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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

=+2-45 KK Variable costing versus absorption costing OBJECTIVE 6 The Reke Company sells its razors at $3 per unit. The company uses a first-in, first-out actual costing system, where fixed
=+5 Critics have claimed that a widely used accounting system has led to undesirable build-ups of inventory levels. (a) Is variable costing or absorption costing more likely to lead to such
=+4 Graph how fixed manufacturing overhead is accounted for under absorption costing. That is, there will be two lines: one for the budgeted fixed manufacturing overhead (which is equal to the actual
=+3 Explain the difference in operating profit as calculated in requirements 1 and 2.
=+2 The president has heard about variable costing. She asks you to recast the 2014 statement as it would appear under variable costing.
=+2-44 KKK Variable costing versus absorption costing OBJECTIVE 6 Mavis Ltd uses an absorption costing system based on standard costs. Total variable manufacturing cost, including direct materials
=+3 Calculate selling price in 2015.4 Calculate operating profit for 2015.
=+2 Calculate finished goods inventory, total units, 31 December 2015.
=+Marketing, distribution and customer service costs 48 000 F Administrative costs 56 000 F Variable manufacturing costs are variable with respect to units produced. Variable marketing, distribution
=+2-43 KKK Comprehensive problem on unit costs, product costs OBJECTIVES 4, 5 Eco Office Equipment manufactures and sells metal shelving. It began operations on 1 January 2015. Costs incurred for
=+3 Direct materials inventory, 31/3/2014 72 Chapter 2: An introduction to costs terms and inventory costing M02_HORN3377_02_LT_C02.indd 72 2/09/13 3:17 PM
=+2-42 KKK Missing records, calculating inventory costs OBJECTIVE 5 Steve Williams recently took over as the management accountant of Johnson Brothers Manufacturing. Last month, the previous
=+6 Assume that depreciation on the equipment (but not the plant) is calculated based on the number of units produced because the equipment deteriorates with units produced. The depreciation rate on
=+5 Assume that the implied cost behaviour patterns in requirement 4 persist. That is, direct materials costs behave as a variable cost and depreciation on plant and equipment behaves as a fixed
=+4 Suppose that both the direct materials used and the depreciation on plant and equipment are related to the manufacture of two million units of product. Determine the unit cost for the direct
=+3 Design costs and R&D costs are not considered product costs for financial statement purposes. When might some of these costs be regarded as product costs? Give an example.
=+2-41 K Terminology, interpretation of statements (continuation of 2-40) OBJECTIVE 5 1 Calculate total prime costs and total conversion costs.2 Calculate total inventoriable costs and period costs.
=+2-40 KK Income statement and schedule of cost of goods manufactured OBJECTIVE 5 The following items (in millions) pertain to Chan Ltd:For specific date For year 2015 Work-in-process inventory, 1
=+6 As a management accountant, explain concisely to the chief executive officer why the unit costs differed in requirements 4 and 5.Chapter 2: An introduction to costs terms and inventory costing 71
=+5 Assume that the implied cost behaviour patterns in requirement 4 persist. That is, direct materials costs behave as a variable cost, and plant and equipment depreciation behaves as a fixed cost.
=+4 Suppose that both the direct materials used and the plant and equipment depreciation are related to the manufacture of one million units of product. What is the unit cost for the direct materials
=+3 Plant supervisory salaries are usually regarded as manufacturing overhead costs. When might some of these costs be regarded as direct manufacturing costs? Give an example.
=+2-39 K Interpretation of statements (continuation of 2-38) OBJECTIVE 5 Required 1 How would the answer to problem 2-38 be modified if you were asked for a schedule of cost of goods manufactured and
=+2-38 KK Income statement and schedule of cost of goods manufactured OBJECTIVE 5 Hancock Ltd has the following account balances (in millions):For specific date For year 2013 Direct materials
=+2 Revenues for 2014 were $300 million. Prepare the income statement for 2014.
=+2-37 KKK Cost of goods manufactured OBJECTIVE 5 Consider the following account balances (in thousands) for Canseco Ltd:1 23 45 67 89 10 11 12 13 A B C Canseco Ltd 1 January 31 December 2014 2014
=+M02_HORN3377_02_LT_C02.indd 70 2/09/13 3:17 PM
=+2 Prepare the income statement for 2013.70 Chapter 2: An introduction to costs terms and inventory costing
=+2-36 KK Calculating cost of goods purchased, cost of goods sold and income statement OBJECTIVE 5 The following data are for Rose Retail Outlet Store. The account balances (in thousands) are for
=+6 Finished goods inventory 31/10/2013
=+5 Cost of goods available for sale in October
=+4 Work-in-process inventory 31/10/2013
=+3 Direct manufacturing labour costs for October
=+2 Fixed manufacturing overhead costs for October
=+2-35 KK Flow of inventoriable costs OBJECTIVE 5 Bio Bags’ selected data for October 2013 are presented here (in millions):Direct materials inventory 1/10/2013 $105 Direct materials purchased 365
=+2 Prepare a numerical reconciliation and explanation of the difference between operating profit for each month under variable costing and absorption costing.
=+ Manufacturing cost per unit produced 10 000 $ 10 000 Operating (marketing) cost per unit sold 3 000 3 000 Fixed costs Manufacturing costs $2 000 000 $2 000 000 Operating (marketing) costs 600 000
=+2-34 KK Variable and absorption costing, explaining operating profit differences OBJECTIVE 6 V8 Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April
=+2 Osawa’s 2012 operating profit using variable costing is: (a) $800000, (b) $440000, (c) $200000, (d) $600000, or (e) none of these. Show supporting calculations.
=+2-33 K Absorption and variable costing (CMA adapted) OBJECTIVE 6 Osawa Ltd planned and actually manufactured 200000 units of its single product in 2012, its first year of operation. Variable
=+3 Classify each of the cost items (a–h) as an inventoriable cost or a period cost. Explain your answers.
=+g Mineral water purchased by Google for consumption by its software engineers h Salaries of Google’s marketing personnel selling banner advertising Required 1 Distinguish between manufacturing
=+e Depreciation on Westinghouse’s computer equipment used for quality testing of refrigerator components during the assembly process f Salaries of Kmart’s marketing personnel planning local
=+d Electricity used to provide lighting for Kmart’s store aisles
=+c Depreciation on Google’s computer equipment used to update directories of websites
=+2-32 KK Inventoriable costs versus period costs OBJECTIVE 5 Each of the following cost items pertains to one of these companies: Westinghouse (a manufacturing sector company), Kmart (a retail
=+What does this indicate about the use of unit cost in decision making?
=+3 How would your answer to requirement 2 differ if Graham’s Glassworks made and sold 10000 flanges this period? Why?
=+2 Assume Graham’s Glassworks manufactures and sells 5000 flanges this period. Their competitor, Fred’s Flasks, sells flanges for$10 each. Can Graham’s sell below Fred’s price and still make
=+2-31 KK Total and unit cost, decision making OBJECTIVES 3, 5 Graham’s Glassworks makes glass flanges for scientific use. Materials cost $1 per flange, and the glass blowers are paid a wage rate
=+4 Draw a graph depicting the cost per attendee for different attendance levels. As president of the student association, you want to request a grant to cover some of the party costs. Will you use
=+3 Suppose 500 people attend the party. What will be the total cost to the student association and the cost per attendee?
=+A student association has hired a band and a caterer for a graduation party. The band will charge a fixed fee of $1000 for an evening of music, and the caterer will charge a fixed fee of $600 for
=+2-30 K Total costs and unit costs OBJECTIVES 3, 5
=+2 Give a second example of a cost driver for each function.
=+2-29 K Cost drivers and functions OBJECTIVE 3 The list of representative cost drivers in the right column of this table are randomised with respect to the list of functions in the left column. That
=+2 Use the list of cost drivers above to find one or more reasonable cost drivers for each of the activities in BMP’s value chain.
=+Number of deliveries made to mobile phone companies Engineering hours spent on initial product design Hours spent researching competing market brands Customer-service hours Number of smartphone
=+2-28 K Cost drivers and value chain OBJECTIVES 3, 8 Beyond Mobile Phones (BMP) is developing a new touch screen smartphone to compete in the mobile phone industry. The phones will be sold at
=+3 What will Sweet Candy’s relevant range of output be next year? How, if at all, will total fixed and variable manufacturing costs change next year? Assume that, if it needs to, Sweet Candy could
=+2 What is Sweet Candy’s current annual fixed manufacturing cost within the relevant range? What is the variable manufacturing cost?
=+1 What is Sweet Candy’s current annual relevant range of output?
=+2-27 KK Variable costs, fixed costs, relevant range OBJECTIVE 3 Sweet Candy manufactures rock lollies in a fully automated process. The machine that produces lollies was purchased recently and can
=+A (p. 33), and Figure 2-3 (p. 37). Is the concept of relevant range applicable to your graphs? Explain.3 What is the unit cost per tonne of beach sand mined: (a) if 180 tonnes are mined each day;
=+2 Plot a graph of the variable costs and another graph of the fixed costs of CM. Your graphs should be similar to Figure 2-2, panel
=+Consolidated Minerals (CM) owns the rights to extract minerals from beach sands. CM has costs in three areas:a payment to a mining subcontractor who charges $80 per tonne of beach sand mined and
=+2-26 KK Variable costs and fixed costs OBJECTIVE 3
=+2 Which plan should Leigh choose if she expects to make 100 minutes of long-distance calls? 240 minutes? 540 minutes?
=+Plan A: Pay 10 cents per minute of long-distance calling.Plan B: Pay a fixed monthly fee of $15 for up to 240 long-distance minutes, and 8 cents per minute thereafter (if she uses fewer than 240
=+2-25 KK Variable costs, fixed costs, total costs OBJECTIVE 3 Anna Leigh is getting ready to open a small restaurant. She is on a tight budget and must choose between the following long-distance
=+66 Chapter 2: An introduction to costs terms and inventory costing M02_HORN3377_02_LT_C02.indd 66 2/09/13 3:17 PM
=+(paid on hourly basis)G Annual building insurance policy cost for the whole plant
=+E Electricity costs for the whole plant (single bill covers entire plant)F Wages paid to temporary assembly-line workers hired in periods of high production
=+D Freight costs of dirt bike engines shipped from overseas
=+C Salary of engineer who monitors design changes on the motorised buggies
=+A Cost of tyres used on motorised buggies B Salary of public relations manager for the plant
=+b variable or fixed (V or F) costs with respect to how the total costs of the plant change as the total number of vehicles of each type assembled changes. (If in doubt, select on the basis of
=+2-24 K Classification of costs, manufacturing sector OBJECTIVES 1, 2, 3 A vehicle assembly plant assembles two types of vehicles (dirt bikes and motorised buggies). Separate assembly lines are used
=+E Cost of popcorn provided free to all customers of HEC F Insurance policy for HEC store G Freight-in costs of videos purchased by HEC
=+D Leasing of computer software used for financial budgeting at HEC store
=+C Subscription to Video Trends magazine
=+B Costs of videos purchased for sale to customers
=+A Electricity costs of HEC store (single bill covers entire store)
=+number of videos sold.)You will have two answers (D or I; V or F) for each of the following items:Cost item D or I V or F
=+a direct or indirect (D or I) costs with respect to the total number of videos sold b variable or fixed (V or F) costs with respect to how the total costs of the video section change as the total
=+2-23 K Classification of costs, retail sector OBJECTIVES 1, 2, 3 Home Entertainment Centre (HEC) operates a large store in Sydney. The store has both a video section and a music section. HEC
=+H Fee paid to focus group leader to conduct 20 focus groups per year on new medical products
=+G Fuel costs of Consumer Focus staff for company-owned vehicles (staff members submit monthly bills)
=+E Lease payment by Consumer Focus for corporate office F Cost of tapes used to record comments made by individuals in a focus group session (these tapes are sent to the company whose products are
=+C Telephone calls made by Consumer Focus staff member to confirm individuals will attend a focus group session (records of individual calls are not kept)D Meals provided to participants in each
=+B Annual subscription of Consumer Focus to Consumer Reports magazine
=+A Payment to individuals in each focus group to provide comments on new products
=+Chapter 2: An introduction to costs terms and inventory costing 65 M02_HORN3377_02_LT_C02.indd 65 2/09/13 3:17 PM You will have two answers (D or I; V or F) for each of the following items:Cost
=+b variable or fixed (V or F) costs with respect to how the total costs of Consumer Focus change as the number of focus groups conducted changes. (If in doubt, select on the basis of whether the
=+2-22 K Classification of costs, service sector OBJECTIVES 1, 2, 3 Consumer Focus is a marketing research firm that organises focus groups for consumer product companies. Each focus group has eight
=+2 If the cost object were ‘Mixing Department’ rather than units of production of each kind of bread, which costs above would now be direct instead of indirect costs?
=+2-21 K Direct, indirect, fixed and variable costs OBJECTIVES 1, 2, 3 Best Breads manufactures two types of bread, which are sold as wholesale products to various specialty retail bakeries. Each
=+2 Suppose that, in August 2014, production was 150 million units of Supreme, 190 million units of Deluxe and 220 million units of Regular. Why might the July 2014 information on manufacturing cost
=+Supreme Deluxe Regular Direct materials costs $89 $57 $60 Direct manufacturing labour costs $16 $26 $8 Manufacturing overhead costs $48 $78 $24 Units produced 125 150 140
=+2-20 K Calculating and interpreting manufacturing unit costs OBJECTIVES 1, 2 Green Office Products (GOP) produces three different paper products at its manufacturing plant: Supreme, Deluxe and

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