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business
fundamental accounting

Questions and Answers of Fundamental Accounting

Refer to the information in QS 23-8. Alvarez records standard costs in its accounts. Prepare the journal entry to charge overhead costs to the Goods in Process Inventory account and to record any
Mosaic Company applies overhead using machine hours and reports the following information. Compute the total variable overhead cost variance. Actual machine hours used...... Standard machine hours.
Refer to information in QS 23-14. Assume that actual sales are $480,000, actual variable costs for the year are $112,000, and actual fixed costs for the year are $145,000. Prepare a flexible budget
Tercer reports the following on one of its products. Compute the direct materials price and quantity variances. Direct materials standard (4 lbs. @ $2/lb.) Actual direct materials used. Actual
The following information describes a company’s usage of direct labor in a recent period. Compute the direct labor rate and efficiency variances for the period. Actual direct labor hours used.
AirPro Corp. reports the following for November. Compute the controllable overhead variance for November Actual total factory overhead incurred Standard factory overhead: Variable overhead Fixed
Refer to information in QS 23-19. Compute the overhead volume variance for November.
Bay City Company’s fixed budget performance report for July follows. The $647,500 budgeted expenses include $487,500 variable expenses and $160,000 fixed expen.ses. Actual expenses include $158,000
Sedona Company set the following standard costs for one unit of its product for 2013.The $5.60 ($4.00 + $1.60) total overhead rate per direct labor hour is based on an expected operating level equal
Hart Company made 3,000 bookshelves using 22,000 board feet of wood costing $266,200. The company’s direct materials standards for one bookshelf are 8 board feet of wood at $12 per board foot. (1)
Refer to Exercise 23-8. Hart Company records standard costs in its accounts and its material variances in separate accounts when it assigns materials costs to the Goods in Process Inventory account.
Match the terms a-e with their correct definition 1-5. a. Standard cost card b. Management by exception c. Standard cost d. Ideal standard e. Practical standard 1. Quantity of input required under
Presented below are terms preceded by letters a through j and a list of definitions 1 through 10. Enter the letter of the term with the definition, using the space preceding the definition. a. Fixed
Resset Co. provides the following results of April’s operations: F indicates favorable and U indicates unfavorable. Applying the management by exception approach, which of the variances are of
The following information describes production activities of Mercer Manufacturing for the year:Budgeted standards for each unit produced are 0.50 pounds of raw material at $4.00 per pound and 10
Trico Company set the following standard unit costs for its single product.The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 60,000 units per
Refer to information in Problem 23-1 A.Required Compute these variances: (a) variable overhead spending and efficiency, (b) fixed overhead spending and volume, and (c) total overhead
Antuan Company set the following standard costs for one unit of its product.The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory’s
Kegler Company has set the following standard costs per unit for the product it manufacturesThe predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of
Boss Company’s standard cost accounting system recorded this information from its December operations.Required 1. Prepare December 31 journal entries to record the company's costs and variances for
Kryll Company set the following standard unit costs for its single product.The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 60,000 units per
Refer to information in Problem 23-IB.Required Compute these variances: (a) variable overhead spending and efficiency, (b) fixed overhead spending and volume, and (c) total overhead controllable.
Suncoast Company set the following standard costs for one unit of its product.The predetermined overhead rate ($16.00 per direct labor hour) is based on an expected volume of 75% of the factory’s
Guadelupe Company has set the following standard costs per unit for the product it manufacturesThe predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity
Kenya Company’s standard cost accounting system recorded this information from its June operations.Required 1. Prepare journal entries dated June 30 to record the company’s costs and variances
The usefulness of budgets, variances, and related analyses often depends on the accuracy of management’s estimates of future sales activity.Required 1. Identify and record the prior three years’
Access iSixSigma’s Website (iSixSigma.com) to search for and read information about benchmarking to complete the following requirements. (Hint: Look in the “dictionary” link.)Required 1. Write
Which of these products is likely to involve job order production? (a) inexpensive watches,(b) racing bikes, (c) bottled soft drinks, or id) athletic socks.
What is the difference between a job and a job lot?
Which of these statements is correct? (a) The collection of job cost sheets for unfinished jobs makes up a subsidiary ledger controlled by the Goods in Process Inventory account, (b) Job cost sheets
What three costs are normally accumulated on job cost sheets?
In job order cost accounting, which account is debited in recording a raw materials requisition? (a) Raw Materials Inventory, {b) Raw Materials Purchases, (c) Goods in Process Inventory if for a job,
What are four sources of information for recording costs in the Factory Overhead account?
Why does job order cost accounting require a predetermined overhead rate?
What events result in a debit to Factory Payroll? What events result in a credit?
In a job order cost accounting system, why does the Factory Overhead account usually have an overapplied or underapplied balance at period-end?
When the Factory Overhead account has a debit balance at period-end, does this reflect overapplied or underapplied overhead?
The following information reflects Walczak Company’s job order production activities for May.Walczak’s predetermined overhead rate is 150% of direct labor cost. Costs are allocated to the three
Describe important features of job order production
Explain job cost sheets and how they are used in job order cost accounting
Describe and record the flow of materials costs in job order cost accounting.
Describe and record the flow of labor costs in job order cost accounting
Describe and record the flow of overhead costs in job or¬ der cost accounting
A company’s predetermined overhead allocation rate is 150% of its direct labor costs. How much overhead is applied to a job that requires total direct labor costs of $30,000?a. $15,000b. $30,000c.
A company’s cost accounting system uses direct labor costs to apply overhead to goods in process and finished goods invento¬ ries. Its production costs for the period are: direct materials,
A company’s ending inventory of finished goods has a total cost of $10,000 and consists of 500 units. If the overhead applied to these goods is $4,000, and the predetermined overhead rate is 80% of
Acompany’s Goods in Process Inventory T-account follows.The cost of units transferred to Finished Goods inventory isa. $193,000b. $211,800c. $185,000d. $144,600e. $176,200 Goods in Process
At the end of its current year, a company learned that its overhead was underapplied by $1,500 and that this amount is not consid¬ ered material. Based on this information, the company shoulda.
Determine which products are most likely to be manufactured as a job and which as a job lot.1. Hats imprinted with company logo. 4. A 90-foot motor yacht.2. Little League trophies. 5. Wedding dresses
Match the terms below with their definitions. 1. Cost accounting system 2. Target cost 3. General accounting system 4. Job 5. Job order production 6. Job lot a. Production of products in response to
The left column lists the titles of documents and accounts used in job order cost accounting. The right column presents short descriptions of the purposes of the documents. Match each document in the
The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system.Compute the following amounts for the month of
Use information in Exercise 19-7 to prepare journal entries for the following events for the month of May.1. Raw materials purchases for cash. 3. Indirect materials usage.2. Direct materials usage.
Use information in Exercise 19-7 to prepare journal entries for the following events for the month of May.1. Factory payroll costs in cash. 3. Indirect labor usage.2. Direct labor usage.
In December 2012, Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $1,680,000, and direct labor
In December 2012, Cardozo Company established its predetermined overhead rate for jobs produced during year 2013 by using the following cost predictions: overhead costs, $750,000, and direct labor
Widmer Watercraft’s predetermined overhead rate for year 2013 is 200% of direct labor. Information on the company’s production activities during May 2013 follotvs.a. Purchased raw materials on
In December 2012, Yerbury Company’s manager estimated next year’s total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $25 per hour. The
Sager Company manufactures variations of its product, a technopress, in response to custom orders from its customers. On May 1, the company had no inventories of goods in process or finished goods
Swisher Company’s computer system generated the following trial balance on December 31, 2013. The company’s manager knows that the trial balance is wrong because it does not show any balance for
Prescott Company’s predetermined overhead rate is 200% of direct labor. Information on the company’s production activities during September 2013 follows.a. Purchased raw materials on credit,
In December 2012, Pavelka Company’s manager estimated next year’s total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The
King Company produces variations of its product, a megatron, in response to custom orders from its cus¬ tomers. On June 1, the company had no inventories of goods in process or finished goods but
Polaris’ financial statements and notes in Appendix A provide evidence of growth potential in its sales.Required 1. Identify at least two types of costs that will predictably increase as a percent
Which of the following statements is typically true? (a) Variable cost per unit increases as volume increases, {b) fixed cost per unit decreases as volume increases, or (c) a curvilinear cost
Describe the behavior of a fixed cost.
If cost per unit of activity remains constant (fixed), why is it called a variable cost?
Which of the following methods is likely to yield the most precise estimated line of cost behavior? (a) High-low, (b) least-squares regression, or (c) scatter diagram.
What is the primary weakness of the high-low method?
Using conventional CVP analysis, a mixed cost should be (a) disregarded, [b) treated as a fixed cost, or (c) separated into fixed and variable components.
Fixed cost divided by the contribution margin ratio yields the (a) break-even point in dollars, ib) contribution margin per unit, or (c) break-even point in units.
A company sells a product for $90 per unit with variable costs of $54 per unit. What is the contribution margin ratio?
Refer to Quick Check (8). If fixed costs for the period are $90,000, what is the break-even point in dollars?
What is a company's margin of safety?
What three basic assumptions are used in CVP analysis?
A company has fixed costs of $50,000 and a 25% contribution margin ratio. What dollar sales are necessary to achieve an after-tax net income of $120,000 if the tax rate is 20%?(a) $800,000, (b)
If a company's contribution margin ratio decreases from 50% to 25%, what can be said about the unit sales needed to achieve the same target income level?
The sales mix of a company's two products, X and Y, is 2:1. Unit variable costs for both products are $2, and unit sales prices are $5 for X and $4 forY. What is the contribution margin per composite
What additional assumption about sales mix must be made in doing a conventional CVP analysis for a company that produces and sells more than one product?
Sport Caps Co. manufactures and sells caps for different sporting events. The fixed costs of operating the company are $150,000 per month, and the variable costs for caps are $5 per unit. The caps
Describe different types of cost behavior in relation to pro¬ duction and sales volume
Describe several applications of cost-volume-profit analysis
Compute the contribution margin and describe what it reveals about a company’s cost structure
Analyze changes in sales using the degree of operating leverage
Using information from question 1, what is the company’s contribution margin ratio?a. 662/3%b. 100%c. 50%d. 0%e. 331/3%
Using information from question 1, what is the company’s break-even point in units?a. 500 unitsb. 750 unitsc. 1,500 unitsd. 3,000 unitse. 1,000 units
A company’s forecasted sales are $300,000 and its sales at break-even are $180,000. Its margin of safety in dollars isa. $180,000.b. $120,000.c. $480,000.d. $60,000.e. $300,000.
A product sells for $400 per unit and its variable costs per unit are $260. The company’s fixed costs are $840,000. If the com¬ pany desires $70,000 pretax income, what is the required dol¬ lar
How is cost-volume-profit analysis useful?
Arctic Cat produces snowmobiles for sale.Identify some of the variable and fixed product costs associated with that production.[Hint: Limit costs to product costs.]
Determine whether each of the following is best described as a fixed, variable, or mixed cost with respect to product units.1. Rubber used to manufacture athletic shoes.2. Maintenance of factory
Refer to the information from QS 21-6. How will the break-even point in units change in response to each of the following independent changes in selling price per unit, variable cost per unit, or
Refer to QS 21-6. Determine the (1) contribution margin ratio and (2) break-even point in dollars.
Refer to QS 21-6. Assume that SBD Phone Co. is subject to a 30% income tax rate. Compute the units of product that must be sold to earn after-tax income of $140,000. (Round to the nearest whole unit.)
Which one of the following is an assumption that underlies cost-volume-profit analysis?1. The selling price per unit must change in proportion to the number of units sold.2. All costs have
A recent income statement for Volkswagen reports the following (in € millions). Assume 75 percent of the cost of sales and 75 percent of the selling and administrative costs are variable costs, and
The left column lists several cost classifications. The right column presents short definitions of those costs. In the blank space beside each of the numbers in the right column, write the letter of
Refer to the information in Exercise 21-10. Prepare a CVP chart for the company.
Refer to Exercise 21-10. (1) Prepare a contribution margin income statement for Blanchard Company showing sales, variable costs, and fixed costs at the break-even point. (2) If the company’s fixed
Blanchard Company management (in Exercise 21-10) targets an annual after-tax income of $810,000. The company is subject to a 20% income tax rate. Assume that fixed costs remain at $562,500. Compute

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