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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Job costing, law firm. Keating & Partners is a law firm specializing in labour relations and employee-related work. It employs 25 professionals (5 partners and 20 managers) who work directly with its
Job costing with two direct- and two indirect-cost categories, law firm (continuation of 4-32). Keating has just completed a review ofits job-costing system. This review included a detailed analysis
Normal costing, overhead allocation, working backwards. Gibson Company uses a normal¬costing system with two direct-cost categories—direct materials and direct manufacturing labour—and one
Job costing, accounting for manufacturing overhead, budgeted rates. The Solomon Company uses a job-costing system at its Dover plant. The plant has a Machining Department and a Finishing Department.
Disposition of overhead over/underallocation, two indirect-cost pools. The Glavine Corporation manufactures precision equipment made to order for the semiconductor industry.Glavine uses two
Allocation of manufacturing overhead and disposition of over/underallocation. (SMA, heavily adapted) Nicole Limited is a company that produces machinery to customer order. Its job-costing system
Job costing, contracting, ethics. Jack Halpem is the owner and CEO of Aerospace Comfort, a firm specializing in the manufacture ofseats for air transport. He has just received a copy of a letter
General ledger relationships, under- and overallocation, service industry.John Brody and Co. is an engineering consulting firm. Brody uses a variation of a normal-costing system. It charges jobs for
General ledger relationships, under- and overallocation. (S. Sridhar, adapted) Partially completed T-accounts and additional information for the Needham Company for the year 2007 are presented below.
job costing, accounting for overhead costs, budgeted rates.Jefferson Company is a paint¬ing contractor for office and factory buildings. Jefferson uses a normal-costing system to cost each
Distinguish between direct costs and indirect costs Explain cost drivers, variable costs, and fixed costs
Interpret unit costs cautiously
Distinguish among merchandising companies, manufacturing companies, and service-sector companies
Describe the three categories of inventories commonly found in manufacturing-sector companies
Distinguish inventoriable costs from period costs
Explain why product costs are computed in different ways for different purposes
Describe a framework for cost accounting and cost management
Define cost assignment, cost tracing, and cost allocation. How are these terms related?
Define direct costs and indirect costs. How are these terms related?
Describe two areas that cost reduction efforts frequently focus on.
Define variable cost andfixed cost. Give an example of each.
Define product costs. Describe three different purposes for computing product costs.EXERCISES
Total costs and unit costs. A student association has hired a musical group for a graduation party. The cost will be a fixed amount of $4,800.Required 1. Suppose 500 people attend the party. What
Cost drivers and the value chain. A Toyota analyst is preparing a presentation on cost drivers. Unfortunately, both the list ofits business function areas and the accompanying list of representative
Computing and interpreting unit manufacturing costs. Finnish Forest Products (FFP)produces three different paper products at its Vaasa lumber plant—supreme, deluxe, and reg¬ular. Each product has
Direct and indirect costs, effect of changing the classification of a cost item(continuation of 2-18). Finnish Forest Products (FFP) employs a consultant to help reduce energy costs at its Vaasa
Cost drivers and the value chain. AJohnson & Johnson analyst is preparing a presentation on cost drivers at its pharmaceutical drug subsidiary. Unfortunately, both the list of its busi¬ness function
Total costs and unit costs. Susan Wang is a well-known software engineer. Her speciality is writing software code used in maintaining the security of credit card information. Wang is approached by
Variable costs and fixed costs. Consolidated Minerals (CM) owns the rights to extract minerals from beach sands on Fraser Island. CM has costs in three areas:a. Payment to a mining subcontractor who
Classification of costs, manufacturing sector. The Fremont, California, plant ofNUMMI(New United Motor Manufacturing, Inc.), a joint venture of General Motors and Toyota, assembles two types of cars
Inventoriable costs versus period costs. Each of the following cost items pertains to one of the following companies: General Electric (a manufacturing-sector company), Loblaws(a merchandising-sector
Classification of costs, service sector. Consumer Focus is a marketing research firm that organizes focus groups for consumer-product companies. Each focus group has eight individu¬als who are paid
Classification of costs, merchandising sector. Home Entertainment Centre (HEC) oper¬ates a large store in Halifax. The store has both a video section and a musical section (com¬pact discs, records,
Computing cost of goods manufactured and cost of goods sold. The following are account balances relating to 2007 (in thousands):Property tax on plant building $ 3,600 Marketing, distribution, and
Computing cost of goods purchased and cost of goods sold. The data below are for Marvin Department Store. The account balances (in thousands) are for 2007.Marketing, distribution, and
Cost of goods manufactured. Consider the following account balances (in thousands) for the Canseco Company:Beginning of 2007 End of 2007 Direct materials inventory $26,400 $ 31,200 Work-in-process
Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions):For Specific Date For Year 2007 Direct materials,January 1, 2007 $
Interpretation ofstatements (continuation of 2-30). Refer to the preceding problem.Required 1. How would the answer to the preceding problem be modified ifyou were asked for a sched¬ule of cost of
Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to the Chan Corporation:For Specific Date For Year 2007 Work in process,January 1, 2007 $12.00
Interpretation ofstatements (continuation of2-32). Refer to the preceding problem.Required 1. How would the answer to the preceding problem be modified ifyou were asked for a sched¬ule of cost of
Finding unknown balances. An auditor for Canada Revenue Agency is trying to reconstruct some partially destroyed records of two taxpayers. For each case in the accompanying list, find the unknowns
Fire loss, computing inventory costs. A distraught employee, Guy Arson, put a torch to a manufacturing plant on a blustery February 26. The resulting blaze completely destroyed the plant and its
Comprehensive problem on unit costs, product costs. Regina Office Equipment manu¬factures and sells metal shelving. It began operations on January 1, 2007. Costs incurred for 2007 are as follows (V
Budgeted income statement (continuation of 2-37). Assume management predicts that the selling price per unit and variable cost per unit will be the same in 2008 as in 2007. Fixed manufacturing costs
Revenue and cost recording and classifications, ethics. Canadian Outfitters (C.O.)designs and markets jeans to many retailers and distributors around the globe. Its corporate headquarters are in
Missing data. $haheen Plastics, Inc.’s selected data for the month of August 2007 are pre¬sented below (in millions):Work-in-process inventory 8/1/2007 $240 Direct materials inventory 8/1/2007 108
Movie profit sharing, defining terms. Brad Fittler, first-time author of The Sporting Life, has just had a meeting with Bill Harrigan, a senior executive of Golden Ventures(GV). GV is a major movie
Distinguish briefly between quantitative and qualitative factors in decision making. lop5
Define relevant cost as the term is used in this chapter. Why are historical costs irrelevant? lop5
What is a differential cost? Distinguish it from a relevant cost. lop5
“All future costs are relevant.” Do you agree? Why? lop5
Theater prices are usually lower for matinees than for evening performances.Why? As a movie-theater manager, what factors would influence your decision as to conducting matinees? To what degree are
Questions on Disposal of Assets 1. A company has an inventory of 1,000 assorted missile parts for a line of missiles that has been junked. The inventory cost $100,000. The parts can be either (a)
The Careening Bookkeeping Machine (From W. A. Paton, “Restoration of Fixed Asset Values to the Balance Sheet,” Accounting Review, Vol. XXII, No. 2, pp. 194-210.) A young lady in the accounting
Determination of Relevant Costs The Frel Company makes a standard line of gauges. A large aircraft company has asked for competitive bids on an order of 10,000 special gauges for use in the
Replacement of Equipment You are the manager in charge of the Y Division of Gigantic Enterprises, Ltd., a huge diversified corporation. On January 2, 19_4, you invested $600,000 cash for some
Costs of Operating an Automobile Here are typical costs of operating a salesman’s car for 30,000 miles in a year:Gasoline—1,000 gallons @ 80¢ $ 800 Oil changes and lubrication—5 @ $10 50 Tire
Relevance of Inventory Costs to a Business Investment Decision Assume that a wealthy investor is contemplating buying a paper-manufacturing company.Certain inventory of the paper company is carried
An Argument About Pricing A column in a newspaper contained the following:Dear Miss Lovelorn: My husband and I are in constant disagreement because he drives 10 miles to work every day, and drives a
Contribution Approach to Pricing A company has a budget for 19_2; the absorption-costing approach follows (figures assumed):Sales $100,000 100%Factory cost of goods sold, including $20,000 fixed
Costs and pricing (CMA) E. Berg and Sons build custom-made pleasure boats that range in price from $10,000 to $250,000. For the past 30 years, Mr. Berg, Sr., has determined the selling price of each
Product Deletion (W. Crum.)NOX POX ROX Sales 5,000 at $20 12,000 at $12 16,000 at $10 Variable costs $12 each $6 each $4 each Fixed costs $50,000 $40,000 $50,000 These products are made in
Make-or-Buy Decision (CPA) When you had completed your audit of The Scoopa Company, management asked for your assistance in arriving at a decision whether to continue manufacturing a part or to buy
Discontinuing a Department; Make or Buy (CPA) The Ace Publishing Company in Hong Kong is in the business of publishing and printing guidebooks and directories. The board of directors has engaged you
Order-Filling Costs and Minimum Order Size The Independent Wholesale Drug Co. has made a time study of the cost of filling orders, with the following results:SIZE OF ORDERS AVERAGE TIME IN DOLLARS
Different Cost Terms (CPA) Instructions: You are to match each of the nine numbered “items” that follow with the one term listed immediately below (A through R) that most specifically identifies
Selection of Most Profitable Product he Flabbo Co. produces two basic types of reducing equipment, G and H. Pertinent data follow:PER UNIT G H Sales price $100.00 $70.00 Expenses:Direct materials $
Product Choice (R. Jaedicke.) The Borg Company manufactures a type of raw sheet metal that can be sold at this stage or that can be processed more and sold as a type of alloy used in manufacturing
Production Scheduling (R. Jaedicke.) A paperboard manufacturing company has two plants, one in Washington and one in California, producing equivalent grades of “cardboard.” The Washington plant
Relationship of Disposal Value, Book Value, and Net Loss on Old Equipment Scott Harshaw is the president of a small plastics company. He wants to replace an old special-purpose molding machine
Multiple Choice; Comprehensive Problem on Relevant Costs The following are the Class Company’s unit costs of making and selling a given item at a level of 20,000 units per
What are the two major features of a budgetary program? Which feature is more important? Why? L01
What are the elements of the budgetary cycle? L01
Define: continuous budget, pro-forma statements. L01
“The sales forecast is the cornerstone for budgeting.” Why? L01
Enumerate four common duties of a budget director. L01
What is the function of a budget committee? A budget manual? L01
“Budgets are half-used if they serve only as a planning device.” Explain. L01
Budgeting Material Purchases ‘The X Company has prepared a sales budget of 42,000 finished units for a three-month period. The company has an inventory of finished goods on hand at December 31 and
Budgeting Material Costs The Maxwell Company uses a single raw material to make its product; for each unit of product, three pounds of this material are required. The price of this material is $10
Budgeting Material Quantities (SIA) A sales budget for the first five months of 19_3 is given for a particular product line manufactured by Arthur Guthrie Co. Ltd. SALES BUDGET IN UNITS January
Budgeted Manufacturing Costs The Bridget Company has budgeted sales for 100,000 units of its product for 19_1. Expected unit costs, based on past experience, should be $60 for direct materials, $40
Cash Budget Using the information below, prepare a cash budget showing expected cash receipts and disbursements for the month of May, and balance expected at May 31, 19_1.Planned cash balance, May 1,
Cash Budget (SIA, adapted) ‘The directors of TUV Company Limited, of which you are accountant, decide that in the future a short-term cash budget should be prepared for each quarter. Your company
Budget of Cash Requirements (C.G.A., adapted) Based on a sales forecast for the season, the Singapore department of a manufacturing company has prepared the following production schedule for the
Comprehensive Budget; Fill in Schedules Following is certain information relative to the position and business of the Newport Store:Current assets as of Sept. 30:Cash on deposit $ 12,000 °Inventory
Cash Budget for Month (SIA) The treasurer of the Househall Company states, “Our monthly financial budget shows me our cash surplus or deficiency and assures me that an unexpected cash shortage will
were made up of:April sales ($550,000 from sales of $550,000)March sales ($47,000 from sales of $470,000)February sales ($31,800 from sales of $530,000)January sales ($8,500 from sales of
Quarterly Cash Budget (SIA) As part of the company’s overall planning program, the controller of the So Good Blueberry Packing Co. Ltd. prepares a cash budget by quarters each year.The company’s
Cost Forecast Model (CMA) Over the past several years the Programme Corporation has encountered difficulties estimating its cash flows. The result has been a rather strained relationship with its
Cash Budgeting On Dec. 1, 19_1, the XYZ Wholesale Co. is attempting to project cash receipts and disbursements through Jan. 31, 19-2. On this latter date, a note will be payable in the amount of
Cash Budgeting For a problem dealing with cash budgeting under uncertainty, see Problem 25.24. L01
What are standard costs? Why is their use superior to comparisons of actual data with past data? lop4
What are the key questions in deciding how variances should be collected and analyzed? lop4
List and briefly describe three different types of standards. lop4
“Cost control means cost reduction.” Do you agree? Why? lop4
List four common causes of material-price variances. lop4
List the major factors that affect control procedures for material quantities. lop4
Define: standard bill of materials, excess materials, requisition, operations list. lop4
“Setup costs are easily traceable to specific jobs. Therefore, they should be classified as direct-labor costs.” Do you agree? Why? lop4

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