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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

Missouri Briar Company is a manufacturer of corncob pipes. The company has grown rapidly over the past |0 years. Originally a small supplier of cheaply made pipes for novelty and souvenir shops, the
CarmenA., the supervisor of purchasing operations, is responsible for buying needed materials at the most favorable delivered prices for the Long Manufacturing Company. She is evaluated on the basis
_ Bill C., the supervisor of purchasing operations, is responsible for buying needed Maer als for the Short Manufacturing Company at the most favorable delivered prices. He is evaluated on the basis
How has the global economy caused companies to become more competitive?
As part of its efforts to become more competitive, how can a company measure quality and the costs of quality?
How does just-in-time production help a company reduce its costs, operate more efficiently, and control quality?
How have improved technology and factory layouts helped companies become more competitive?
When a company uses activity-based costing. what three stages does it follow to allocate factory overhead costs to products?
How does activity-based costing improve managers' decisions?
How do you think including its suppliers on the team helps a company meet or exceed its customers’ expectations?
How do you think the integrated accounting system could measure the cost of losing future business or the cost of customer ill will?
What do you think are the similarities between internal and external failure costs?
How do these costs differ from each other?
Why do you think equipment-maintenance costs are considered to be prevention costs?
If you were the president of a company, which of the four costs of quality could you most easily justify? Why?
What costs do you think are associated with tying up cash, floor space, and labor?
Notice that we said that a company using JIT strategies minimizes its inventories. Why do you think the company doesn’t just eliminate its inventories altogether?
If a company has a philosophy of continuous improvement and is able to reduce inef- ficiencies in its factory, how do you think that will affect the company’s standard costs? Why?
How do you think switching from a traditional factory to a flexible manufacturing sys- tem would affect the costs of materials, labor, and overhead relative to each other? Why?
How do you think Exhibit 18-3 would be different if the factory using manufacturing cells was a JIT factory?
Does this make sense to you? Try this approach with the Darkly Decadent candy bars.Did you get $0.48 variable overhead cost per case?
Suppose Unlimited Decadence determined that it would have to sell more of each kind of candy bar to earn its desired profit. Do you think that should affect its decision about whether to use
How many cases of each type of candy bar do you think Unlimited Decadence would = have to sell to earn a pretax income of $5,400,000 if its sales mix changed to 3 cases of Darkly Decadent candy bars
List two strategies a company might use to make itself more competitive. LKY-1
Briefly explain TQM. LKY-1
What are external failure costs? Give two examples. What accounts might be used to keep track of these costs? LKY-1
What is the relationship between appraisal costs and internal failure costs? LKY-1
What are prevention costs, and what costs do they help minimize? LKY-1
Explain the difference between push-through production and pull-through production. LKY-1
Briefly explain how JIT production and inventory work. LKY-1
Briefly explain how a flexible manufacturing system works. LKY-1
Briefly explain how a company uses manufacturing cells. LKY-1
Briefly explain the three stages of activity-based costing. LKY-1
Briefly explain what is meant by a “cost driver” in activity-based costing. LKY-1
| Curl-Up-and-Dry Corporation manufactures hair dryers, curling irons, and hot rollers. As part of its “new” image, Curl-Up is placing special emphasis on quality products. To initiate the
Thun Company produces two products, Tweeters and Woofers, and uses activity-based costing. The company’s normal activity level is 100,000 units of Tweeters and 80,000 units of Woofers. It has
Brandt Company uses activity-based costing. The company produces Flims and Flams(microscopic parts used in rocket engines), and its normal activity level is 40,000 cases of Flims and 100,000 cases of
Demolition Derby produces two products, Igniters and Blasters, and its normal activity is 300,000 cartons of Igniters and 100,000 cartons of Blasters. It uses activitybased costing, and has developed
Toga Toga Company produces two products, Greek Letters and Roman Numerals, and uses activity-based costing. The normal activity for Toga Toga Company is 400,000 sets of Greek Letters and 200,000 sets
Color Me Pink Company produces two products, Crayons and Markers. Its normal activity is 600,000 boxes of Crayons and 200,000 boxes of Markers. Color Me Pink uses activity-based costing and has
Blapp Company manufactures both Prangs and Floppers. It uses activity-based costing to assign its manufacturing costs, and has developed the following “normal activity” information related to its
Rough Razor Company produces two types of razors, Cutters and Slicers, and uses ac- tivity-based costing. Rough Razor has a normal activity of 450,000 cases of Cutters and 600,000 cases of Slicers.
Refer to 18.12. Suppose that after helping Buzz organize his list, you get the following voice-mail message from Buzz:“Thanks for your help in organizing my list of quality items. You used four
Night Light Inc. manufactures a popular type of dorm room lamp. College students claim that this lamp, alone, has saved thousands of friendships because it allows one person to study with books and
Jones Company has just asked Smith Company to sell it 100 Sprackets for $80 per unit.Smith normally sells Sprackets for $84 each. Smith produces and sells several products, and prices each product at
Fritz Company manufactures and sells various products. The president of Fritz comes to you (the chief factory accountant) with a concern. She says: “I am concerned about how well our Plappers are
Paller Metal Products uses activity-based costing and currently manufactures Compo- nent X for use in one of its products. Ople Company has approached the president of Paller with an offer to sell
Yardguard Company manufactures and sells a variety of “home improvement” products.One product, a lawn mower, is in such high demand that the company has operated both of the departments it uses
Altus Company produces and sells two products, Hinkels and Quirts. During the coming year, its normal activity level of production is 400,000 cases of Hinkels and 100,000 cases of Quirts. Each case
Jim Q is the president of Kluger Company, a medium-sized manufacturing company that sells a variety of products. The company has been in business for many years and has had a history of increasing
How does a company determine the costs and amounts of inventory that it includes in the inventory reported on its balance sheet?
What alternative cost flow assumptions may a company use for determining its cost of goods sold and ending inventory?
How do alternative cost flow assumptions affect a company's financial statements?
How do a company's inventory and cost of goods sold disclosures help a user evaluate the company?
How does a company apply the lower-of-cost-or- market method to report the inventory on its balance sheet?
What methods may a company use to estimate its cost of goods sold and inventory?
How and why does a company report its operating cash flows under the indirect method on its cash flow statement?
Does this make sense? Take a minute and diagram with T-accounts, arrows, and de- scriptions the perpetual inventory system of a manufacturing company. Label the ar- rows with a description of the
How do you think knowing the cost of manufacturing its products helps a company in each of the above five activities?
Do you think colleges and universities think of individual courses, like this one, as job orders? Do you think they regard individual students as job orders? Why or why not?
Can you think of another reason the storekeeper needs an authorization before releasing raw materials into the factory?
Why do you think companies keep records for each type of raw material that they use?
Notice that we listed factory overhead on the asset side of the equation along with the two inventory accounts. Why do you think we consider factory overhead an asset?
What do you think happens to the physical direct materials and the accounting for them when the production department doesn’t use all of the direct materials issued to it for a particular job? What
Why do you think a company indirectly applies the cost of time spent on such activities as cleaning and oiling machinery, waiting for work, or making equipment adjustments even though the company
Do you think using direct labor hours as the measure of manufacturing activity= might cause the proportion of factory overhead allocated to each job to be different from that allocated when the
Suppose a company applied factory overhead costs to jobs by using a procedure that caused it to apply a larger proportion of factory overhead cost to a job than the pro-= portion of factory overhead
If the Factory Overhead account has a positive or negative balance, what do managers know?
If the company uses machine hours as a measure of manufacturing activity instead of direct labor hours, how might you explain a difference between actual and applied factory overhead costs?
Asa manager, would you prefer that factory overhead be overapplied or underapplied? Why?
When a company combines direct labor and factory overhead costs, it is applying factory overhead costs the same way it is applying direct labor costs—by direct labor hour. Can you explain why?
Suppose at the end of the month, Ford Motor Company’s painting department has 100 cars that are half-painted. Do you think the cost of painting these cars so far is as much as the cost of painting
Describe the manufacturing environment for which job order costing is best suited. TLK=2
Describe a perpetual inventory system and how it works in a job order costing system. TLK=2
How do job order cost sheets support the Goods-in-Process Inventory account in a job order system? TLK=2
Explain what it means to apply costs. TLK=2
What is the purpose of a raw materials requisition (or request)? TLK=2
How do you know whether a raw material is a direct material or an indirect material? TLK=2
What are the purposes of labor tickets? TLK=2
How do you know whether a labor cost is for direct labor or indirect labor? Give two examples of indirect labor. TLK=2
Why does a company bother to distinguish direct materials from indirect materials and direct labor from indirect labor? TLK=2
Why are factory overhead costs not applied directly to job orders, when the other two manufacturing input costs are applied directly? ; TLK=2
Why does a company predetermine its overhead rate? / 2 TLK=2
Under what conditions is factory overhead overapplied and underapplied? in either of these cases, why does a company adjust the balance in its Cost of Goods Sold account? TLK=2
Describe the manufacturing environment for which process costing is best suited. TLK=2
Ina process costing system, what are conversion costs and why are they called conversion costs? TLK=2
How do process cost sheets support the Goods-in-Process Inventory account in a process costing system? TLK=2
Ina process costing system, what are prior production costs? How are these costs treated on the process cost sheet? TLK=2
Describe, as precisely as you can, how a company computes equivalent units for a group of units in goods-in-process inventory. TLK=2
Why does a company compute equivalent units separately for materials and for conversion costs? TLK=2
During May, Bigg Production Company made a $21,700 credit purchase of raw materials.A summary of raw materials requisitions shows the following raw materials issued into production:Direct materials
Asummary of labor tickets shows the following labor costs for Bigg Production Com pany during May:Direct labor for Job order 101 (310 hours) $3,100 Job order 102 (280 hours) 2,800 Job order 104 (200
Bigg Production Company could set its predetermined overhead rate based on the year’s expected factory overhead cost and either the year’s expected direct labor hours or direct labor cost
Heavy Metal Products computed its predetermined overhead rate to be $13.50 per machine hour (with expected overhead costs of $124,200 and with 9,200 expected machine hours for the year).Required: (1)
Protez Company produces crankers based on customers’ special orders. During October, it started and completed one job order (#89), which contained 80 crankers. The following cost information is
Multiple Times Corporation, manufacturer of watches, clocks, and stopwatches, had the following costs and units on its job cost sheets for its job orders for July:RIDTOL OGRE Ge Recttrcctnctnce cine
=Woods Custom Furniture Manufacturing worked on a single job order during the entire month of August. It started the job at the beginning of the month and completed and sold the job at the end of the
PETROIL Refining Company produces one of its products in refining process B.Required: Compute the number of equivalent units for conversion cost in each of the following groups:(1) 1,400 completed
Refer to 16-26.Required: Compute the number of equivalent units for direct materials cost for each of the five groups, assuming that PETROIL adds direct materials at the beginning of refining process
Suppose that PETROIL Refining Company has no beginning inventory in refining process B in May. During May, it accumulated the following costs in its Goods-in-Process Inventory account:Direct

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