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cost accounting

Questions and Answers of Cost Accounting

Bernard Creighton is the controller for Creighton Hardware Store. In putting together the cash budget for the fourth quarter of the year, he has assembled the following data.Required:1. Complete the
Norton Company, a manufacturer of infant furniture and carriages, is in the initial stages of preparing the annual budget for the coming year. Scott Ford has recently joined Norton’s accounting
The controller for Muir Company’s Salem plant is analyzing overhead in order to determine appropriate drivers for use in flexible biidow tim cl Cla eee nem past 12 months since that time period was
Paters Company produced 50,000 metal components for tractors. There were no beginning or ending work-in-process inventories in any department. Paters incurred the following costs for
Golding Dentistry has a hygienist that performs cleanings for its patients. During May, Golding had the following cost and output information:Required:1. Calculate the cost per cleaning for May.2.
Fleming, Fleming, and Johnson, a local CPA firm, provided the following data for individual returns processed for March (output is measured in number of returns):Required:1. Prepare a physical flow
During June, Herring Associates incurred total production costs of $40,000 for copy- CORNERSTONE 6-4 editing manuscripts and had the following equivalent units schedule:Required:1. Calculate the cost
Edge Company produces power drinks. The Mixing Department, the first process CORNERSTONE 6-5 department, mixes the ingredients required for the drinks. The following data are for April:Direct
Dulce Company produces premium chocolate candy bars. Conversion costs are added uniformly. For March, EWIP is 40 percent complete with respect to conversion costs.The following information is
Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is
Gunnison Company had the equivalent units schedule and cost information for its Sewing Department for the month of December shown at the top of the following page.Required:1. Calculate the unit cost
Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is
Morrison Company had the equivalent units schedule and cost information for its Sewing Department for the month of December shown at the top of the following page.Required:1. Calculate the unit cost
K-Briggs Company has three process departments: Mixing, Encapsulating, and Bottling.At the beginning of the year, there were no work-in-process or finished goods inventories.The following data are
Ireland Company uses JIT manufacturing. There are several manufacturing cells set up within one of its factories. One of the cells makes stands for flat-screen televisons. The cost of production for
Arnez, Inc., produces a subassembly used in the production of hydraulic cylinders. The subassemblies are produced in three departments: Plate Cutting, Rod Cutting, and Welding. Overhead is applied
Piel Suave Company manufactures sun protection lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for 2011:Direct
Alden Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared:Required:1.
Using the data from Exercise 6-18, compute the equivalent units of production for each of the four departments using the FIFO method.LO1
Using the same data found in Exercise 6-22, assume the company uses the FIFO method.Required:Prepare a schedule of equivalent units, and compute the unit cost for the month of December.LO1
Baxter Company has two processing departments: Assembly and Finishing. A predetermined overhead rate of $10 per DLH is used to assign overhead to production. The company experienced the following
Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding, and Painting. In September, the Cutting Department of the Tulsa, Oklahoma,
Refer to the data in Problem 6-26. Assume that the FIFO method is used.Required:1. Prepare a physical flow schedule.2. Calculate equivalent units of production for direct materials and conversion
Stewart Company produces a product that passes through three processes: fabrication, assembly, and finishing. All manufacturing costs are added uniformly for both processes.The following information
Refer to the data in Problem 6-28.Required:Prepare a cost of production report for the assembly department for May using the FIFO method of costing.LO1
Granger Credit Corporation is a wholly owned subsidiary of a large manufacturer of computers.Granger is in the business of financing computers, software, and other services that the parent
Refer to the data in Problem 6-31.Required:Repeat the requirements in Problem 6-31 using the FIFO method.LO1
Healthway uses a process-costing system to compute the unit costs of the minerals that it produces. It has three departments: Mixing, Tableting, and Bottling. In Mixing, the ingredients for the
Refer to the data in Problem 6-34.Required:Prepare a production report for each department using the FIFO method.LO1
Describe the two-stage allocation process for assigning support service costs to products in a traditional manufacturing environment.LO1
Why must support service costs be assigned to products for purposes of inventory valuation?LO1
Explain how allocation of support service costs is useful for planning and control and in making pricing decisions.LO1
Explain how allocating support service costs will encourage service departments to operate more efficiently.LO1
Why is it important to identify and use causal factors to allocate support service costs?LO1
Explain why it is better to allocate budgeted support service costs rather than actual support service costs.LO1
Why is it desirable to allocate variable costs and fixed costs separately?LO1
Explain why either normal or peak capacity of the producing (or user) departments should be used to allocate the fixed costs of support departments.LO1
Explain why variable bases should not be used to allocate fixed costs.LO1
Why is the dual-rate charging method better than the single-rate method? In what circumstances would it not matter whether dual or single rates were used?LO1
Explain the difference between the direct method and the sequential method.LO1
The reciprocal method of allocation is more accurate than either the direct or sequential methods. Do you agree or disagree? Explain.LO1
What is a joint cost? How does it relate to by-products?LO1
How do joint costs differ from other common costs?LO1
Oliphant Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $476,000, and budgeted direct labor hours were 13,600. The average wage rate for direct labor
Refer to Cornerstone Exercise 5-1 for data.Required:Calculate the balance in Work in Process as of June 30.Calculate the balance in Finished Goods as of June 30.Calculate the cost of goods sold for
Prentice Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Prentice identified three overhead activities and related drivers. Budgeted information for
Bastera Company installs granite countertops in customers’ homes. First, the customer chooses the particular granite slab, then Bastera measures the countertop area at the customer’s home, cuts
Refer to the data in Cornerstone Exercise 5-4. Now Assume that the spoilage was due to the inherently fragile nature of the piece of stone picked out by the Gavins. Bastera had warned them that the
Classify the following types of firms as either manufacturing or service. Explain the reasons for your choice in terms of the four features of service firms (heterogeneity, inseparability,
Elin Saunders, of Lawn Pro Company, designs and installs custom lawn and garden irrigation systems for homes and businesses throughout the state. Each job is different, requiring different materials
Refer to the data in Exercise 5-7. Elin Saunders, owner of Lawn Pro, noticed that the watering systems for many houses in a local subdivision had the same layout and required virtually identical
Shauntay James has just started a new business—building and installing custom garage organization systems. Shauntay builds the cabinets and work benches in his workshop, then installs them in
Refer to Exercise 5-9.Required:1. What source documents will Shauntay need to account for costs in his new business?2. Suppose Shauntay’s business grows, and he expands his workshop and hires three
During March, Aragon Company worked on three jobs. Data relating to these three jobs follow:Overhead is assigned on the basis of direct labor hours at a rate of $8.40 per direct labor hour. During
On April 1, Sukanya Company had the following balances in its inventory accounts:LO1 Materials Inventory Work-in-Process Inventory Finished Goods Inventory $12,450 22,605 4,600 Work-in-process
Refer to Exercise 5-12.Required:1. Prepare journal entries for the April transactions.2. Calculate the ending balances of each of the inventory accounts as of April 30.LO1
On August 1, Dabo Company’s work-in-process inventory consisted of three jobs with the following costs:LO1 Job 170 Job 171 Job 172 Direct materials $1,600 $2,000 $850 Direct labor 1,900 1,200 900
Refer to Exercise 5-14. Dabo’s selling and administrative expenses for August was$1,860.Required:Prepare an income statement for Dabo Company for August.LO1
Ehrling Brothers Company makes jobs to customer order. During the month of July, the following occurred:LO1 a. Materials were purchased on account for $45,670. b. Materials totaling $40,990 were
During August, Skyler Company worked on three jobs. Data relating to these three jobs _ follow:Overhead is assigned on the basis of direct labor hours at a rate of $2.30 per direct labor hour. During
Feldspar Company uses an ABC system to apply overhead. There are three activity rates:During September, Feldspar worked on three jobs. Data relating to these jobs follow:During September, Jobs 10-280
Kapoor Company uses job-order costing. During January, the following data were reported:LO1 a. Materials purchased on account: direct materials, $98,500; indirect materials, $14,800. b. Materials
Appleton Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Appleton identified three overhead activities and related drivers. Budgeted information for
During May, the following transactions were completed and reported by Jerico Company:Required:1. Prepare journal entries to record the transactions occurring in May.2. Prepare T-accounts for
Karanth Company manufactures specialty tools to customer order. Budgeted overhead for the coming year is as follows:Previously, Sharon Benetton, Karanth Company’s controller, had applied overhead
Anselmo’s Kwik Print provides a variety of photocopying and printing services. On June 5, Anselmo invested in some computer-aided photography equipment that enables customers to reproduce a picture
Cherise Ortega, marketing manager for Romer Company, was puzzled by the outcome of two recent bids. The company’s policy was to bid 150 percent of the full manufacturing cost. One job (labeled Job
Garvey Company is a specialty print shop. Usually, printing jobs are priced at standard cost plus 50 percent. Job 95-301 involved printing 500 wedding invitations with the following standard
Jackson’s Sporting Goods Store sells a variety of sporting goods and clothing. In a back room, Jackson’s has set up heat-transfer equipment to personalize T-shirts for Little League teams.
Sutton Construction Inc. is a privately held, family-founded corporation that builds single-and multiple-unit housing. Most projects Sutton Construction undertakes involve the construction of
Dr. Sherry Bird is employed by Dental Associates. Dental Associates recently installed a computerized job-order costing system to help monitor the cost of its services. Each patient is treated as a
Nutratask, Inc., is a pharmaceutical manufacturer of amino-acid-chelated minerals and vitamin supplements. The company was founded in 1974 and is capable of performing all manufacturing functions,
Interview an accountant who works for a service organization that uses job-order costing. For a small firm, you may need to talk to an owner/manager. Examples are a funeral home, insurance firm,
A number of companies are involved in creating Internet solutions to medical recordkeeping. Given that clinics and doctors offices use a job-order costing system, discuss how software may improve
What is a process? Provide an example that illustrates the definition.LO1
Describe the differences between process costing and job-order costing.LO1
What journal entry would be made as goods are transferred out from one depart- ment to another department? From the final department to the warehouse?LO1
What are transferred-in costs?LO1
Explain why transferred-in costs are a special type of material for the receiving department.LO1
What is a production report? What purpose does this report serve?LO1
Can process costing be used for a service organization? Explain. Describe how process costing can be used for JIT manufacturing firms.LO1
What are equivalent units? Why are they needed in a process-costing system?LO1
How is the equivalent unit calculation affected when direct materials are added at the beginning or end of the process rather than uniformly throughout the process?LO1
Describe the five steps in accounting for the manufacturing activity of a processing department, and indicate how they interrelate.LO1
Under the weighted average method, how are prior-period costs and output treated? How are they treated under the FIFO method?LO1
Under what conditions will the weighted average and FIFO methods give essen- tially the same results?LO1
In assigning costs to goods transferred out, how do the weighted average and FIFO methods differ?LO1
How are transferred-in costs treated in the calculation of equivalent units?LO1
What is operation costing? When is it used?LO1
Bo’s Gym is a complete fitness center. Owner Bo Sanderson employs various fitness trainers who are expected to staff the front desk and to teach fitness classes. While on the front desk, trainers
Metternich Manufacturing Company has a Purchasing Department staffed by four purchasing agents. Each agent is paid $30,000 per year and is able to process 3,000 purchase orders. Last year, 10,000
Lance Leffler, owner of Leffler Manufacturing, Inc., wants to determine the cost behavior of labor and overhead. Lance pays his workers a salary; during busy times, everyone works to get the orders
Suenos Manufacturing Company had the following 12 months of data on purchasing cost and number of purchase orders.Required:1. Determine the high point and the low point.2. Calculate the variable rate
Suenos Manufacturing Company had the following 12 months of data on purchasing cost and number of purchase orders.The controller for Suenos Manufacturing ran regression on the above data, and the
Suenos Manufacturing Company, using 12 months of data on purchasing cost and number of purchase orders, ran a regression equation that yielded the following information on the intercept, X variable
The controller for Suenos Manufacturing Company felt that the number of purchase orders alone did not explain the monthly purchasing cost. He knew that nonstandard orders (for example, one requiring
Alexander Company makes aircraft engines. Alexander has noticed that, in general, each new engine design is subject to an 85 percent learning rate. Assume that the first unit produced takes 400
Classify the following costs of activity inputs as variable, fixed, or mixed. Identify the activity and the associated activity driver that allow you to define the cost behavior. For example, assume
BBQ Biff, Inc., manufactures barbeque smokers. Based on past experience, BBQ Biff has found that its total annual overhead costs can be represented by the following formula: Overhead cost = $720,000
Cashion Company produces chemical mixtures for veterinary pharmaceutical companies.Its factory has four mixing lines that mix various powdered chemicals together according to specified formulas. Each

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