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cost management strategic

Questions and Answers of Cost Management Strategic

Refer to the information given in the preceding problem. As the Micro Technology Division manager, you are still assessing the problem of whether to acquire Klondike Machine Company’s machine. You
Refer to Exhibit 18-6. Prepare a similar table of the changing ROI, assuming the following accelerated depreciation schedule. Assume income before depreciation of $150,000 per year. (If there is a
North Sea Drilling Company is an oil and gas exploration and drilling company operating off the coast of Scotland. Oil and gas companies inevitably incur costs on unsuccessful exploration ventures
Louisiana Shrimp Boats, Inc. (LSB), is a seafood restaurant chain operating throughout the south. The company has two sources of long-term capital: debt and equity. LSB’s cost of issuing debt is
Cindy Wilkins, CEO of River Beverages, looks to the future and comments, “Planning is an important aspect of budget preparation for every level of our organization. I would like to decrease the
In December, Koala Camp Gear Company produced 2,000 Tree Line tents and incurred the following actual Decision costs for direct material and direct labor: MEL g Purchased 25,000 sq. meters of tent
Howcould Koala Camp Gear’s controller set standards for the production of tents using the company’s standard-costing system?
What is the appropriate interpretation of each variance detailed in Koala Camp Gear Company’s cost-variance report?
Whois in the best position in the organization to influence each of these variances?
What criticisms are made of standard-costing systems as they are used in today’s business environment?
16.1 One of the principles espoused by management is that . How can responsibility determining the significance of a variance.reporting systems and/or analysis of variances assist in
16.7 Describe the factors that managers often consider when one should manage by exception
16.8 What is the interpretation of the direct-labor rate that process? variance ? What are some possible causes?
16.2 atte how standard material prices and quantities OS etietic interpretation Of the direct-material price
16.9 What manager generally is in the best position to influence the direct-labor rate variance?
16.10 What is the interpretation of the direct-labor efficiency: S ;variance: variance ?
16.4 What manager usually is in the best position to influence he di a : 5
16.11 What manager generally is in the best position to influence the direct-material price variance? the direct-labor efficiency variance?
16.5 What is the interpretation of the direct-material quantity
16.12 Describe how standard costs are used for product costing., ?ioe |
16.13 What is meant by the term kaizen costing?16.6 What manager usually is in the best position to influence oGlesemmerialiqidntiesivarants? 16.14 (Appendix) List four companies that probably use
16.15 Distinguish between perfection and practical standards. e
16.20 Many companies set wage rates through union Which type of standard is likely to produce the best Se nin ie oa Under these circumstances, how could a-~notivational effects? labor price variance
6.16 In a service environment with no inventories, is variance manager?>>—analysis useful? Why or why not?
16.21 Discuss several ways in which standard-costing systems
16.17 hy should management want to divide production cost should be adapted in today’s advanced manufacturing ariances into price and efficiency variances? environment.
16.22 Which of the following terms is most consistent with the old saying, “Slow and steady wins the race”: advanced manufacturing system, product innovation, kaizen costing, or investment in
16.19 Refer to question
16.18. Why does an analogous question not arise in the context of the direct-labor variances?
Yuriko Company manufactures laboratory glassware in its plant near Kyoto, Japan. The controller~ recently reported the following information concerning direct-material requirements in department
The standard direct-labor cost per unit for Jay Housewares, Inc. was $30 ($15 per hour times 2 hours per(LO 3) es unit). During the period, actual direct-labor costs amounted to $56, 520; 2 900
FarmCo, Inc. produces items made from local farm products that it distributes to supermarkets. Because\ (LO 1,5) price competition has become increasingly important over the years, Abby Tyler, the
Several automobile companies have recently developed hybrid vehicles, which run on a combination of High-Tech Product gasoline and electricity.(LO I, 2) Required 4 As a group, discuss how companies
Choose one of the following manufacturers (or any manufacturer of your choosing), and use the Internet to gather information about any new products the company has recently introduced or plans to
Due to evaporation during production, Portland Plastics Company requires 8 pounds of material input for every 7 pounds of good plastic sheets manufactured. During May, the company produced 4,725
Cleveland Chemical Company manufactures industrial chemicals. The company plans to introduce a new chemical solution and needs to develop a standard product cost. The new chemical solution is made by
The controller for La Jolla Caterers, Inc., uses a statistical control chart to help management determine when to investigate variances. The critical value is 1 standard deviation. The company
Burlington Burrito has two categories of direct labor, unskilled, which costs $6.50 per hour, and skilled, which costs $10.30 per hour. Management has established standards per “equivalent meal,”
Bay State Technology has set the following direct-material standards for its product, the photon gismo.Standard costs for one unit of output:Material |, 10 units of input at $100 per unit Material
Analyze each of the following scenarios independently.a. Canfield Company reports the following direct-labor information for its primary product for October: Variances; Missing Data Sranaareiy ato
Information about Rexford Corporation’s direct-material cost follows:Standard price per direct-material OUNCE wo... ecceeceeeteeees $ 345 Actual quantity purchased and USEC... eee
Savannah Textiles, Inc. manufactured 500 units of a special multilayer fabric with the trade name Stylex pj ect-Material and during July. The standard prime costs for one unit of Stylex are:
PrimeCare, Inc., a manufacturer of custom-designed home health care equipment, has been in business for 15 years. Last year, to better control the costs of its:products, the controller implemented a
TasteeFruit Company is a small producer of fruit-flavored frozen desserts. For many years, its products have had strong regional sales:on the basis of brand recognition. However, other companies have
Big Sur Water Sports, Inc., manufactures fiberglass boards used for riding the waves at the beach. The Warleances ticdanal products are sold under the brand name Crazy Board. The standard cost for
British Isles Agribusiness, Ltd. (BIA), manufactures agricultural machinery in Manchester, England. Goer venance At a recent staff meeting, the controller presented the following direct-labor
Brisbane Video Corporation manufactures TV sets in Australia, largely for the domestic market. The company recently implemented a kaizen costing program with the goal of reducing the manufacturing
Confidential Insurance Company compares actual results with standard costs. The standard direct-labor rates are established each year when the annual plan is formulated and held constant for the
Panhandle Chemical Company manufactures a wide variety of chemical compounds and liquids for industrial uses. The standard mix for producing a single batch of 500 gallons of doroxaline
Metro Classic Fashions, Inc., manufactures inexpensive men’s dress shirts, which are produced in lotsto Case 16.47*fill each special order. Its customers are department stores in various cities.
Suppose that Glass Creations computed its predetermined overhead rate on a quarterly basis instead of annually.The following projections have been made for the year:Estimated Estimated Quarterly
What factors should a cost-management analyst when designing a product-costing system
What features should a job-order costing system have, and how can they be developed?
Howcancost-management analysts use job-cost information to support planning and decisionmaking activities?
What is a product-costing system and what does it do?
What are the characteristics of the following three product-costing methods: (a) job-order costing, (b)process costing, and (c) operation costing? Give an example of a product or service that would
Describe the basic cost-flow model as an algebraic equation
Distinguish between work in process, finished goods, and cost of goods sold.
Explain how to measure the costs of a product using normal costing, actual costing, and standard costing.
How are the events “complete a job,” “sell a job,” and“end the accounting period” different and how are inventory accounts affected by these events?
How does job-order costing differ for service organizations and manufacturing organizations
How can overhead be over- or underapplied?
Does it matter how the overhead variance is disposed?Explain.
Describe several ways in which job costing can be misused.Is job-order costing information sufficient to support management decisions? Why or why not?
What are the characteristics of companies likely to use a job-order costing system?
Why is the use of direct labor as a cost driver for manufacturing overhead declining?
Would a dentist, an architect, a landscaper, and a lawyer use job-order costing or process costing? Explain.
An employee of Doughties Foods overstated inventories to make periodic profits higher. Using the basic cost-flow model, explain how overstating inventories could increase profits. If the employee did
Interview the manager of a construction company (for example, a company that does house construction, remodeling, landscaping, or street or highway construction)about how it bids on prospective jobs.
Interview the manager of a campus print shop or a print shop in the local area about how the company bids on prospective jobs. Does it use cost information from former jobs similar to prospective
A co-worker states, "I don’t know why we spent so much money on that new job-costing system. I can do everything we need on a simple spreadsheet. If the CFO had listened to me, we could have saved
How might job-order costing for a homebuilder be similar to and differ from that used by a consulting firm?
A government contractor had a contract with NASA to build a space shuttle. Under this contract, all costs of development and construction are to be reimbursed and the contractor is to be guaranteed a
Motion picture contracts often offer some participants residual profits, which are shares of profits computed after all costs of production have been covered. Sometimes blockbuster movies never pay
A small building-supply company, Top Notch Lumber, experienced the following events during the year:© Incurred $250,000 in selling costs.Purchased $820,000 of building material.Paid $20,000 for
Assume that the following events occurred at a division of American Homes, Inc., a large homebuilder, for the current year. :Purchased $270 million in building material.Incurred construction labor
Fill in the missing items for the following inventories:(A) (B) (C)Beginning balance..........c:ccceeeee $136,000 $ 56,800 $312,000 EmaimoibalanC@ ga csccetecmthtese fte e fi 49,600 256,000
Fill in the missing items for the following inventories:(A) (B) (C)BEGINING) DAlaMCC nkg arnie remiss. censnss $ 5,000 Sane $ 12,000 EMCO ALANC O ercresereeteset-cuiacawanss. a 16,000 12,000
The following T-accounts represent data from a division of New England Fashion’s accounting records.Find the missing amounts represented by the letters. (Hint: Rearrange accounts to conform with
Refer to the data in Exercise 3.33. The following balances appeared in the accounts of Tuscarora Hardwoods for January before closing temporary accounts. During January, $32,925 was transferred from
Partially completed T-accounts and additional information for Triad Company for the month of May follow:Raw-Material Inventory BB 2,000 8,000 | 6,400 Work-in-Process Inventory BB 4,000 Labor 6,000
Maritza Corporation, located in Buenos Aires, Argentina, manufactures cutlery. Managemen manufacturing overhead to be 44,000p and direct-labor costs to be 80,000p for year 1. The actual manyfacturing
Jay Furniture Co. uses a predetermined cost-driver rate based on direct-labor hours. For October, its budgeted overhead was $900,000 based on budgeted activity of 100,000 direct-labor hours. Actual
Refer to the information in the preceding exercise. Prorate the overhead variance as follows:Workein-precessiinvemtor y taterre ane nee reeee eter..s ee e 10%FIMSINOC-OOCSsIMV CMLON\ ae ccmceess
At the beginning of the month, Kitchen Craft Corporation had two jobs in process that had the following costs assigned from previous months:Job No. Direct Labor Applied Overhead VaerlOroedtae
For September, Twiddle & Company worked 600 hours for client A and 1,400 hours for client B. Twiddle bills clients at the rate of $140 per hour; labor cost for its audit staff is $70 per hour. The
Cleveland Quality Instruments produces sensitive heat-measurement devices in three manufacturing stages: (1) meter assembly, (2) case assembly, and (3) testing. The company has a large backlog of
Northern Lights Corporation uses a job-order costing system for its production costs. A predetermined cost-driver rate based on machine hours is used to apply facility-level overhead to individual
Spic ‘n Span Cleaners has five employees and a president, Marty Stuart. Stuart and one of the five employees manage all selling and administrative duties. The remaining four employees work directly
During January, Broadway Consultants worked 1,000 hours for Nocando Manufacturing, 300 hours for Sails, Inc., and 500 hours for Original John’s Restaurants. The firm bills clients at $80 an hour;
The following transactions occurred at Arrow Space, Inc., a small defense contractor that uses.job costing;a. Purchased $71,600 in raw material on account.Issued $2,000 in supplies (indirect
Refer to the information in Problem 3.50. Arrow Space, Inc., has determined that 65 percent of its manufacturing overhead spending is related to jobs’ use of material, and 35 percent is related to
Of the $104,000 manufacturing overhead, 30 percent was unit level and 70 percent was facility level.This year Leevies expects to operate at the same activity level as last year, and overhead costs
Theater Staging, Inc., assembles light and sound equipment for installation in various entertainment / Fiouvor Goce iooos:facilities. An inventory of material and equipment is on hand at all times so
Lucatelli Pasta Company prepares, packages, and distributes six frozen pasta entrees in two different Gc Driver Rates container sizes. It prepares the different pastas and different sizes in large
Pittsburgh Pump, Inc., manufactures bilge pumps for small boats. It uses a job-order costing system.Normal costing is used, and manufacturing overhead is applied on the basis of machine hours.
A hysterical I. M. Dunce corners you in the hallway 30 minutes before accounting class. “Help me, help income Statement me!” I. M. pleads. “I woke up this morning and discovered that my pet
On June 1, two jobs were in process at Spiffy Painters, Inc. Details of the jobs follow:Direct Direct Job No. Material Labor LP Rae ae ine oa 8 oe cn Ree $174 $64 PeaNE cn Sate pO uence cuore cen
A disastrous fire struck the only manufacturing plant of Badomen Equipment, Inc., on December 1. All work-in-process inventory was destroyed, but a few records were salvaged from the wreckage and the
At the end of November, the following balances were available:Actual manufacturing overhead incurred through November 30.........::c:ccee $217,000 Cost of goods sold through November 30.........

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