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business
fundamental accounting

Questions and Answers of Fundamental Accounting

How many Goods in Process Inventory accounts are needed in a process cost system?
Equivalent units are (a) a measure of a production department's productivity in using direct materials, direct labor, or overhead; {b) units of a product produced by a foreign competitor that are
Interpret the meaning of a department's equivalent units with respect to direct labor.
A department began the period with 8,000 units that were one-fourth complete with respect to direct labor. It completed 58,000 units, and ended with 6,000 units that were one-third complete with
A process cost summary for a department has three sections. What information is presented in each of them?
Pennsylvania Company produces a product that passes through a single production process. Then com¬ pleted products are transferred to finished goods in its warehouse. Information related to its
Explain process operations and the way they differ from job order operations
Define and compute equivalent units and explain their use in process cost accounting
Describe accounting for production activity and preparation of a process cost summary using weighted average
Describe accounting for production activity and preparation of a process cost summary using FIFO.
Compare process cost accounting and Job order cost ac¬ counting
Explain and illustrate a hybrid costing system
Equivalent units of production are equal toa. Physical units that were completed this period from all effort being applied to them.b. The number of units introduced into the process this period.c.
Recording the cost of raw materials purchased for use in a process costing system includes aa. Credit to Raw Materials Inventory.b. Debit to Goods in Process Inventory.c. Debit to Factory Overhead.d.
The production department started the month with a beginning goods in process inventory of $20,000. During the month, it was assigned the following costs: direct materials, $152,000; direct labor,
Acompany’s beginning work in process inventory consists of 10,000 units that are 20% complete with respect to direct labor costs. A total of 40,000 units are completed this period. There are 15,000
Assume the same information as in question 4. Also assume that beginning work in process had $6,000 in direct labor cost and that $84,000 in direct labor is added during this period. What is the cost
For each of the following products and services, indicate whether it is most likely produced in a process operation or in a job order operation.1. Tennis courts 2. Apple juice 3. Vanilla ice cream 4.
Refer to the information in QS 20-2. Blanche’s Boxes incurred $135,OOO in factory payroll costs, of which $125,000 was direct labor. Prepare journal entries to record its (1) total factory payroll
Refer to the information in QS 20-2 and QS 20-3. Blanche’s Boxes requisitioned $9,000 of indirect mate¬ rials from its raw materials and used $ 10,000 of indirect labor in its production of boxes.
Refer to QS 20-6 and compute the total equivalent units of production with respect to labor for March using the FIFO inventory method
Put the four steps in accounting for production activities in the order in which they would occur.a. Determine physical flow of unitsb. Compute the cost per equivalent unitc. Compute equivalent units
Label each statement below as either true (“T”) or false (“F”).1. The cost per equivalent unit is computed as the total costs of a process divided by the number of equivalent units passing
Refer to QS 20-14 and compute the total equivalent units of production with respect to labor for July using the FIFO inventory method
Match each of the following items A through G with the best numbered description of its purpose.A. Factory Overhead account E. Raw Materials Inventory account B. Process cost summary F. Materials
Refer to information in Exercise 20-3. Prepare journal entries to record the following production activities.1. Paid overhead costs (other than indirect materials and indirect labor) of $38,750.2.
Laffer Lumber produces bagged bark for use in landscaping. Production involves packaging bark chips in plastic bags in a bagging department. The following information describes production operations
Refer to the information in Exercise 20-9 and complete its parts (1) and (2) using the FIFO method.(Round cost per equivalent unit to two decimal places.)
Refer to the information in Exercise 20-15. Prepare a process cost summary using the FIFO method.(Round cost per equivalent unit calculations to two decimal places.)
Label each item a through h below as a feature of either a job order or process operation.a. Heterogeneous products and servicese. Focus on individual batchb. Custom ordersf. Low product
ProChem manufactures aspirin in a process operation. Details on production activity follow. Compute the department’s equivalent units of production with respect to direct materials under each of
Refer to the information in Exercise 20-20 and complete it for each of the two separate assumptions using the FIFO method for process costing.
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are added at the beginning
Sierra Company manufactures woven blankets and accounts for product costs using process costing. The following information is available regarding its May inventories.The following additional
Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March.Additional information about units and costs of
East Co. produces its product through a single processing department. Direct materials are added at the start of production, and direct labor and overhead are added evenly throughout the process. The
Refer to the data in Problem 20-5A. Assume that Tamar uses the FIFO method to account for its process costing system. The following additional information is available:• Beginning goods in process
Refer to the information in Problem 20-2A and complete its parts (1) through (4) using the FIFO method of process costing. Round cost per equivalent unit calculations to two decimal places.
Dream Toys Company manufactures video game consoles and accounts for product costs using process costing. The following information is available regarding its June inventories.The following
Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May.Additional information about units and costs of
Refer to the information in Problem 20-2B and complete its parts (1) through (4) using the FIFO method of process costing. Round cost per equivalent unit calculations to two decimal places.
Major League Bat Company manufactures baseball bats. In addition to its goods in process in¬ ventories, the company maintains inventories of raw materials and finished goods. It uses raw materials
Polaris reports in notes to its financial statements that, in addition to its products sold, it in¬ cludes the following costs (among others) in cost of sales: customer shipping and handling
Many companies acquire software to help them monitor and control their costs and as an aid to their accounting systems. One company that supplies such software is proDacapo (prodacapo.com). There are
Describe a merchandiser's cost of goods sold.
How do we compute gross profit for a merchandising company?
Identify which items are subtracted from the list amount and not recorded when computing purchase price: (a) freight-in; {b) trade discount; (c) purchase discount; (d) purchase return.
Use the following adjusted trial balance and additional information to complete the requirements.KC Antiques’ supplementary records for 2013 reveal the following itemized costs for merchandising
Identify and explain the inventory asset and cost flows of a merchandising company
Prepare adjustments and close accounts for a merchandising company
Refer to Exercise 5-4 and prepare the appropriate journal entries for Baker Co. to record the May 5 pur¬ chase and each of the three separate transactions a throughc. Baker is a retailer that uses a
Valley Company’s adjusted trial balance on August 31, 2013, its fiscal year-end, follows.On August 31, 2012, merchandise inventory was $25,400. Supplementary records of merchandising ac¬ tivities
Preparing closing entries and interpreting information about discounts and returns C2 P3: Use the data for Valley Company in Problem 5-4A to complete the following requirements.Required 1. Prepare
Preparing a work sheet for a merchandiser P3: Refer to the data and information in Problem 5-3A.Required Prepare and complete the entire 10-coliimn work sheet for Nelson Company. Follow the structure
Preparing journal entries for merchandising activities— perpetual system PI P2: Prepare journal entries to record the following merchandising transactions ofYarvelle Company, which applies the
Prepare journal entries to record the following merchandising transactions of Mason Company, which applies the perpetual inventory system. {Hint: It will help to identify each receivable and payable;
Use the data for Barkley Company in Problem 5-4B to complete the following requirements.Required 1. Prepare closing entries as of March 31, 2013 (the perpetual inventory system is used).Analysis
Refer to the data and information in Problem 5-3B.Required Prepare and complete the entire 10-column work sheet for Foster Products Company. Follow the structure of Exhibit 5B.1 in Appendix 5B.
Refer to Polaris’ financial statements in Appendix A to answer the following Required 1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready
Access the SEC’s EDGAR database (www.SEC.gov) and obtain the March 19, 2012, filing of its fiscal 2012 10-K report (for year ended January 28, 2012) for J. Crew Group, Inc. (ticker: JCG).Required
Official Brands’ general ledger and supplementary records at the end of its current period re¬ veal the followingRequired 1. Each member of the team is to assume responsibility for computing one
Refer to the opening feature about Faithful Fish. Assume that Chelsea Eubank reports current annual sales at approximately $1 million and discloses the following income statementChelsea Eubank sells
KTM (www.KTM.com). Polaris, and Arctic Cat are competitors in the global marketplace. Key comparative figures for each company follow.Required 1. Rank the three companies (highest to lowest) based on
If two investments have the same payback period, are they equally desirable? Explain
Under what conditions is a sunk cost relevant to decision making?
What is the difference between avoidable and unavoidable expenses?
A segment is a candidate for elimination if (a) its revenues are less than its avoidable expenses, (b) it has a net loss, (c) its unavoidable expenses are higher than its revenues
Determine the appropriate action in each of the following managerial decision situations.1. Packer Company is operating at 80% of its manufacturing capacity of 100,000 product units per year. A chain
Describe the importance of relevant costs for short-term decisions.
A company inadvertently produced 3,000 defective MP3 play¬ ers. The players cost $12 each to produce. A recycler offers to purchase the defective players as they are for $8 each. The pro¬ duction
A company’s productive capacity is limited to 480,000 ma¬ chine hours. Product X requires 10 machine hours to produce; and ProductY requires 2 machine hours to produce. Product X sells for $32 per
A company receives a special one-time order for 3,000 units of its product at $15 per unit. The company has excess capacity and it currently produces and sells the units at $20 each to its regular
Park Company is considering two alternative investments. The payback period is 3.5 years for investment A and 4 years for investment B. (1) If management relies on the payback period, which
Yokam Company is considering two alternative projects. Project 1 requires an initial investment of $400,000 and has a net present value of cash flows of $1,100,000. Project 2 requires an initial
Label each of the following statements as either true (“T”) or false (“E”).1. Relevant costs are also known as unavoidable costs.2. Incremental costs are also known as differential costs.3.
Holmes Company produces a product that can either be sold as is or processed further. Holmes has already spent $50,000 to produce 1,250 units that can be sold now for $67,500 to another manufacturer.
A machine costs $700,000 and is expected to yield an after-tax net income of $52,000 each year. Management predicts this machine has a 10-year service life and a $100,000 salvage value, and it uses
A company must decide between scrapping or reworking units that do not pass inspection. The company has 22,000 defective units that cost $6 per unit to manufacture. The units can be sold as is for
Suresh Co. expects its five departments to yield the following income for next year.Re compute and prepare the departmental income statements (including a combined total column) for the company under
This chapter explained two methods to evaluate investments using recovery time, the payback period and break-even time (BET). Refer to QS 25-15 and (1) compute the recovery time for both the payback
Cortino Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $300,000 cost with an expected four-year life and a $20,000
Aikman Company has an opportunity to invest in one of two projects. Project A requires a $240,000 , investment for new machinery with a four-year life and no salvage value. Project B also requires
Windmire Company manufactures and sells to local wholesalers approximately 300,000 units per month at a sales price of $4 per unit. Monthly costs for the production and sale of this quantity followA
Sung Company is able to produce two products, R and T, with the same machine in its factory. The following information is available.The company presently operates the machine for a single eight-hour
Esme Company’s management is trying to decide whether to eliminate Department Z, which has pro¬ duced low profits or losses for several years. The company’s 2013 departmental income statement
Many companies must determine whether to internally produce their component parts or to outsource them. Further, some companies now outsource key components or business processes to international
Break into teams and identify four reasons that an international airline such as Southwest or Delta would invest in a project when its direct analysis using both payback period and net present value
Read ihe chapter opener about Charlie Fyffe and his company, Charlie’s Brownies. Suppose Charlie’s business grows and he considers building a new, massive bakery and warehousing center to make
Visit or call a local auto dealership and inquire about leasing a car. Ask about the down pay¬ ment and the required monthly payments. You will likely find the salesperson does not discuss the cost
Access KTM’s 2011 annual report dated December 31, 2011, from its Website www.KTM.com. Identify and read the section in the Group Status Report—2011, section 12, regarding Sustainability.Required
Service departments (a) manufacture products, {b) make sales directly to customers,(c) produce revenues, id) assist operating departments.
Explain the difference between a cost center and a profit center. Cite an example of each.
Performance reports to evaluate managers should [selecta, b or cl (a) include data about controllable expenses, ib) compare actual results with budgeted levels, or (c) both (a) and (b).
If a company has two operating (selling) departments (shoes and hats) and two service departments (payroll and advertising), which of the following statements is correct? (a) Wages incurred in the
Which of the following bases can be used to allocate supervisors' salaries across operating departments? (a) Hours spent in each department, (b) number of employees in each department, (c) sales
What three steps are used to allocate expenses to operating departments?
An income statement showing departmental contribution to overhead, (a) subtracts indirect expenses from each department's revenues, (b) subtracts only direct expenses from each department's revenues,
A division reports sales of $50,000, income of $2,000, and average invested assets of $10,000. Compute the division's (a) profit margin, (b) investment turnover, and (c) return on investment
Management requests departmental income statements for Hacker’s Haven, a computer store that has five departments. Three are operating departments (hardware, software, and repairs) and two are
A company produces three products, B1, B2, and B3.The joint cost incurred for the current month for these products is $180,000. The following data relate to this month's production:The amount of

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