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business
cost accounting

Questions and Answers of Cost Accounting

Use the high-low points method. (Obj. 5). Compute the fixed and variable components of the indirect materials cost for Gaines Company, using the high-low points method.LO.1
What does this pattern of cost behavior suggest about the control of indirect labor costs in the factory?LO.1
Using the high-low points method, compute the fixed element and the variable element of indirect labor costs.LO.1
Is the high-low points method satisfactory for budgeting indirect labor in this example? Explain.LO.1
Suggest two activity bases that might be used in measuring variability.LO.1
Assume that the activity base to be used is the number of billings per month. An analysis of data for the past six months shows the following:Number of Total Month Billings Cost January 4,200 $8,531
Based on an analysis of billings in the past year, it is anticipated that activity in July will be high, at an estimated 5,460 billings, but that in August billings will drop to 4,250. What is the
Suppose that the actual costs for billing operations in August totaled $8,780. Does this suggest that billing costs were well controlled during the month? Explain. LO.1
Understand periodic production reports and explain how they are used in computing the cost of goods completed in a process cost accounting system.LO.1
Use the percentage of completion of the ending inventory, as shown in the periodic production report, to compute equivalent units of production.LO.1
Use equivalent units of production to calculate the costs of materials, labor, and overhead in ending inventory and in goods transferred out of the department when there was no beginning work in
Prepare a departmental cost of production report.LO.1
Prepare journal entries to charge costs into production and to record the costs of products transferred out of a department.LO.1
What are the two sections of the Quantity Schedule in a cost of production report?LO.1
What is the source of the data for the Quantity Schedule?LO.1
What is the source of the data for the Cost Schedule in a cost of production report?LO.1
How is the unit cost for each cost element computed?LO.1
How is the ending work in process amount for each cost element determined?LO.1
What two cost figures make up the Total Costs Accounted For in the cost of production report?LO.1
A company has three departments. In order, they are the Mixing Department, the Bottling Department, and the Sterilization Department. When the cost of production report for the Bottling Department is
If, because of rounding, the total of Costs Accounted For does not equal the Costs to Be Accounted For, what disposition should the accountant generally make of the difference?LO.1
What account is debited for the cost of products transferred out of the final department in the production process?LO.1
How is the figure equivalent units of production for labor used in preparing the cost of production report?LO.1
Why does the process cost accounting system lend itself to controlling costs and measuring efficiency?LO.1
The cost of production report for the Cracking Department in a refinery shows Work in Process—Ending of $220,000. In what general ledger account should this balance be found after all closing
What information is contained in the monthly production report?What is the purpose of this report? Who prepares it? Who receives it?LO.1
What is meant by the term equivalent units of production?LO.1
What are the two major schedules in a cost of production report?Describe each briefly.LO.1
What information is included in the Quantity Schedule of a cost of production report? What is the source of this information?LO.1
What is the relationship between a departmental Work in Process account and the department's cost of production report?LO.1
On a journal voucher, which account is debited and which is credited to record the cost of work transferred from the Fabrication Department to the Assembly Department?LO.1
Explain what is meant by Costs in Prior Departments. What happens to these costs as the products move through production?LO.1
What is the source of information for recording the flow of costs from one Work in Process account to another? What entry is made to record the flow of costs?LO.1
With what figures should the balances in the Work in Process accounts agree after the transfer entries are posted?LO.1
What do you think would be the effect on the cost of production report if a departmental manager overestimated the stage of completion of the ending work in process?LO.1
How does process cost accounting assist in measuring the efficiency of departmental managers?LO.1
What data are provided to management by the monthly production report for each department?LO.1
Why is it necessary to estimate the stage of completion of work in process?LO.1
What is the cost of production report? What information does it contain for management?LO.1
Is it likely that work in process will be at the same stage of completion for each of the cost elements? Explain.LO.1
Why should management compare the costs per equivalent unit for one month with those for prior months?LO.1
What would be the effects of underestimating the stage of completion of the ending work in process in a department?LO.1
Explain how the results shown in the cost of production report might be used to measure efficiency and cost control in the department.LO.1
Compute units started in production. (Obj. 1). Selwyn Rubber Company manufactures foam rubber pads that it markets to carpet retailers and installers. During the month, the Rolling Department
Compute equivalent units of production. (Objs. 1,2). A department had no beginning work in process inventory. During the month, 6,500 units were transferred in from the prior department. Of this
Compute equivalent production and cost per unit for materials.(Objs. 1, 2, 3). The cost of materials put into production in a department during the month totaled $249,600. By the end of the month,
Compute equivalent production, cost per unit, and ending work in process. (Objs. 1, 2, 3). During the month, 123,000 units were started into production, of which 118,500 units were completed and
Compute equivalent production, cost per equivalent unit, and ending work in process. (Objs. 1, 2, 3). The following data are given for the Finishing Department of the Commons Company in January
Compute equivalent production, cost per equivalent unit, and ending work in process. (Objs. 1, 2, 3). The following data are given for the Grinding Depcirtment of the Midwest Commercial Tray Company
Compute equivedent production, cost per equivalent unit, and ending work in process. (Objs. 1, 2, 3). The following data are given for the Assembly Department of the Emory Motor Company in April
Compute equivalent production, cost per equivalent unit, costs transferred out, and ending work in process inventory. (Objs. 1, 2, 3). During the month, 3,400 units of product were started into
Make joumal entries to record the transfer of costs. (Obj . 5) . The following data are given for the two production departments, the Blending and Finishing Departments, of the Mason Solvent Company
Explain and illustrate the average cost method of handling costs of beginning work in process.LO.1
Compute equivalent production using the average cost method for beginning work in process.LO.1
Compute costs per equivalent unit for each element of cost.LO.1
Compute costs of units transferred out and costs of ending inventory of work in process.LO.1
Complete a cost of production report using the average cost method for beginning work in process.LO.1
Prepare a combined cost of production report, assuming the average cost method for beginning work in process.LO.1
Prepare entries to transfer costs from department to department and from the final department to finished goods.LO.1
Under the FIFO method of handling the beginning work in process inventory, what assumption is made about which units are completed first?LO.1
Under the average cost method of handling the beginning work in process inventory, how is the amount of materials costs in the beginning work in process accounted for?LO.1
Under the average cost method, will all products completed during the period be assumed to have the same cost, or will a separate cost be computed for units transferred out that came from the
Would the difference between the unit costs computed under the FIFO method and the average cost method be greater if the ending inventory of work in process in a business is typically large or
Under the average cost method of accounting for beginning work in process inventory, are separate costs per equivalent unit computed for labor costs in the beginning work in process inventory and for
How is equivalent production for prior department costs computed wlien the average costing method is used?LO.1
What advantage is there in having a single cost of production report combining the reports for all producing departments?LO.1
If the average cost method is used, would it be feasible and desirable to combine the costs in prior departments with the costs of materials incurred in the current department?LO.1
How does the accountant prove the Work in Process accounts at the end of the month?LO.1
Explain what is meant by the average method of accounting for beginning work in process inventories.LO.1
What are the main characteristics of the average cost method of handling beginning work in process inventories?LO.1
How are equivalent units of labor computed if there is a beginning work in process inventory and the average cost method is used?LO.1
How are equivalent units of prior department costs computed if there is a beginning inventory of work in process?LO.1
Describe the journal entry used to record the transfer of a product from one producing department to another.LO.1
Describe the journal entry used to record the transfer of finished goods from the last producing department to the warehouse.LO.1
A department's beginning inventory of work in process was 1 ,000 units that were 25 percent complete. During the month, 9,000 units were transferred into the department, 8,600 were completed and
What is meant by a transfer entry?LO.1
What does the opening balance in the first producing department's Work in Process account represent?LO.1
What is a combined report of departmental production costs?Why is it used?With which general ledger account should the finished goods ledger be in balance?LO.1
Why does the magnitude of the number of units involved in production affect the number of decimal places to which unit costs are carried?LO.1
How does the cost of production report for the second department in the production process differ from that of the first department?LO.1
Do you think that the manager of the current department should be responsible for costs incurred in prior departments?LO.1
Look at the cost of production report of the Fabrication Department on page 346. What figure would mean most to management in measuring the efficiency of labor during the month of February?What
What benefits are there to management from using a combined cost of production report instead of a separate statement for each department?LO.1
Assume that the average cost method is being used. An error was made in the current period's work in process inventory in a department:The ending inventory stage of completion was substantially
Compute equivalent units of production. (Obj. 2). The monthly\^^^^^ production report made by the manager of the Planing and Sanding Department of Big Foot Furniture Company for September 19X9
Compute equivalent units of production for materials, cost per\^^y equivalent unit, cost of units transferred out, and costs of ending work in process. (Objs. 2, 3, 4). The beginning inventory in the
Compute equivalent units of production. (Obj. 2). Medical Chemicals, Inc., produces a cough syrup. The beginning work In process Inventory In the Blending Department was 1,000 units; the total cost
Compute equivalent units of production for labor, cost per equivalent unit, cost of units transferred out, and cost of ending work in process. (Objs. 2, 3, 4). The beginning work in process Inventory
Compute equivalent units of production for overhead, cost per equivalent unit, cost of units transferred out, and cost of ending work in process. (Objs. 2, 3, 4). The beginning work in process
Compute equivalent units of production for materials, cost per equivalent unit, cost of units transferred out, and cost of ending work in process. (Objs. 2, 3, 4). The beginning work in process
Make a journal entry to transfer costs. (Obj . 7) . Total costs incurred in the Blending Department 1 25 of the Velaquez Corporation during October 19X9 were $74,510. Of this amount, $2,600 is
Prepare a journal entry to transfer costs. (Obj. 7). The beginning inventory of work in process in the Packaging Department 127 of the McFee Company in March 19X9 was $34,000. Costs incurred in the
Describe and explain a process cost accounting system.LO.1
Recognize when it is appropriate to use the process cost accounting system in manufacturing activities.LO.1
Understand and describe the flow of costs through the manufacturing accounts when a process cost accounting system is used.LO.1
Analyze, record, and post transactions to record the procurement of materials, labor, and overhead under a process cost accounting system.LO.1
Allocate service department costs to producing departments.LO.1
Analyze, record, and post transactions reflecting the charging of costs of materials, labor, and overhead costs into production under a process cost accounting system.LO.1
Record completion and sale of product under a process cost accounting system.LO.1
Would a process cost accounting system be satisfactory for a building contractor who constructs commercial buildings? Explain.LO.1

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