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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Production costs chargeable to the Finishing Department in June in Cascio Company are materials $16,000, labor $29,500, overhead $18,000. Equivalent units of production are materials 20,000 and
In Lopez Company, total material costs are $36,000, and total conversion costs are$54,000. Equivalent units of production are materials 10,000 and conversion costs 12,000.Compute the unit costs for
Goode Company has the following production data for selected months.Ending Work in Process Beginning Units % Complete as to Month Work in Process Transferred Out Units Conversion Cost January –0–
Factory labor data for Weber Company are given in BE16-2. Manufacturing overhead is assigned to departments on the basis of 200% of labor costs. Journalize the assignment of overhead to the Assembly
Data for Weber Company are given in BE16-1. Supporting records show that(a) the Assembly Department used $24,000 of raw materials and $35,000 of the factory labor, and (b) the Finishing Department
Weber Company purchases $45,000 of raw materials on account, and it incurs$60,000 of factory labor costs. Journalize the two transactions on March 31 assuming the labor costs are not paid until
Reyes Company transfers out 12,000 units and has 2,000 units of ending work in process that are 25%complete. Materials are entered at the beginning of the process and there is no beginning work in
Soria Co. started and completed 2,000 units for the period. Its beginning inventory is 800 units 25%complete and its ending inventory is 400 units 20%complete. Soria uses the FIFO method to compute
How does a company decide whether to use a job order or a process cost system?AppendixLO1
What is the difference between operations costing and a process cost system?AppendixLO1
At Trent Company, there are 800 units of ending work in process that are 100% complete as to materials and 40% complete as to conversion costs. If the unit cost of materials is $3 and the total costs
What purposes are served by a production cost report?AppendixLO1
(a) Ann Quinn believes the production cost report is an external report for stockholders. Is Ann correct?Explain.(b) Identify the sections in a production cost report.AppendixLO1
Clauss Company transfers out 14,000 units and has 2,000 units of ending work in process that are 25%complete. Materials are entered at the beginning of the process and there is no beginning work in
Hindi Co. started 3,000 units during the period. Its beginning inventory is 500 units one-fourth complete as to conversion costs and 100% complete as to materials costs. Its ending inventory is 300
Sanchez Co. has zero units of beginning work in process. During the period, 12,000 units were completed, and there were 500 units of ending work in process one-fifth complete as to conversion cost
Coats Company had zero units of beginning work in process. During the period, 9,000 units were completed, and there were 600 units of ending work in process. What were the units started into
How are equivalent units of production computed?AppendixLO1
What is meant by the term “equivalent units of production”?AppendixLO1
John Harbeck is confused about computing physical units. Explain to John how physical units to be accounted for and physical units accounted for are determined.AppendixLO1
Mark Haley is uncertain about the steps used to prepare a production cost report. State the procedures that are required in the sequence in which they are performed.AppendixLO1
At Ely Company, overhead is assigned to production departments at the rate of $5 per machine hour. In July, machine hours were 3,000 in the Machining Department and 2,400 in the Assembly
(a) What source documents are used in assigning (1)materials and (2) labor to production in a process cost system?(b) What criterion and basis are commonly used in allocating overhead to
Sam Bowyer believes there are no significant differences in the flow of costs between job order cost accounting and process cost accounting. Is Bowyer correct? Explain.AppendixLO1
Your roommate is confused about the features of process cost accounting. Identify and explain the distinctive features for your roommate.AppendixLO1
What are the similarities between a job order and a process cost system?AppendixLO1
Contrast the primary focus of job order cost accounting and of process cost accounting.AppendixLO1
Identify which costing system—job order or process cost—the following companies would primarily use:(a) Quaker Oats, (b) Jif Peanut Butter, (c) Gulf Craft(luxury yachts), and (d) Warner Bros.
Toney Company uses the FIFO method to compute equivalent units. It has unit costs of $10 for materials and $30 for conversion costs. If there are 2,500 units in ending work in process, 100% complete
KLM Company uses the FIFO method to compute equivalent units. It has no beginning work in process;9,000 units are started and completed and 3,000 units in ending work in process are one-third
Hollins Company uses the FIFO method to compute equivalent units. It has 2,000 units in beginning work in process, 20% complete as to conversion costs, 25,000 units started and completed, and 3,000
In a production cost report, units to be accounted for are calculated as:(a) Units started into production 1 Units in ending work in process.(b) Units started into production 2 Units in beginning
A production cost report:(a) is an external report.(b) shows both the production quantity and cost data related to a department.(c) shows equivalent units of production but not physical units.(d)
Largo Company has unit costs of $10 for materials and $30 for conversion costs. If there are 2,500 units in ending work in process, 40% complete as to conversion costs, and fully complete as to
Fortner Company has no beginning work in process;9,000 units are transferred out and 3,000 units in ending work in process are one-third finished as to conversion costs and fully complete as to
Mora Company has 2,000 units in beginning work in process, 20% complete as to conversion costs, 23,000 units transferred out to finished goods, and 3,000 units in ending work in process 331 3%
In RYZ Company, there are zero units in beginning work in process, 7,000 units started into production, and 500 units in ending work in process 20% completed.The physical units to be accounted for
The Mixing Department’s output during the period consists of 20,000 units completed and transferred out, and 5,000 units in ending work in process 60%complete as to materials and conversion costs.
Conversion costs are the sum of:(a) fi xed and variable overhead costs.(b) labor costs and overhead costs.(c) direct material costs and overhead costs.(d) direct labor and indirect labor
In a process cost system, manufacturing overhead:(a) is assigned to fi nished goods at the end of each accounting period.(b) is assigned to a work in process account for each job as the job is
In a process cost system, the flow of costs is:(a) work in process, cost of goods sold, fi nished goods.(b) fi nished goods, work in process, cost of goods sold.(c) fi nished goods, cost of goods
Indicate which of the following statements is not correct.(a) Both a job order and a process cost system track the same three manufacturing cost elements—direct materials, direct labor, and
Which of the following items is not characteristic of a process cost system?(a) Once production begins, it continues until the fi nished product emerges.(b) The products produced are heterogeneous in
Explain the four steps necessary to prepare a production cost report.AppendixLO1
Compute equivalent units.AppendixLO1
Make the journal entries to assign manufacturing costs in a process cost system.AppendixLO1
Explain the fl ow of costs in a process cost system.AppendixLO1
Explain the similarities and differences between job order cost and process cost systems.AppendixLO1
Understand who uses process cost systems.AppendixLO1
During January, its first month of operations, Knox Company accumulated the following manufacturing costs: raw materials $4,000 on account, factory labor $6,000 of which $5,200 relates to factory
In January, Knox Company requisitions raw materials for production as follows:Job 1 $900, Job 2 $1,400, Job 3 $700, and general factory use $600. Prepare a summary journal entry to record raw
Knox Company begins operations on January 1. Because all work is done to customer specifications, the company decides to use a job order cost system. Prepare a flowchart of a typical job order system
Factory labor data for Knox Company is given in BE15-2. During January, time tickets show that the factory labor of $6,000 was used as follows: Job 1 $2,200, Job 2$1,600, Job 3 $1,400, and general
“At the end of the year, under- or overapplied overhead is closed to Income Summary.” Is this correct? If not, indicate the customary treatment of this amount.AppendixLO1
Matt Litkee is confused about under- and overapplied manufacturing overhead. Define the terms for Matt, and indicate the balance in the manufacturing overhead account applicable to each
Data pertaining to job cost sheets for Knox Company are given in BE15-3.AppendixLO1
Jane Neff believes that the cost of goods manufactured schedule in job order cost accounting is the same as shown in Chapter 1. Is Jane correct? Explain.AppendixLO1
Prepare the job cost sheets for each of the three jobs. (Note: You may omit the column for Manufacturing Overhead.)AppendixLO1
How can the agreement of Work in Process Inventory and job cost sheets be verified?AppendixLO1
Marquis Company estimates that annual manufacturing overhead costs will be$900,000. Estimated annual operating activity bases are direct labor cost $500,000, direct labor hours 50,000, and machine
What elements are involved in computing a predetermined overhead rate?AppendixLO1
During the first quarter, Roland Company incurs the following direct labor costs: January $40,000, February $30,000, and March $50,000. For each month, prepare the entry to assign overhead to
Sam Bowden believes actual manufacturing overhead should be charged to jobs. Do you agree? Why or why not?AppendixLO1
Explain the purpose and use of a “materials requisition slip” as used in a job order cost system.AppendixLO1
In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $20,000 and Job 11 $30,000. On March 31, Job 10 is sold to the customer for $35,000 in cash. Journalize the entries for the completion
Indicate the source documents that are used in charging costs to specific jobs.AppendixLO1
What is the purpose of a job cost sheet?AppendixLO1
Stan Kaiser is confused about the source documents used in assigning materials and labor costs. Identify the documents and give the entry for each document.AppendixLO1
Preprah Engineering Contractors incurred service salaries and wages of $32,000($24,000 direct and $8,000 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct
“Entries to Manufacturing Overhead normally are only made daily.” Do you agree? Explain.AppendixLO1
What source documents are used in accumulating direct labor costs?AppendixLO1
At December 31, balances in Manufacturing Overhead are Shimeca Company—debit $1,200, Garcia Company—credit $900. Prepare the adjusting entry for each company at December 31, assuming the
There are three inventory control accounts in a job order system. Identify the control accounts and their subsidiary ledgers.AppendixLO1
Your roommate asks your help in understanding the major steps in the flow of costs in a job order cost system. Identify the steps for your roommate.AppendixLO1
During the current month, Tomlin Company incurs the following manufacturing costs.(a) Purchased raw materials of $16,000 on account.(b) Incurred factory labor of $40,000. Of that amount, $31,000
What type of industry is likely to use a process cost system? Give some examples.AppendixLO1
What type of industry is likely to use a job order cost system? Give some examples.AppendixLO1
(a) Distinguish between the two types of cost accounting systems.(b) Can a company use both types of cost accounting systems?AppendixLO1
(a) Mary Barett is not sure about the difference between cost accounting and a cost accounting system.Explain the difference to Mary.(b) What is an important feature of a cost accounting
Manufacturing overhead is underapplied if:(a) actual overhead is less than applied.(b) actual overhead is greater than applied.(c) the predetermined rate equals the actual rate.(d) actual overhead
Milner Company is working on two job orders. The job cost sheets show the following.Job 201 Job 202 Direct materials $7,200 $9,000 Direct labor 4,000 8,000 Manufacturing overhead 5,200 9,800 Prepare
At end of the year, a company has a $1,200 debit balance in Manufacturing Overhead. The company:(a) makes an adjusting entry by debiting Manufacturing Overhead Applied for $1,200 and crediting
During the current month, Reyes Corporation completed Job 310 and Job 312. Job 310 cost $60,000 and Job 312 cost $50,000. Job 312 was sold on account for$90,000. Journalize the entries for the
Which of the following statements is true?(a) Job order costing requires less data entry than process costing.(b) Allocation of overhead is easier under job order costing than process costing.(c) Job
At the end of an accounting period, a company using a job order cost system calculates the cost of goods manufactured:(a) from the job cost sheet.(b) from the Work in Process Inventory account.(c) by
Mynex Company completes Job No. 26 at a cost of$4,500 and later sells it for $7,000 cash. A correct entry is:(a) debit Finished Goods Inventory $7,000 and credit Work in Process Inventory $7,000.(b)
For Eckstein Company, the predetermined overhead rate is 130% of direct labor cost. During the month, Eckstein incurred $100,000 of factory labor costs, of which$85,000 is direct labor and $15,000 is
In Crawford Company, the predetermined overhead rate is 80% of direct labor cost. During the month, Crawford incurs $210,000 of factory labor costs, of which $180,000 is direct labor and $30,000 is
The formula for computing the predetermined manufacturing overhead rate is estimated annual overhead costs divided by an expected annual operating activity, expressed as:(a) direct labor cost. (c)
The entry when direct factory labor is assigned to jobs is a debit to:(a) Work in Process Inventory and a credit to Factory Labor.(b) Manufacturing Overhead and a credit to Factory Labor.(c) Factory
In recording the issuance of raw materials in a job order cost system, it would be incorrect to:(a) debit Work in Process Inventory.(b) debit Finished Goods Inventory.(c) debit Manufacturing
The gross earnings of the factory workers for Vargas Company during the month of January are $66,000. The employer’s payroll taxes for the factory payroll are $8,000.The fringe benefits to be paid
The source documents for assigning costs to job cost sheets are:(a) invoices, time tickets, and the predetermined overhead rate.(b) materials requisition slips, time tickets, and the actual overhead
Raw materials are assigned to a job when:(a) the job is sold.(b) the materials are purchased.(c) the materials are received from the vendor.(d) the materials are issued by the materials
The flow of costs in job order costing:(a) begins with work in process inventory and ends with finished goods inventory.(b) begins as soon as a sale occurs.(c) parallels the physical flow of
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May,
When incurred, factory labor costs are debited to:(a) Work in Process.(b) Factory Wages Expense.(c) Factory Labor.(d) Factory Wages Payable.AppendixLO1
In accumulating raw materials costs, companies debit the cost of raw materials purchased in a perpetual system to:(a) Raw Materials Purchases.(b) Raw Materials Inventory.(c) Purchases.(d) Work in
A company is more likely to use a job order cost system if:(a) it manufactures a large volume of similar products.(b) its production is continuous.(c) it manufactures products with unique
Cost accounting involves the measuring, recording, and reporting of:(a) product costs.(b) future costs.(c) manufacturing processes.(d) managerial accounting decisions.AppendixLO1

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