3-2 Assignment Costing Methods

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These questions relate to the Integrated Analytics Case: Bene Petit. Select the appropriate eBook link to open the Case Overview, Case Background, and Part 3: Managerial Decision Making. The following table summarizes the operating results for Bene Petit's first year of operations: Bene Petit First Year Operating Data: Single (1 serving) Dual (2 servings) Family (4 servings) Total Customer Meals Sold 3,000 5,000 12, 000 20,000 Total Customer Servings 3,000 10, 000 48,000 61, 000 Customer Orders (Average = 4 meals per order) 750 1,250 3,000 5,000 Number of Donated Meals (1 per customer meal) 3, 000 5,000 12, 000 20,000 Number of Donated Deliveries (500 meals per delivery) 6 10 24 40 Additional information about selling prices, variable costs, and fixed costs is summarized below: The average sales price for customer meals is $5 per serving. The average direct materials (ingredients) cost of customer meals is $1 per serving. Direct labor costs average $0.75 per customer meal. Variable…

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Required Information Problem 1-45 (Algo) Cost Data for Managerial Purposes (LO 1-3) [The following information applies to the questions displayed below.] B-You is a consulting firm that works with managers to improve their interpersonal skills. Recently, a representative of a high-tech research firm approached B-You's owner with an offer to contract for one year with B-You to improve the interpersonal skills of a newly hired manager. B-You reported the following costs and revenues during the past year (before the proposed contract). Sales revenue Costs Labor Equipment lease B-YOU Annual Income Statement Rent Supplies Officers' salaries Other costs Total costs Operating profit (loss) $ 580,000 260,000 46,000 35,000 36,000 160,000 26,000 $ 563,000 $ 17,000 If B-You decides to take the contract to help the manager, it will hire a full-time consultant at $86,500. The equipment lease will increase by 20 percent. Supplies will increase by an estimated 10 percent and other costs by 15…

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KV Accounting and Business Consultants provides a variety of consulting services to a diverse range of clients. The company has three support departments and three revenue-generating departments, whose cost details for a typical quarter are presented below: Support Departments $ 290,500 IT Support Admin Support 724,000 206,250 Facilities Support Revenue-Generating Departments Assurance 883,500 Tax Advisory 635,000 Business Advisory 803,400 $3,542,650 The existing cost allocation system is designed as follows: (1) the support department costs are allocated to the three revenue- generating departments, and (2) the revenue-generating department costs are allocated to individual clients. The support department costs are allocated to the revenue-generating departments as follows: (1) IT Support costs are allocated to Assurance, Tax Advisory, and Business Advisory using a 30:30:40 ratio, (2) Admin Support costs are allocated using a 40:30:30 ratio, and (3) Facilities Support costs are…

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Morrell Financial Services (MFS) has three service departments: Accounting, Information Technology (IT), and Personnel. MFS also has two operating departments (Advice and Brokerage). Data on service department usage and service direct costs follow: Accounting IT Personnel Direct cost Using Department Accounting IT Personnel Advice 0% 16% 6% 23% 31% Brokerage 40% 0% 10% 29% 45% 11% 13% 0% 39% 37% $ 197,000 $ 281,000 $ 264,500 NA NA* *Not applicable for this problem. Required: Assume that Morrell Financial Services uses the reciprocal method of service department cost allocation. What is the total service department cost allocated to Advice? To Brokerage? (Hint: Use the reciprocal method spreadsheet shown in Exhibit 11.22 as a start to your analysis.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollars. Advice Brokerage Cost Allocated

Question The classification of costs between relevant costs and irrelevant costs is important in the context of managerial decision-making. Harmony Industries is a company that manufactures personal care products. It has three divisions: hair care, skin care and dental care. Following is an extract from the financial statements for the year ending 31 December 2019:   Hair Care Skin Care Dental Care Revenue $900 million $600 million $300 million Net income/(loss) $210 million $100 million ($50 million) In the board meeting summoned for review of financial statements, a director proposed that the company should dispose of the dental care division because it is losing money. The CEO argued that the board can’t conclude that a segment is losing money just because it generated net loss for a period. He suggested that the company’s chief financial officer should conduct a detailed analysis for presentation in the next board meeting. Being the company’s…

You are the managerial accountant at Reliable Company. You have been assigned to support the marketing department and manage its master budget. The marketing department is responsible for the following: Managing the firm's marketing Hiring subcontractors Selling the consulting expertise to smaller outside firms The department's expenses are as follows: Salaries and benefits of $48,000/month Web site operations of $21,000/ month Online advertising expenses of $15,000/month Miscellaneous expenses of $3,500/month The sales forecast for its consulting services are as follows: April: $190,000 May: $200,000 June: $205,000 The department pays a sales commission of 5%, and this is paid in the following month. Subcontractor expenses are estimated at 45% of sales and are paid the month after they are billed. Consulting fees are collected 20% in the month of sale, 70% in the following month, and 10% in the second month following sale. Refer to the attached schedules. Develop a master…

You are the managerial accountant at Reliable Company and are part of the organization's budgeting committee. You have been assigned to support the marketing department and manage its master budget. The marketing department is responsible for the following: Managing the firm's marketing  Hiring subcontractors  Selling the consulting expertise to smaller outside firms The department's expenses are as follows: Salaries and benefits of $48,000/month  Web site operations of $21,000/ month  Online advertising expenses of $15,000/month  Miscellaneous expenses of $3,500/month The sales forecast for its consulting services are as follows: April: $190,000  May: $200,000  June: $205,000 The department pays a sales commission of 5%, and this is paid in the following month. Subcontractor expenses are estimated at 45% of sales and are paid the month after they are billed. Consulting fees are collected 20% in the month of sale, 70% in the following month, and 10% in the second month following…

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Susan Hansen is the manager of American Autos. American Autos provides three types of services, Sales, Repairs, and Rebuilds. Susan needs to provide a profit analysis to the CEO at the end of the current fiscal year so the pricing and marketing strategies can be adjusted as needed. She has gathered the following information for the company. Cost # of employees Maint Hours HR Hours: Revenue Marketing $219,000 Sales $992,000 5 50 100 Support Departments Maintenance $320,000 Repairs $1,302,000 7 300 25 HR $49,000 Rebuilds $2,108,000 2 25 180 Sales $364,000 12 800 1,200 Operating Units Repairs $870,000 16 1,900 Rebuilds $1,098,000 6 2,600 800

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C Justin Bleeber has prepared the following list of statements about mi accounting, financial accounting, and the functions of management. Financial accounting focuses on providing information to internal users.Staff positions are directly involved in the company's primary revenue-generating activities.Preparation of budgets is part of financial accounting.Managerial accounting applies only to merchandising and manufacturing companBoth managerial accounting and financial accounting deal with many of the same economic events.Managerial accounting reports are prepared only quarterly and annually.Financial accounting reports are general-purpose reports. IManagerial accounting reports pertain to subunits of the business.Managerial accounting reports must comply with generally accepted accounting principles.The company treasurer reports directly to the vice president of operations.Instructions Identifv each statement as true or false. If false, indicate how to correct the statement. 11-36

Cost Flow Relationships The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment: $1,150,100 310,500 103,500 42,600 19,600 586,600 Total manufacturing costs for the period 1,269,700 Materials inventory, end of period 42,600 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased X Open spreadsheet Using the above information, determine the following amounts: a. Cost of goods sold 839,600 501,400 264,400 X b. Direct materials cost c. Direct labor cost $