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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

=+How does knowledge of the value chain assist decisions?
=+How does management accounting assist in sustainability decisions?
=+What information does cost accounting provide?
=+9 Explain how professional ethics impacts on management accountants’ decisions
=+8 Describe how management accounting fits into an organisation’s structure
=+7 Describe three guidelines management accountants follow to support managers
=+6 Explain the five-step decision-making process and its role in management accounting
=+5 Identify the key success factors that customers expect companies to meet
=+4 Describe the set of business functions in the value chain
=+3 Explain the way in which management accountants influence strategic decisions
=+2 Explain the role of management accounting in sustainability decisions
=+1 Explain the way in which cost accounting supports management accounting and financial accounting
=+5 Jorgenson can obtain benchmarking information about the estimated costs of New Fashions’s major competitors from Benchmarking Clearing House (BCH). Discuss the pros and cons of using the BCH
=+4 What actions should Jorgenson take?
=+3 If Jorgenson does nothing about the standard costs, will his behaviour violate any of the CIMA Code of Ethics for Professional Accountants?
=+2 Describe the types of actions the employees at New Fashions may have taken to reduce the accuracy of the standards set by the independent consultant. Why would employees take those actions? Is
=+1 Calculate the price and efficiency variances of New Fashions for direct materials and direct manufacturing labour in June.
=+11-53 KK Price and efficiency variances, problems in standard-setting, benchmarking OBJECTIVES 1, 4, 7 New Fashions manufactures shirts for retail chains. Andy Jorgenson, the management accountant,
=+4 Calculate the total direct materials mix and yield variances. How do these numbers relate to the total direct materials efficiency variance? What do these variances tell you?Collaborative
=+3 For the 3000 dressers, what is the total actual amount of Tasmanian oak and pine used? What is the actual direct materials input mix percentage? What is the budgeted amount of Tasmanian oak and
=+2 Calculate the total direct materials price and efficiency variances.
=+That is, each dresser is budgeted to use 20 metres of wood, composed of 40% Tasmanian oak and 60% pine, although sometimes more pine is used in place of Tasmanian oak with no obvious change in the
=+11-52 KK Materials variances: price, efficiency, mix and yield (Appendix 11-1)PDS Manufacturing makes wooden furniture. One of their products is a wooden dresser. The exterior and some of the
=+3 Calculate the actual market size, in units, that would have led to no market-size variance (again using budgeted contribution margin per unit). Use this market-size figure to calculate the actual
=+2 Explain what happened based on the market-share and market-size variances.464 Chapter 11: Flexible budgets, direct cost variances and management control M11_HORN3377_02_LT_C11.indd 464 2/09/13
=+11-51 KK Market-share and market-size variances (continuation of 11-50) (Appendix 11-1)Aussie Infonautics’s marketing manager prepared his budget at the beginning of the third quarter assuming a
=+4 Given that your CEO is known to have outbursts of temper, you want to be well prepared for this meeting. In order to prepare, write a paragraph or two comparing actual results to budgeted amounts.
=+3 Calculate total sales-volume, sales-mix and sales-quantity variances for the third quarter of 2015. (Calculate all variances in terms of contribution margins.)
=+2 Calculate the actual and budgeted sales mixes for the three products for the third quarter of 2015.
=+11-50 KKK Variance analysis, sales-mix and sales-quantity variances (Appendix 11-1)Aussie Infonautics produces hand-held electronic textbooks. Aussie Infonautics markets three different hand-held
=+2 Write a short memo to your boss explaining the variances that you calculated.
=+11-49 KK Variance analysis with activity-based costing and batch-level direct costs OBJECTIVE 6 Happy Days Ltd produces high-quality, personalised desk calendars that businesses give away for
=+Molly notes that, despite a sizeable increase in the litres of ice-cream sold in May, Cherry Star’s contribution to the company’s overall profitability has been lower than expected. Molly
=+11-48 KK Comprehensive variance analysis (CMA) OBJECTIVES 3, 4 Iceland Pty Ltd is a fast-growing ice-cream maker. The company’s new ice-cream flavour, Cherry Star, has a standard selling price
=+3 Terence Shaw thinks that the company can negotiate better if it changes the standards. Without performing any calculations, discuss the pros and cons of immediately changing the standards.
=+2 Use the results of requirement 1 to prepare a rebuttal to the union’s anticipated demands in light of the second-quarter results.
=+11-47 KKK Comprehensive variance analysis OBJECTIVES 2, 3, 4 Sol Electronics, a fast-growing electronic device producer, uses a standard costing system, with standards set at the beginning of each
=+7 flexible-budget variance for direct manufacturing labour Chapter 11: Flexible budgets, direct cost variances and management control 461 M11_HORN3377_02_LT_C11.indd 461 2/09/13 3:47 PM
=+5 sales-volume variance for operating profit 6 price and efficiency variances for direct manufacturing labour
=+4 flexible-budget variance for operating profit
=+2 static-budget variance for operating profit 3 flexible-budget operating profit
=+◗ Actual direct marketing costs were $0.30 per unit.◗ Fixed overhead costs were $30000 below plan.Required Calculate the following:1 static-budget and actual operating profit
=+◗ Actual direct manufacturing labour cost is $31.50 per hour.◗ Actual total direct materials cost per unit dropped to $0.95.
=+◗ Unit sales and production totalled 75% of plan.◗ Actual average selling price declined to $4.25.◗ Productivity increased to 250 drives per hour.
=+11-46 KKK Comprehensive variance analysis review OBJECTIVES 2, 3, 4 ThumbDrive Ltd produces USB Flash Drives (drives). They have the following budgeted standards for the month of March 2015:Average
=+3 Write a brief memo to your boss outlining the advantages and disadvantages of belonging to this trade association for benchmarking purposes. Include a few ideas to improve productivity that you
=+2 Using firm A as the benchmark, calculate direct materials and direct manufacturing labour price and efficiency variances for the other three firms. Calculate the percentage over standard for each
=+11-45 KK Use of materials and manufacturing labour variances for benchmarking OBJECTIVE 7 You are a new junior accountant at Clearview Ltd, a maker of lenses for eyeglasses. Your company sells
=+4 Upon further investigation you find that production was idle for 40 hours during the month while waiting for customer orders to come in. Re-evaluate the labour efficiency based on this new
=+3 Discuss logical explanations for the combination of variances that Nathan experienced.
=+2 Record the journal entries for the variances incurred.
=+11-44 K Direct materials and manufacturing labour variances, journal entries (JIT) OBJECTIVES 4, 5 Nathan’s Brownies is a small business that Nathan developed while at university. He began baking
=+7 actual direct materials price per kilogram
=+6 actual quantity of direct materials purchased (in kilograms)
=+5 actual quantity of direct materials used (in kilograms)
=+4 standard quantity of direct materials allowed (in kilograms)
=+3 actual direct manufacturing labour wage rate
=+Accounts payable control (for May’s purchases of direct materials) 68 250 Direct materials price variance $3 250 Direct materials efficiency variance 2 500 Direct manufacturing labour price
=+11-43 KK Direct materials and manufacturing labour variances, solving unknowns (CPA, adapted)OBJECTIVE 4 At the beginning of May, Cort Ltd began the manufacture of a new wireless modem known as
=+4 Calculate the direct materials price variance.
=+3 Calculate the actual price per kilogram of direct materials purchased.
=+2 Calculate the actual kilograms of direct materials used in production in July.
=+11-42 KK Direct manufacturing labour and direct materials variances, missing data(CMA, heavily adapted) OBJECTIVE 4 Hotham Ltd manufactures snowboards. The standard cost of direct materials and
=+6 What future problems could result from Slalom Skis’s decision to buy a lower grade of carbon fibre from the online marketplace?
=+5 Other than performance evaluation, what reasons are there for calculating variances?
=+4 Should Kristen’s performance evaluation be based solely on price variances? Should the production manager’s evaluation be based solely on efficiency variances? Why it is important for Bruce
=+3 Was switching suppliers a good idea for Slalom Skis? Explain why or why not.
=+2 What factors can explain the variances identified in requirement 1? Could any other variances be affected?
=+11-41 KKK Materials cost variances, use of variances for performance evaluation OBJECTIVES 4, 5 Bruce Meredith is the owner of Slalom Skis, a company that produces high-quality snow skis. Slalom
=+2 You are given the following context: ‘A new production process has been instituted and employees are being trained on the new processes.’ Comment on the variances in the context of this
=+11-40 KK Possible causes for price and efficiency variances OBJECTIVES 4, 5 You are a student preparing for a job interview with a large international consumer products manufacturer. You are
=+2 Give three possible explanations for each of the variances at Sleeptite in requirement 1c.458 Chapter 11: Flexible budgets, direct cost variances and management control
=+1 Prepare a report that includes:a selling-price variance b sales-volume variance and flexible-budget variance for operating profit in the format of the analysis in Table 11-3 c price and
=+◗ Direct manufacturing labour: actual costs of $227500; the actual labour rate was $23.75 per hour.Required
=+◗ Direct materials: flannelette; actual costs of $157750; actual metres used were 4.9 metres per unit.
=+◗ Direct manufacturing labour: static budget costs of $201250. The standard input for 2015 is 0.912 hours per unit.Assume there are no variable manufacturing overhead costs.The actual variable
=+◗ Direct materials: flannelette; static budget cost of $148750. The standard input for 2015 is 5.00 metres per unit.
=+11-39 KKK Comprehensive variance analysis, responsibility issues (CMA, adapted)OBJECTIVES 2, 3, 4, 5 Sleeptite Ltd manufactures a full line of well-known pyjamas. Sleeptite uses a standard costing
=+5 What advice would you give Monam about motivating her employees?
=+4 How many offices, on average, did Monam budget for each employee? How many offices did they actually clean?
=+3 What information, in addition to that provided in the income statements, would you want Monam to gather if you wanted to improve operational efficiency?
=+2 Calculate any flexible-budget variances that you believe would be appropriate.
=+11-38 KK Variance analysis, non-manufacturing setting OBJECTIVES 3, 4, 5 Monam Martins has run Canberra Cleaners for the past 10 years. Her static budget and actual results for June are provided
=+2 Calculate price and efficiency variances for direct materials and direct manufacturing labour.
=+11-37 KK Flexible budget, direct materials and direct manufacturing labour variances OBJECTIVES 2, 3, 4 Terrigal Pots manufactures clay pots. All pots are the same size. Each unit requires the same
=+11-36 KK Market-share and market-size variances (continuation of 11-35)Mountain Spring prepared the budget for 2015 assuming a 10% market share based on total sales in Asia. The total soft drinks
=+2 What inferences can you draw from the variances calculated in requirement 1?
=+11-35 KKK Variance analysis, multiple products (Appendix 11-1)Mountain Spring manufactures and sells varieties of sports drinks: berry, lemon and orange. Budgeted and actual results for 2015 are as
=+3 Briefly describe the conclusions you can draw from the variances.
=+2 Calculate the individual-product and total sales-mix variances for June 2015. Calculate the individual-product and total salesvolume variances for June 2015.
=+11-34 KK Variance analysis, working backwards (Appendix 11-1)KanC Ltd sells two varieties of eyewear: sunglasses and reading glasses. KanC Ltd provides the following information for sales in the
=+2 Calculate the sales-quantity and sales-mix variances for each type of ticket and in total in 2015.3 Present a summary of the variances in requirements 1 and 2. Comment on the results.
=+11-33 KKK Variance analysis, multiple products (Appendix 11-1)The Vikings play in the Australian Soccer League. The Vikings play in the new Bendigo stadium, which has a capacity of 20000 seats(5000
=+11-32 KKK Activity-based costing, flexible-budget variances for finance-function activities OBJECTIVE 6 ToYourDoor.com, an online company that delivers fruit and vegetables, has the following
=+11-31 K Journal entries (continuation of 11-30) OBJECTIVE 4 Prepare journal entries for all transactions in Exercise 11-30, including requirement 2. Summarise how these journal entries differ from
=+2 Suppose 6000 kilograms of materials were purchased (at $10.35 per kilogram), even though only 1800 kilograms were used.Suppose further that variances are identified at their most timely control
=+11-30 KK Materials and manufacturing labour variances, standard costs OBJECTIVE 5 Kenso Ltd is a surfcraft manufacturer. For August, Kenso Ltd had the following standards for one of its products, a
=+4 Why might Wangaratta Ltd calculate direct materials price variances and direct materials efficiency variances with reference to different points in time?
=+3 Comment on the January price and efficiency variances of Whangaratta Ltd.
=+2 Prepare journal entries to record the variances in requirement 1.

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