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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

=+11-29 KK Price and efficiency variances, journal entries OBJECTIVE 4 Whangaratta Ltd manufactures ceramic bowls. It has set up the following standards per finished unit for direct materials and
=+2 Nathan Williams, the CEO, is pleased with the variances and decides to continue with the new material. In May 2015, Maroochy again produces 1050 wetsuits. Relative to May 2014, 2% less direct
=+454 Chapter 11: Flexible budgets, direct cost variances and management control M11_HORN3377_02_LT_C11.indd 454 2/09/13 3:47 PM The production manager discusses the sources of the variances: ‘A
=+11-28 KK Direct materials and direct manufacturing labour OBJECTIVES 4, 5 Maroochy Pty Ltd designs and manufactures wetsuits. It sells its wetsuits to brand-name retailers. Maroochy’s May 2014
=+11-27 K Materials and manufacturing labour variances OBJECTIVE 4 Consider the following data collected for Tents’n’Stuff Pty Ltd:Direct materials Direct manufacturing labour Cost incurred:
=+3 Comment on the above results and provide a possible explanation for them.
=+2 Calculate the price and efficiency variances.
=+11-26 KK Price and efficiency variances OBJECTIVES 4, 5 Flo’s Pantry manufactures pumpkin scones. For January, it budgeted to purchase and use 2000 kg of pumpkin at $0.93 a kilogram.January was a
=+4 Assume the role of management accountant at Glenwood Pty Ltd. How would you present the results to Jason Knox? Should he be more concerned? If so, why?
=+3 Calculate the selling-price variance.
=+2 Break down each static-budget variance into a flexible-budget variance and a sales-volume variance.
=+11-25 KKK Flexible-budget and sales-volume variances OBJECTIVE 4 Glenwood Pty Ltd produces the curds for the production of specialty cheeses. Glenwood uses standard costing and carries over no
=+3 Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here?Chapter 11: Flexible budgets, direct cost variances and
=+2 What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit?
=+11-24 KK Flexible budget, working backwards OBJECTIVE 3 Aspects Ltd produces picture frames. A new accountant intern at Aspects Ltd has accidentally deleted the calculations on the company’s
=+3 Why might management find the flexible-budget-based variance analysis more informative than the static-budget-based variance analysis? Explain your answer.
=+2 Prepare a flexible-budget-based variance analysis of the September performance.
=+11-23 KK Flexible-budget preparation and analysis OBJECTIVE 3 StarDates Ltd produces personalised T-shirts. Each shirt is designed for an individual customer and is ordered over the internet.The
=+11-22 K Flexible budget OBJECTIVE 2 Nephine Ltd’s budgeted prices for direct materials, direct manufacturing labour and direct marketing (distribution) labour per leather jacket are $65, $18 and
=+2 Comment on the results in requirement 1.M11_HORN3377_02_LT_C11.indd 452 2/09/13 3:47 PM
=+11-21 KK Flexible budget OBJECTIVE 2 Kindle Ltd manufactures high-quality speakers. For August, it budgeted to manufacture and sell 2000 speakers at a variable cost of$78 per speaker and total
=+11-20 (Appendix 11-1) Explain how the direct materials mix and yield variances provide additional information about the direct materials efficiency variance.
=+11-19 (Appendix 11-1) Distinguish between a market-share variance and a market-size variance.
=+11-18 (Appendix 11-1) Explain why a favourable sales-quantity variance occurs.
=+11-17 (Appendix 11-1) How can the concept of a composite unit be used to explain why an unfavourable total sales-mix variance of contribution margin occurs?
=+11-16 (Appendix 11-1) Show how managers can gain insight into the causes of a sales-volume variance by subdividing the components of this variance.
=+11-15 ‘Benchmarking against other companies enables a company to identify the lowest-cost producer. This amount should become the performance measure for next year.’ Do you agree?
=+11-14 Why is it important that managers do not evaluate variances in isolation?
=+11-13 Comment on the following statement made by a plant manager: ‘Meetings with my plant accountant are frustrating. All he wants to do is pin the blame on someone for the many variances he
=+11-12 Why might an analyst examining variances in the production area look beyond that business function for explanations of those variances?
=+11-11 How does variance analysis help in continuous improvement?
=+11-10 Describe three reasons for an unfavourable direct labour efficiency variance.
=+11-9 List three causes of a favourable direct materials price variance.
=+11-8 How might a manager gain insight into the causes of a flexible-budget variance for direct materials?
=+11-7 List four reasons for using standard costs.
=+11.6 Describe the steps in developing a flexible budget.
=+11-5 Why might managers find a flexible-budget analysis more informative than a static-budget analysis?
=+11-4 What is the key difference between a static budget and a flexible budget?
=+11-3 What are the arguments for and against using ideal standards?
=+11-2 What are two possible sources of information a company might use to calculate the standard quantity used in the standard cost sheet?
=+11-1 What is the relationship between management by exception and variance analysis?
=+O’Shea Ltd manufactures ceramic vases. It uses its standard costing system when developing its flexible-budget amounts. In April 2015, 2000 finished units were produced. The following
=+What is benchmarking and why is it useful?
=+How is variance analysis used with an activity-based costing system?
=+Why should a company calculate price and efficiency variances?
=+How can managers develop a flexible budget and calculate the flexible-budget variance and the salesvolume variance?
=+How does a flexible budget differ from a static budget, and why should companies use flexible budgets?
=+How can standard costs be useful for planning and control?
=+7 Describe benchmarking and explain its role in cost management
=+6 Perform variance analysis in activity-based costing systems
=+5 Use variance analysis to focus and direct continuous improvement
=+4 Calculate price variances and efficiency variances for direct materials and direct labour
=+3 Prepare flexible budgets and calculate flexible-budget variances and sales-volume variances
=+2 Distinguish a static budget from a flexible budget
=+Explain how standard costs can be useful for planning and control
The Lee Company (from Problem 1) seeks to streamline the costing system at its Singapore plant. It will use a backflush costing system with three trigger points: Purchase of raw materials Completion
2. Describe the benefits and costs of decentralization
3. Explain transfer prices and four criteria used to evaluate them
The Pillercat Corporation is a highly decentralized company. Each division man- ager has full authority for sourcing decisions and selling decisions. The Machin- ing Division of Pillercat has been
The Baseball Division of Home Run Sports manufactures and sells baseballs. Budgeted data for February 2000 are as follows:Required 1. Compute the minimum selling price per baseball necessary to
9. Describe the management accountant's role in helping organizations provide better incentives
5. Describe the economic value added (EVA) method
Assume that Lifetime Care is subject to income tax at a 40% rate. All other facts from Part A are unchanged. Compute the NPV of the new X-ray machine project.
Revisit the Lifetime Care X-ray machine project. Assume, as before, that Life- time is a nonprofit organization and the expected annual cash inflows from the operating cost savings are $30,000 higher
The Lee Company has a Singapore plant that manufactures transistor radios. One key component is a XT transistor. Expected demand for radio production in March 2000 is 5,200 transistors. Lee purchases
8. Describe different ways blackflush costing can simplify traditional job-costing systems
Describe two pricing practices in which noncost factors are important when set- ting price
Explain the effects of antitrust laws on pricing
Define strategy.
How can an analyst incorporate the industry-market-size factor and the interrela-- tionships between the growth, price-recovery, and productivity components into a strategic analysis of operating
This problem illustrates how support department cost-allocation methods can be used in a setting different from the example examined in the chapter (Exhibits 14-6 through 14-9). In this problem, the
Explain why joint costs should be allocated to individual products
Explain why joint costs are irrelevant in a sell-or-process further decision
Inorganic Chemicals purchases salt and processes it into products such as caustic soda, chlorine, and PVC (polyvinyl chloride). In July, Inorganic Chemicals pur- chased salt for $40,000. Conversion
Business Horizons (BH) produces and markets videos for sale to the business com- munity. It hires well-known business speakers to present new developments in their area of expertise in video format.
The Payne Company manufactures two types of vinyl flooring. Budgeted and ac- tual operating data for 2000 are:In late 1999, a marketing research firm estimated the industry volume for commercial and
Spring Distribution is concerned with the level of its profitability. Its June 2001 operating income of $78,000 is less than 1% of revenues ($78,000 + $12,470,000 0.63%). Suppose that July 2001 is
Allied Chemicals operates a thermo-assembly process as the second of three processes at its plastics plant. Direct materials in thermo-assembly are added at the end of the process. The following data
1. Explain four cost categories in a costs of quality program
6. Describe customer-response time and on-time performance, and explain the rea- sons for and the cost of delays
The Sloan Corporation is a moving company that transports household goods from one city to another within the continental United States. It measures quality. of service in terms of (a) time required
Burlington Textiles has some spoiled goods that had an assigned cost of $40,000 and zero net disposal value. Required Prepare a journal entry for each of the following conditions under (a) process
1. Distinguish among spoilage, rework, and scrap
"There's no reason for me to get excited about the choice between the weighted- average and FIFO methods in my process-costing system. I have long-term con-
"Standard-costing methods are particularly applicable to process-costing situations." Do you agree? Why?
Why should the FIFO method be called a modified or departmental FIFO method?
Name the five key steps in process costing when equivalent units are computed.
What problems might arise in estimating the degree of completion of an aircraft blade in a machine shop?
Explain equivalent units. Why are equivalent-unit calculations necessary for process costing?
5. Explain what information is pivotal to the reliability of market-share and market- size variances
1. Give examples of the bundling of products that gives rise to revenue-allocation issues
4. Differentiate the single-rate cost-allocation method from the dual-rate cost-allocation method
Discuss the key factor managers must consider when adding or dropping cus- tomers and segments
Describe the opportunity-cost concept and explain why it is used in decision making
Identify two potential problems that should be avoided in relevant-cost analysis
Distinguish between quantitative factors and qualitative factors in decisions
Differentiate relevant costs and revenues from irrelevant costs and revenues in any decision situation
Identify three major purposes of accounting systems
Describe cost accounting and its relation to management accounting and finan- cial accounting
Distinguish among the problem-solving, scorekeeping, and attention-directing roles of a management accountant

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