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Product Costing in a JIT/Lean Environment Doll Computer manufactures laptop computers under its own brand, but acquires all the components from outside vendors. No computers are assembled until the order is received online from customers, so there is no finished goods inventory. When an order is received, the bill of materials required to fill the order is prepared automatically and sent electronically to the various vendors. All components are received from vendors within three days and the completed order is shipped to the customer immediately when completed, usually on the same day the components are received from vendors. The number of units in process at the end of any day is negligible. The following data are provided for the most recent month of operations: Actual components costs incurred $ 925,000 Actual conversion costs incurred $ 203,000 Units in process, beginning of month Units started in process during the month Units in process, end of month -05,500 -0- (a) Assuming Doll uses traditional cost accounting procedures: 1. How much cost was charged to WorkinProcess during the month? $Answer 0 2. How much cost was charged to cost of goods sold during the month? $Answer 0 (b) Assuming Doll is a lean production company and uses backflush costing method: 1. How much cost was charged to Work-in-Process during the month? $Answer 0 2. How much cost was charged to cost of goods sold during the month? $Answer Interdepartment Services: Step Method O'Brian's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. O'Brian's allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows: Personnel Payroll Housewares Clothing Furniture Direct department cost $7,300 $3,400 $11,800 $20,000 $15,650 Number of employees 4 2 7 15 5 $6,200 $2,800 $11,300 $17,600 $7,700 Gross payroll (a) Determine the percentage of total Personnel Department services that was provided to the Payroll Department. (Round your answer to one decimal place.) Answer % (b) Determine the percentage of total Payroll Department services that was provided to the Personnel Department. (Round your answer to one decimal place.) Answer % (c) Prepare a schedule showing Personnel Department and Payroll Department cost allocations to the operating departments, assuming O'Brian's uses the step method. Do not round until your final answers. Round answers to the nearest dollar. Service Departments Payroll Personnel $Answer Housewares $Answer 0 0 Producing Departments 0 $Answer Clothing Furniture $Answer $Answer 0 0 Total costs Inventory Management Metrics Large retailers like The Home Depot and WalMart typically use gross margin ratio (gross margin sales), inventory turnover (sometimes referred to as inventory turns), and gross margin return on investment (GMROI) to evaluate how well inventory has been managed. The goal is to maximize profits while minimizing the investment in inventory. Below are data for four scenarios, a base scenario (# 1) followed by three modifications (#s 2, 3, & 4) to the base scenario. Scenario 1 Scenario 2 Scenario 3 Scenario 4 Sales $10,000 $20,000 $12,000 $10,000 6,000 12,000 6,000 6,000 Gross profit $4,000 $8,000 $6,000 $4,000 Average inventory $6,000 $6,000 $6,000 $5,000 Cost of goods sold For each scenario calculate the gross margin percent, the inventory turnover, and GMROI. Round your answers to one decimal place. (Example for % answers 99.9%) Scenario 1 Answer Gross margin % 0 Scenario 2 % Answer Inventory Turnover Answer 0 % Answer 0 Answer GMROI Scenario 3 0 Answer 0 Answer 0 % Answer 0 0 % % Answer Answer 0 % Scenario 4 Answer 0 0 % Answer 0 % Interdepartment Services: Direct Method Tucson Manufacturing Company has five operating departments, two of which are producing departments (P1 and P2) and three of which are service departments (S1, S2, and S3). All costs of the service departments are allocated to the producing departments. The following table shows the distribution of services from the service departments. Services provided to Services provided from S1 S1 S2 S3 P1 P2 -- 5% 25% 50% 20% S2 10% -- 5 45 40 S3 15 5 -- 20 60 The direct operating costs of the service departments are as follows: S 1 $63,000 S 2 255,000 S 3 21,000 Using the direct method, prepare a schedule allocating the service department costs to the producing departments. Do not round while completing your calculations. Service Departments S1 S2 S3 $Answer $Answer Total costs P1 $Answer 0 0 Producing Departments 0 P2 $Answer $Answer 0 0 Product Pricing: Single Product Presented is the 2009 contribution income statement of Colgate Products. COLGATE PRODUCTS Contribution Income Statement For Year Ended December 31, 2009 Sales (6,000 units) $720,000 Less variable costs Cost of goods sold Selling and administrative $240,000 66,000 (306,000) Contribution margin 414,000 Less fixed costs Manufacturing overhead Selling and administrative Net income 290,000 90,000 (380,000) $34,000 During the coming year, Colgate expects an increase in variable manufacturing costs of $6 per unit and in fixed manufacturing costs of $24,000. (a) If sales for 2010 remain at 6,000 units, what price should Colgate charge to obtain the same profit as last year? $Answer 0 (b) Management believes that sales can be increased to 8,000 units if the selling price is lowered to $105. What would be the excepted profit (or loss) as a result of this action? Use a negative sign with your answer, if appropriate. Answer 0 (c) After considering the expected increases in costs, what sales volume is needed to earn a profit of $34,000 with a unit selling price of $105? Answer 0 units CostBased Pricing and Markups with Variable Costs Compu Services provides computerized inventory consulting. The office and computer expenses are $600,000 annually and are not assigned to specific jobs. The consulting hours available for the year total 20,000, and the average consulting hour has $30 of variable costs. (a) If the company desires a profit of $80,000, what should it charge per hour? $Answer 0 (b) What is the markup on variable costs if the desired profit is $120,000? Answer 0 % (c) If the desired profit is $120,000, what is the markup on variable costs to cover (1) unassigned costs and (2) desired profit? Markup to cover unassigned costs Answer 0 % Markup to cover desired profits Answer 0 % Computing Markups The predicted 2009 costs for Osaka Motors are as follows: Manufacturing Costs Selling and Administrative Costs Variable Fixed $100,000 Variable $300,000 220,000 Fixed 200,000 Average total assets for 2009 are predicted to be $7,000,000. (a) If management desires a 12 percent rate of return on total assets, what are the markup percentages for total variable costs and for total manufacturing costs? (Round your answers to the nearest whole percent.) Markup on variable costs Answer 0 % Markup on manufacturing costs Answer 0 % (b) If the company desires a 10 percent rate of return on total assets, what is the markup percentage on total manufacturing costs for (1) unassigned costs and (2) desired profit? (Round your answers to the nearest whole percent.) Markup to cover unassigned costs Answer 0 % Markup to cover desired profit Answer 0 % Product Pricing: Two Products Quality Data manufactures two products, CDs and DVDs, both on the same assembly lines and packaged 10 disks per pack. The predicted sales are 400,000 packs of CDs and 500,000 packs of DVDs. The predicted costs for the year 2009 are as follows: Variable Costs Fixed Costs Material s Other $200,000 $600,000 350,000 600,000 Each product uses 50 percent of the materials costs. Based on manufacturing time, 40 percent of the other costs are assigned to the CDs, and 60 percent of the other costs are assigned to the DVDs. The management of Quality Data desires an annual profit of $50,000. (a) What price should Quality Data charge for each disk pack if management believes the DVDs sell for 20 percent more than the CDs? Round answers to the nearest cent. CDs $Answer 0 DVDs $Answer 0 (b) What is the total profit per product using the selling prices determined in part (a)? Use negative signs with answers, if appropriate. CDs $Answer 0 DVDs $Answer 0 Target Costing Oregon Equipment Company wants to develop a new logsplitting machine for rural homeowners. Market research has determined that the company could sell 5,000 logsplitting machines per year at a retail price of $600 each. An independent catalog company would handle sales for an annual fee of $2,000 plus $60 per unit sold. The cost of the raw materials required to produce the logsplitting machines amounts to $110 per unit. If company management desires a return equal to 10 percent of the final selling price, what is the target conversion and administrative cost per unit? Round answer to the nearest cent. $Answer 0