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management accounting

Questions and Answers of Management Accounting

Identify the following planned costs as (a) purely variable costs,(b) discretionary fixed costs, (c) committed fixed costs, (d) mixed costs, or (e) step costs. For purely variable costs and mixed
The Lakehead Race Track, in Thunder Bay, Ontario, is a horse-racing track. Its revenue is derived mainly from attendance and a fixed percentage of the betting. Its expenses for a 90-day season areThe
Cola Food Services operates and services soft-drink vending machines located in restaurants, gas stations, factories, etc. The machines are rented from the manufacturer. In addition, Cola must rent
A social welfare agency has a government budget appropriation for 2006 of $900,000. The agency’s major mission is to help disabled persons who are unable to hold jobs. On the average, the agency
An Ontario law permits a game of chance called bingo when it is offered by specific not-for-profit institutions, including churches. Reverend Matthew Pappas, the priest of a new parish in suburban
Form groups of four to six persons. Each group should identify a cost accountant at a local company to interview. The interviewee could be the top financial officer of a small company, but a division
Give three examples of not-for-profit organizations where processcosting systems are probably used.
Present an equation that describes the physical flow in process costing, where there are beginning inventories in work-in-process.
Explain the basic ideas underlying process costing and how those ideas differ from job costing.
Compute output in terms of equivalent units.
Compute costs and prepare a production cost report for the process-costing system.
Demonstrate the computations of unit costs under the weighted-average method.
Demonstrate the computation of unit costs under the first-in, first-out method.
Use backflush costing with a just-in-time production system.
Generate costs using an operation-costing system.
One department of Wamego Technology Company manufactures basic handheld calculators. Various materials are added at different stages of the process.The outer front sheet and the carrying case, which
Celltel Ltd. produces cellular phones in large quantities. For simplicity, assume that the company has two departments, Assembly and Testing.The manufacturing costs in the Assembly Department during
Hasoon Company produces digital watches in large quantities. The manufacturing costs of the Assembly Department wereFor simplicity, assume that this is a two-department company—Assembly and
Fill in the unknowns in physical or equivalent units: EQUIVALENT UNITS PHYSICAL DIRECT CONVERSION FLOW OF PRODUCTION Beginning work-in-process Started UNITS MATERIALS COSTS 1,000 (50%) ? To account
The production department of Garcia Paints Inc. had the following flow of litres of latex paint for the month of April:Direct materials are added at the beginning of the process. Units of
Consider the following data for 2007:The beginning inventory was 80 percent complete regarding direct materials and 40 percent complete regarding conversion costs. The ending inventory was 20 percent
The Fujita Company uses the FIFO process-cost method. Consider the following for July:• Beginning inventory, 15,000 units, 70 percent completed regarding direct materials, which cost
Given the following information, compute the unit conversion cost for the month of February for the Michael-Michael Company, using the FIFO process-cost method. Show details of your
The Rainbow Paint Co. uses a processcost system. Materials are added at the beginning of a particular process, and conversion costs are incurred uniformly. Work-in-process at the beginning of the
The Magnatto Company manufactures electric drills. Material is introduced at the beginning of the process in the assembly department. Conversion costs are applied uniformly throughout the process.As
Canada Revenue Agency (CRA) must process millions of income tax returns yearly. When the taxpayer sends in a return, documents such as withholding statements and cheques are matched against the data.
Consider the potato chip production process at a company such as Frito-Lay. Frito-Lay uses a continuous-flow technology that is suited for high volumes of product. At the Plano, Texas, facility,
The following data pertain to the Blending Department at Fasten Chemicals for April: The plastic compound is introduced at the start of the process, while the softening compound is added when the
A Hull, England, company manufactures and sells small portable tape recorders. Business is booming. Various materials are added at various stages in the Assembly Department. Costs are accounted for
Study the Appendix to this chapter (page 320). Oak Furniture Co. manufactures a variety of wooden chairs. The company’s manufacturing operations and costs applied to products for June wereThree
Study the Appendix to this chapter.Sonor Instruments Co. uses three operations in sequence to make two models of its depth finders for sport fishing. Consider the following:1. Operation 2 is highly
Outdoor Equipment Company (OEC) and Mountain Supplies Inc. (MSI) sell tents. OEC purchases its tents from a manufacturer for $90 each and sells them for $120. It purchased 10,000 tents in 2006.MSI
Identify the AIS design problems in the following abbreviated cases, and suggest ways for improvements:(a) You have discovered by on-site inspection that a manager is consistently mis-recording the
In broad outline, suggest the main features of an AIS designed to be appropriate for:(a) a production process whose output is standard steel rods made far stock;(b) a division producing
Brian Catchpole is the manager of the rubber hose department of the BBR Company. His department manufactures hose of a single quality, although the lengths and specific nozzle attachments comply with
The Bailriggers Division specializes in manufacturing rigging for sailing dinghies and smaIl yachts - a growth industry. But the firm also has a sideline in wire products for garden use, including
The Carberg Corporation manufactures and seIls a single product. The cost system used by the company is a standard cost system. The standard cost per unit of product is shown below:The overhead cost
Pioneer Markets has three grocery stores in a metropolitan area.Central costs are allocated using sales as the cost driver. The following are budgeted and actual sales during November: SUNNYVILLE
Zenith Home Products has two producing departments, machining and assembly, and two service departments, personnel and custodial. The company’s budget for April 2006 isZenith allocates personnel
Lisbon Company’s production process for two of its solvents can be diagrammed as follows: Solvent A 20,000 litres Joint input 30,000 litres. Split-off point Solvent B=10,000 litres
A motorcycle manufacturer was concerned with declining market share because of foreign competition. To become more efficient, the company was considering changing to a just-in-time (JIT) production
The cordless phone manufacturing division of a consumer electronics company uses activity-based accounting. For simplicity, assume that its accountants have identified only the following three
Wheelock Controls Company has two producing departments, Mechanical Instruments and Electronic Instruments. In addition, there are two service departments, Building Services and Materials Receiving
Refer to the data in Problem 5-15.1. Allocate the costs of the service departments using the step-down method.2. Using the results of requirement 1, compute the cost per direct-labour hour in the
The Olympia Manufacturing Company has two producing departments, machining and assembly. Olympia recently automated the machining department. The installation of a computer-aided manufacturing (CAM)
The Glasgow Electronics Company produces three types of circuit boards: L, M, and N. The cost accounting system used by Glasgow until 2005 applied all costs except direct materials to the products
The National Railroad allocates all central corporate overhead costs to its divisions. Some costs, such as specified internal auditing and legal costs, are identified on the basis of time spent.
Chief Cleaning, Inc. provides cleaning services for a variety of clients. The company has two producing divisions, Residential and Commercial, and two service departments, Personnel and
Yamaguchi Company makes printed circuit boards in a suburb of Kyoto. The production process is automated with computer-controlled robotic machines assembling each circuit board from a supply of
Winnipeg Wholesaler Distributors uses an activity-based costing system to determine the cost of handling its products. One important activity is the receiving of shipments in the warehouse. Three
What types of source documents provide information for a job-cost record?
Suppose a company uses machine hours as a cost driver for factory overhead. How does the company compute a budgeted overhead application rate? How does it compute the amount of factory overhead
“Each department must choose one cost driver to be used for cost application.”Do you agree? Explain.
“There should be a strong relationship between the factory overhead incurred and the cost driver chosen for its application.” Why?
“Service firms trace only direct labour costs to jobs. All other costs are applied as a percentage of direct labour cost.” Do you agree? Explain.
Distinguish between job-order costing and process-costing systems.
Prepare summary journal entries for the typical transactions of a job-costing system.
Compute budgeted factory-overhead rates and apply them to production, using appropriate cost drivers.
Identify the meaning and purpose of normalized overhead rates.
Use an activity-based costing system in a job-order environment.
Show how job costing is used in service organizations.
September production resulted in the following activity in a key account of Colebury Costing Company (in thousands): WORK-IN-PROCESS INVENTORY $12 50 September 1 balance Direct material used Direct
Job-cost records for Naomi’s Remodelling Ltd. contained the following data:Compute Naomi’s (1) work-in-process inventory at May 31, (2) finished-goods inventory at May 31, and (3) cost of goods
The Cortez Construction Company constructs houses on speculation.That is, the houses are begun before any buyer is known. Even if the buyer agrees to purchase a house under construction, no sales are
The following data (in thousands) summarize the factory operations of the Lewis Manufacturing Co. for the year 2006, its first year in business:1. Prepare summary journal entries. Omit explanations.
Consider the following summarized data regarding 2007:Omit explanations for journal entries. Indirect labour Supplies Repairs BUDGET $ 290,000 35,000 80,000 ACTUAL $ 305,000 Utilities Factory rent
Wosepka Welding Company applied factory overhead at a rate of $8.50 per direct labour hour. Selected data for 2006 operations are (in thousands)Compute for both cases:1. Factory overhead applied.2.
Assume the following at the end of 2007 (in thousands): Cost of goods sold Direct materials inventory Work-in-process Finished goods $300 70 50 150 Factory department overhead control 60 cr. 1.
A Paris manufacturer uses a job-order system. At the end of 2007 the following balances exist (in millions of Euros [EUR]): Cost of goods sold EUR22.86 Finished goods 18.29 Work-in-process Factory
Gloria Cosmetics uses a normal cost system and has the following balances at the end of its first year’s operations:Prepare journal entries for two different ways to dispose of the year-end
Selected data concerning the past fiscal year’s operations of the Mistry Manufacturing Company are as follows (in thousands):Consider the following data for Words Printing Company (in thousands):
The Bellevue Clinic computes the cost of treating each patient. It allocates costs to departments and then applies.departmental overhead costs to individual patients using a different budgeted
The Decoste Furniture Company has two departments.Data for 2007 include the following: Direct materials (30 types) $65,000 Work-in-process (in assembly) 50,000 Finished goods 40,000 Manufacturing
Job-order costing is usually identified with manufacturing companies. However, service industries and not-for-profit organizations also use the method. Suppose a social service agency has a cost
Link Engineering Consultants is a firm of professional civil engineers. It mostly has surveying jobs for the heavy-construction industry throughout Western Canada. The firm obtains its jobs by giving
The managing partner of Singh Accounting is considering the desirability of tracing more costs to jobs than just direct labour. In this way, the firm will be better able to justify billings to
You are asked to bring the following incomplete accounts of a printing plant acquired in a merger up to date through January 31, 2006. Also consider the data that appear following the
Advanced Aeronautics Co. uses a budgeted overhead rate in applying overhead to individual job orders on a machinehour basis for Department A and on a direct-labour-hour basis for Department B.At the
Dell Computer Company’s manufacturing process consists of assembly, functional testing, and quality control of the company’s computer systems. The company’s build-to-order manufacturing
What are the limitations of all financial performance measures?Compare and contrast the relative advantages and dis advantages of RI and ROI. When would you consider the use of RI to be more
In many universities and polytechnics, student performance in a particular course is evaluated by means of regularly submitted course-work and a final examination. Assume that you participate and
A university teacher, active in teaching, administration and research, wishes to obtain further finance from a government research agency. The new research project will build on the findings of his
Jayhawker Enterprises has four divisions that produce toasters, washing machines, electric carving knives and tumble driers respectively. They share the same brand name, and the company's reputation
Mr T.G.R. Davies of the Grand SIam division has just submitted a budgeted ROI for the next year of 60%. Mr G. Wheel of the TripIe Crown division has submitted a 15% budgeted Rar. The company,
In many corporations, managers are asked not to pursue blindly their quantitative goals, but to 'do what's best for the company' in taking their decision. Is this a motivational contract? If not, why
In corporation A, a large, divisionalized firm, managers are motivated by different factors. A number of managers, particularly the younger ones, are most interested in improving their promotion
Many firms have found stock awards (e.g., stock options, restricted stock) to be effective in motivating managers. Such awards have the advantage of providing managerial rewards that are proportional
Assume as a division manager in a large corporation that you have been promised the choice of two incentive plans. The first plan will pay you an annual bonus of 30% of your salary if you achieve
Why do firms set lower performance cut-offs in their incentive compensation contracts? What is the danger in so doing?
Why do firms set upper performance cut-offs in their incentive compensation contracts? In what types of firm are these cut-offs most valuable? What is the danger in setting upper cut-offs?
What are the advantages and disadvantages of providing bonuses 'by formula', as opposed to assigning them subjectively?
If you were a division manager in a large firm, which of the following compensation packages would you prefer:(a) salary of f50000, with no bonus;(b) salary of BO 000, plus an annual bonus of 10% of
The accountant's response to inter-dependence between parts of an organization is to allocate costs or charge transfer prices. What properties do these treatments have in common, and when can they be
International and domestic transfer prices should always be calculated in the same way in order to avoid governmental and fiscal interference. Do you agree?
The Plantaganet Company is a large conglomerate that has 40 divisions. Division X wants to buy a component for its final product and receives bids from separate external suppliers of f500 and f550.
Peat, Ernst and Touche (PET) is a very large accounting firm. Its main activity and revenue earner,is undertaking audits of publicly owned companies' accounts. Increasingly, the audit teams have made
The Baron Company consists of 2 divisions that trade extensively with each other. The relevant revenue and cost functions for the final product are given below:where R is the unit revenue of the
Helman pIe is a diversified company having, among others, major interests in the mechanical, civil and structural engineering industries and in motor pump manufacturing.The motor pump division is a
The Earlswood Company is a multidivisional company which holds divisional managers responsible for their individual profits.The Squire Division produces, among other items, an electric motor which
Identify the stages of the capital budgeting process. Suggest ways in which top management could improve the accuracy and completeness of the information associated with capital project proposals.

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