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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Cost of production report OBJ. 2, 4 Fresh Mountain Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department,
Entries for process cost system OBJ. 1, 3 FloorMate Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning
Cost of production report: average cost method Prepare a cost of production report for the Cutting Department of Dalton Carpet Company for January 2016. Use the average cost method with the following
Cost of production report: average cost method The increases to Work in Process—Roasting Department for Highlands Coffee Company for May 2016 as well as information concerning production are as
Appendix Cost per equivalent unit: average cost method The following information concerns production in the Forging Department for June. The Forging Department uses the average cost method.ACCOUNT
Equivalent units of production and related costs The charges to Work in Process—Baking Department for a period as well as information concerning production are as follows. The Baking Department
Equivalent units of production: average cost method The following information concerns production in the Finishing Department for May. The Finishing Department uses the average cost method.ACCOUNT
Appendix Equivalent units of production: average cost method Units of production data for the two departments of Atlantic Cable and Wire Company for July of the current fiscal year are as
Equivalent units of production: average cost method The Converting Department of Tender Soft Tissue Company uses the average cost method and had 1,900 units in work in process that were 60% complete
Lean manufacturing OBJ. 5 The following are some quotes provided by a number of managers at Hawkeye Machining Company regarding the company’s planned move toward a lean manufacturing
Decision making OBJ. 4 Pix Paper Inc. produces photographic paper for printing digital images. One of the processes for this operation is a coating (solvent spreading) operation, where chemicals are
Decision making OBJ. 4 Mystic Bottling Company bottles popular beverages in the Bottling Department. The beverages are produced by blending concentrate with water and sugar. The concentrate is
Process costing for a service company OBJ. 4 Madison Electric Company uses a fossil fuel (coal) plant for generating electricity. The facility can generate 900 megawatts (million watts) per hour. The
Cost of production and journal entries OBJ. 1, 2, 3 Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed
Cost of production and journal entries OBJ. 1, 2, 3, 4 AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into
Cost of production report OBJ. 2, 4 The Cutting Department of Karachi Carpet Company provides the following data for January 2016. Assume that all materials are added at the beginning of the
Cost of production report OBJ. 2, 4 The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August 2016, together with information concerning production, are as
Costs per equivalent unit and production costs OBJ. 2, 4 Based on the data in Exercise determine the following:a. Cost of beginning work in process inventory completed in Novemberb. Cost of units
Cost per equivalent unit OBJ. 2 The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production,
Errors in equivalent unit computation OBJ. 2 Napco Refining Company processes gasoline. On June 1 of the current year, 6,400 units were 3⁄5 completed in the Blending Department. During June, 55,000
Cost of units completed and in process OBJ. 2, 4a. Based on the data in Exercise determine the following:1. Cost of beginning work in process inventory completed this period 2. Cost of units
Equivalent units of production and related costs OBJ. 2 The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct
Costs per equivalent unit OBJ. 2 Georgia Products Inc. completed and transferred 89,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in
Equivalent units of production OBJ. 2 Kellogg Company manufactures cold cereal products, such as Frosted Flakes. Assume that the inventory in process on March 1 for the Packing Department included
Costs per equivalent unit OBJ. 2, 4a. Based upon the data in Exercise determine the following:1. Direct materials cost per equivalent unit.2. Conversion cost per equivalent unit.3. Cost of the
Equivalent units of production OBJ. 2 The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of
Equivalent units of production OBJ. 2 Units of production data for the two departments of Pacific Cable and Wire Company for November of the current fiscal year are as follows:Drawing Department
Equivalent units of production OBJ. 2 The Converting Department of Soft Touch Towel and Tissue Company had 790 units in work in process at the beginning of the period, which were 60% complete. During
Factory overhead rate, entry for applying factory overhead, and OBJ. 1, 3 factory overhead account balance The chief cost accountant for Fizzy Fruit Beverage Co. estimated that total factory overhead
Entries for flow of factory costs for process cost system OBJ. 1, 3 Domino Foods, Inc., manufactures a sugar product by a continuous process, involving three production departments—Refining,
Flowchart of accounts related to service and processing departments OBJ. 1 Alcoa Inc. is the world’s largest producer of aluminum products. One product that Alcoa manufactures is aluminum sheet
Entries for materials cost flows in a process cost system OBJ. 1, 3 The Hershey Foods Company manufactures chocolate confectionery products. The three largest raw materials are cocoa, sugar, and
Using process costs for decision making OBJ. 4 The costs of materials consumed in producing good units in the Forming Department of Thomas Company were $76,000 and $77,350 for September and October,
Using process costs for decision making OBJ. 4 The costs of energy consumed in producing good units in the Baking Department of Pan Company were $14,875 and $14,615 for June and July, respectively.
Process cost journal entries OBJ. 3 The cost of materials transferred into the Rolling Department of Keystone Steel Company is $510,000 from the Casting Department. The conversion cost for the period
($1,600 factory overhead applied and $4,772 direct labor). The total cost transferred to Finished Goods for the period was $25,660. The Filling Department had a beginning inventory of $2,200.a.
Process cost journal entries OBJ. 3 The cost of materials transferred into the Filling Department of Lilac Skin Care Company is $20,250, including $6,000 from the Blending Department and $14,250 from
Cost of units transferred out and ending work in process OBJ. 2 The costs per equivalent unit of direct materials and conversion in the Rolling Department of Keystone Steel Company are $60 and $10,
Cost of units transferred out and ending work in process OBJ. 2 The costs per equivalent unit of direct materials and conversion in the Filling Department of Lilac Skin Care Company are $0.45 and
Cost per equivalent unit OBJ. 2 The cost of direct materials transferred into the Rolling Department of Keystone Steel Company is $510,000. The conversion cost for the period in the Rolling
Cost per equivalent unit OBJ. 2 The cost of direct materials transferred into the Filling Department of Lilac Skin Care Company is $20,250. The conversion cost for the period in the Filling
Equivalent units of conversion costs OBJ. 2 The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During the period, 7,900 tons were
Equivalent units of conversion costs OBJ. 2 The Filling Department of Lilac Skin Care had 4,000 ounces in beginning work in process inventory (70% complete). During the period, 42,800 ounces were
Equivalent units of materials cost OBJ. 2 The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During the period, 7,900 tons were
Equivalent units of materials cost OBJ. 2 The Filling Department of Lilac Skin Care Company had 4,000 ounces in beginning work in process inventory (70% complete). During the period, 42,800 ounces
Units to be assigned costs OBJ. 2 Keystone Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The
Units to be assigned costs OBJ. 2 Lilac Skin Care Company consists of two departments, Blending and Filling. The Filling Department received 45,000 ounces from the Blending Department. During the
Job order versus process costing OBJ. 1 Which of the following industries would typically use job order costing, and which would typically use process costing?Steel manufactuirng Computer chip
ob order versus process costing OBJ. 1 Which of the following industries would typically use job order costing, and which would typically use process costing?Dentist Movie studio Gasoline refining
How is “yield” determined for a process manufacturer?
How are cost of production reports used for controlling and improving operations?
What is the most important purpose of the cost of production report?
Rameriz Company is a process manufacturer with two production departments, Blending and Filling.All direct materials are introduced in Blending from the materials store area. What is included in the
What is the purpose for determining the cost per equivalent unit?
Why is the cost per equivalent unit often determined separately for direct materials and conversion costs?
In a job order cost system, direct labor and factory overhead applied are debited to individual jobs.How are these items treated in a process cost system and why?
In job order cost accounting, the three elements of manufacturing cost are charged directly to job orders. Why is it not necessary to charge manufacturing costs in process cost accounting to job
Which type of cost system, process or job order, would be best suited for each of the following:(a) TV assembler, (b) building contractor,(c) automobile repair shop, (d) paper manufacturer,(e) custom
Identify the characteristics of lean manufacturing.
Compute and interpret yield.
Prepare and evaluate a report showing the change in costs per unit by cost category for comparative periods.
Compute the ending inventory balances.
Summarize cost flows in T account form.
Prepare journal entries for process costing transactions.
Allocate the costs to beginning inventory, units started and completed, and ending inventory.• Prepare a cost of production report.
Compute the costs per equivalent unit.
Compute the equivalent units with respect to conversion.
Compute the equivalent units with respect to materials.
Determine the whole units charged to production and to be assigned costs.
Describe the physical and cost flows of a process manufacturer.
Compare and contrast the job order cost system with the process cost system.
Identify the characteristics of a process manufacturer.
Define ideal and currently attainable standards and explain how they are used in setting standards.
Describe some of the criticisms of the use of standards.
Compute the standard cost per unit of production for materials, labor, and factory overhead.
Compute the direct materials, direct labor, and factory overhead cost variances.
Prepare a budget performance report.
Compute and interpret direct materials price and quantity variances.
Compute and interpret direct labor rate and time variances.
Describe and illustrate how time standards are used in nonmanufacturing settings.
Prepare a factory overhead flexible budget.
Compute and interpret the variable factory overhead controllable variance.
Compute and interpret the fixed factory overhead volume variance.
Prepare a factory overhead cost variance report.
Evaluate factory overhead variances, using a T account.
Journalize the entries to record the purchase and use of direct materials at standard, recording favorable or unfavorable variances.
Prepare an income statement, disclosing favorable and unfavorable direct materials, direct labor, and factory overhead variances.
Define, provide the rationale for, and provide examples of nonfinancial performance measures.
Identify nonfinancial inputs and outputs of an activity.
Direct materials variances OBJ. 3 Lo-bed Company produces a product that requires two standard gallons per unit. The standard price is $20.00 per gallon. If 4,000 units required 8,200 gallons, which
Direct materials variances OBJ. 3 Dvorak Company produces a product that requires five standard pounds per unit. The standard price is $2.50 per pound. If 1,000 units required 4,500 pounds, which
Direct labor variances OBJ. 3 Lo-bed Company produces a product that requires four standard hours per unit at a standard hourly rate of $28.00 per hour. If 4,000 units required 16,750 hours at an
Direct labor variances OBJ. 3 Dvorak Company produces a product that requires three standard hours per unit at a standard hourly rate of $17 per hour. If 1,000 units required 2,800 hours at an hourly
Factory overhead controllable variance OBJ. 4 Lo-bed Company produced 4,000 units of product that required four standard hours per unit. The standard variable overhead cost per unit is $3.00 per
Factory overhead controllable variance OBJ. 4 Dvorak Company produced 1,000 units of product that required three standard hours per unit. The standard variable overhead cost per unit is $1.40 per
Factory overhead volume variance OBJ. 4 Lo-bed Company produced 4,000 units of product that required four standard hours per unit. The standard fixed overhead cost per unit is $1.20 per hour at
Factory overhead volume variance OBJ. 4 Dvorak Company produced 1,000 units of product that required three standard hours per unit. The standard fixed overhead cost per unit is $0.60 per hour at
Standard cost journal entries OBJ. 5 Lo-bed Company produced 4,000 units that require two standard gallons per unit at $20.00 standard price per gallon. The company actually used 8,200 gallons in
Standard cost journal entries OBJ. 5 Dvorak Company produced 1,000 units that require five standard pounds per unit at$2.50 standard price per pound. The company actually used 4,500 pounds in
Income statement with variances OBJ. 5 Prepare a 2016 income statement through gross profit for Lo-bed Company, using the variance data in Practice Exercises -1A, -2A, -3A, and -4A. Assume Lo-bed

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