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business
cost accounting

Questions and Answers of Cost Accounting

Explain how safety stock is used to deal with demand uncertainty.LO1
What is the economic order quantity?LO1
What approach does JIT take to minimize total inventory costs?LO1
One reason for inventory is to prevent shutdowns. How does the JIT approach to inventory management deal with this potential problem?LO1
Explain how the Kanban system helps reduce inventories.LO1
Explain how long-term contractual relationships with suppliers can reduce the ac- quisition cost of materials.LO1
What is a constraint? An internal constraint? An external constraint?LO1
Explain the procedures for graphically solving a linear programming problem. What solution method is used when the problem includes more than two or three products?LO1
Define and discuss the three measures of organizational performance used by the theory of constraints.LO1
Explain how lowering inventory produces better products, lower prices, and better responsiveness to customer needs.LO1
What are the five steps that TOC uses to improve organizational performance?LO1
Barker Company has the following departmental manufacturing structure for one of its products:Required:1. Calculate the total time it takes to produce a batch of 20 units using Barker’s traditional
During the week of June 12, Leonard Manufacturing produced and shipped 7,500 units CORNERSTONE 15-2 of its aluminum wheels: 1,500 units of Model A and 6,000 units of Model B. The following costs were
In 2011, Shawnee Company implements a new process affecting labor and materials. CORNERSTONE 15-3 The following reported data are provided to evaluate the effect on the company’s
Refer to Cornerstone Exercise 15-3. Shawnee Company provides the following addi- CORNERSTONE 15-4 tional information so that total productivity can be valued:Required:1. Calculate the cost of inputs
Helix, Inc., formed the following matrix for its five products:Required:Using the information in the matrix, identify the value streams.LO1 Product Order Production Production Activities/Processes
Vitacom, Inc., has the following departmental structure for producing a well-known multivitamin:Required:1. Calculate the time required to produce a batch of 12 bottles using a batch processing
Vitacom, Inc., implemented cellular manufacturing as recommended by a consultant.The production flow improved dramatically. However, the company was still faced with the competitive need to improve
A value stream has three activities and two products. The units produced and shipped per week are 100 of the deluxe model (Model A) and 300 of the basic model (Model B).The resource consumption
Shorts Manufacturing, Inc., has implemented lean manufacturing in its Kansas City plant as a pilot program. One of its value streams produces a family of small electric tools.The value-stream team
The following Box Scorecard was prepared for a value stream:Required:LO1 Last Week This Week (6/30/11) Planned Future State (12/31/11) Operational Units sold per person 100 108 115 On-time delivery
Refer to Exercise 15-14. Suppose the following input prices are provided for each year:Required:1. Compute the profit-linked productivity measure. By how much did profits increase due to
Continuous improvement is the governing principle of a lean accounting system. Following are several performance measures. Some of these measures would be associated with a traditional
In 2010, Fleming Chemicals used the following input combination to produce 55,000 gallons of an industrial solvent:In 2011, Fleming again planned to produce 55,000 gallons of solvent and was
Explain how CVP analysis can be used for managerial planning.LO1
Describe the difference between the units-sold approach to CVP analysis and the sales-revenue approach.LO1
Define the term break-even point.LO1
Explain why contribution margin per unit becomes profit per unit above the break-even point.LO1
Arestaurant owner who had yet to earn a monthly profit said, “The busier we are, the more we lose.” What do you think is happening in terms of contribution margin?LO1
What is the variable cost ratio? The contribution margin ratio? How are the two ratios related?LO1
If the contribution margin increases from 30 to 35 percent of sales, what will happen to the break-even point, and why will this occur?LO1
Define the term sales mix, and give an example to support your definition.LO1
Explain how CVP analysis developed for single products can be used in a multiple- product setting.LO1
Why might a multiple-product firm choose to calculate just overall break-even rev- enue rather than the break-even quantity by product?LO1
How do income taxes affect the break-even point and CVP analysis?LO1
Explain how a change in sales mix can change a company's break-even point.LO1
Why does the activity-based costing approach to CVP analysis offer more insight than the conventional approach does?LO1
Custom Screenprinting Company plans to sell 8,000 T-shirts at $15 each in the coming year. Product costs include:Variable selling expense is the redemption of a coupon, which averages $1.00 per
Jerez Company makes an in-car navigation system. Next year, Jerez plans to sell 6,000 units at a price of $300 each. Product costs include:Required:1. Calculate the sales commission per unit sold.
Cameron Company is a placement agency for temporary nurses. It serves hospitals and clinics throughout the metropolitan area. Cameron Company believes it will place temporary nurses for a total of
Cherrington Company wants to earn $420,000 in net (after-tax) income next year. Its product is priced at $480 per unit. Product costs include:Variable selling expense is $45 per unit; fixed selling
Sandman Enterprises produces and sells two products: a bedside lamp decorated with comic book characters, and a baby mobile that hangs above a crib and can play lullabies.Sandman plans to sell 30,000
Dunst and Dafoe Copy Shop (D&D) provides photocopying service. Next year, D&D estimates it will copy 2,400,000 pages at a price of $0.08 each in the coming year. Product costs
Sharda Company is considering two different processes to make its product—process 1 and process 2. Process 1 requires Sharda to manufacture subcomponents of the product in-house. As a result,
Kool-skinz Company manufactures custom-designed skins (covers) for iPods® and other portable MP3 devices. Variable costs are $10.80 per custom skin, the price is $18, and fixed costs are
Shellenberger Company manufactures high-end gas grills. Fixed costs amount to$19,980,000 per year. Variable costs per gas grill are $395, and the average price per gas _ |grill is $950.Required:1.
Parker Pharmaceuticals, Inc., plans to sell 500,000 units of anti-venom at an average price of $6 each in the coming year. Total variable costs equal $600,000. Total fixed costs equal
McDuffy’s, Inc., has developed a chew-proof dog bed—the McTuffie. Fixed costs are$144,000 per year. The average price for the McTuffie is $32, and the average variable cost is $24 per unit.
Sasha Melton owns and operates The Green Belt Company (GBC), which provides live plants and flower arrangements to professional offices. Sasha has fixed costs of $2,380 per month for
Big Blue Motors, Inc., employs 24 sales personnel to market its line of luxury automobiles.The average car sells for $85,000, and a 6 percent commission is paid to the salesperson. Big Blue Motors is
Head-Gear Company produces helmets for bicycle racing. Currently, Head-Gear charges a price of $230 per helmet. Variable costs are $80.50 per helmet, and fixed costs are $1,255,800. The tax rate is
Carmichael Corporation is in the process of preparing next year’s budget. The pro forma income statement for the current year is as follows:Required:1. What is the break-even sales revenue (rounded
Choose the Jest answer for each of the following multiple-choice questions.MeNally wants to sell an additional 50,000 units at the same selling price and contribution margin. By how much can fixed
Tintique, Inc., produces novelty nail polishes. Each bottle sells for $3.84. Variable unit costs are as follows:Required:1. What is the contribution margin per unit for a bottle of nail polish? What
Coale Company produces GPS devices. One model is the GPS-auto, a basic model that is designed to attach to the windshield of a car. Another model, the GPS-marine, has extensive charts of oceans
X-Cee-Ski Company recently expanded its manufacturing capacity, which will allow it to produce up to 21,000 pairs of cross-country skis of the mountaineering model or the touring model. The Sales
Busy-Bee Baking Company produces a variety of breads. The average price of a loaf of bread is $1. Costs are as follows:Required:1. Compute the break-even point in units using conventional analysis.2.
Busy-Bee Baking Company produces a variety of breads. The plant manager would like to expand production into sweet rolls as well. The average price of a loaf of bread is $1.Anticipated price for a
More-Power Company has projected sales of 75,000 regular sanders and 30,000 minisanders for next year. The projected income statement is as follows:Required:1. Set up the given income statement on a
Consider the following information on four independent companies.LO1 Sales Less: Variable costs $10,000 B C ? $ ? $9,000 8,000 11,700 9,750 ? Contribution margin $ 2,000 $ 7,800 S ? ? Less: Fixed
Furyk Company runs a driving range and golf shop. The budgeted income statement for the coming year is as follows.Required:1. What is Furyk’s variable cost ratio? Its contribution margin ratio?2.
Cabrera produces and sells bobblehead dolls. Last year, Cabrera sold 156,250 units. The income statement for Cabrera, Inc., for last year is as follows:Required:LO1 Sales Less: Variable expenses
Faldo Company produces a single product. The projected income statement for the coming year, based on sales of 200,000 units, is as follows:Required:1. Compute the unit contribution margin and the
Katayama Company produces a variety of products. One division makes neoprene wetsuits.The division’s projected income statement for the coming year is as follows:Required:LO1 Sales (65,000 units)
Mahan Consulting is a service organization that specializes in the design, installation, and servicing of mechanical, hydraulic, and pneumatic systems. For example, some manufacturing firms, with
Drake Company produces a single product. Last year’s income statement is as follows:Required:1. Compute the break-even point in units and sales revenue.2. What was the margin of safety for Drake
Salem Electronics currently produces two products: a programmable calculator and a tape recorder. A recent marketing study indicated that consumers would react favorably to a radio with the Salem
What is tactical decision making?LO1
"Tactical decisions are often small-scale decisions that serve a larger purpose." Explain what this means.LO1
What is tactical cost analysis? What steps in the tactical decision-making model correspond to tactical cost analysis?LO1
What is a relevant cost? Explain why depreciation on an existing asset is always irrel- evant.LO1
Give an example of a future cost that is not relevant.LO1
Relevant costs always determine which alternative should be chosen. Do you agree or disagree? Explain.LO1
Can direct materials ever be irrelevant in a make-or-buy decision? Explain. Give an example of a fixed cost that is relevant.LO1
What role do past costs play in tactical cost analysis?LO1
When will flexible resources be relevant to a decision?LO1
When will the cost of committed resources be relevant to a decision?LO1
What are the main differences between a traditional and an activity-based make-or- buy analysis?LO1
Explain why activity-based segmented reporting provides more insight concerning keep-or-drop decisions.LO1
Should joint costs be considered in a sell-or-process-further decision? Explain.LO1
Why would a firm ever offer a price on a product that is below its full cost?LO1
Each year, Subramanian Company produces 20,000 units of a component used in radar detectors. An outside supplier has offered to supply the part for $2.36. The unit cost is:Overhead is applied on the
Ambi Company makes three types of rug shampooers. Model 1 is the basic model rented through hardware stores and supermarkets. Model 2 is a more advanced model with both dry and wet vacuuming
Aspen Leaf Paper Products, Inc., manufactures boxed stationery for sale to specialty shops. Currently, the company is operating at 90 percent of capacity. A chain of drugstores has offered to buy
Avalon Chemicals Company processes a number of chemical compounds for use in veterinary medicine. One compound is decomposed into two chemicals: avacol and selgene.The cost of processing one batch of
Six months ago, Lee Anna Carver purchased a fire-engine red, used LeBaron convertible for $10,000. Lee Anna was looking forward to the feel of the sun on her shoulders and the wind whipping through
Barker, Inc., has six salaried clerks to process purchase orders. Each clerk is paid a salary of $26,300 and is capable of processing as many as 6,500 purchase orders per year. Each clerk uses a PC
Sportz-a-Lot, Inc., manufactures toys and sporting equipment, including golf kits for preschoolers. A national sporting goods chain recently submitted a special order for 7,600 golf kits.
Saccamano Company is currently manufacturing Part KAV-71, producing 35,000 units annually. The part is used in the production of several products made by Saccamano. The cost per unit for KAV-71 is as
Venable, Inc., a manufacturer of snowmobiles, has just received an offer from a supplier to provide 3,000 units of a component used in its main product. The component is a _ track assembly that is
Harding, Inc., produces two types of cough syrup: Basic and Multi-Symptom. Of the two, Basic is the more popular. Data concerning the two products follow:Annual overhead costs are listed below. These
Schulzer, Inc., is a pork processor. Its plants, located in the Midwest, produce several products from a common process: sirloin roasts, chops, spare ribs, and the residual. The roasts, chops, and
Grassley, Inc., is considering opening a new warehouse to serve the Southwest region. Dante Moore, controller for Grassley, has been reading about the advantages of foreign trade zones. He wonders if
Apulio Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil, out of a joint process. The joint (common) costs incurred are $84,000 for a standard production run
Apollonia Dental Services is part of an HMO that operates in a large metropolitan area.Currently, Apollonia has its own dental laboratory to produce two varieties of porcelain crowns—all porcelain
Pharmaco Corporation buys three chemicals that are processed to produce two popular ingredients for liquid pain relievers. The three chemicals are in liquid form. The purchased chemicals are blended
Define price elasticity of demand. Give an example of a product with relatively elas- tic demand and an example of a product with relatively inelastic demand. (Give examples not given in the text.)LO1
What are the features of a perfectly competitive market? Give two examples of com- petitive markets. How could a firm in such a market move to a less competitive market?LO1
How do you calculate the markup on cost of goods sold? Is the markup pure profit? Explain.LO1
How does target costing differ from traditional costing? How does a target cost relate to price?LO1

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