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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Flexible budget (continuation of 7-31 and 7-32). Suppose the static budget was for 24,000 units of output. The general manager is thrilled about the following report:Actual Static Results Budget
Flexible budget preparation, service sector. Meridian Finance helps prospective homeowners of substantial means to find low-cost financing and assists existing homeowners in refinancing their current
Professional labour efficiency and effectiveness (continuation of 7-34). Meridian Finance is analyzing the efficiency and effectiveness of its professional labour staff.Required 1. Compute
Direct-materials variances, long-term agreement with supplier. Yamazaki Mazak manufactures large-scale machining systems that are sold to other industrial companies.Each machining system has a
Flexible and static budgets, service company. Avanti Transportation Company executives have had trouble interpreting operating performance for several years. The company has used a budget based on
Direct materials and manufacturing labour variances, solving unknowns. (CPA, adapted)On May 1, 2007, the Bovar Company began the manufacture of a new Internet paging device known as Dandy. The
Activity-based costing variance analysis. Toymaster, Inc., produces a special kind of plastic toy car, TGC, for various manufacturers. Toymaster produces TGC in batches.After each batch of TGC is
Activity-based costs, variance analysis. King Taste is a manufacturer of fruit cakes. One of its plants produces five different cake products. Each cake product differs in terms ofmaterial inputs
Benchmarking, hospital cost comparisons. Julie Leung is the newly appointed president of Provincial University. Provincial University Hospital (PUH) is a major problem for her, because it is running
Comprehensive variance analysis. (CMA, adapted) Aunt Molly’s Old Fashioned Cookies bakes cookies for a chain of U.K. retail stores. The company’s best-selling cookie is chocolate nut supreme,
Comprehensive variance analysis responsibility issues. (CMA, adapted) Horizons Unlimited manufactures a full line of well-known sunglass frames and lenses. Horizons uses a standard cost system to set
Continuous improvement (continuation of 7-43). Horizons receives a suggestion that continuous improvement standard costs be used and updated monthly. Consider monthly revisions in 2007 for the three
Variance analysis, solve for unknowns. Homerun Headgear manufactures and flexible budgets distributes baseball caps to ballparks and other sports venues. Homerun s budget for VARIANCES, AND 2007
Comprehensive variance analysis review. FlexMem, Inc., manufactures 120 Mb diskettes that are compatible with a popular portable storage device. FlexMem sells diskettes wholesale to computer retail
Price and efficiency variances, problems in standard-setting, benchmarking. NorthWest Fashions manufactures shirts for retail chains. Jorge Rivera, the controller, is becoming increasingly
Distinguish four purposes for allocating costs to cost objects
Describe alternative criteria used to guide decisions related to cost allocations
Distinguish how the single-rate cost-allocation method differs from the dual-rate method
Understand how the choice of budgeted versus actual allocation rates changes the risks managers face
Make decisions that draw on the allocation of common costs using either the stand-alone or incremental methods
Explain the importance of explicit agreement between parties when reimbursement is based on costs incurred
Identify six reasons why Canadian executives allocate costs to divisions and departments.
How do cost-benefit considerations affect choices by a company about the allocation of indirect costs to products, sendees, or customers?
Why might a manager prefer that budgeted rather than actual indirect cost-allocation rates be used for costs being allocated to her department from another department?
“To ensure unbiased cost allocations, fixed indirect costs should be allocated on the basis of estimated long-run use by user department managers.” Do you agree? Why?
Distinguish among the three methods of allocating the costs of sendee departments to production departments.
What is the theoretically most defensible method for allocating service department costs?
What is one key way to reduce cost-allocation disputes arising with government contracts?EXERCISES
Cost allocation in hospitals, alternative allocation criteria. Dave Meltzer went to Lake Tahoe for his annual winter vacation. Unfortunately, he broke his ankle severely while skiing and had to spend
Single-rate versus dual-rate cost allocation methods. (W. Crum, adapted) The Ontario Company has a power plant designed and built to serve its three factories. Data for 2007 are as follows:Usage in
Single-rate versus dual-rate allocation methods, support department. The power plant that services all manufacturing departments ofWest Engineering has a budget for the coming year. This budget has
Cost allocation to divisions. Rembrandt Hotel and Casino is situated in Ontario. The com¬plex includes a 300-room hotel, a casino, and a restaurant. As Rembrandt’s new controller, you are asked to
Single-rate cost allocation method, budgeted versus actual costs and quantities. Fruit uice, Inc., processes orange juice at its East Miami plant and grapefruit juice at its West Miami plant. It
Dual-rate cost allocation method, budgeted versus actual costs and quantities (contin¬uation of 14-19). FruitJuice, Inc., decides to examine the effect of using a dual-rate method for allocating
Direct and step-down allocation, e-books is an online book retailer. The company has four departments. The two revenue-producing departments are corporate sales and consumer sales. The two support
Reciprocal cost allocation (continuation of 14-21). Consider e-books again. The con¬troller reads a widely used text that states that “the reciprocal method is conceptually the most defensible.”
Contracting, cost allocations. Sprout Consulting has been working with Gemini Widgets to improve the widget production process. In the year ended December 31, 2006, Gemini produced and sold 450,000
Allocation of common costs. Sam, Sari, and Tony are members of die Toronto Fire Department. They share a penthouse apartment that has a lounge room with the latest 50 TV.Tony owns the apartment, its
Allocation of travel costs. Joan Ernst, a graduating student at a university in Vancouver, received an invitation to visit a prospective employer in Halifax. A few days later, she received an
Support department cost allocation; direct and step-down methods. Phoenix Consulting provides outsourcing services and advice to both government and corporate clients. For costing purposes, Phoenix
The actual level ofsupport relationships among the four departments for the first quarter of 2007 was Used by Supplied by A/HR IS GOVT CORP A/HR — 25% 40% 35%IS 10% — 30% 60%The
Support department cost allocation, reciprocal method (continuation of 14-26). Assume the same facts as in Exercise 14-26.Required 1. Allocate the two support department costs to the two operating
Support department cost allocation. (CMA) Computer Information Services is a computer software consulting company. Its three major functional areas are computer programming, information systems
Allocating costs ofsupport departments; dual rates; direct, step-down, and reciprocal methods. Magnum T.A., Inc., specializes in the assembly and installation of high-quality security systems for the
(p. 576).2. Compare the support department costs allocated to each Home Security Systems unit assembled and each Business Security Systems unit assembled under (a), (b), (c), and (d) in requirement
Support department cost allocations; single-department cost pools; direct, step-down, and reciprocal methods. The Manes Company has two products. Product 1 is manufactured entirely in Department X.
Allocating costs of support departments; step-down and direct methods. The Central Valley Company has prepared departmental overhead budgets for normal volume levels before allocations, as
Cost allocation and motivation. Environ Petroleum Company is engaged in all phases of exploring, refining, and marketing of oil and petrochemical products. To ensure full compli¬ance with all
Cost allocation to divisions. Lenzig Corporation has three divisions: Fibres, Paper, and Pulp. As Lenzig’s new controller, you are reviewing the basis to be used for allocating fixed overhead costs
Cost allocation downward demand spiral. Diversified Inc. is an industrial conglomerate operating in Western Canada. The conglomerate runs 14 companies in a diverse range of busi¬nesses from its
Allocation of central corporate costs to divisions. Dusty Rhodes, the corporate controller of the Richfield Oil Company, is about to make a presentation to the senior corporate execu¬tives and the
Division managers’ reactions to the allocation of central corporate costs to divisions(continuation of 14-35). Dusty Rhodes presents his proposal for the use offour separate cost pools to allocate
Cost allocation, monthly reports (CMA, revised). Bulldog Inc. is a large manufacturing company that runs its own electrical power plant from the excess steam produced in its man¬ufacturing process.
Common costs.Jason Miller and Eric Jackson would like to lease an office building to open their separate law offices. The building has a total of 1,700 square metres of office space.Miller and
Allocation ofcentral corporate costs to divisions. Legarde has four geographically dispersed divisions:Book Publishing Broadcasting Print Media Multimedia Under the current allocation system, costs
Division cost allocation, R&D, ethics. World Semiconductor (WS) has eight divisions. It has a central R&D group in Waterloo that conducts contract research for each ofthese eight divisions.At the
Provide several reasons for allocating joint costs to individual products
Allocate joint costs using several different methods
Identify the criterion used to support market-based joint cost allocation methods
Explain the irrelevance of joint costs in deciding to sell or further process
Account for byproducts using two different methods
Give two examples of industries in which joint costs are found. For each example, what are the individual products at or beyond the splitoff point?
Why might the number of products in a joint cost setting differ from the number of outputs?Give an example.
Describe a situation where the sales value at splitoffmethod cannot be used but the estimated NRV method can be used for joint cost allocation.
Joint cost allocation, insurance settlement. Chicken Little raises and processes chickens.Each chicken is disassembled into five main parts. Information pertaining to production in July 2007 is as
Joint products and byproducts (continuation of 15-16). Chicken Litde is computing the ending inventory values for itsJuly 31, 2007, balance sheet. Ending inventory amounts on July 31 are 15 kilograms
Net realizable value cost allocation method, further process decision. (W. Crum)The Tuscania Company crushes and refines mineral ore into three products in a joint cost operation. Costs and
/Process further or sell, joint cost allocation. (R. Capettini) Henley Company produces three/joint products, A, B, and C, from a single joint process with a fixed cost of $6,000 and a variable/ cost
Joint cost allocation, process further. The Sinclair Refining Company (SRC) is a 100%-owned subsidiary ofSinclair Oil & Gas. SRC operates a refinery that processes hydrocarbons sold to it by the
Joint cost allocation, physical measures method (continuation of 15-21). Assume that$RC is not able to sell its gas output. The refinery is located in a remote area and a terrorist group has just
Altemative methods ofjoint cost allocation, ending inventories. The Dari Company operates a simple chemical process to reduce a single material into three separate items, here referred to as X, Y,
(Process further or sell, byproduct. (CMA adapted) Newcastle Mining Company (NMC)I produces and sells bulk raw coal to other coal companies and exporters. NMC mines and stockpiles the coal; it is
Accounting for a main product and a byproduct. (Cheatham and Green, adapted) Bill Dundee is the owner and operator of Western Bottling, a bulk soft drink producer. A single production process yields
Joint costs and byproducts. (W. Crum) The Caldwell Company processes an ore in/Department 1, out ofwhich come three products, L, W, and X. Product L is processed further—through Department 2.
Comparison of alternative joint cost allocation methods, further process decision, chocolate products. Roundtree Chocolates manufactures and distributes chocolate prod¬ucts. It purchases cocoa beans
Joint cost allocation, process further or sell. (CMA, adapted) fionimad fiawmill Inc. (SSI)purchases logs from independent timber contractors and processes the logs into three types oflumber
Alternative methods of joint cost allocation, product-mix decision. Pacific Lumber processes lumber products for sale to lumber wholesalers. Its most popular line is oak prod¬ucts. Oak tree growers
Alternative methods ofjoint cost allocation, product-mix decisions. The Sunshine Oil Company buys crude vegetable oil. Refining this oil results in four products at the splitoff point: A, B, C, and
Alternative joint-cost-allocation methods, further-process decision. The Wood Spirits Company produces two products, turpentine and methanol (wood alcohol), by a joint process. Joint costs amount to
Joint-costs allocation, relevant costs. (R. Capettini, adapted) Consider the following scenario. Each day a butcher buys a 200-pound pig for $360. The pig can be processed to yield the following
Estimated net realizable value method, byproducts. (CMA, adapted) The Princess Corporation grows, processes, packages, and sells three joint apple products: (a) sliced apples that are used in frozen
Joint product/byproduct distinctions, ethics (continuation of 15-34). The Princess Corporation classifies animal feed as a byproduct. The byproduct is inventoried at its selling price when produced;
Byproduct, disposal costs, ethics. Enrique Chemicals, Inc., is a multinational company.One of its subsidiaries is located in a small East European country. The country has only a few environmental
Joint cost allocation, process further or sell byproducts. (CMA) The Goodson Pharmaceutical Company manufactures three joint products from a joint process:Altox, Lorex, and Hycol. Data regarding
Explain the similarities and differences in planning both variable overhead costs and fixed overhead costs
Identify and understand the features of a standard¬costing system
Contrast static (Level 1) and flexible budget(Level 2) approaches when analyzing overhead variable cost variance
Calculate, analyze, and explain the sources of flexible budget variance (Level 3), which consist of the variable overhead efficiency variance and the variable overhead spending variance
Calculate the budgeted fixed overhead rate and fixed overhead cost variance; explain the source of variance
Explain why the production-volume variance may not be a good measure of the economic cost of unused capacity
Explain how variance analysis can provide an integrated overview of overhead-cost variances
Illustrate how the flexible-budget variance approach can be used in activity-based costing
How does a standard-costing system differ from an actual-costing system?
The spending variance for variable manufacturing overhead is affected by several factors. Explain.
WTat are the steps in developing a budgeted fixed overhead rate?
Describe one caveat that will affect whether a production-volume variance is a good measure ofthe economic cost of unused capacity.
Why is there no efficiency variance for fixed manufacturing overhead costs?
How can the Levels 1 to 3 variance analysis approach be used in control of costs in activity areas?EXERCISES
Variable manufacturing overhead, variance analysis. Esquire Clothing is a manufacturer of designer suits. The cost of each suitis the sum ofthree variable costs (direct materials costs, direct
Fixed manufacturing overhead, variance analysis (continuation of 8-16). Esquire Clothing allocates fixed manufacturing overhead to each suit using budgeted direct manufacturing labour-hours per suit.

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