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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

=+1 What version of backflush costing would you recommend that Charles Cheng adopt? Remember Brian Richardson’s desire to simplify the accounting as much as possible. Develop support for your
=+‘Charles’, Richardson began, ‘I would like to substantially simplify our accounting in the new JIT environment. Can’t we just record one journal entry at the time we ship products to our
=+17-34 KKK Backflushing OBJECTIVE 6 The following conversation occurred between Brian Richardson, plant manager at Glendale Engineering, and Charles Cheng, plant controller. Glendale Engineering
=+2 Calculate operating profit for the cost objects identified in requirement 1 using lean accounting principles. Why does operating profit differ from the operating profit calculated using
=+FSD has determined that each of the two product lines represents a distinct value stream. It has also determined that $100000 of the allocated plant-level overhead costs represents occupancy costs.
=+17-33 KK Lean accounting OBJECTIVE 8 Flexible Security Devices (FSD) has introduced a JIT production process and is considering the adoption of lean accounting principles to support its new
=+17-32 KK Backflush, two trigger points, completion of production and sale (continuation of 17-31)OBJECTIVE 6 Assume the same facts as in Problem 17-31 except now there are only two trigger points:
=+2 Post the entries in requirement 1 to ledger accounts for Inventory: Materials and in-process control, Finished goods control, Conversion costs control, Conversion costs allocated and Cost of
=+17-31 KK Backflush costing and JIT production OBJECTIVE 6 Radon Ltd manufactures electrical meters. For March, there were no beginning inventories of work in process. Radon uses a JIT production
=+2 What factors other than cost should Cow Spot consider?
=+1 What is the relevant cost of purchasing from Maji and Induk?
=+17-30 KK Supply chain effects on total relevant inventory cost OBJECTIVE 4 Cow Spot Computers outsources the production of motherboards for its computers. It has narrowed down its choice of
=+2 Identify and explain other factors that Marjack Ltd should consider before deciding whether to adopt JIT purchasing.Chapter 17: Inventory management, just-in-time and simplified costing methods
=+◗ Two warehouses currently used for steel bar storage would no longer be needed. Marjack rents one warehouse from another company under a cancellable leasing arrangement at an annual cost of
=+◗ Without scheduling any overtime, lost sales due to stockouts would increase by 25000 units per year. However, by incurring overtime premiums of $35000 per year, the increase in lost sales could
=+17-29 KKK JIT purchasing, relevant benefits, relevant costs (CMA, adapted) OBJECTIVE 5 Marjack Ltd is an automotive supplier that uses automatic turning machines to manufacture precision parts from
=+4 What will the inconsistency between the actual carrying cost and the benchmark used to evaluate managers cost the company?Why do you think the company currently excludes the opportunity costs
=+3 Assume that the benchmark that is used to evaluate distribution centre managers includes only the out-of-pocket costs incurred(i.e. managers’ evaluations do not include the opportunity cost of
=+2 Calculate the number of orders per year and the annual relevant total cost of ordering and holding inventory.
=+17-28 KKK Effect of management evaluation criteria on EOQ model OBJECTIVE 5 Netlets is an online company that retails netbooks and tablets to individual consumers. The annual demand for one model
=+4 Compare the models analysed in the previous parts of the problem. What are the advantages and disadvantages of each?
=+3 DiamondSoft is also considering switching from an MRP system to a JIT system. This will result in producing to demand in batch sizes of 2450 earbuds. The frequency of production batches will
=+2 A new manager at DiamondSoft has suggested that the company use the EOQ model to determine the optimal batch size to produce. (To use the EOQ model, DiamondSoft needs to treat the set-up cost in
=+17-27 KK MRP, EOQ, JIT OBJECTIVE 5 DiamondSoft Ltd produces a number of different electronic devices including earbuds, music players and earbuds combined in a device that fits directly into the
=+4 What are the total relevant ordering and carrying costs with safety stock and without safety stock?
=+3 Although the Brisbane’s average monthly demand is 2200 hats (26400 ÷ 12 months), demand each month may vary from the average by up to 30%. To handle the variation in demand, Stentson has
=+2 Assume each month consists of approximately four weeks. If it takes one week to receive an order, at what point should the Brisbane warehouse reorder hats?
=+17-26 KKK EOQ, uncertainty, safety stock, reorder point OBJECTIVE 2 Stentson Ltd produces and sells hats. After production, the hats are distributed to 20 warehouses around the country. Each
=+3 Lee Brunt estimates that Kanga Loo will incur a cost of $5300 to train its two purchasing assistants to use the new Sir Walter ordering system. Help Lee present a case to upper management showing
=+2 Sir Walter Ltd is about to introduce an internet-based ordering system for its customers. Lee Brundt estimates that Kanga Loo’s ordering costs will be reduced to $35.50 per purchase order.
=+17-25 KKK Effect of different order quantities on ordering costs and carrying costs, EOQ OBJECTIVE 2 Kanga Loo, a retailer of bed and bath linen, sells 234000 packages of Sir Walter designer sheets
=+2 Post the entries in requirement 1 to ledger accounts for Finished goods control, Conversion costs control, Conversion costs allocated and Cost of goods sold.
=+17-24 KK Backflush costing, two trigger points, completion of production and sale(continuation of 17-23) OBJECTIVE 6 Assume the same facts as in Exercise 17-23, except now Verigon uses only two
=+2 Post the entries in requirement 1 to ledger accounts for applicable Inventory: Materials and in-process control, Finished goods control, Conversion costs control, Conversion costs allocated and
=+Verigon records direct materials purchased and conversion costs incurred at actual costs. When finished goods are sold, the backflush costing system ‘pulls through’ standard direct materials
=+17-23 KK Backflush costing and JIT production OBJECTIVE 6 Verigon Ltd assembles mobile phones that have scaled-down capabilities of laptop computers. Each mobile phone takes six hours to assemble.
=+3 Suppose Harris Hardware implements JIT production at its Borallon plant. Give examples of performance measures Harris Hardware could use to evaluate and control JIT production. What would be the
=+1 Calculate the net benefit or cost to Harris Hardware if it adopts JIT production at the Borallon plant.2 What non-financial and qualitative factors should Harris Hardware consider when making the
=+17-22 KK JIT production, relevant benefits, relevant costs OBJECTIVES 4, 5 Harris Hardware Ltd manufactures security screens at its Borallon plant. Harris Hardware is considering implementing a JIT
=+3 What factors other than short-term profits should RR consider when assessing the benefits from employee cross-training?
=+2 What is the most RR would be willing to pay to increase the percentage of cross-trained employees if it is only interested in maximising operating profit in the coming year?
=+1 Assume that budgeted revenues in the coming year are $4500000. Ignoring the costs of training, what is the expected increase in operating profit in the coming year if the number of cross-trained
=+17-21 K Inventory management and the balanced scorecard OBJECTIVE 4 Rexburg Racers (RR) has implemented a balanced scorecard to measure and support its just-in-time (JIT) production system. In the
=+3 Assume that the ordering costs are $350 per order and the carrying costs are $40 per annum. What will be the total carrying costs and total ordering costs for order sizes of: 300, 350, 400, 450,
=+2 How does your answer to requirement 1 give insight into the impact on EOQ of changes in relevant ordering and carrying costs?(Graph the results of your calculation with EOQ as the vertical axis,
=+17-20 KK Sensitivity of EOQ to changes in relevant ordering and carrying costs (Spreadsheet)OBJECTIVE 2 Gration Ltd’s annual demand for model PP5 is 18500 units. Gration Ltd is unsure about the
=+4 Assume that demand is uniform throughout the year and known with certainty so that there is no need for safety stocks.The purchase order lead time is one week. Calculate Landsborough Lawns’s
=+3 Calculate Landsborough Lawns’s annual relevant carrying costs for the EOQ calculated in requirement 1.
=+2 Calculate Landsborough Lawns’s annual relevant ordering costs for the EOQ calculated in requirement 1.
=+17-19 KK EOQ for manufacturer OBJECTIVE 2 Landsborough Lawns Ltd, which produces lawn mowers, purchases 27500 units of a rotor blade part each year at a cost of $35 per unit. Landsborough Lawns
=+3 Calculate the reorder point for denim cloth.
=+17-18 K EOQ for a retailer OBJECTIVE 2 Peters of Persia (PoP) sells fabrics to a wide range of industrial and consumer users. One of the products it carries is denim cloth, used in the manufacture
=+2 Suppose AT proposes to ‘assist’ RR. AT will allow RR customers to order directly from the AT website. AT would ship directly to these customers. AT would pay $10 to RR for every Bears’
=+17-17 KK Economic order quantity, effect of parameter changes (continuation of 17-16)OBJECTIVE 2 Athletic Textiles (AT) manufactures the Bears’ jerseys that Red Revival (RR) sells to its
=+3 Calculate the reorder point.M17_HORN3377_02_LT_C17.indd 683 2/09/13 4:00 PM
=+2 Calculate the number of orders that will be placed each year.
=+17-16 K Economic order quantity for retailer OBJECTIVE 2 Red Revival (RR) operates a megastore featuring sports merchandise. It uses an EOQ decision model to make inventory decisions.It is now
=+17-15 Discuss the differences between lean accounting and traditional cost accounting.
=+17-14 Describe two different versions of backflush costing.
=+17-13 Distinguish inventory-costing systems using sequential tracking from those using backflush costing.
=+17-12 What are the main features of JIT production?
=+17-11 What is supply chain analysis, and how can socially responsible supply chain management benefit manufacturers and retailers?
=+17-10 ‘You should always choose the supplier who offers the lowest price per unit.’ Do you agree? Explain.
=+17-9 What are three factors causing reductions in the cost to place purchase orders for materials?
=+17-8 Describe JIT purchasing and its benefits.
=+17-7 Why might goal congruence issues arise when an EOQ model is used to guide decisions on how much to order?
=+17-6 What are the steps in calculating the cost of a prediction error when using the EOQ decision model?
=+17-5 Give three examples of opportunity costs that typically are not recorded in accounting systems, although they are relevant when using the EOQ model.
=+17-4 Give examples of costs included in annual carrying costs of inventory when using the EOQ decision model.
=+17-3 What assumptions are made when using the simplest version of the economic-order-quantity (EOQ) decision model?
=+17-2 Name six cost categories that are important in managing goods for sale in a retail company.
=+17-1 Why do better decisions regarding the purchasing and managing of goods for sale frequently cause dramatic percentage increases in net income?
=+2 Under an ideal JIT production system, how would the amounts in your journal entries differ from the journal entries in requirement 1?
=+Littlefield Ltd uses a backflush costing system with three trigger points:◗ purchase of direct materials◗ completion of good finished units of product◗ sale of finished goods.There are no
=+4 What if the monthly carrying cost is actually $1.85. What is the cost of this prediction error?
=+3 Confirm the EOQ by calculating the total ordering and holding costs.
=+2 Calculate the number of deliveries of PKT in March 2015.
=+Tan Ltd has a Singapore plant that manufactures electronic devices. One component is the PKT chip.Expected demand is for 5270 of these chips in March 2015. Tan Ltd estimates the ordering cost per
=+How is lean accounting different from traditional costing methods?
=+How does backflush costing simplify inventory costing?
=+What is backflush costing?
=+What is a supply chain and what is the benefit of supply chain analysis?
=+How can JIT be justified based on the EOQ model?
=+How do managers use the economic-order-quantity (EOQ) decision model?
=+8 Explain the principles of lean accounting
=+7 Describe different ways backflush costing can simplify traditional inventory costing systems
=+6 Prepare journal entries using backflush costing
=+5 Distinguish materials requirements planning (MRP) systems from just-in-time (JIT) systems for manufacturing
=+4 Explain how supply chain analysis and JIT can be used to coordinate activities, achieve synergies and reduce inventories
=+3 Discuss the rationales underlying JIT systems
=+2 Balance ordering costs with carrying costs using the economic-order-quantity (EOQ) decision model
=+1 Identify the costs associated with purchasing and holding goods for sale
=+14-47 KK Environmental management accounting (continuation of 14-46) OBJECTIVE 9 Prepare a memo addressed to Swe Ang Fung outlining the benefits that she can expect to achieve from environmental
=+Identifying how costs differ between two options is an important first step. After this economic analysis is complete, the social and environmental impacts can then be considered and a decision
=+14-48 KK Calculating environmental impact OBJECTIVE 9 Winchel Ltd provides an interstate moving service. Each year Winchel moves approximately 5000 families. The average move requires 25 cardboard
=+Greg Lambert, the CEO, is considering changing from the use of cardboard boxes to plastic crates. This would involve an initial purchase of 3000 plastic crates at a cost of $15.75 each. Plastic
=+◗ Fines. The government conducts surprise visits of the production facilities and tests the level of toxic chemical that is in the emissions. Fines are imposed if emissions exceed the allowable
=+2 Calculate the savings in carbon dioxide emissions and trees from swapping to plastic crates.
=+3 Discuss the other potential benefits of moving to plastic crates, and how they might be incorporated into Greg’s decision about whether to change to plastic crates.
=+14-49 KKK Measuring social and environmental performance OBJECTIVE 4 Jamie Manon is the management accountatnt for LIFT, a not-for-profit organisation that helps place intellectually disabled

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