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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

Distinguish between an annual budget and a continuous budget.
How can cost-volume-profit analysis be used in profit planning?
What is the function of a budget director?
What is contained in a budget planning report?
What is a manning table?
How can statistical regression analysis be used in developing a sales forecast?
What potential problems exist in allowing individual sales persons to develop their own sales forecasts?
What is the objective of a general and administrative expenses budget?
Why is the cash budget important for planning?
Why are pro forma financial statements produced as part of the budgeting process?
Terry Company is preparing its cash budget for the month of April. The following information is available concerning its inventories: Inventories at beginning of April. Estimated purchases for April
Varsity Co. is preparing its cash budget for the month of May. The following information on accounts receivable collections is available from Varsity's past collection experience: Current month's
Arpo Products, Inc. has developed the following sales forecast for its most popular product, Product X, covering the months of April through July.Arpo's inventory policy specifies that the inventory
The Fresh Company is preparing its cash budget for the month of May.The following information is available concerning its accounts receivable: Estimated credit sales for May.. Actual credit sales for
Patsy Corp., has estimated its activity for December 20X6. Selected data from these estimated amounts are as follows:Variable selling, general and administrative expenses (S,G\&A) includes a
Smith Corporation had the following transactions in 20X6, their first year of operations: Sales (90% collected in 20X6)...... Bad debt write-offs Disbursements for costs and expenses.. $1,500,000
Davis Company has budgeted its activity for April. Selected data from estimated amounts are as follows: Net income. .$120,000 Increase in gross amount of trade accounts receivable during month.
The Zel Company, a wholesaler, budgeted the following sales for the indicated months:All merchandise is marked up to sell at its invoice cost plus \(25 \%\). Merchandise inventories at the beginning
Budgeted Cash Collections, Net Income, Accounts Payable The January 31, 20X6, balance sheet of Shelpat Corporation follows:Collections are expected to be \(60 \%\) in the month of sale, \(38 \%\) the
Miraclean Corp. produces an industrial cleaning compound which is sold nationally at a price of \(\$ 10\) per one gallon container. The marketing division is subdivided into sales regions each headed
Budgeted Labor, Materials, and Purchases}Worldwide Fabricating Co. manufactures small parts from steel. Based on a sales forecast, the following production schedule has been established for its two
The Dilly Company marks up all merchandise at \(25 \%\) of gross purchase price. All purchases are made on account with terms of \(1 / 10\), net/60. Purchase discounts, which are recorded as
The Patton Corporation has gone through a period of rapid expansion to reach its present size of seven divisions. The expansion program has placed strains on its cash resources. Therefore, the need
Tomlinson Retail seeks your assistance to develop cash and other budget information for May, June, and July 20X6. At April 30, 20 X 6, the company had cash of \(\$ 5,500\), accounts receivable of
The Barker Corporation manufactures and distributes wooden baseball bats. The unit sales volume for the past two months and the estimate for the next four months is:The bats are sold for \(\$ 3\)
The Scarborough Corporation manufactures and sells two products: Thingone and Thingtwo. In July 20X7, Scarborough's budget department gathered the following data in order to project sales and budget
The Wyoming Division of Reid Corporation produces an intricate component part used in Reid's major product line. The division manager has been concerned recently by a lack of coordination between
Arment Co. has sales in the range of \(\$ 25\) to 30 million, has one manufacturing plant, employs 700 people, including 15 national account salesmen and 80 traveling sales representatives. The home
The administrator of Wright Hospital has presented you with a number of service projections for the year ending June 30, 20X6. Estimated room requirements for inpatients by type of service are:Of the
Prime Time Court Club (PTCC) has been in business for five years. The club has experienced cash flow problems each year, especially in the summer when court use is quite low and new membership sales
Calen Co. manufactures and sells three products. The three products are manufactured in a factory consisting of four departments. Both labor and machine times are applied to the products as they pass
The 601 Blue Jean Company has decided to allocate the cost of its Warehouse and Distribution Center to its customers using activity-based costing, in order to better assess profitability by customer.
The CMA Manufacturing Company produces three products: C, M, and A in its manufacturing process. After split-off, these products are further processed separately. Additional information is as
Match each of the following lettered terms on the left with the appropriate numbered definition on the right.a. Abnormal spoilage b. First in first out or departmentc. Normal spoilage 1. Costs are
The Felix Manufacturing Company uses a process cost system to account for the costs of its only product known as "Nino." Production begins in the fabrication department where units of raw material
On April 1, the Collins Company had 6,000 units of work-in-process in Department \(\mathrm{B}\), the second and last stage of their production cycle. The costs attached to these 6,000 units were \(\$
Beck Corporation makes wooden bed frames. The following data pertain to the company's costs in beginning work-in-process inventory at October \(1^{\text {st }}, 2006\) and for the month of
The Trinity River Corp. manufactures sporting goods. Production of the Model HQ baseball passes through two departments. Department A winds a fiber cord tightly around a hard rubber core. In
Matrix Manufacturing Company recently changed its factory to IIT production. The following expenditures occurred during the month of April:1. Raw materials purchased and used, \(\$ 100,000\).2.
California Hi-Tech Inc. uses a just-in-time production system. The factory has received an order for 1,000 units of Model RS to be filled this month. For this order they purchased and used materials
Jackie and Company applies overhead at a combined rate for fixed and variable overhead of 220 percent of direct labor cost. The following data was gathered for the final quarter of
Computation of Work-in-Process Inventory The Allan Manufacturing Company uses a normal job order cost system. For 20X9 the company's predetermined overhead rate is \(\$ 2.50\) per direct labor hour.
The Houston Company uses a job order cost system. The following relate to the year of 20X4:3. Factory overhead is applied to production on the basis of \(\$ 2\) per direct labor hour.4. Total factory
BXM Design Company employs a job order costing system and uses predetermined overhead rates to apply overhead to jobs. Variable overhead is applied based on direct labor hours, and fixed overhead is
On June 30, 20X8, a flash flood damaged the warehouse and factory of Padway Corporation, completely destroying the work-in-process inventory. There was no damage to either the raw materials or
Selling Price Desired Profit The Seahawk Company is planning to sell 200,000 units of Product B. The fixed costs are \($400,000\) and the variable costs are 60% of the selling price. In order to
Additional Contribution Margin and Fixed Costs The following data apply to Frelm Corporation for a given period:{Required:}Frelm wants to sell an additional 50,000 units at the same selling price and
Dallas Corporation wishes to market a new product for \(\$ 1.50\) a unit. Fixed costs to manufacture this product are \(\$ 100,000\) for less than 500,000 units and \(\$ 150,000\) for 500,000 or more
Taylor, Inc. produces only two products, Acdom and Belnom. These account for \(60 \%\) and \(40 \%\) of the total sales dollars of Taylor, respectively. Variable costs (as a percentage of sales
You are given the following information:{Required:}(1) How many units of Product USA would have to be sold to break even?(2) What would the operating income be if sales increase by \(25 \%\) ?(3)
Multi-Product Breakeven Analysis Highland Manufacturing Company produces three products: A, B, and C. The unit selling price, unit variable cost, and total fixed costs are given below:The management
What is the major problem with using a volume based costing system for product costing in highly automated factories?
What are some examples of non-production volume related overhead costs?
Describe how activity based product costing procedures differ from volume based ones.
What is an overhead cost pool?
How can a product's cost be overstated with a volume based costing approach? How can it be understated?
Identify problems with traditional costing. In what sectors of business is activity based costing most appropriate? In what sectors of business is activity based costing not always appropriate?
Colorado Airlines is operating at capacity on its Denver-to-New York route, offering three flights each day on this route, using Boeing 737's, each with a capacity of 135 passengers. Airline
You are the Chief Financial Officer of a large New York hospital that has decided to implement activity-based costing. Which of the following would you choose as the allocation base for allocating
In which of the following situations are the techniques of activity-based costing most likely to lead to improved production or marketing decisions.(I) The All-Direct Company, which incurs
For a generic manufacturing facility (i.e., without being told what the factory makes):A) Give two examples of overhead expenses for which direct labor hours is a more appropriate allocation base
The Santa Cruz Candy Company makes five types of candies in its sole factory, including chocolate truffles and chocolate mints. Truffles are hand-dipped, so making truffles is labor intensive, and
The Braintree Furniture Company manufactures two lines of furniture: an upscale, handcrafted line called Richleau, which is produced in small quantities; and a massproduced, inexpensive line called
The not-for-profit health clinic Shots-Я-Us provides various types of vaccinations and other shots, especially flu shots, to the public for free or for a nominal fee. The clinic is funded by several
Pink Ink, Inc. has two products and two overhead cost pools:Required:A) Using direct labor hours as the allocation base, what is the overhead rate for Materials Handling overhead?B) What is the total
Following is information about Aztech Industries:Use activity-based costing to calculate the total cost for each Model C heater. Allocate Labor Support using direct labor hours, Materials Support
The Crouse Travel Company applies overhead to its international camping tours using activity-based costing. Following is information about the three overhead cost pools:For any given tour, the number
Define joint products, main products, and by-products.
Distinguish between the manufacturing costs incurred before and after the split-off point.
What methods can be used for allocating joint manufacturing costs?
What method can be used in determining whether a joint product should be sold at split-off or processed further?
Discuss the advantages and disadvantages of the physical measure method and the relative sales value method in the allocation of joint manufacturing costs.
What two general methods are used in accounting for by-products?
What is the purpose of allocating joint manufacturing costs to joint products?
Describe three approaches for allocating the costs of service departments to production departments.
What is the purpose of allocating service department costs to production departments?
Under the step method, which service department's costs should be allocated first?
Discuss the advantages and disadvantages of the direct method, the step method and the linear algebra method in the allocation of service department costs to production departments
Match the following numbered terms on the left with the appropriate lettered definition on the right. 1. By-product 2. Joint cost 3. Joint product 4. Main product 5. Net realizable value 6. Separable
Products \(A\) and \(B\) are joint products. The joint manufacturing costs of \(A\) and \(B\) were \(\$ 10,000\). The production and unit selling price of A and B are as follows: Product Production
The Oilers Company produces two joint products: A and B. During the current period, \(\$ 16,000\) of joint costs were incurred to produce 100 units of \(A\) and 50 units of B. Product A can be sold
Vreeland, Inc. manufactures Products \(\mathrm{X}, \mathrm{Y}\), and \(\mathrm{Z}\) from a joint process. Joint product costs were \(\$ 60,000\). Additional information is as follows:Required:(1)
Stellar Corporation manufactures Products \(\mathrm{R}\) and \(\mathrm{S}\) from a joint process. Additional information is as follows:Required:Assuming that joint costs are allocated on the basis of
Superior Company manufactures Products A and B from a joint process which also yields a by-product, X. Superior accounts for the revenues from its by-product sales as a deduction from the cost of
Helen Corp. manufactures Products W, X, Y, and Z from a joint process. Additional information is as follows:{Required:}Assuming that total joint costs of \(\$ 160,000\) were allocated using relative
Kyle Company manufactures Products \(S\) and \(T\) from a joint process. The sales value at split-off was \(\$ 50,000\) for 6,000 units of Product \(S\) and \(\$ 25,000\) for 2,000 units of Product
A company uses a single process to produce three joint products, E, M, and H. Raw materials in the amount of 100,000 gallons are processed in each batch to yield 40,000 gallons of E, 30,000 gallons
Lares Confectioners, Inc., makes a candy bar called Rey, which sells for \(\$ .50\) per pound. The manufacturing process also yields a product known as Nagu. Without further processing, Nagu sells
Forward, Inc. manufactures Products P, Q, and R from a joint process. Additional information is as follows:{Required:}(1) Determine the joint costs allocated to Products \(Q\) and \(R\) assuming
Reliable Transit, Inc. operates a taxi and courier company. The company offers three services: Taxi, Airport Shuttle, and Courier Delivery. The drivers perform all three services based on demand,
A manufacturing process produces three products: A, B and C. The joint products can be sold at split-off or processed further. The total joint manufacturing costs are \(\$ 100,000\). Other relevant
The Hobbs Company produces three joint products: A, B, and C. Product C is treated as a by-product. Joint manufacturing costs, \(\$ 40,050\), are allocated to main products on the basis of their net
The Bama Company produced three joint products at a joint manufacturing cost of \(\$ 100,000\). The joint products can be sold at split-off or further processed independently as follows:Required:(1)
The ABC Company manufactures three products: A, B and C. The company's monthly capacity is 20,000 machine hours. In the current month, the total cost of producing 1,000 units of \(A, 2,000\) units of
Products A, B and C are manufactured from a single process. During a period, the material and conversion cost totaled \(\$ 60,000\). Production (in pounds) was as follows: Product A, 2,000; Product
The New England Chemical Company produces three joint products: A, B, and C. Product \(\mathrm{C}\) is treated as a by-product. The following data is obtained from the company's records of \(20
The AB Company produces two products, \(\mathrm{A}\) and \(\mathrm{B}\), in two separate departments. In addition, the company has two service departments ( \(\mathrm{X}\) and \(\mathrm{Y}\) )
A manufacturer's plant has two production departments and two service departments.Data regarding costs and allocation percentages are given as follows:{Required:}Allocate the service department costs
The Howell Company uses the following as basis for allocating service department costs to production departments.Required:Allocate the service department costs to the production departments using the
A plant operates its own steam-generation facility under the administration of the utilities department. The other service departments are janitorial and personnel. The assembly department

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