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public accounting

Questions and Answers of Public Accounting

=+6. How does the use of the materials requisition help control the issuance of materials from the storeroom?
=+5. Which account is used in the job order cost system to accumulate direct materials, direct labor, and factory overhead applied to production costs for individual jobs?
=+4. Hewlett-Packard Company assembles ink jet printers in which a high volume of standardized units are assembled and tested. Is the job order cost system appropriate in this situation?
=+3. What kind of firm would use a job order cost system?
=+c. Which system accumulates the costs for each department or process within the factory?
=+b. Which system provides for a separate record of each particular quantity of product that passes through the factory?
=+2.a. Name two principal types of cost accounting systems.
=+1. How is product cost information used by managers?
=+5. If the factory overhead account has a credit balance, factory overhead is said to be:A. underapplied. C. underabsorbed.B. overapplied. D. in error.
=+What is the factory overhead applied to this job?A. $2,100 C. $78,750 B. $5,250 D. $420,000
=+4. A company estimated $420,000 of factory overhead cost and 16,000 direct labor hours for the period. During the period, a job was completed with $4,500 of direct materials and $3,000 of direct
=+3. Job order cost sheets accumulate all of the following costs except for:A. direct materials.B. indirect materials.C. direct labor.D. factory overhead applied.
=+2. The journal entry to record the requisition of materials to the factory in a job order cost system is a debit to:A. Materials.B. Accounts Payable.C. Work in Process.D. Cost of Goods Sold.
=+1. For which of the following would the job order cost system be appropriate?A. Antique furniture repair shop B. Rubber manufacturer C. Coal manufacturer D. Computer chip manufacturer
=+Derby Music Company specializes in producing and packaging compact discs (CDs) for the music recording industry. Derby uses a job order cost system. The following data summarize the operations
=+The following is a list of costs that were incurred in producing this textbook:a. Insurance on the factory building and equipmentb. Salary of the vice president of financec. Hourly wages of
=+2. Which of the following is not one of the five basic phases of the management process?A. Planning C. Decision making B. Controlling D. Operating
=+5. For the month of May, Latter Company has beginning finished goods inventory of $50,000, ending finished goods inventory of $35,000, and cost of goods manufactured of $125,000. What is the cost
=+2.a. Differentiate between a department with line responsibility and a department with staff responsibility.
=+b. In an organization that has a Sales Department and a Personnel Department, among others, which of the two departments has (1) line responsibility and(2) staff responsibility?
=+3.a. What is the role of the controller in a business organization?
=+b. Does the controller have a line or staff responsibility?
=+4. What are the five basic phases of the management process?
=+8. Describe what is meant by management by exception.
=+11. What three costs make up the cost of manufacturing a product?
=+13. If the cost of wages paid to employees who are directly involved in converting raw materials into a manufactured end product is not a significant portion of the total product cost,
=+ how would the wages cost be classified as to type of manufacturing cost?
=+14. Distinguish between prime costs and conversion costs.
=+15. What is the difference between a product cost and a period cost?
=+16. Name the three inventory accounts for a manufacturing business, and describe
=+what each balance represents at the end of an accounting period.
=+17. In what order should the three inventories of a manufacturing business be presented on the balance sheet?
=+20. For June, Fosina Company had beginning materials inventory of $50,000, ending materials inventory of $60,000, and materials purchases of $280,000.
=+ What is the cost of direct materials used in production?
=+Three phases of the management process are controlling, planning, and decision making. Match the following descriptions to the proper phase. Phase of management process Description Planninga.
=+Three phases of the management process are planning, directing, and controlling. Match the following descriptions to the proper phase. Phase of management process Description Directinga. Process by
=+Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacturer.a. Oil used for assembly line machineryb. Wages of the plant
=+Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for a textbook publisher.a. Wages of printing machine employeesb. Maintenance on printing
=+Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for an automobile manufacturer.a. Oil used for assembly line machineryb. Wages of employees that operate painting
=+Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for a textbook publisher.a. Glue used to bind booksb. Maintenance on printing machinesc. Paper used to make a
=+Indicate whether each of the following costs of an airplane manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost:a. Controls for flight deckb.
=+e. Salary of test pilotf. Steel used in landing gear g. Wages of assembly line worker h. Tires
=+EX 18-1 Classifying costs as materials, labor, or factory overhead obj. 2 Indicate whether the following costs of Colgate-Palmolive Company would be classified as direct materials cost, direct
=+d. Packaging materialse. Depreciation on production machineryf. Salary of process engineers g. Depreciation on the Clarksville, Indiana, soap plant h. Resins for soap and shampoo products i. Scents
=+EX 18-2 Classifying costs as materials, labor, or factory overhead obj. 2
=+Which of the following items are properly classified as part of factory overhead for Caterpillar?a. Factory supplies used in the Morganton, North Carolina, engine parts plantb. Amortization of
=+e. Sales incentive fees to dealersf. Depreciation on Peoria, Illinois, headquarters building g. Interest expense on debt h. Plant manager’s salary at Aurora, Illinois, manufacturing plant i.
=+EX 18-3 Classifying costs as factory overhead obj. 2 842 Chapter 18 Managerial Accounting Concepts and Principles For apparel manufacturer Ann Taylor, Inc., classify each of the following costs as
=+g. Depreciation on office equipment h. Advertising expenses i. Utility costs for office building j. Depreciation on sewing machines k. Property taxes on factory building and equipment l. Research
=+EX 18-4 Classifying costs as product or period costs obj. 2 From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:a. Payments of cash
=+c. Feedback is often used to (improve, direct) operations.
=+d. A product, sales territory, department, or activity to which costs are traced is called a (direct cost, cost object).e. The balance sheet of a manufacturer would include an account for (cost of
=+EX 18-5 Concepts and terminology objs. 1, 2 From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:a. Short-term plans are called
=+d. The wages of an assembly worker are normally considered a (period, product) cost.
=+e. Materials for use in production are called (supplies, materials inventory).f. Direct materials costs combined with direct labor costs are called (prime, conversion)costs.g. An example of factory
=+EX 18-6 Concepts and terminology objs. 1, 2 A partial list of the costs for Mountain Lakes Railroad, a short hauler of freight, is provided below. Classify each cost as either indirect or direct.
=+EX 18-7 Classifying costs in a service company obj. 2 Chapter 18 Managerial Accounting Concepts and Principles 843f. Safety training costs g. Cost to lease (rent) train locomotives.h. Wages of
=+Direct labor (including $75,000 maintenance salaries) . . . 500,000 Factory overhead:Supervisor salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . 460,000 Heat, light, and power . . . .
=+EX 18-8 Classifying costs objs. 2, 3 The following events took place for LAE Manufacturing Company during March, the first month of its operations as a producer of digital clocks:a. Purchased
=+b. Determine the inventory balances at the end of the first month of operations.
=+EX 18-9 Financial statements of a manufacturing firm obj. 3✔a. Net income,$48,000 Partial balance sheet data for Lawson Company at December 31, 2010, are as follows:Finished goods inventory
=+Prepare the Current Assets section of Lawson Company’s balance sheet at December 31, 2010.
=+EX 18-10 Manufacturing company balance sheet obj. 3 Monterey Manufacturing Company reported the following materials data for the month ending October 31, 2010:Materials purchased $160,000 Materials
=+Determine the cost of direct materials used in production by Monterey during the month ended October 31, 2010.
=+EX 18-11 Cost of direct materials used in production for a manufacturing company obj. 3 844 Chapter 18 Managerial Accounting Concepts and Principles Two items are omitted from each of the following
=+EX 18-12 Cost of goods manufactured for a manufacturing company obj. 3✔e. $6,000 The following information is available for O’Neal Manufacturing Company for the month ending January 31,
=+Determine O’Neal’s cost of goods manufactured for the month ended January 31, 2010.
=+EX 18-13 Cost of goods manufactured for a manufacturing company obj. 3 Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income
=+EX 18-14 Income statement for a manufacturing company obj. 3✔d. $160,000 Cost data for F. Mills Manufacturing Company for the month ending April 30, 2010, are as follows:Inventories April 1 April
=+b. Determine the cost of goods sold for April 2010.
=+EX 18-15 Statement of cost of goods manufactured for a manufacturing company obj. 3✔a. Total manufacturing costs, $871,200 The following information is available for Gonzalez Manufacturing
=+(b) gross profit, and (c) net income.
=+EX 18-16 Cost of goods sold, profit margin, and net income for a manufacturing company obj. 3✔a. Cost of goods sold, $244,000
=+Chapter 18 Managerial Accounting Concepts and Principles 845 The following information is available for the first month of operations of Zahorik Company, a manufacturer of mechanical pencils:Sales
=+Using the above information, determine the following missing amounts:a. Cost of goods soldb. Finished goods inventoryc. Direct materials costd. Direct labor coste. Work in process inventory
=+EX 18-17 Cost flow relationships obj. 3✔a. $150,000 Problems Series A The following is a list of costs that were incurred in the production and sale of lawn mowers:a. Attorney fees for drafting a
=+j. License fees for use of patent for lawn mower blade, based on the number of lawn mowers produced.k. Salary of factory supervisor.l. Steel used in producing the lawn mowers.m. Telephone charges
=+p. Tires for lawn mowers.q. Engine oil used in mower engines prior to shipment.r. Cash paid to outside firm for janitorial services for factory.
=+s. Cost of advertising in a national magazine.
=+t. Salary of quality control supervisor who inspects each lawn mower before it is shipped.
=+u. Plastic for outside housing of lawn mowers.
=+v. Steering wheels for lawn mowers.w. Filter for spray gun used to paint the lawn mowers.
=+x. Cost of boxes used in packaging lawn mowers.y. Premiums on insurance policy for factory buildings.
=+z. Payroll taxes on hourly assembly line employees.Instructions
=+Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost.Indicate whether each
=+PR 18-1A Classifying costs obj. 2(continued)846 Chapter 18 Managerial Accounting Concepts and Principles Use the following tabular headings for your answer, placing an “X” in the appropriate
=+g. Entertainment expenses for sales representatives.h. Wages of a machine operator on the production line.i. Seed for grain farmer.j. Tires for an automobile manufacturer.k. Costs of operating a
=+l. Paper used by Computer Department in processing various managerial reports.
=+m. Hourly wages of warehouse laborers.n. Wages of company controller’s secretary.o. Factory operating supplies.p. First-aid supplies for factory workers.
=+q. Depreciation of factory equipment.r. Salary of quality control supervisor.s. Sales commissions.t. Paper used by commercial printer.u. Lumber used by furniture manufacturer.v. Health insurance
=+w. Cost of hogs for meat processor.x. Maintenance and repair costs for factory equipment.Instructions
=+Classify each of the preceding costs as a product cost or period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate
=+Product Costs Period Costs Direct Direct Factory Materials Labor Overhead Selling Administrative Cost Cost Cost Cost Expense Expense
=+PR 18-2A Classifying costs obj. 2 A partial list of Frend Hotel’s costs is provided below.a. Champagne for guests.b. Cost to mail a customer survey.c. Training for hotel restaurant servers.d.
=+PR 18-3A Cost classifications—service company obj. 2 Chapter 18 Managerial Accounting Concepts and Principles 847 n. Utility cost.o. Cost of valet service.p. General maintenance supplies.q. Wages
=+1. What would be Frend’s most logical definition for the final cost object?
=+2. Identify whether each of the costs is to be classified as direct or indirect. Define direct costs in terms of a hotel guest as the cost object.Several items are omitted from each of the
=+Company Company Materials inventory, December 1 $ 78,000 $ 102,000 Materials inventory, December 31 (a) 115,000 Materials purchased 198,000 230,000 Cost of direct materials used in production
=+2. Prepare a statement of cost of goods manufactured for McClellan Company.
=+3. Prepare an income statement for McClellan Company.

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