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public accounting

Questions and Answers of Public Accounting

2. Millway Manufacturing has four production departments: Mixing, Molding, Assembly, and Packaging. Each unit of finished product requires 4 ounces of raw material. The Mixing department can process
1. Jenco manufactures goods in two processes—Assembly and Finishing. The Assembly process, which is highly automated, uses 2 machines, each of which can assemble 15 units per hour. The Finishing
Allocate the service department costs to the operating departments using the direct method.Chieftan Enterprises has two service departments, Tech Support and Cafeteria, and two operating departments,
Sato Corporation assembles two products, Bleu and Verde, in Building A, which are then moved to Building B for sanding and painting. Building A has 30 employees, and Building B has 14 employees, each
34. McGhee Manufacturing has just made a product modification and wishes to liquidate its inventory of 2,000 units of the old version of the product, which will become obsolete as soon as the new
32. Montevallo Manufacturing operates a division in Brazil that manufactures goods for $30 in variable costs per unit. All 20,000 units manufactured each year are transferred to the Chicago division,
31. Barry Manufacturing produces goods costing $25 per unit in variable costs and $40 per unit in fixed costs that sell for $100 each. Silman Enterprises has requested that Barry manufacture 5,000
30. Chester Corporation is launching a new product that is expected to cost $75 in direct materials,$50 in direct labor, and $100 in variable overhead per unit. Fixed costs associated with the
28. Bellway Company produces components in its Parts division, located in France, that cost $40 per component in variable costs and sell on the market for $60 per component. Market demand for the
27. The Papers division of Forsythe Industries manufactures cardboard, which it transfers to the Box division, which uses the cardboard to make boxes. It costs $0.02 per square foot to make the
3. Allocate the service department costs to the operating departments using the reciprocal method.a. First, set up the chart, including initial costs and fractions. Stop—Check!b. Next, determine
26. Fandango Enterprises produced 300 irregular units during its manufacturing process this month.The units cannot be sold through Fandango’s normal distribution channels. They each cost $45 in
25. Ellipsis Manufacturing produces goods costing $12 per unit in variable costs and $20 per unit in fixed costs that sell for $45 each. Another firm has asked if Ellipsis will make a special
24. CellCo wishes to liquidate its inventory of older cell phones. The phones cost $50 and sold for$120. CellCo will incur costs of $10 per phone to store them until they are sold and to advertise
23. Wilster Corporation is pricing a product that it estimates will cost $600 per unit in direct materials and $350 per unit in direct labor. Manufacturing overhead is applied to products at a rate
22. Catoosa Company is hoping to launch a new product that will cost $70 in direct materials and$80 in direct labor per unit. Startup and development costs should total $18,000,000, and fixed costs
21. Bedivere Manufacturing is trying to decide how much to charge for its new product, which has cost $5,000,000 for development and production setup. Annual fixed costs are not expected to increase
20. Pillsur Corporation manufactures parts in its Australia division, which is subject to a 30% tax rate. The parts are transferred to the Egypt division for assembly and sale. The tax rate in Egypt
19. International Manufacturing has two divisions. Division A, which manufactures goods that are transferred to Division B, is located in Bulgaria, which has a corporate tax rate of 10%. Division B
18. Doone, Inc., manufactures goods in its Sigma division that cost $40 per unit, plus fixed costs, to manufacture. The goods have a market price of $85 per unit. Sigma division has a manufacturing
17. Simpatronics has two divisions. Division A manufactures goods for a variable cost of $100 that it could sell on the market for $150. Market demand is unlimited. Currently, Division A transfers
16. Passico has two divisions, Amber division and Crimson division. Amber division, which has an annual capacity of 20,000 units, manufactures parts at a variable cost of $35 per unit, which sell on
15. Silvan Company has two divisions. Alpha division manufactures components for $3,000 per unit plus $1,000,000 in fixed costs, which are transferred to Omega division for use in manufacturing the
14. Gover, Inc., transfers 100,000 units from Division A, which manufactures them at a cost of $20 per unit plus $1,000,000 in fixed costs, to Division B, which finishes them at a cost of $7 per
13. Obladi, Inc., manufactures 50,000 parts per year in the Parts division, which are transferred to the Finishing division. The Parts division’s costs are $3 per unit, plus $200,000 in fixed
12. Rory Company manufactures goods in Division A that are transferred to Division B for use in its products. Division A’s costs are $25 per unit, plus $10,000,000 in fixed costs. Division B’s
11. Gruber Corporation manufactures the components of its products at its Parts Manufacturing division. Each component costs $15 in variable costs to produce. The components are transferred to the
10. Moona Company has two divisions. Division A produces a component that it transfers to Division B, who uses the component in its main product. Division A incurs $400 in variable costs to
9. Annor Clothing wishes to place a stock of 100 holiday sweaters on clearance after the holiday season. The sweaters cost Annor $25, and sold for $50 during the holiday season. Annor will incur
8. Zolla Manufacturing has an excess capacity of 500 units in its manufacturing facility. Its product costs $1,000 per unit in variable costs, plus $450 in allocated fixed manufacturing
7. Jenkins Company recently discontinued sales of one of its products, but still has 2,000 units remaining in inventory. The units cost $40 each to make, and sold for $75. Jenkins could use the
2. Allocate the service department costs to the operating departments using the step-down method, with Janitorial allocated first.a. First, set up the chart, including initial costs and fractions.
6. Alexander Corporation wants to market a product that will cost $510,000 over its life. Demand for the product is expected to total 5,000 units. Alexander believes that it can achieve a 30%profit
5. Mercury, Inc., is considering developing a product that will cost $20,000,000 over its life.Demand for the product is expected to total 400,000 units. Mercury sets prices to achieve a 10%
4. Jiggins Company has developed a product that is estimated to sell 100,000 units and cost$5,240,000 over its life. Jiggins sets prices at 15% above full costs.Calculate the estimated selling price.
3. Chocco Toys has developed a toy that it believes will be the hot new toy for the holidays this year. Demand for the toy is expected to be 8,000,000 this year, but will drop to 500,000 next year,
2. Penji Corporation is considering starting research and development on a new product with a 15-year life. Development and manufacturing setup will cost $12,000,000. Once production starts, direct
1. Jellman Company is considering developing a product that will cost $50 per unit in direct materials and will require 4 hours of direct labor to manufacture, costing $10 per hour. Jellman applies
West Division is located in a state with a tax rate of 25%, and East Division is located in a state with a tax rate of 20%. Which of the above prices would the firm most prefer? Your firm has two
If the two divisions were to negotiate the transfer price, what would be the minimum price acceptable to West? The maximum acceptable to East? Your firm has two divisions. West Division manufactures
Calculate the transfer price if it is based on market price. Then calculate the pre-tax income of each division and the firm as a whole with this transfer price. Your firm has two divisions. West
Calculate the transfer price if it is based on full cost with a 20% markup. Then calculate the net income of each division and the firm as a whole with this transfer price. Your firm has two
Calculate the transfer price if it is based on variable cost with a 20% markup. Then calculate the net income of each division and the firm as a whole with this transfer price. Your firm has two
Your firm is liquidating its inventory, which cost $20 per unit to purchase. Selling costs will be $5 per unit, and the opportunity cost of holding the inventory until it is sold will be $3 per unit.
Your firm is considering developing a new product. The product will cost $7,000,000 to develop.Product-related costs will be $250,000 per year, plus $15 per unit. Your firm plans to manufacture an
5. What range would the transfer price fall into if it were negotiated between the two divisions?Stop—Check!Kitine Wagon Company has two divisions: the Wheel division is located in the United
4. Which of the prices calculated above would the company as a whole most prefer? Stop—Check!Kitine Wagon Company has two divisions: the Wheel division is located in the United States, where the
3. Calculate the transfer price and the pre-tax income for each division and the company as a whole if the transfer price is based ona. Variable cost with a 10% markup. Stop—Check!b. Full cost with
William’s Emporium is overstocked on merchandise that ordinarily sells for $100 each. William’s paid $60 per unit for the merchandise. At this point, it will cost William’s $10 per unit to
Wiode Company is considering launching a new product. The firm has estimated that the product will have a 10-year life once sales begin, and that demand will be 5,000 units the first year regardless
18. Janavee Construction applies all overhead to jobs on the basis of direct labor hours. This period, manufacturing overhead is budgeted to be $1,800,000, and direct labor hours are budgeted to be
16. Cambrie, Inc., uses a job costing system that divides manufacturing overhead into three categories:design (25% of overhead), production (60% of overhead), and labor support (15% of overhead).
15. The law firm of Corbin and Wilkins uses a job costing system to account for its client costs. The cost of attorney and paralegal time (Professional Labor) is traced to each client, as are the
13. Coleman, Inc., uses a job costing system in which all manufacturing overhead costs (budgeted at $500,000) are allocated on the basis of direct labor costs (budgeted at $625,000). This period,
12. The Delta job cost $60,000 before accounting for spoilage and rework, and resulted in $1,200 in normal spoilage caused by the production process, $10,000 in abnormal spoilage, and $5,000 in
11. Job 24A cost $550,000 before accounting for spoilage and rework, and resulted in $40,000 in abnormal spoilage, $10,000 in normal spoilage caused by customer rejection, and $30,000 in normal
10. Job 1480 cost $1,000,000 before accounting for spoilage and rework, and resulted in $10,000 in normal spoilage caused by the production process, $40,000 in normal spoilage caused by customer
9. An order for Corbis Company cost $550,000 before accounting for spoilage and rework. Five percent of the units produced were spoiled as a normal part of the production process. Two percent of the
8. Job 13A cost $8,000,000 before accounting for spoilage and rework. Of the 1,600 units produced, 20 had to be repaired because the customer was not satisfied with their quality. These repairs cost
7. Job 1840, which cost $100,000 for 1,000 units before accounting for spoilage and rework, resulted in 30 units that were spoiled as a result of the normal production process and 10 that were
6. Mackenzie Company uses a job costing system with four activity-based overhead pools: Cutting, allocated at $4.50 per cut; Molding, allocated at $25 per machine hour; Assembly, allocated at 30% of
5. Rook, Inc., uses a job costing system with a single overhead pool allocated at a rate of $60 per direct labor hour. Rook pays its direct labor $25 per hour. On Job 390, Rook spent $150,000 on
4. Gemini Production uses a job costing system with two overhead pools: Overhead A, allocated at a rate of $45 per direct labor hour; and Overhead B, allocated at a rate of $100 per machine hour.
1. Tembe, Inc., uses a job costing system with a single pool of overhead budgeted to be $5,568,000 for the upcoming period and allocated on the basis of direct labor hours. Tembe plans to manufacture
Calculate the cost of the job after accounting for spoilage and rework.Your firm uses a job costing system that uses direct labor cost as a cost allocation base for manufacturing overhead.
Account for the costs of spoilage and rework.Your firm uses a job costing system that uses direct labor cost as a cost allocation base for manufacturing overhead. Manufacturing overhead was budgeted
Calculate the cost of the job before accounting for spoilage and rework.Your firm uses a job costing system that uses direct labor cost as a cost allocation base for manufacturing overhead.
1. Allocate the service department costs to the operating departments using the direct method.a. First, set up the chart, including initial costs and fractions. Stop—Check!b. Next, allocate costs
Calculate the predetermined overhead rate for manufacturing overhead.Your firm uses a job costing system that uses direct labor cost as a cost allocation base for manufacturing overhead.
Schrades, Inc., uses a job-costing system with three overhead pools: Cutting, Grinding, and Assembly.Cutting overhead (40% of total overhead cost) is applied on the basis of number of cuts
13. Dodger Company is performing real options analysis on a project under consideration. There is a 20% chance that the present value of future cash flows will be $3,700,000 and an 80%chance that the
8. Joint costs of $500,000 are allocated to two products on the basis of net realizable value. Total net realizable value was $600,000 for Product A and $650,000 for Product B.Allocate the joint
20. Xylon Industries manufactures chemicals in a three-step procedure. After processing in the Mixing Department, 20% of the total weight of materials is split off to be processed into Xylite.The
6. Prosea Company manufactures two chemicals, tudine and lodine, in a joint process. The process yields 4,000 pounds of tudine that could be sold for $150,000 at splitoff, and 2,000 pounds of lodine
5. McClennan Company grows cucumbers, some of which it processes further into pickles. After the cucumbers are picked, they are separated into those suitable for sale, which are worth$0.70 per pound
4. Damon Corporation manufactures three products in a joint process. Product A could sell at splitoff for $15 per pound, Product B for $7 per pound, and Product C for $9 per pound. However, all three
3. Codor, Inc., manufactures three products in a joint process that also results in 2,000 pounds of a byproduct, which is accounted for at the time of production. Joint costs are $50,000. The
2. Wooten Corporation uses a joint process that costs $700,000 up to the splitoff point. This process results in four main products and a byproduct that is sold at splitoff for $15,000. The byproduct
1. Mavin Company produces two joint products and a byproduct in a joint process that costs$250,000 up to the splitoff point. The byproduct is accounted for at the time of production. The byproduct
Assume that the flidgets are accounted for at the time of production. Allocate the joint costs using pounds at splitoff as a cost allocation base. Jibblejabble uses a production process that results
Assume that the flidgets are accounted for at the time of production. Allocate the joint costs using the net realizable value as a cost allocation base. Jibblejabble uses a production process that
Assume that the flidgets are accounted for at the time of sale. Allocate the joint costs using the sales value at splitoff as a cost allocation base. Jibblejabble uses a production process that
7. Joint costs of $100,000 are allocated to three products on the basis of sales value at splitoff.Product A’s total sales value at splitoff is $250,000, Product B’s is $300,000, and Product
9. Joint costs of $1,800,000 are allocated to three products on the basis of their weight. Twelve thousand pounds of Product A, 14,000 pounds of Product B, and 10,000 pounds of Product C were
10. Applard, Inc., grows apples that are either sold as-is or processed into applesauce or apple juice. Joint costs, allocated on the basis of NRV, were $112,500 for apples (NRV of $150,000),$150,000
19. Determine the profitability of each product after allocating joint costs. Kingline Company produces three products in a joint process costing $1,000,000. Product 1 sells for $0.35 per ounce after
18. Determine the profitability of each product after allocating joint costs using sales value at splitoff, with the byproduct accounted for at the time of production. Parkle Corporation runs a
17. Determine the profitability of each product after allocating joint costs using volume, with the byproduct accounted for at the time of sale. Parkle Corporation runs a mining operation that costs
Determine the profitability of each product after allocating joint costs using their net realizable value. Bonanno, Inc., produces a cleaning chemical that is diluted to three different strengths and
15. Determine the profitability of each product after allocating joint costs using their net realizable value, if the byproduct is accounted for at the time of sale.Engelbert Pharmaceuticals produces
14. Determine the profitability of each product after allocating joint costs using their sales value at splitoff, if the byproduct is accounted for at the time of production.Engelbert Pharmaceuticals
13. Berman Technology produces electronic components in a process that is highly unstable.Precise conditions are necessary to produce Grade A components, which sell for $100 per unit. If
12. Mosaic produces two kinds of tiles in a joint process that yields 5,000 pounds of blue tiles and 2,000 pounds of black tiles. Joint costs are allocated on the basis of weight, resulting
11. Coleman Company manufactures three products in a joint process. Joint products are allocated on the basis of sales value at splitoff, resulting in $350,000 in joint costs allocated to Product
3. Assume that the animal feed is accounted for at the time of sale. Allocate the joint costs using pounds at splitoff as a cost allocation base.a. First, calculate the amount of the cost allocation
2. Assume that the animal feed is accounted for at the time of production. Allocate the joint costs using the net realizable value as a cost allocation base.a. First, subtract the net realizable
1. Assume that the animal feed is accounted for at the time of sale. Allocate the joint costs using the sales value at splitoff as a cost allocation base.a. First, calculate the amount of the cost
9. Miama Company, which requires a 12% return on all its new products, is considering launching a new product. There is a 70% chance that the product will generate income of $200,000 per year for the
8. Wabash Industries, which has a 10% required rate of return, is considering hiring a productivity specialist at an annual salary of $100,000 per year. The specialist demands a 10-year employment
7. Crete Beverages, which requires an 8% rate of return on its investments, is considering changing the flavor of its most popular drink to one that its taste testers have determined tastes better.

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