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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Accounting for Overhead The Lynn Company has made the following predictions for 19_4:MACHINING ASSEMBLY Factory overhead $ 600,000 $ 800,000 Direct-labor cost 1,000,000 1,600,000 Direct-labor hours
Manufacturing Statement (CPA) The Helper Corporation manufactures one product and accounts for costs by a job-order-cost system. You have obtained the following information for the year ended
The Burke Company has budgeted the following performance for 19_4:Beginning inventories None Sales $10,000,000 Net income 800,000 Factory overhead:Variable 1,000,000 Fixed 2,000,000 Selling and
incompet Data The Fullerton Company uses perpetual inventories and a jnormal cost system. Balances from selected accounts were:BALANCES BALANCES DECEMBER 31, 19_1 DECEMBER 31, 19_2 Factory department
Journal Entries, Year-End Disposition of Overhead Tuttle Company uses a job-order cost system. Factory overhead is applied at a rate of $2.50 per direct- labor hour. Both beginning and closing
Accounting for Overhead On December 30, 19_2, the Mitchell Company has completed all jobs in process except for Job # 447; the job cost sheet through that date showed direct materials of $40,000 and
Overhead Application and Year-End Disposition (D. Jacque Grinnell) A man- ufacturing company is divided into three producing departments, A, B, and C. All production is to customer's order. Budgeted
Overview of General-Ledger Relationships The Blakely Company uses a joborder cost system. The total debits and credits in certain accounts at yearend are:DECEMBER 30, 19_6 Total Debits Total Credits
Proration of Overhead The Invincible Company has commercial and defense contracting business. A contracting officer for the United States Air Force has insisted that underapplied overhead should no
General-Ledger Relationships; Incomplete Data You are asked to bring the/ following incomplete accounts up to date through May, 19_1. Also consider\_/’ the additional information that follows the
Underapplied Overhead on Interim Income Statements The following data are available for ABC Company covering the month of January 19_4.Sales $100,000 Cost of sales (per account) 75,000 Factory
Classification of Overtime Costs ‘This is an expansion of Problem 2-31. Suppose that the printing department gathers all of its indirect costs and applies them via a single overhead rate on the
Overview of General-Ledger Relationships Frantic Publishing Company has its own printing facilities. Frantic uses a job-order accounting system and normal costing. Its president has interviewed you
Program Budgeting and Job Costing Nonprofit institutions such as health centers and colleges continually face decisions concerning how to allocate their limited resources. A technique called program
Job Costing in a Service Industry Howe and Halling, Certified Public Accountants, use a form of job-costing system. In this respect they are similar to many professional service firms, such as
Comprehensive Review Problem—Job-Order Costs This problem is intended to provide a summary of general-ledger and subsidiary-ledger relationships for factory costs under a job-order cost system. The
What is the most important criterion for selecting an overhead base? lp25
Why are departmental overhead rates generally preferable to plantwide rates? lp25
“Service-department costs shouldn’t be reallocated.”” Do you agree? Why? lp25
What are the criteria for selecting reallocation bases for service-department costs? lp25
List at least three subtotals that might be highlighted in a contribution income statement by segments. lp25
What is the theoretically most accurate method for reallocating servicedepartment costs? lp25
How is homogeneity in cost allocation measured? lp25
What is the most frequently used cost-allocation base? lp25
“To obtain higher homogeneity, have more rather than fewer cost pools.”Do you agree? Why? lp25
“In these days of highly mechanized production, more overhead rates should be based on machine-hours.”” Do you agree? Why? lp25
“Reciprocal cost-allocation schemes are always preferable.” Do you agree?Why? lp25
Service-Department Costs (CPA) The Parker Manufacturing Company has two production departments (fabrication and assembly) and three service departments (general factory administration, factory
Step Method of Allocation for Product Costing Sample Company had the following departmental factory overhead costs for a normal month (numbers reduced for simplicity):Machining $17,100 Factory
Departmental versus Plantwide Applications The following are pertinent data for the Alou Company:(S1) (S2) (P1) (P2)Factory \, Production Budget Data for 19_7 Personnel Planning and Control Machining
Overhead Reapportionments Already Given; Determine Bases Used Listed below are the Kurt Company’s departmental overhead budgets for a normal activity level, overhead costs reapportioned by
Divisional Contribution, Performance, and Segment Margins ‘The president of the Midwestern Railroad wants to obtain an overview of his operations, particularly with respect to comparing freight and
Marketing Costs (CMA) The Scent Company sells men’s toiletries to retail stores throughout the United States. For planning and control purposes the Scent Company is organized into twelve geographic
Analysis of Channels of Distribution and Territories The Manning Co. has three sales territories that sell a single product. Its income statement for 19_2 contained the following data:TERRITORY Total
Reciprocal Cost Allocations (D. Green) The Prairie State Paper Company located a plant near one of its forests. At the time of construction, there were no utility companies equipped to provide this
Reciprocal Allocations The Rene Company has two main products, M-4 and M-5. Each is manufactured in a separate department. Two major service de- partments, power (P) and material-handling (H),
Choosing an Allocation Method Refer to the preceding problem, part 1.Compute the cost allocations by the direct method and two different sequences of the step method. Do you prefer any of these
“Standard-cost procedures are particularly applicable to process-costing situa- tions.” Do you agree? Why? l-01
What are some virtues of standard costs as used in process costing? l-01
“There is no need for using predetermined overhead rates for product costing in process-cost industries.” Do you agree? Why? [AE l-01
Why should the accountant distinguish between transferred-in costs and new raw-material costs for a particular department? l-01
What is the feature of the first two steps of the five-step uniform appraoch that distinguishes them from the final three steps? l-01
/ntroductory Process Costing: Materials Introduced at Start of Process A certain process incurred $40,000 of production costs during a month. Materials costing$22,000 were introduced at the start of
Introductory Process Costs; Single Department ‘The following data pertain to the mixing department for July:UNITS Work in process, July 1 0 Units started 50,000 Completed and transferred to
Assume that ending work in process is one batch, two-thirds completed.Process Costing, Budgeting and Control (Prepared by the author and adapted for use in a CPA examination) The Dopern Company uses
Weighted-Average Process Costing The following information relates to one department operating under a process-cost system: Work in process, December 1, 19_1, 1,000 units, 40 percent complete,
Standard Process Costs Refer to the preceding problem. Assume standard costs per finished unit as follows: Direct materials, $8.50; Conversion costs, $10.00.1. Compute standard costs of goods
Weighted Averages The Dyer Processing Company had work in process at the beginning and end of 19_1 as follows:PERCENTAGE OF COMPLETION Conversion Materials Costs January 1, 19-1—3,000 units 40%
Standard Process Costs Refer to the preceding problem. If the standard cost for materials is $5 per finished unit and the standard cost for conversion costs is $10 per finished unit, what would be
Weighted-Average Process-Costing Method The Bright Paint Co. uses a\ process-cost system. Materials are added at the beginning of a particular process and conversion costs are incurred uniformly.
Equivalent Units (W. Crum) Walnut Company uses a process-cost system.Production and inventory data for May 19_5 are as follows:Units put in process, 60,000.Units completed in May, 70,000.May 1 work
Equivalent Units (CPA) The Jorcano Manufacturing Company uses a process-cost system to account for the costs of its only product, product D.Production begins in the fabrication department, where
Equivalent Units (CPA adapted) Poole, Inc., produces a chemical compound by a unique chemical process, which Poole has divided into two departments, A and B, for accounting purposes. The process
Weighted Average (W. Crum) Walden Company uses process costs, using the weighted-average-cost method. During the month of June, 1975, the cost data for Dept. 2 are as follows: 60,000 units were
Journal Entries (W.Crum) Refer to the preceding problem. Prepare journal entries to: (a) record current additions to cost this month in Dept. 2 (omit conversion costs) and (b) record disposition of
Two Departments; Two Months (W. Vatter) One of the products of this company is manufactured by passing it through two processes. The materials are started into production at the beginning of Process
Weighted-Average Costing (W. Crum) The Doral Company has the following data for the month of October:DEPARTMENT A DEPARTMENT B Beginning inventory in process: 2,000 units 2,000 units Prior department
FIFO Costing (W. Crum) Refer to the preceding problem. Using. FIFO costing, repeat the requirements. Include a proof of your answer for the cost of goods completed and transferred. l-01
Process Costing, Weighted Average (W. Crum) The Hickory Company manufactures a product processed through two departments. The process is lengthy, taking two weeks in Department M and ten days in
FIFO Computations Repeat Problem 18-9, using the first-in, first-out method. l-01
FIFO Computations Repeat Problem 18-13, using the first-in, first-out method. l-01
FIFO Computations Repeat Problem 18-19, using the first-in, first-out method. l-01
Standard Costs and Equivalent Units (CPA). The Longhorn Manufacturing Corporation produces only one product, Bevo, and accounts for the production of Bevo using a standard-cost system.At the end of
Standard process costs and review of Chapters 9 and 10 (CPA) Norwood Corporation is considering changing its method of inventory valuation from absorption costing to direct costing and has engaged
Process Costs; Standard Costs; Analysis of Variances ‘The Jammer Company uses standard costs and produces a chemical from a secret formula. Material A is introduced at the start of the single
Joint Costs and Process Costs: First-in, First-out; Sell or Process Further The Chemo Company manufactures two principal products, known as Gummo and Yummo. The company has three producing
Define capital budgeting. L01
What is the payback method? What is its main weakness? L01
Define internal rate of return. L01
“The payback reciprocal has wide applicability as a meaningful approximation of the time-adjusted rate of return. But it has two major limitations.”What are the two limitations? L01
“The trouble with discounted cash-flow techniques is that their use ignores depreciation costs.” Do you agree? Why? L01
“Accelerated depreciation provides higher cash flows in early years.” Do you agree? Why? L01
“A project with a useful life of sixty years would have an internal rate of return practically exactly equal to its payback reciprocal.” Why? L01
Exercises in Compound Interest ‘Yo be sure that you understand how to use the tables in Appendix B at the end of this book, solve the following exercises.Do the exercises on your own before
Compare Two Projects (SIA, adapted) The management of Dilex Diversified must decide between two proposals. The following information is available:INVESTMENT NET CASH INFLOWS PROPOSAL NOW PERIOD 1
Payback Period A manager is considering three mutually exclusive investment projects, A, B, and C, each promising a cash flow of $20,000 per year for an initial investment of $100,000. Useful lives
Refer to Problem 11-9. Assume that the new machinery will cost $750,000 in cash, and that the old machinery cost $600,000 and can be sold now for$120,000 cash.. Compute the net present value of the
Comparison of Approaches to Capital Budgeting The Gehrig Company estimates that it can save $2,800 a year in cash operating costs for the next ten years if it buys a special-purpose machine at a cost
Golf Course (W.Crum) _ Gotrocks offers you a chance to buy a miniature golf course he has built near a resort area. It would cost you $50,000 cash. For this you would get an operating golf course
NR m—1s Refer to Problem 11-9. Assume that the new machinery will cost $750,000 in cash, and that the old machinery cost $600,000 and can be sold now for $120,000 cash.. Compute the net present
Sensitivity Analysis, Payback Reciprocal The All Directions Railroad is considering the replacement of an old power jack tamper used in the maintenance of track with a new improved version that
Different Approaches to Capital Budgeting; Proper Investment Base The Ruth Company has been operating a small lunch counter for the convenience of employees. The counter occupies space that is not
Compute Minimum Desired Rate of Return The Strubel Company has used the net present-value method in making capital-investment decisions. The company rejected an offer of a machinery salesman who had
Replacement of Machine The Maris Company is considering the purchase of a vertical milling machine to replace an obsolete milling machine. The machine currently being used for the operation is in
Equipment Replacement, Sensitivity Analysis A toy manufacturer who specializes in making fad items has just developed a $50,000 molding machine for automatically producing a special toy. The machine
Capital Investment in a Baseball Player William Voock, president of the Chicago Chartreuse Sox, is currently considering a player deal in which he will acquire Bill Blue, a great gate attraction,
Purchase of New Furnace: Different Capacities, Different Useful Lives ‘The Glen University is using a single gas-fired furnace at present, but owing to expected increases in consumption, it is
Deferred Annuity (SIA, adapted) Lewis Stanfield is considering the acquisition of a business enterprise. To purchase this business he would have to pay$130,000 now. Stanfield wants to retire in 20
Three Alternatives, Effects on Inventory Investments The Dull Company has a very stable operation that is not marked by detectable variations in production or sales.The Dull Company has an old
Cost-Volume-Profit Analysis and Discounted Cash Flow The Susan Company wants to make doughnuts for its chain of restaurants in Los Angeles. Two machines are proposed for the production of the
Prediction Error In the first example in the chapter, the original investment was $3,791, useful life five years, annual cash inflow from operations $1,000, and internal rate of return 10 percent.1.
Prediction Error Refer to Problem 12-12. Suppose the annual cash flow were$3,200 instead of $2,800. All other parameter predictions are correct. What is the cost of prediction error measured in terms
Sensitivity and Prediction Error (J. Demski, adapted) Ralph is attempting to decide whether to accept (or reject) a new product proposal. He predicts that development of the project will require an
Sensitivity to Inflation M. Holden is considering whether to invest $200,000 in a new computer that will last five years, have $20,000 scrap value, and generate cash savings in clerical costs of
Review of Chapters 11 and 12. (D. Solomons, adapted) The Rainier Company sells a range of high-grade chemical products that calls for careful packaging. The company has always made a feature of the
Accounting Rate of Return Refer to Problem 12-12. Using the data there, compute the accounting rate of return based on (a) average investment,(b) initial investment. L01
Accounting Rate of Return Refer to Problem 12-11. Using the data there, compute the accounting rate of return based on (a) initial incremental investment (b) average incremental investment. L01
Accounting Rate of Return Refer to Problem 12-15. Using the data there, compute the accounting rate of return based on (a) average investment, (b)initial investment. L01
Accounting Rate of Return Refer to Problem 11-23. Using the data there, compute the accounting rate of return based on (a) average investment,(b) initial investment. L01
“Inventory records are only a means to the end of inventory control.” Explain. lop5

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