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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Quality improvement, relevant costs, and relevant revenues. The Tan Corporation uses multicolour moulding to make plastic lamps. The moulding operation has a capacity of 200,000 units per year. The
Statistical quality control, airline operations. Jetrans Airlines operates daily round-trip flights on the London-Vancouver route using a fleet of three 747s: the Spirit of Birmingham, the Spirit of
Waiting times, manufacturing lead times. The SRG Corporation uses an injection mould- o ingm achine to make a plastic product, 239. SRG makes products only after receiving firm 1. Average orderw
Waiting times, relevant revenues, and relevant costs (continuation of 19-31). SRG is still ©deciding whether it should introduce Y28. The following table provides information on selling _dgitional
Manufacturing lead times, relevant revenues, and relevant costs. The Brandt Corpora- @tion makes wire harnesses for the aircraft industry. Brandt is uncertain about when and how 4, Average order
Theory of constraints, throughput contribution, relevant costs. Cabano Industries man- ufactures electronic testing equipment. Cabano also installs the equipment at customers' sites and ensures that
Theory of constraints, contribution margin, sensitivity analysis. Low Tech ‘Toys (LY)ie Rak: produces dolls in two processes: moulding and assembly. LTT is currently producing two pee eee canbe
Quality improvement, theory of constraints. The Wellesley Corporation makes printed 1. Incremental revenues, cloth in two departments: Weaving and Printing. Direct material costs are Wellesley’s
Describe how companies are increasingly facing revenue-allocation decisions.LO1
Distinguish between the stand-alone revenue-allocation method and the incremental revenueallocation method.LO1
Identify and discuss arguments individual product managers may put forward to support their preferred revenue-allocation method.LO1
How might a dispute over the allocation of revenues of a bundled product be resolved?LO1
Show how managers can gain insight into the causes of a sales-volume variance by drilling down into the components of this variance.LO1
How can the concept of a composite unit be used to explain why an unfavourable total salesmix variance of contribution margin occurs?LO1
Explain why a favourable sales-quantity variance occurs.LO1
Distinguish between a market-size variance and a market-share variance.LO1
Why might some companies choose not to compute market-size and market-share variances?LO1
Why is customer profitability analysis a vitally important topic to managers?LO1
How can the extent of price discounting be tracked on a customer-by-customer basis?LO1
“A customer profitability profile highlights those customers that should be dropped to improve profitability.” Do you agree?LO1
Give an example of three types of different levels of costs in a customer cost hierarchy.LO1
Distinguish between processes where the inputs are nonsubstitutable and where they are substitutable.LO1
Explain how the direct materials, mix, and yield variances provide additional information about the direct materials efficiency variance.LO1
Allocation of common costs. The cities of St. Anne, St. Teresa, and St. Steven are con-1. a Allocation to sidering the implementation of a new program to handle disposal of hazardous waste to St.
Revenue allocation. Lee Shu-yu Inc. produces and sells DVDs to business people and students 1.a. Allocated to RCC, $36 who are planning extended stays in China. It has been very successful with two
Variance analysis, multiple products. The Penguins play in the North American Ice Hockey League. The Penguins play in the Downtown Arena (owned and managed by the City of Downtown), which has a
Variance analysis, working backward. The Jinwa Corporation sells two brands of wine glasses, Plain and Chic. Jinwa provides the following information for sales in the month of June 2009:All variances
Variance analysis, multiple products. Soda-King manufactures and sells three soft drinks:operating income, $54,150 Kola, Limor, and Orlem. Budgeted and actual results for 2010 are as follows:REQUIRED
Market-share and market-size variances (continuation of 16-20). Soda-King pre- pared the budget for 2010 assuming a 10% market share based on total sales in the western region of Canada. The total
Customer profitability, service company. Instant Service (IS) repairs printers and pho- tocopiers for five multisite companies in a tri-city area. IS's costs consist of the cost of technicians and
Direct materials efficiency, mix, and yield variances. (CMA, adapted) The Energy Products Company produces a gasoline additive, Gas Gain, that increases engine efficiency and improves gasoline
Direct materials price, efficiency, mix, and yield variances. Greenwood Inc. manufactures, apple products such as apple jelly and applesauce. It makes applesauce by blending ‘Tolman, pay ae Golden
Revenue allocation for bundled products. Yves Parfum Company blends and sells designer 1. a.Allocation to fragrances. It has a Men’s Fragrances Division and a Women’s Fragrances Division, each
Variance analysis, sales-mix, and sales-quantity variances. Aussie Infonautics Inc. pro-1. Palm Pro actual duces handheld Windows CE-compatible organizers. Aussie Infonautics markets three
8 Market-share and market-size variances (continuation of 16-27). Aussie Infonautics’ © ©senior vice president of marketing prepared his budget at the beginning of the third quarter 1. Budgeted
Variance analysis, multiple products. Debbie’s Delight Inc. operates a chain of cookie (203 stores. Budgeted and actual operating data for its three Calgary stores for August 2010 are as 1.
Market-share and market-size variances (continuation of 16-29). Debbie's Delight attains a 10% market share based on total sales of the Calgary market. The total Calgary market is expected to be
Direct materials efficiency, mix, and yield variances. Flavr-Wave Company makes candy. Their most popular product is the toe pop, a large lollipop shaped like a toe. The direct mate- rials used in
Customer profitability in a manufacturing firm. Bizzan Manufacturing makes a compo- nent they call P14-31. This component is manufactured only when ordered by a customer, so Bizzan keeps no inventory
Customer profitability. Ring Delights is a new company that manufactures custom jewellery.1. Customer 02 Ring Delights currently has six customers referenced by customer number: 01, 02, 03, 04, 05,
Customer profitability and governance. Glat Corporation manufactures a product called 1. GM customer-level operating the glat, which it sells to merchandising firms such as International House of
Cost allocation and decision making. Greenbold Manufacturing has four divisions named after its locations: Ontario, Alberta, Yukon, and Saskatchewan. Corporate headquarters is in Manitoba. Greenbold
Analyze process costing in contrast to job costing and apply the weighted- average method of inventory valuation when the beginning work-in- process inventory is zero LO1
Contrast the journal entries for a process-costing system when there is and when there is not ending work- in-process inventory using the weighted-average method of inventory valuation LO1
Apply the weighted-average method of process costing to calculate the cost of goods manufactured and transferred out when there is both beginning and ending work-in-process inventory LO1
Analyze weighted-average, FIFO, and standard-costing methods of inventory valu- ation of cost of goods manufactured and transferred out LO1
Apply process-costing methods to report transferred-in costs and operations costing LO1
Explain equivalent units. Why are equivalent-unit calculations necessary in process costing?LO1
Name the key steps in process costing when equivalent units are computed.LO1
State two conditions under which computing equivalent units will make a material difference to reported inventory amounts.LO1
Name the three inventory methods commonly associated with process costing.LO1
Describe the distinctive characteristic of weighted-average computations in assigning costs to units completed and ending work in process.LO1
Describe the distinctive characteristic of FIFO computations in assigning costs to units completed and ending work in process.LO1
Why should the FIFO method be called the modified or departmental FIFO method?LO1
Identify the main difference between journal entries in process costing and the ones in job costing.LO1
“Standard-cost procedures are particularly applicable to process-costing situations.” Do you agree? Why?LO1
Why should the accountant distinguish between transferred-in costs and additional direct material costs for each subsequent department in a process-costing system?LO1
“Transferred-in costs are those incurred in the preceding accounting period.” Do you agree?Explain.LO1
Equivalent units, zero beginning inventory. Nihon Inc. is a manufacturer of digital cameras.1. Unit cost, $154.80 It has two departments: Assembly and Testing. In January 2010, the company
Journal entries (continuation of 17-16). Refer to requirement 2 of Exercise 17-16.REQUIRED Prepare summary journal entries for the use of direct materials and incurrence of conversion costs. Also
Zero beginning inventory, materials introduced in middle of process. Roary Chemicals 1, Equivalent units, conversion has a Mixing Department and aR efining Department. Its process-costing system in
FIFO method, assigning costs. Refer to the information in Exercise 17-19. REQUIRED Do Exercise 17-19 using the FIFO method. Note that you first need to calculate the equiva- lent units of work done
Standard-costing method, assigning costs. Refer to the information in Exercise 17-19. Suppose Bio Doc determines standard costs of $6.60 per equivalent unit for direct materials and $10.40 per
Weighted-average method, equivalent units and unit costs. Consider the following data for the Assembly Division ofa satellite manufacturer:REQUIRED 1. Compute equivalent units for direct materials
Weighted-average method, assigning costs (continuation of 17-22).REQUIRED For the data in Exercise 17-22, summarize total costs to account for, and assign these costs to units completed (and
FIFO method, equivalent units and unit costs. Refer to the information in Exercise 17-22.2. Direct materials cost per Suppose the Assembly Division uses the FIFO method of process costing instead of
FIFO method, assigning costs (continuation of 17-24).Total cost of work in process,$6,072,908 EEE For the data in Exercise 17-22, use the FIFO method to summarize total costs to account for, and
Standard-costing method, assigning costs. Refer to the information in Exercise 17-22.aiatalietrect riaterials cost Suppose the Assembly Division uses the standard-costing method of process costing.
‘Transferred-in costs, weighted-average method. Asaya Clothing Inc. is a manufacturer of 3, Total cost of work in process, winter clothes. It has a Knitting Department and a Finishing Department.
Transferred-in costs, FIFO method. Refer to the information in Exercise 17-27. Suppose that Asaya uses the FIFO method instead of the weighted-average method in all of its depart- ments. The only
Weighted-average method, equivalent units and unit costs. Consider the following data for the Assembly Division of Fenton Watches Inc.:The Assembly Division uses the weighted-average method of
Weighted-average method, assigning costs (continuation of 17-29). REQUIRED For the data in Exercise 17-29, summarize total costs to account for, calculate cost per equiv- alent unit for direct
FIFO method, equivalent units. Refer to the information in Exercise 17-29. Suppose the Assembly Division at Fenton Watches Inc. uses the FIFO method of process costing instead of the weighted-average
FIFO method, assigning costs (continuation of 17-31). REQUIRED For the data in Exercise 17-29, use the FIFO method to summarize total costs to account for, calculate cost per equivalent unit for
Standard-costing method, assigning costs. Bucky’s Boxes makes boxes for moving. It sells its boxes to major national moving companies. Because of the simple nature of the production process,
Standard-costing method. Ozumo’s Gardening makes several different kinds of mulch. Its busy period is in the summer months. In August, the controller suddenly quits due to a stressrelated disorder.
Weighted-average method. Larsen Corp. manufactures car seats in its Sarnia plant. Each @car seat passes through the Assembly Department and the Testing Department. This problem 4 jo4a\cost of workin
Journal entries (continuation of 17-35). ©REQUIRED Prepare a set of summarized journal entries for all October 2010 transactions affecting Work in Process—Assembly. Set up a T-account for Work in
FIFO method (continuation of 17-35). ©3. Total cost of work in process, REQUIRED $755,000 Do Problem 17-35 using the FIFO method of process costing. Explain any difference between the cost per
Transferred-in costs, weighted-average method (related to 17-35 to 17-37). Larsen @Corp., as you know, is a manufacturer of car seats. Each car seat passes through the Assembly 3 jgta\ cost of workin
Transferred-in costs, FIFO-costing method (continuation of 17-38). Refer to the infor- mation in Problem 17-38. Suppose that Larsen Corp. uses the FIFO method instead of the weighted-average method
Weighted-average method. Porter Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the Assembly Department and the Finishing
Journal entries (continuation of 17-40).REQUIRED Prepare a set of summarized journal entries for all April transactions affecting Work in Process—Assembly. Set up a T-account for Work in
FIFO method (continuation of 17-40). REQUIRED Do Problem 17-40 using the FIFO method of process costing. If you did Problem 17-40, explain any difference between the cost of work completed and
Transferred-in costs, weighted-average method. Publish Inc. has two departments: Print- ing and Binding. Each department has one direct-cost category (direct materials) and one indirect-cost category
‘Transferred-in costs, FIFO costing (continuation of 17-43). Refer to the information in Problem 17-43. Suppose that Publish Inc. uses the FIFO method instead of the weighted- |J ia)c ost of work
Transferred-in costs, weighted-average and FIFO. Frito-Lay Inc. manufactures convenience foods, including potato chips and corn chips. Production of corn chips occurs in four | joi) cost of work in
Standard costing with beginning and ending work in process. Paquita’s Pearls Company(PPC) is a manufacturer of knock-off jewellery. Paquita attends Fashion Week in New York City every September and
Operation costing. Two styles of men’s shoes are manufactured by the Comfort Fit Shoe Company: Designer and Regular. Designer style is made from leather, and Regular style uses synthetic materials.
Operation costing, equivalent units. (CMA, adapted) Plastco Industries manufactures a variety of plastic products, including a series of moulded chairs. The three models of moulded chairs, which are
Equivalent-unit computations, benchmarking, governance. Susan Draco is the corpo- rate controller of Comfort Suits. Comfort Suits has 20 plants worldwide that manufacture basic suits for retail
Transferred-in costs, equivalent-unit costs, working backwards. Ottawa Plastics Corp.Aeeialesofending workin hast wo processes—extrusion and thermo-assembly. Consider the June 2010 data for
Operation costing. Farkas Shoes, a high-end shoe manufacturer, produces two lines of shoes O. Budseted cost of goads man- for women. The shoes are identical in design, but differ in the materials
Distinguish among spoilage, rework, and scrap, and apply the appropriate methods to account for the costs of normal and abnormal costs LO1
Apply process-costing methods to account for spoilage using weighted average and first-in, first-out (FIFO) methods LO1
Apply the standard-costing method to account for spoilage in process costing using the standard-costs method, and allocate costs of normal spoilage LO1
Apply job cost allocation procedures to account for spoilage in job costing LO1
Apply cost allocation procedures to account for reworked units and scrap LO1
"I am going to focus on the customers of my business and leave cost-allocation issues to my accountant." Do you agree with this comment by a division president?LO1
How can an individual cost item, such as the salary of a plant security guard, be both a direct cost and an indirect cost at the same time?LO1

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