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business
management cost accounting

Questions and Answers of Management Cost Accounting

The following particulars relating to the year 1994 have been taken from the books of a chemical works, manufacturing and selling a chemical mixture:The stock of finished mixture at the end of 1994
A manufacturer presents the following details about the various expenses incurred by him:Classify the aforementioned expenses under the various elements of cost, showing separately the total
A manufacturing company submits to you the following details about the various expenses incurred by it during the year ending on 31 December 1985:Classify the aforementioned expenses under various
Calculate (a) prime cost, (b) factory cost, (c) cost of production, (d) cost of sales and (e) profit from the following particulars: Rs Direct materials 1,00,000 Direct wages 25,000 Direct expenses
The following cost data are available for a firm from its books for the year ending on 31 December 1995:Prepare a cost sheet indicating the prime cost, works cost, production cost, cost of sales and
Ascertain prime cost from the following data: Rs Direct wages 50,000 Chargeable expenses 5,000 Opening stock of raw materials 10,000 Raw materials bought during the period 60,000 Closing stock of raw
3-24 Cost-Volume Relationships, Income Taxes (CMA) R. A. Ro and Company, maker of quality handmade pipes, has experienced a steady growth in sales for the past five years. However, increased
4-18 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
4-17 Overhead Application and Year-End Disposition (D. Jacque Grinnell) A manufacturing company is divided into three producing departments, A, B, and C.All production is to customer’s order.
4-16 Accounting for Overhead On December 30, 192, 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
4-15 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 directlabor hour. Both beginning and closing
4-14 Incomplete Data The Fullerton Company uses perpetual inventories and a normal cost system. Balances from selected accounts were:BALANCES BALANCES DECEMBER 31, 19_1 DECEMBER 31, 19_2 Factory
4-13 The Burke Company has budgeted the following performance for 19-4: Beginning inventories Sales Net income None $10,000,000 800,000 Factory overhead: Variable 1,000,000 Fixed 2,000,000 Selling
4-12 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
4-11 Accounting for Overhead The Lynn Company has made the following pre- dictions for 19-4: MACHINING ASSEMBLY Factory overhead $ 600,000 $ 800,000 Direct-labor cost 1,000,000 1,600,000 Direct-labor
4-10 Journal Entries The H Company uses a job-order cost system. The following relate to the month of March:1. Raw materials issued to production, $96,000 2. Direct-labor analysis, $78,000 3.
4-9 Journal Entries and Source Documents Refer to Problem 4-8. Prepare journal entries. For each entry, (a) indicate the most likely name of the source docu- ments that would authorize the entry, and
4-8 T-Accounts The following data relate to operations of the Donnell Printing Stores control, December 31, 19_4 $ 12 Work-in-process control, December 31, 19 4 3 Finished-goods control, December 31,
4-7 What is a normal product cost?
4-5 Distinguish between a clock card and a work ticket. 4-6 What are the limitations of the general ledger as a cost accounting device?
4-4 What is the principal difference between job-cost and process-cost account- ing systems?
4-3 What is the purpose of a department cost sheet?
4-2 Give two definitions of control as the word may be used by an accountant.
4-1 Distinguish between producing departments and service departments.
3-27 Review of Chapters 2 and 3 For each of the following independent cases, find the unknowns, designated by letters.CASE 1 CASE 2 CASE 3 Sales $100,000 $ M $100,000 Direct material used 29,000
3-26 Hospital Breakeven (CPA) The Columbus Hospital operates a general hos- pital but rents space and beds to separate entities for specialized areas such as pediatrics, maternity, psychiatric, and
3-23 Role of Income Taxes Reconsider Problem 2 for Self-Study at the end of the chapter. Also study the appendix. With the proposed increase in fixed ex- penses, what amount of sales will yield a net
3-22 Role of Income Taxes Reconsider the toy-rocket problem as described in Problem 1 for Self-Study at the end of the chapter. Also study the appendix. Suppose you want to obtain a net income of
3-21 Margin of Safety The margin of safety is the excess of budgeted or actual sales over the breakeven sales volume. It shows the amount by which sales may decrease before losses occur. This concept
3-20 Comparison of Two Companies (SIA, adapted) Black and White are the owners of the Modern Processing Company and the Oldway Manufacturing Company, respectively. These companies manufacture and
3-19 Influence of Relevant Range on Cost Behavior The Charne Company's cost behavior is as follows: PRODUCTION RANGE IN UNITS FIXED COSTS 0- 20,000 $160,000 20,001-65,000 190,000 65,001-90,000
3-18 Effect on Profits of Change in Price (SIA) The Canadian Zinc Diecasting Company is one of several suppliers of part X to an automobile manufacturing firm. Orders are distributed to the various
3-17 Effects of Sales Forecast The Fragile Company has just been incorporated and plans to produce a product that will sell for $10 per unit. Preliminary market surveys show that demand will be less
3-16 Effects of Size of Machines The Dore Foods Company is planning to manu- facture doughnuts for its chain of coffee shops throughout the city. Two alter- natives have been proposed for the
3-15 Prediction Error. Channels of Distribution Through the end of 19-3, Mavis Company, a television manufacturer, had always sold its products through dis- tributors. In 193 its sales were
3-14 Cost of Prediction Errors A company set a price for its product at $20 per unit. Predicted variable costs were $14 per unit. Expected sales were 100,000 units. Fixed costs for the year were
3-13 Cost of Prediction Errors Reconsider the toy-rocket illustration in the section on "Cost of Prediction Errors." Suppose the manager does not have the privilege of returning any unsold rockets.
1. Suppose that the actual demand for the year is 48,000 packs and that you contracted for 50,000 packs. What is the net profit for the store? 2. If you had had perfect knowledge, you would have
3-12 Sensitivity, Prediction Errors, and Inflation Refer to Problem 3-10. As president of Look Rite, you are concerned that inflation may squeeze your profits. Spe- cifically, you feel committed to
3-11 Extension of 3-10 Refer to part 4 of Problem 3-10. 1. Compute the point of indifference between a fixed-salary plan and a com- mission plan. That is, calculate the volume level in units where
3-10 Basic Cost-Volume-Profit Analysis The Look Rite Company operates a chain of rented stores and departments within larger stores. The chain features a variety of "packs" of men's shirts, ties, and
3-9 Exercises in Cost-Volume-Profit Relationships The Fresh Buy Grocers Corpora- tion owns and operates twelve supermarkets in and around Chicago. You are given the following corporate budget data
3-8 Governmental Price Controls Governments periodically exert controls over maximum allowable selling prices. The MN Motorbike Company had achieved the following average operating figures for each
3-7 Relationships in Chapter Illustration Refer to the initial toy-rocket example in the chapter.1. Suppose the unit purchase cost of rockets rises from 50¢ to 60¢, but the sales price is
3-6 A lithographic company follows a policy of high pricing each month until it reaches its monthly breakeven point. After this point is reached, the company tends to quote low prices on jobs for the
3-5 “This breakeven approach is great stuff. All you need to do is worry about variable costs. The fixed costs will take care of themselves.” Discuss.
3-4 Define: contribution margin, variable-cost ratio, contribution-margin ratio.
3-3 What are the principal differences between the accountant’s and the economist’s breakeven charts?
3-2 Why is it often more desirable to plot fixed costs above the variable costs on a breakeven chart?
3-1 Why is it more accurate to describe the subject matter of this chapter as costvolume-profit relationships rather than as breakeven analysis?Income Before Taxes II$234 =
2-33 Budgeted Income Statement This problem is more difficult than previous ones. Refer to the preceding problem. Management has asked that you prepare a budgeted income statement for 19-2, assuming
2-32 Comprehensive Problem on Unit Costs, Product Costs, Variable and Fixed Costs, and Budgeted Income Statement The Fancher Company makes a single. product. Costs are as follows (V stands for
2-31 Overtime and Fringe Costs A city printing department had a flurry of work during a particular week. The printers' labor contract provided for payment to workers at a rate of 150 percent of the
2-30 Different Cost Classifications for Different Purposes A machining department has a number of cost accounts. Some accounts selected at random are repro- duced below. Use two columns to classify
2-29 Fire Loss; Computing Inventory Costs A distraught employee, Fang W. Arson, put a torch to a factory on a blustery February 26. The resulting blaze completely destroyed the plant and its
2-28 Finding Unknown Balances For each of the cases in the list below, find the unknowns designated by letters.CASE 7 CASE 2 CASE 3 CASE 4 Finished-goods inventory, 1/1 $ 5,000 $ 4,000 $ 7,800 $ G
2-27 Answers from Incomplete Data The following accounts of a manufacturing company appeared in the balance sheets of December 31, 19_1, and Decem- ber 31, 19_2:DECEMBER 317, 19_1 DECEMBER 31, 19_2
2-26 Interpretation of Statements Refer to the preceding problem. 1. How would the answer to the preceding problem be modified if you were asked for a schedule of cost of goods manufactured and sold
2-25 Statement of Cost of Goods Manufactured The following items pertain to Sorter Corporation (in dollars):FOR YEAR 19_2 Work in process, Dec. 31, 19_2 2,000 Selling and administrative Finished
2-24 Interpretation of Statements Refer to the preceding problem. 1. How would the answer to the preceding problem be modified if you were asked for a schedule of cost of goods manufactured and sold
2-23 Statement of Cost of Goods Manufactured The Mondale Corporation has the following accounts (in millions of dollars): Selling and administrative expenses Work in process, December 31, 19.1
2-21 Unit Manufacturing Cost (SIA, adapted) The Toronto Manufacturing Company incurred the following costs for the month of May:Materials used:Direct materials $6,600 Indirect materials 1,200 Payroll
2-20 Periodic or Perpetual Inventory Methods (SIA) ‘The terms feriodic and perpetual inventories are referred to frequently in presenting the accounting procedures that are followed by businesses
2-19 Why is overtime premium usually considered an indirect cost rather than direct?
2-18 “An action once taken cannot be changed by subsequent events.” What implications does this have for the cost accountant?
2-17 “Fixed costs are really variable. The more you produce, the less they become.”Do you agree? Explain.
2-16 Give three examples of fixed factory overhead.
2-15 Distinguish between costing for inventory valuation and other purposes.
2-14 Give three examples of variable factory overhead.
2-13 Define: variable cost, fixed cost, relevant range.
2-12 Why is the unit-cost concept helpful in accounting?
2-11 “Cost of goods sold is an expense.” Do you agree? Explain.
2-10 Why is the term manufacturing expenses a misnomer?
2-9 “For purposes of income determination, insurance, depreciation, and wages should always be treated alike.” Comment.
2-8 Distinguish between unexpired costs and expired costs. How are manufacturing costs classified in relation to the problem of income measurement?
2-7 What is the major difference between the balance sheets of manufacturers and merchandisers?
2-6 Distinguish among direct labor, indirect labor, overtime premium, and idle time.
2-5 Give at least four terms that may be substituted for the term factory overhead.
2-4 Define the following: direct materials, direct labor, indirect matertals, indirect labor,. factory overhead, prime cost, conversion cost.
2-3. What are the three major elements in the cost of a manufactured product?
2-2 Distinguish between manufacturing and merchandising.
2-1 What two major purposes of cost accounting were stressed in this chapter?
1-22 Value of Information You own a shop that sells and services bicycles. Your partner wants your approval for adding a line of bicycles that will retail for $100. 7. Will you add the line? What
1-21 Evolution of Accounting Systems You recently opened a bicycle repair shop, using the family garage as your place of business. 1. You are self-employed. You buy parts for cash and render service
1-20 Preview of Coming Attractions David Colhane, an able electrical engineer, was informed that he was going to be promoted to assistant factory manager. David was elated but uneasy. In particular,
1-19 Scorekeeping. Attention Directing, and Problem Solving Internal (manage- ment) accounting tends to emphasize the attention-directing and problem- solving functions of accounting. However, there
1-18 Organization of Accounting Department: Centralization or Decentralization The following quotation is from an address made by an officer of the Ford Motor Company: We can all, I think, take pride
1-17 Accountant's Role in Planning and Control Dick Victor has been president of Sampson Company, a multidivision textile company, for ten months. The company has an industry reputation as being
1-16 Responsibility for Analysis of Performance Foundry superintendent Head of job evaluation Vice-president, personnel Head of general accounting Budget director Tool-room superintendent Chief
1-15 Draw an Organization Chart Draw an organization chart for a company that has the following positions: Vice-president, controller and treasurer Chief designer Receiving and stores superintendent
1-14 Scorekeeping, Attention Directing, and Problem Solving For each of the follow- ing, identify the function the accountant is performing: i.e., scorekeeping, attention directing, or problem
1-13 Role of the Accountant in the Organization: Line and Staff Functions 1. Of the following, who have line authority over a cost-record clerk: budgetary accountant; head of accounting for current
1-12 Distinguish among line, staff, and functional authorities.
1-11 How is cost accounting related to the concept of controllership?
1-10 What are some common causes of friction between line and staff executives?
1-9 "The modern concept of controllership maintains that the controller does control in a special sense." Explain.
1-8 "The controller is both a line and a staff executive." Do you agree? Why?
1-7 "We need to record replacement costs because they are more accurate approxi- mations of economic reality." How would an advocate of cost-benefit analysis react to this statement?
1-6 "Planning is really much more vital than control." Do you agree? Why?
1-5 Define planning. Distinguish it from control.

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