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survey of accounting

Questions and Answers of Survey of Accounting

=+b. Determine the amount offactory overhead applied to production for October.
=+a. Determine the total factory labor costs transferred to Work in Process and Factory Over¬head for October.
=+El 0-13 Recording direct labor and factory overhead Obj 4 Chasse Homes Inc. manufactures mobile homes. Chasse uses a job order cost system. The time tickets from October jobs are summarized
=+b. What improvements would you recommend for Sharp Trophies Inc.?
=+b. Assume that Jobs 111 and 112 were completed but not sold during the week and that Job 113 remained incomplete at the end ofthe week. How would the direct labor costs for all three jobs be
=+a. Determine the amounts offactory labor costs transferred to Work in Process and Factory Overhead for the week.
=+The process improvement category includes training, quality improvement, housekeeping, and other indirect tasks.
=+E10-22 Job order cost accounting entries for a service business Obj 6
=+The direct labor rate earned by the three employees is as follows:Daniels $11.40 Walker 13.50 Morgan 11.75
=+The weekly time tickets indicate the following distribution oflabor hours for three direct labor employees:Hours Process Job 111 Job 112 Job 113 Improvement Johnny Daniels 18 10 5 7 Jack Walker 7 8
=+b. Illustrate the effects on the accounts and financial statements ofthe factory labor costs transferred in (a).
=+a. Determine the amounts offactory labor costs transferred to Work in Process and Factory Overhead for the current month.
=+On July 1, the four advertising projects had the following accumulated costs:July 1 Balances Spitzer Hotel $120,000 Gonzalez Bank 15,000 Gulliani Beverage 66,000 Koch Rentals 18,000 During July,
=+c. Determine the November 30 balances that would be shown in the materials ledger accounts.A summary ofthe time tickets for the current month follows:Job No. Amount Job No. Amount 101 $1,620 141 $
=+b. Determine the amounts ofmaterials transferred to Work in Process and Factory Overhead for the requisition of materials in November.
=+a. Determine the total purchase ofmaterials in November.
=+Materials were requisitioned to individual jobs as follows:Fabric Polyester Filling Lumber Glue Total Job 11 Job 12 Job 13 Factory overheadindirect materials$362,200 121,700 67,800$64,500 13,900
=+The materials purchased during November are summarized from the receiving reports as follows:Fabric $549,900 Polyester filling 104,200 Lumber 969,500 Glue 14,200
=+Combes Furniture Company manufactures furniture. Combes uses a job order cost system. Bal¬ances on November 1 from the materials ledger are as follows:Fabric $ 33,500 Polyester filling 8,100
=+b. Illustrate the effect on the accounts and financial statements ofthe materials transferred
=+a. Determine the amount ofmaterials transferred to Work in Process and Factory Overhead for the current month.
=+Materials issued for the current month are as follows:Requisition No. Material Job No. Amount 811 Aluminium 511 $10,400 812 Steel 514 18,650 813 Plastic 526 875 814 Abrasives Indirect 325 815
=+d. Explain how the materials ledger might be used as an aid in maintaining inventory quanti¬ties on hand.
=+c. Determine the total amount ofmaterials transferred to work in process for August.
=+b. Determine the balance ofwire cable at the end ofAugust.
=+a. Complete the materials issuances and balances for the wire cable subsidiary ledger under fifo.
=+/b. $2,400 An incomplete subsidiary ledger ofwire cable for August is as follows:RECEIVED ISSUED BALANCE Receiving Report Unit Number Quantity Price Materials Requisition Number Quantity Amount
=+Using the above information, determine the following missing amounts:a. Cost of goods soldb. Direct materials costc. Direct labor cost E10-8 Cost ofmaterials issuances by fifo method Obj 4
=+/c. $271,500 The following information is available for the first month of operations of Korv Inc., a manufac turer of art and craft items:Sales $775,000 Gross profit 265,000 slndirect labor 63,000
=+Factory Overhead Cost ofGoods Sold(a) increase(b) increase(c) decrease(e) increase
=+Five selected transactions for the current month are indicated by letters in the following ac¬counts in a job order cost accounting system:Materials Work in Process(a) decrease (a) increase(b)
=+Advertising expenses are usually viewed as(period, product) costs.The balance sheet of a manufacturer would include an account for (cost ofgoods sold, work in process inventory).
=+At the end ofJuly, both the Spitzer Hotel and Gonzalez Bank campaigns were completed.The costs of completed campaigns are debited to the cost ofservices account.Determine each ofthe following for
=+Payments of cash or its equivalent or the commitment to pay cash in the future for the purpose ofgenerating revenues are (costs, expenses).
=+d. Implementing automatic factory robotics equipment normally (increases, h.decreases) the factory overhead component of product costs.The wages of an assembly worker are normally considered a
=+c. Direct labor costs combined with factory overhead costs are called (product, conversion) costs. g.
=+depreciation, sales office depreciation).
=+a. Materials that are an integral part ofthe e.manufactured product are classified as(direct materials, materials inventory).b. An example offactory overhead is (plant f.
=+q. Salaries of distribution center personnel From the choices presented in the parentheses, choose the appropriate term for completing each ofthe following sentences:
=+l. Oil used to lubricate sewing machines m. Travel costs ofsalespersons n. Corporate controllers salary o. Utility costs for office building p. Research and development costs
=+i. Repairs and maintenance costs for sewing machines j. Salary of production quality control supervisor k. Factory supervisors’ salaries
=+d. Fabric used during productione. Depreciation on sewing machinesf. Property taxes on factory building and equipment g. Sales commissions h. Wages ofsewing machine operators
=+E10-4 For apparel manufacturer Ann Taylor, Inc., classify each ofthe following costs as either a prod¬uct cost or a period cost:a. Factory janitorial suppliesb. Depreciation on office equipmentc.
=+E10-3 Classifying costs as factory overhead Obj 2 Which ofthe following items are properly classified as part offactory overhead for Caterpillar?a. Vice president offinances salaryb. Interest
=+E10-2 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 labor
=+E10-1 Classify costs as materials, labor, or factory overhead Obj 2 Indicate whether each ofthe following costs of an airplane manufacturer would be classified as direct materials cost, direct
=+21. How can activity-based costing be used in service companies?
=+20. How is supplier partnering different from traditional supplier relationships?
=+19. Why would a just-in-time manufacturer strive to pro¬duce zero defects?
=+18. Why do just-in-time manufacturers favor pull or make-to-order manufacturing?
=+17. What are some examples of nonvalue-added lead time?
=+16. What is the benefit ofjust-in-time processing?
=+El 0-23 The chief executive officer (CEO) ofLoidsland Inc. hasjust returned from a management Just-in-time principles seminar describing the benefits ofthe just-in-time philosophy. The CEO issued
=+15. Describe how a job order cost system can be used for professional service businesses.
=+14. How can job cost information be used to identify cost improvement opportunities?
=+13. What is the difference between a product cost and a period cost?
=+12. At the end ofthe fiscal year, there was a relatively minor balance in the factory overhead account. What procedure can be used for disposing ofthe balance in the account?Exercises
=+b. Ifthe factory overhead account has a positive balance, was factory overhead underapplied or overapplied?
=+(2) underapplied factory overhead?
=+11.a. What is (1) overapplied factory overhead ?
=+b. Name three common bases used in calculating the rate.
=+10.a. How is a predetermined factory overhead rate calculated?
=+b. Why should the total time reported on an employees time tickets for a payroll period be compared with the time reported on the employees clock cards for the same period?
=+7.a. Differentiate between the clock card and the time ticket.
=+5. Which ofthe following is not a characteristic ofthe just-in-time philosophy?A. Product-oriented layout B. Push manufacturing (make to stock)C. Short lead times D. Reducing setup time as a
=+4. Ifthe factory overhead account has a negative balance, factory overhead is said to be:A. underapplied. C. underabsorbed.B. overapplied. D. in error.
=+vdirect labor rate was $15 per hour. What is the factory overhead applied to this job?A. $2,100 C. $78,750 B. $5,250 D. $420,000
=+vv4. What kind offirm would use a job order cost system?
=+c. Which system accumulates the costs for each de¬partment or process within the factory?
=+b. Which system provides for a separate record of each particular quantity ofproduct that passes through the factory?
=+vvv3.a. Name two principal types of cost accounting systems.
=+2. How is product cost information used by managers?
=+3. A company estimated $420,000 offactory 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
=+2. Which ofthe following costs would be included as part ofthe factory overhead costs of a computer manufacturer?A. The cost ofmemory chips B. Depreciation oftesting equipment C. Wages of computer
=+1. Which ofthe following is not considered a cost of manufacturing a product?A. Direct materials cost C. Sales salaries B. Factory overhead cost D. Direct labor cost
=+How would you respond to the CEOs statement?
=+E10-24 The American apparel (textile) industry has moved much ofits operations offshore in the purJust-in-time as a strategy suit oflower labor costs. Apparel imports rose from 2% of all production
=+Assuming that you work for a U.S.-based apparel company, how would you recommend responding to the low-cost imports?
=+Accounting Systemsfor Manufacturing Businesses 387
=+Homeguard Insurance Company takes ten days to make payments on insurance claims. Claims are processed through three departments: Data Input, Claims Audit, and Claims Adjustment.The three
=+How might this process be changed so that the lead time could be reduced significantly?Celestial Shirt Company manufactures various styles ofmen’s casual wear. Shirts are cut and assembled by a
=+The company is considering adopting a just-in-time manufacturing philosophy by organiz¬ing work cells around various types ofproducts and employing pull manufacturing. However, no change is
=+“Piecework compensation provides an incentive to workfast. Without it, the workers willjust goofoffand expect a full day’s pay. We can’t pay straight hourly wages—at least not in this
=+How would you respond to the manufacturing manager’s comments?
=+The following is an excerpt from a recent article discussing supplier relationships with the Big Three North American automakers.
=+“The Big Three select suppliers on the basis oflowest price and annual price reductions,” said Neil De Koker, president ofthe Original Equipment Suppliers Association. “They look
=+a. Contrast the Japanese supply chain model with that ofthe Big Three.
=+b. Why might a supplier prefer the Japanese model?
=+c. What benefits might accrue to the Big Three by adopting the Japanese supply chain practices?
=+E10-28 Employee involvement Obj 7 Source: Robert Sherefkin and Amy Wilson, “Suppliers PreferJapanese Business Model,” Rubber & Plastics News, March 1 7, 2003, Vol. 24, No. 11.
=+Mercy Hospital plans to use activity-based costing to assign hospital indirect costs to the care of patients. The hospital has identified the following activities and activity rates for the
=+ity information associated with the two patients is as follows:Patient Malone Patient Talbot Number of days 8 days 4 days Number of images 5 images 3 images Number of physician orders 6 orders 2
=+a. Determine the activity cost associated with each patient.
=+b. Why is the total activity cost different for the two patients?
=+Sentinel Insurance Company carries three major lines ofinsurance: auto, workers’ compensa¬tion, and homeowners. The company has prepared the following report for 2009:SENTINEL INSURANCE COMPANY
=+Management is concerned that the administrative expenses may make some ofthe insur¬ance lines unprofitable. However, the administrative expenses have not been allocated to the insurance lines. The
=+comprised offive activities. The activities and their rates are as follows:Activity Rates_ New policy processing $170 per new policy Cancellation processing $260 per cancellation Claim audits $550
=+Activity base usage data for each line ofinsurance were retrieved from the corporate records and are shown below.Number of new policies Number of canceled policies Number of audited claims Number
=+Accounting Systemsfor Manufacturing Businesses 389a. Complete the product profitability report through the administrative activities. Determine the income from operations as a percent of premium
=+The following is a list of costs that were incurred in the production and sale of boats:a. Commissions to sales representatives, based upon the number of boats sold.b. Cost ofboat for “grand

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