $9,000 for either casing.
Refer to Exercise 20-10.Required:1. Compute the number of large casings that should be produced per setup to minimize total setup and carrying costs for this product.2. Compute the setup, carrying,
Refer to Exercise 20-10. Assume the economic lot size for small casings is 60,000 and that of the large casings is 20,000. Cushing Manufacturing sells an average of 2,400 small casings per workday
Eyring Manufacturing produces a component used in its production of washing machines. The time to set up and produce a batch of the components is two days. The average daily usage is 800 components,
Many companies have viewed JIT as a panacea—a knight in shining armor which promises rescue from sluggish profits, poor quality, and productive inefficiency. It is often lauded for its beneficial
Behar Company makes three types of stainless steel frying pans. Each of the three types of pans requires the use of a special machine that has total operating capacity of 182,000 hours per year.
Calen Company manufactures and sells three products in a factory of three departments.Both labor and machine time are applied to the products as they pass through each department. The nature of the
Cliff Meyers owns and operates Cliff’s Car Repair Company. Cliff maintains and repairs automobiles and trucks. Direct materials and direct labor costs are easy to trace to the jobs. Cliff’s
Garrity Food Products Company manufactures canned mixed nuts with an average manufacturing cost of $48 per case (a case contains 24 cans of nuts). Garrity sold 150,000 cases last year to the
Baxter Products, Inc., began operations in October and manufactured 30,000 units dur-’ing the month with the following unit costs:Total fixed factory overhead is $300,000 per month. During October,
Refer to Cornerstone Exercise 18-3.Required:1. Calculate the cost of each unit using variable costing.2. How many units remain in ending inventory? What is the cost of ending inventory using variable
Reiser Company is a pet food wholesale firm. In December, Reiser Company expects to sell 20,000 bags of pet food at an average price of $2.20 per bag. Actual results are 18,500 bags sold at an
Rombley, Inc., produces and sells two types of power lawn mowers—the basic mower and the self-propelled mower. Budgeted and actual data for the two models are shown below.Budgeted
Refer to Cornerstone Exercise 18-6.Required:1. Calculate the budgeted average unit contribution margin.2. Calculate the contribution margin volume variance.3. What f actual units sold of the
Refer to Cornerstone Exercise 18-6.Required:1. Calculate the sales mix variance.2. What if actual units sold of the basic mower increased? How would that affect the sales mix variance? What if actual
Budgeted unit sales for the entire lawn mower industry were 1,200,000 (of all model types), and actual unit sales for the industry were 1,190,000. Recall from Cornerstone Exercise 18-6 that Rombley,
Janet Gordon and Phil Hopkins graduated several years ago with M.S. degrees in accounting and set up a full-service accounting firm. Janet and Phil have many small business clients and have noticed
Bill Delmont Design/Build Company is a general contractor that specializes in custom residential housing. Each job requires a bid that includes Delmont’s direct costs and subcontractor costs as
Wellington, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows:Actual fixed overhead was $12,000 less than budgeted fixed overhead.
During its first year of operations, Snobegon, Inc., (located in Lake Snobegon, Minnesota)produced 40,000 plastic snow scoops. Snow scoops are oversized shovel-type scoops that are used to push snow
Carina Franks operates a catering company in Austin, Texas. Carina provides food and servers for parties. She also rents tables, chairs, dinnerware, glassware, and linens. Estefan and Maria Montero
Otero Fibers, Inc., specializes in the manufacture of synthetic fibers that the company uses in many products such as blankets, coats, and uniforms for police and firefighters.Otero has been in
Data for Reginald Company are as follows:Required:1. Calculate the sales price variance.2. Calculate the price volume variance.3. Suppose that the product is in the introductory stage of the product
Hanadarko, Inc., manufactures and sells three products: K, M, and P. In January, Hanadarko, Inc., budgeted sales of the following.At the end of the year, actual sales revenue for Product K and
Jorell, Inc., manufactures and distributes a variety of labelers. Annual production of labelers averages 340,000 units. A large chain store purchases about 30 percent of Jorell’s production.
Snyder Company produced 90,000 units during its first year of operations and sold 87,000 at $21.80 per unit. The company chose practical activity—at 90,000 units—to compute its predetermined
The following information pertains to Petruchio, Inc., for last year:There are no work-in-process inventories. Normal activity is 120,000 units. Expected and actual overhead costs are the same. Costs
Veracruz Company had the following operating data for its first two years of operations:Veracruz produced 30,000 units in the first year and sold 25,000. In the second year, it produced 25,000 units
San Mateo Optics, Inc., specializes in manufacturing lenses for large telescopes and cameras used in space exploration. As the specifications for the lenses are determined by the customer and vary
Elburty Company provides management services for apartments and rental units. In general, Elburty packages its services into two groups: basic and complete. The basic package includes advertising
Saini, Inc., produces and sells gel-filled ice packs. Saini’s performance report for April follows:Required:1. Calculate the contribution margin variance and the contribution margin volume
Gasconia Company produces three models of a product. Actual results from last year are as follows:Required:1. Calculate the contribution margin variance.2. Calculate the contribution margin volume
Dantrell Palmer has just been appointed manager of Kirchner Glass Products Division.He has two years to make the division profitable. If the division is still showing a loss after two years, it will
Alydar, Inc., manufactures and sells automotive tools through three divisions: Eastern, Southern, and International. Each division is evaluated as a profit center. Data for each division for last
Porter Insurance Company has three lines of insurance: automobile, property, and life. The life insurance segment has been losing money for the past five quarters, and Leah Harper, Porter’s
Refer to the original data in Problem 18-33. Fred Morton has just purchased a life insurance policy from Porter with premiums equal to $1,500 per year.Required:1. Assume Fred holds the policy for one
Olin Company manufactures and distributes carpentry tools. Production of the tools is in the mature portion of the product life cycle. Olin has a sales force of 20. Salespeople are paid a commission
View the website for SAP at http://www.sap.com/usa/indust/riinedesx.epx to see how the company helps other companies improve profitability. Write a brief paper on the companies featured on the SAP
Explain the difference between independent projects and mutually exclusive projects.LO1
Explain why the timing and quantity of cash flows are important in capital invest- ment decisions.LO1
The time value of money is ignored by the payback period and the accounting rate of return. Explain why this is a major deficiency in these two models.LO1
What is the payback period? Name and discuss three possible reasons that the pay- back period is used to help make capital investment decisions.LO1
What is the accounting rate of return?LO1
What is the cost of capital? What role does it play in capital investment decisions?LO1
The IRR is the true or actual rate of return being earned by the project. Do you agree or disagree? Discuss.LO1
Explain how the NPV is used to determine whether a project should be accepted or rejected.LO1
Why is it important to have accurate projections of cash flows for potential capital investments?LO1
What are the principal tax implications that should be considered in Year O?LO1
Explain why the MACRS method of recognizing depreciation is better than the straight-line method.LO1
Explain the important factors to consider for capital investment decisions relating to advanced technology and P2 opportunities.LO1
Explain what a postaudit is and how it can provide useful input for future capital investment decisions especially those involving advanced technology.LO1
Explain what sensitivity analysis is. How can it help in capital budgeting decisions?LO1
Lorie Christian is considering investing in either a storage facility or a car wash facility.Both projects have a five-year life and require an investment of $240,000. The cash flow patterns for each
Ferguson Medical, Inc., is planning on investing in some new echocardiogram equipment that will require an initial outlay of $100,000. The system has an expected life of five years and no expected
Jan Booth, controller of Golding Company, just received the following data associated with production of a new product:* Expected annual revenues, $300,000* A projected product life cycle of five
Manzer Enterprises is considering two independent investments:A new automated materials handling system that costs $900,000 and will produce net cash inflows of $300,000 at the end of each year for
Keating Hospital is considering two different low-field MRI systems: the Clearlook System and the Goodview System. The projected annual revenues, annual costs, capital outlays, and project life for
Warren Company plans to open a new repair service center for one of its electronic products.The center requires an investment in depreciable assets costing $480,000. The assets will be depreciated on
Each of the following scenarios is independent. All cash flows are after-tax cash flows.Required:1. Jim Larsen has purchased a tractor for $125,000. He expects to receive a net cash flow of $31,250
The following cases are each independent of the others.Required:LO1 1. Sam Lilliam places $5,000 in a savings account that pays 3 percent. Suppose Sam leaves the original deposit plus any interest in
Each of the following scenarios is independent. All cash flows are after-tax cash flows.Required:Le Wetzel Corporation is considering the purchase of a computer-aided manufacturing system. The cash
Roberts Company is considering an investment in equipment that is capable of producing more efficiently than the current technology. The outlay required is $1,638,000.The equipment is expected to
A hospital is considering the possibility of two new purchases: new MRI equipment and new biopsy equipment. Each project requires an investment of $850,000. The expected life for each is five years
Refer to Exercise 19-11.i Compute the payback period for each project. Assume that the manager of the hospital accepts only projects with a payback period of three years or less. Offer some reasons
Mirar Vision Clinic is considering an investment that requires an outlay of $400,000 and promises a net cash inflow one year from now of $540,000. Assume the cost of capital is 10
Consider each of the following independent cases.Required:The cost of the project is three times the cash flow produced in Year 4. The discount rate is 10 percent. Find the cost of the project and
Covington Pharmacies has decided to automate its insurance claims process. Two networked computer systems are being considered. The systems have an expected life of two years. The net cash flows
Postman Company is considering two independent projects. One project involves a new product line, and the other involves the acquisition of forklifts for the Materials Handling Department. The
Brindon Thayn, president and owner of Orangeville Metal Works, has just returned from a trip to Europe. While there, he toured several plants that use robotic manufacturing. Seeing the efficiency and
Capital budgeting for environmental projects offers an interesting area for additional study. The Environmental Protection Agency has partnered with Tellus Institute to further its ongoing interest
What are ordering costs? What are setup costs? What are carrying costs? Provide examples of each type of cost.LO1
Explain why, in the traditional view of inventory, carrying costs increase as ordering costs decrease.LO1
Discuss the traditional reasons for carrying inventory.LO1
What are stock-out costs?LO1

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