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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

Job costing and governance. Jack Halpern is the owner and CEO of Aerospace Comfort, a 4-41 firm specializing in the manufacture of seats for air transport. He has just received a copy ofa letter
Allocation of manufacturing overhead and disposition of overallocation or underallo- cation. (SMA, heavily adapted) Nicole Limited is a company that produces machinery to customer order. Its job
General ledger relationships, underallocation and overallocation. (S. Sridhar, adapted) Northley Industries is a manufacturer of sailboats. The following partial information for 2010 is
Normal costing, departments. (J. Watson) Kalor Ltd. uses a normal job costing system with two direct cost categories, direct materials and direct labour, and one indirect cost pool. Manufacturing
Overhead allocation and proration. Franklin & Son Printing designed and printed sales brochures, catalogues, and pamphlets. The business was dissolved in early 2010. The com- pany had used a
Disposition of underallocated or overallocated overhead—Advanced. (Z. Iqbal, adapted) es € ®Naf Radiator Company uses a normal costing system with a single manufacturing overhead(MOH) cost pool
Normal job costing, unit costs. (J. Watson) Pearson Ltd. uses a normal job costing system @ ©and applies overhead on the basis of direct labour-hours. At the beginning of the year, the | ¢1) per
Job costing, service industry. Michael Scott books tours for new bands, and arranges to 1. $2,100 print T-shirts and produce demo CDs to sell on the tour. Scott’s agency uses a normal costing
Explain undercosting and overcosting of products or services LO1
Contrast the logic of traditional cost assignment with the logic of the activities cost hierarchy LO1
Apply the logic of an activity based costing (ABC) cost.hietalchys.LO1
Assign costs using activitybased costing (ABC)LO1
Use ABC systems for activitybased management (ABM)LO1
Classify and summarize revenue, volume, and cost data to produce relevant information for a cost- volume-profit analysis LO1
Distinguish among contribution margin, gross margin, and operating margin LO1
Apply cost-volume-profit analysis to determine breakeven points for a single- product company under different conditions of target operating income and net income using the appropriate equation,
Select the most appropriate strategy when the breakeven point is affected by alternative planned changes to price, volume, and/or costs LO1
Analyze and select the most appropriate product mix for a two-product company, and adapt CVP analysis to multiple revenue-driver situations LO1
Analyze and select the most appropriate product mix for a two-product company, and adapt CVP analysis to multiple cost-driver situations LO1
Identify and distinguish the logic underlying three cost classification systems derived from financial accounting information: period and inventoriable, direct and indirect, prime and conversion LO1
Apply cost information to produce detailed financial schedules to illustrate how the asset value of inventories expires into cost of goods sold reported on the income statement LO1
Differentiate fixed costs from variable costs using the management-accounting cost-classification system LO1
Explain the limitations that the use of average or unit costs impose on managerial decision making LO1
Apply management-accounting logic to classify costs for use in managerial decisions LO1
Define relevant cost information, and state two reasons why it is needed.LO1
Define cost object and give three examples.LO1
Define period costs. What.is the equivalent term used by financial accountants? What is the importance of period costs as a cause of sales? Define inventoriable costs. What is the equivalent term
Define direct costs and indirect costs.LO1
Name three factors that affect the classification of a cost as direct or indirect.LO1
Define the following: direct materials costs, direct manufacturing labour costs, indirect manufacturing costs, prime costs, and conversion costs. What two groups of costs can be conversion costs, and
What is the difference between cost of goods sold, cost of goods available for sale, and cost of goods manufactured? What is the difference between cost of goods sold and cost of sales?LO1
Do service-sector companies have inventoriable costs? Explain.LO1
What are three different types of inventory that manufacturing companies hold?LO1
Define a cost driver. How does a cost driver relate to the Pareto principle?LO1
Define variable cost and fixed cost. Give an example of each.LO1
What is the relevant range? What role does the relevant-range concept play in explaining how costs behave? .LO1
Explain why unit costs must often be interpreted with caution.LO1
What is key to successful execution of a lean management strategy?LO1
Why do management accountants need to understand financial accounting?LO1
Inventoriable costs versus period costs. Each of the following cost items pertains to one of the following companies: Toyota (a manufacturing-sector company), Sobeys (a merchandising-sector company),
Direct and indirect costs; computing and interpreting unit manufacturing costs.eens Maximum Office Products (MOP) produces three different paper products at its Vernon Deluxe $1.3833 lumber
Direct and indirect costs, effect of changing the classification of a cost item (continuation of 2-17). Maximum Office Products (MOP) employs a consultant to help reduce energy costs at its Vernon
Direct and indirect costs, fixed and variable costs. Ceramica Company manufactures three kinds of handpainted ceramic figurines in a two-step process. The first step is automated;in the Baking
Classification of costs, merchandising sector. Home Entertainment Centre (HEC)operates a large store in Halifax. The store has both a DVD section and a musical section(compact discs, mp3 players,
Classification of costs, manufacturing sector. The Fremont, California, plant of NUMMI(New United Motor Manufacturing, Inc.), a joint venture of General Motors and Toyota, assembles two types of cars
Computing cost of goods manufactured and cost of goods sold. The following are Poni goe on account balances relating to 2009 (in thousands):REQUIRED Compute cost of goods manufactured and cost of
Computing cost of goods purchased and cost of sales. The data below are for Marvin &Department Store. The account balances (in thousands) are for 2009.REQUIRED Compute (a) cost of goods purchased
Variable costs and fixed costs behaviour. TwinkleToes Company manufactures beach ©sandals and sells them for $22 a pair. Variable manufacturing costs are $9.90 a pair, and indirect fixed
Variable costs, fixed costs, relevant range. Yumball Candies manufactures jaw-breaker & @candies in a fully automated process. The machine that produces candies was purchased 9 Variahio manufacturing
Total costs and unit costs. A student association has hired a musical group for a graduation nteceet ner person $9.60 party. The cost will be a fixed amount of $4,800.REQUIRED 1. Suppose 500 people
Total and unit costs, decision making. Graham’s Glassworks makes glass flanges for scientific use. Materials cost $1 per flange, and the glass blowers are paid a wage rate of $20 per hour. A glass
Labour cost, overtime, and idle time. Len Lippart is a line worker in the assembly depart-1.a.$1,941.60 ment of Maxart Manufacturing. He normally earns $12 per hour, but gets time and a half($18 per
Comprehensive problem on unit costs, product costs. Soo Office Equipment manufac-1.$ 1,400 tures and sells metal shelving. It began operations on January 1, 2009. Costs incurred for 2009 are as
Budgeted income statement (continuation of 2-29). Assume management predicts that 2)the selling price per unit and variable cost per unit will be the same in 2010 as in 2009. Fixed |, 195 900 units
Cost of goods manufactured. Consider the following account balances (in thousands) for ©the Canseco Company:REQUIRED 1. Prepare a schedule of cost of goods manufactured for 2009.2. Revenues in 2009
Flow of inventoriable costs. Hofstra Plastics Inc.’s selected data for the month of August 2009 are presented below (in millions):REQUIRED Calculate the following costs:LO1 Work-in-process
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
Income statement and schedule of cost of goods manufactured. The Powell Corporation Operating income $50 has the following account balances (in millions):REQUIRED Prepare an income statement and a
Interpretation of statements (continuation of 2-34). Refer to the preceding problem.REQUIRED 4. Unit cost for direct materials 1. How would the answer to the preceding problem be modified if you were
Income statement and schedule of cost of goods manufactured. The following items 2(in millions) pertain to the Chan Corporation:Chan’s manufacturing cost system uses a three-part classification of
Interpretation of statements (continuation of 2-36). Refer to the preceding problem. @oe 1. Total prime costs $145 REQUIRED 1. Calculate total prime costs and total conversion costs.2. Compute total
Foxwood Company is a metal- and wood-cutting manufacturer selling products to the home 1. Operating income $120,000 construction market. Consider the following data for the year 2009:REQUIRED 1.
Inventory decision, opportunity costs. Lawnox, a manufacturer of lawn mowers, predicts 1. Opportunity cost $94,680 that it will purchase 240,000 spark plugs next year. Lawnox estimates that 20,000
Labour-cost ethics, governance. Zix Manufacturing has recently opened a plant in Costa Melon in order to take advantage of certain tax benefits. In order to qualify for these tax benefits, the
Cost analysis, litigation risk, governance. Sam Nash is the head of new-product develop- ©ment of Forever Young (FY). Nash is currently considering Enhance, which would be FY’s next major product
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
Defining cost terms. You are the controller of the Heinz potato processing subsidiary in Ireland. This subsidiary processes potatoes for frozen dinners, fast food restaurants, and other large
Describe how cost accounting supports financial, management, and strategic decisions.LO1
Explain how the value-chain concept relates to the dimensions of performance customers expect LO1
Identify differences between the planning and control decisions of managers, and the different roles of relevant accounting information LO1
Describe three guidelines management accountants follow in supporting managers, and describe the profession's role in an organization LO1
Explain how professional accounting codes of ethics relate to corporate governance LO1
How does management accounting differ from financial accounting?LO1
“Management accounting should not fit the straitjacket of financial accounting.” Explain and give an example.LO1
How can a management accountant help formulate a strategy?LO1
Describe the business functions in the value chain.LO1
Explain the term “supply chain” and its importance to cost management.LO1
“Management accounting deals only with costs.” Do you agree? Explain.LO1
How can management accountants help improve quality and achieve timely product deliveries?LO1
Distinguish planning decisions from control decisions.LO1
What are the three roles management accountants perform?LO1
What three guidelines help management accountants provide the most value to managers?LO1
Asa new controller, reply to this comment by a plant manager: “As I see it, our accountants may be needed to keep records for shareholders and Canada Revenue Agency—but I don’t want them
As used in accounting, what do “SMAC” and “CMA” stand for?LO1
Name the four areas in which standards of ethical conduct exist for management accountants in Canada. What organization sets forth these standards?LO1
What steps should a management accountant take if established written policies provide insufficient guidance on how to handle an ethical conflict?LO1
Cost, management, and financial accounting. Financial accountants use estimates of financial value differently than either cost or management accountants.REQUIRED 1. Identify two differences in
Strategy. Strategy usually includes some formal processes.REQUIRED F 1. How can managers choose between different strategies?2. How is strategy different from an operating decision?LO1
Value chain and classification of costs, computer company. Compaq Computer incurs the following costs:a. Electricity costs for the plant assembling the Presario computer line of productsb.
Value chain and classification of costs, fast food restaurant. Burger King, a hamburger fast food restaurant, incurs the following costs:EQUIRED Classify each cost item in parts (a) to (h) as
Planning and control decisions. Conner Company makes and sells brooms and mops. It 2 takes the following actions, not necessarily in the order given below.REQUIRED For each action (a) to (e) below,
Problem solving, scorekeeping, and attention directing. Each of the following activities &is a function accountants perform.LO1 a. Interpreting differences between actual results and budgeted
Problem solving, scorekeeping, and attention directing. The Home Improvements ©Group Inc. (HIGI) produces home-improvement magazines and home-show events. Its managers are currently examining the
Management accounting guidelines. For each of the following items, identify which of the management guidelines applies: cost-benefit approach, behavioural and technical considerations, or different
Professional ethics and reporting divisional performance. Sue Stevenson is division controller and John Jonas is division manager of the Silver Sandal Company. Stevenson has line responsibility to
Planning and control decisions. Softmoc is a shoe retailing company. The majority of its sales are made at its own stores. These stores are often located in shopping malls or in the downtown shopping
Planning and control, feedback. In April 2009, Sheri Campbell, editor of the Daily Shopping News (DSN), decides to reduce the price per newspaper from $0.84 to $0.70, starting May 1, 2009. Actual
Planning and control decisions: Internet company. WebInfo.com offers its subscribers several services, such as an annotated TV guide and local-area information on weather, restaurants, and movie
Strategic decisions and management accounting. A series of independent situations in which a company is about to make a strategic decision follow. DECISIONS:a. Major Phones is about to decide whether
Management accounting guidelines. For each of the following items, identify which of the management guidelines applies: cost-benefit approach, behavioural and technical considera- tions, or different

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