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survey of accounting

Questions and Answers of Survey of Accounting

=+The unscheduled admission took longer, since name, address, and insurance information needed to be determined at the time of admission. Information was collected on scheduled admissions prior to
=+The Admissions Department employs three full-time people (40 productive hours per week, with no overtime) at $21 per hour. For the most recent week, the department handled 48 unscheduled and 150
=+a. How much was actually spent on labor for the week?
=+b. What are the standard hours for the actual volume for the week? Round to one decimal place.
=+c. Calculate a time variance, and report how well the department performed for the week.
=+E13-26 Nonfmancial performance measures Obj 7 Rocky Mountain College wishes to monitor the efficiency and quality ofits course registration process.
=+a. Identify three input and three output measures for this process.
=+b. Why would Rocky Mountain College use nonfmancial measures for monitoring this process? &
=+E13-27 Nonfmancial performance measures Obj 7 Wmdytrail.com is an Internet retailer ofsporting good products. Customers order sporting goods from the company, using an online catalog. The company
=+System capacity divided by customer demands Training dollars per programmer Identify the input and output measures related to the “order placement and delivery” process.
=+E13-28 Factory overhead cost variances APP SPREADSHEET/ Volume variance,$28,080 U
=+The following data relate to factory overhead cost for the production of 25,000 computers:Actual: Variable factory overhead $650,000 Fixed factory overhead 78,000 Standard: 32,000 hours at $21
=+E13-29 Factory overhead cost variances APP Banner Textiles Corporation began January with a budget for 28,000 hours ofproduction in the Weaving Department. The department has a full capacity of
=+The actual factory overhead was $135,250 for January. The actual fixed factory overhead was as budgeted. During January, the Weaving Department had standard hours at actual pro¬duction volume of
=+a. Determine the variable factory overhead controllable variance.
=+b. Determine the fixed factory overhead volume variance.
=+E13-30 Factory overhead cost vari¬ance report APP SPREADSHEET Form Fit Molded Products Inc. prepared the following factory overhead cost budget for the Trim Department for October 2008, during
=+PI 3-1 Sales, production, direct materials purchases, and direct labor cost budgets SPREADSHEET/ 3. Total direct materials purchases,$9,806,650 Variable overhead cost:Indirect factory labor $49,000
=+Form Fit Molded Products has available 34,000 hours ofmonthly productive capacity in the Trim Department under normal business conditions. During October, the Trim Depart¬ment actually used 24,000
=+Construct a factory overhead cost variance report for the Trim Department for October.The budget director ofOutdoor Chef Grill Company requests estimates ofsales, production, and other operating
=+a. Estimated sales for October by sales territory:Maine:Backyard Chef Master Chef Vermont:Backyard Chef Master Chef New Hampshire:Backyard Chef Master Chef
=+b. Estimated inventories at October 1:4,500 units at $800 per unit 1,600 units at $1,600 per unit 3.800 units at $900 per unit 1,700 units at $1,450 per unit 4,200 units at $850 per unit 1.800
=+c. Desired inventories at October 31:Direct materials:Grates Stainless steel Burner subassemblies Shelves 900 units 2,000 lbs.800 units 450 units Finished products:Backyard Chef 1,300 units Master
=+d. Direct materials used in production:In manufacture of Backyard Chef:Grates Stainless steel Burner subassemblies Shelves In manufacture of Master Chef:Grates Stainless steel Burner subassemblies
=+e. Anticipated purchase price for direct materials:Grates $18 per unit Stainless steel $5 per lb.
=+f. Direct labor requirements:Backyard Chef:Stamping Department Forming Department Assembly Department Master Chef:Stamping Department Forming Department Assembly Department
=+Burner subassemblies $115 per unit Shelves $6 per unit 0.60 hour at $1 5 per hour 0.80 hour at $12 per hour 1.50 hours at $9 per hour 0.80 hour at $1 5 per hour 1.60 hours at $12 per hour 2.50
=+2. Prepare a production budget for October.
=+3. Prepare a direct materials purchases budget for October.
=+4. Prepare a direct labor cost budget for October.
=+/ 4. Total direct labor cost in Fabrication Dept., $282,170
=+The budget director of Backyard Habitat Inc., with the assistance ofthe controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the
=+a. Estimated sales for December:Bird House 34,500 units at $40 per unit Bird Feeder 25,800 units at $70 per unit
=+b. Estimated inventories at December 1:Direct materials: Finished products:Wood 2,600 ft. Bird House 4,900 units at $25 per unit Plastic 3,200 lbs. Bird Feeder 2,500 units at $35 per unit
=+c. Desired inventories at December 31:Direct materials: Finished products:Wood 3,500 ft. Bird House 5,300 units at $24 per unit Plastic 2,800 lbs. Bird Feeder 2,100 units at $36 per unit
=+d. Direct materials used in production:In manufacture of Bird House: In manufacture of Bird Feeder:Wood 0.80 ft. per unit of product Wood 1.20 fit. per unit of product Plastic 0.50 lb. per unit of
=+e. Anticipated cost of purchases and beginning and ending inventory of direct materials:Wood $6.50 per fit. Plastic $0.90 per lb.
=+f. Direct labor requirements:Bird House:Fabrication Department Assembly Department Bird Feeder:Fabrication Department Assembly Department 0.25 hour at $14 per hour 0.30 hour at $10 per hour 0.45
=+g. Estimated factory overhead costs for December:Indirect factory wages $650,000 Depreciation of plant and equipment 165,000 Power and light Insurance and property tax$42,000 15,400
=+h. Estimated operating expenses for December:Sales salaries expense $675,000 Advertising expense 148,600 Offce salaries expense 214,800 Depreciation expense—office equipment 4,900 Telephone
=+i. Estimated other income and expense for December:j. Estimated tax rate: 35%Interest revenue Interest expense$16,900 10,600 Budgeting and Standard Cost Systems 527 Instructions
=+1. Prepare a sales budget for December.2. Prepare a production budget for December.3. Prepare a direct materials purchases budget for December.
=+4. Prepare a direct labor cost budget for December.5. Prepare a factory overhead cost budget for December.
=+6. Prepare a cost of goods sold budget for December. Work in process at the beginning of December is estimated to be $27,000, and work in process at the end of December is estimated to be $32,400.
=+7. Prepare a selling and administrative expenses budget for December.
=+8. Prepare a budgeted income statement for December.
=+P13-3 Cash budget Obj 2 SPREADSHEET/ 1. October deficiency,$64,500 The controller of Santa Fe Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are
=+The company expects to sell about 10% ofits merchandise for cash. Ofsales on account, 70% are expected to be collected in full in the month following the sale and the remainder in the following
=+Current assets as ofAugust 1 include cash of $50,000, marketable securities of $85,000, and accounts receivable of $635,000 ($500,000 from July sales and $135,000 from June sales). Sales on account
=+1. Prepare a monthly cash budget and supporting schedules for August, September, and October.
=+2. On the basis ofthe cash budget prepared in part (1), what recommendation should be made to the controller?
=+P13-4 Direct materials and direct labor variance analysis Obj 5/c. Rate variance,$48 U Dresses by Melissa Inc. manufactures dresses in a small manufacturing facility. Manufacturing has 15
=+Standard wage per hour $10.40 Standard labor time per dress 1 5 minutes Standard number of yards of fabric per dress 4.2 yards Standard price per yard offabric $2.65 Actual price per yard offabric
=+Determine (a) the standard cost per dress for direct materials and direct labor; (b) the price variance, quantity variance, and total direct materials cost variance; and (c) the rate variance, time
=+P13-5 Direct materials, direct labor, and factory overhead cost variance analysis Gbj 5 SPREADSHEET/ 3. Controllable vari¬ance, $1 55 F
=+GulfCoast Resins Company processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 2,600 units
=+Each unit requires 0.6 hour of direct labor.Instructions 1. Determine the price variance, quantity variance, and total direct materials cost variance.
=+2. Determine the rate variance, time variance, and total direct labor cost variance.
=+3. Appendix: Determine the variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance.
=+P13-6 Standards for nonmanufactnring expenses Obj 7/ 3. $640 U Elite Technologies Inc. does software development. One important activity in software develop¬ment is writing software code. The
=+1. If the team typed 6,840 lines of code according to the original plan, what would have been the labor time variance?
=+2. What was the actual labor time variance as a result of generating 7,650 lines of code?
=+3. What was the labor rate variance as a result ofthe bonus?
=+4. The manager is trying to determine if a better decision would have been to hire a temporary programmer to meet the higher programming demand in the first week ofMay, rather than paying out the
=+5. Which decision is better, paying the bonus or hiring another programmer?
=+6. Are there any performance-related issues that the labor time and rate variances fail to con¬sider? Explain.
=+P13-7 Standard factory overhead variance report App SPREADSHEET/ Controllable variance,$300 F Power Equipment Inc., a manufacturer of construction equipment, prepared the following fac¬tory
=+Supervisory salaries $16,000 Depreciation of plant and equipment 43,500 Insurance and property taxes 6,740 Total fixed cost 66,240
=+Total factory overhead cost $96,960 During July, the department operated at 5,000 hours, and the factory overhead costs in¬curred were indirect factory wages, $14,000; power and light, $9,250;
=+Prepare a factory overhead cost variance report for July. To be useful for cost control, the bud¬geted amounts should be based on 5,000 hours.
=+A13-1 Ethics and professional conduct in business
=+The director ofmarketing for Livingston Computer Co., Jon Halls, had the following discussion with the company controller, Meredith Lomas, on August 29 of the current year:Jon: Meredith, it looks
=+Jon: Well, I’m not so sure it’s good news. I’m concerned that the president will see that I’m under budget and reduce my budget in the future. The only reason that I look good is that
=+Having the advertising campaign and the convention at the same time is going to kill my November numbers.Meredith: I don’t think that’s anything to worry about. We all expect some variation in
=+Jon: Well, this is what I’d like to do. I want to pay the convention-related costs in advance this month. I’ll pay the hotel for room and convention space and purchase the airline tickets in
=+Meredith: I can’t tell you when to make your convention purchases, but I’m not too sure that it should be expensed on August’s budget.Jon: What’s the problem? It looks like “no harm, no
=+How should Meredith Lomas respond to Jon Halls’ request to expense the advanced pay¬ments for convention-related costs against August’s budget?
=+Children’s Hospital ofthe King’s Daughter in Norfolk, Virginia, introduced a new budgeting method that allowed the hospital’s annual plan to be updated for changes in operating plans.For
=+a. What budgeting methods are being used under the new approach?
=+b. Why are these methods superior to the former approaches?
=+A13-3 A bank manager of Citizens Bank Inc. uses the managerial accounting system to track the costs Service company static of operating the various departments within the bank. The departments
=+A13-2 Evaluating budgeting systems Resources Budget Actual Salaries $150,000 $150,000 Benefits 30,000 30,000 Supplies 45,000 42,000 Travel 20,000 30,000 Training 25,000 35,000 Overtime 25,000
=+a. What information is provided by the budget? Specifically, what questions can the bank man¬ager ask ofthe Operations Department manager?
=+b. What information does the budget fail to provide? Specifically, could the budget information be presented differently to provide even more insight for the bank manager?Budgeting and Standard
=+Integrity and evaluating budgeting systems Dominos Inc. operates pizza delivery and carryout restaurants. The annual report describes its business as follows:
=+We offer afocused menu ofhigh-quality, value priced pizza with three types ofcrust (HandTossed, Thin Crust, and Deep Dish), along with buffalo wings, bread sticks, cheesy bread, CinnaStix®, and
=+How would a master budget support planning, directing, and control for Domino’s?The city ofWestwood has an annual budget cycle that begins on July 1 and ends on June 30. At the beginning of each
=+A13-6 Ethics and professional con¬duct in business using non¬manufacturing standards ETHICS
=+Trey McIntyre is a cost analyst with Global Insurance Company. Global is applying standards to its claims payment operation. Claims payment is a repetitive operation that could be evaluated with
=+As you know, Carol and I are scheduled to meet with you to discuss our disagreement with respect to the appropriate standards for the Claims Processing Department. I have conducted time and motion
=+1. Net income as a percent ofstockholders’ equity 2. Revenue growth 3. Employee satisfaction
=+Management believes these three measures combine both financial and nonfinancial measures and are thus superior to using just financial measures.What advice would you give Lannigan Company for
=+A13-8 At the Soladyne Division ofRogers Corporation, the controller used a number ofmeasures to Nonfinancial performance provide managers information about the performance of a just-in-time (JIT)
=+• Scrap Index: The sales dollar value ofscrap for the period.
=+• Orders Past Due: Sales dollar value of orders that were scheduled for shipment, but were not shipped during the period.
=+• Buyer’s Misery Index: Number of different customers that have orders that are late (sched¬uled for shipment, but not shipped).
=+1. Why do you think the scrap index is measured at sales dollar value, rather than at cost?
=+2. How is the “orders past due” measure different from the “buyer’s misery index,” or are the two measures just measuring the same thing?
=+A13-9 Variance interpretation Sound Sensation Inc. is a small manufacturer of electronic musical instruments. The plant man¬ager received the following variable factory overhead report for the
=+vvThe plant manager is not pleased with the $8,202 unfavorable variable factory overhead controllable variance and has come to discuss the matter with the controller. The following discussion

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