COST ACCOUNTING
16th Edition
ISBN: 9781323694008
Author: Horngren
Publisher: PEARSON C
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Chapter 4, Problem 4.14Q
When might a company use budgeted costs rather than actual costs to compute direct-labor rates?
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Which one of the following is a fixed cost?
a.
Raw material costs
b.
Salary with commission
c.
Amortization
d.
Labour costs
What is a product cost?
What is a period cost?
What is the difference and why is it important to separate these costs in financial reporting and decision-making?
What is a variable cost?
What is a fixed cost?
Why is the difference important to making decisions?
Are selling and administrative expenses treated as product costs or as period costs under variable costing?
Chapter 4 Solutions
COST ACCOUNTING
Ch. 4 - Define cost pool, cost tracing, cost allocation,...Ch. 4 - How does a job-costing system differ from a...Ch. 4 - Why might an advertising agency use job costing...Ch. 4 - Describe the seven steps in job costing.Ch. 4 - Give examples of two cost objects in companies...Ch. 4 - Describe three major source documents used in...Ch. 4 - What is the advantage of using computerized source...Ch. 4 - Give two reasons why most organizations use an...Ch. 4 - Distinguish between actual costing and normal...Ch. 4 - Describe two ways in which a house-construction...
Ch. 4 - Comment on the following statement: In a...Ch. 4 - Describe three different debit entries to the...Ch. 4 - Describe three alternative ways to dispose of...Ch. 4 - When might a company use budgeted costs rather...Ch. 4 - Prob. 4.15QCh. 4 - Which of the following does not accurately...Ch. 4 - Sturdy Manufacturing Co. assembled the following...Ch. 4 - For which of the following industries would...Ch. 4 - ABC Company uses job-order costing and has...Ch. 4 - Under Stanford Corporations job costing system,...Ch. 4 - (10 min) Job costing, process costing. In each of...Ch. 4 - Actual costing, normal costing, accounting for...Ch. 4 - Job costing, normal and actual costing. Atkinson...Ch. 4 - Budgeted manufacturing overhead rate, allocated...Ch. 4 - Job costing, accounting for manufacturing...Ch. 4 - Job costing, consulting firm. Frontier Partners, a...Ch. 4 - Time period used to compute indirect cost rates....Ch. 4 - Accounting for manufacturing overhead. Creative...Ch. 4 - Job costing, journal entries. The University of...Ch. 4 - Journal entries, T-accounts, and source documents....Ch. 4 - Job costing, journal entries. Donald Transport...Ch. 4 - Job costing, unit cost, ending work in process....Ch. 4 - Job costing; actual, normal, and variation from...Ch. 4 - Job costing; variation on actual, normal, and...Ch. 4 - Proration of overhead. The Ride-On-Wave Company...Ch. 4 - Job costing, accounting for manufacturing...Ch. 4 - Service industry, job costing, law firm. Kidman ...Ch. 4 - Service industry, job costing, two direct- and two...Ch. 4 - Proration of overhead. (Z. Iqbal, adapted) The Zaf...Ch. 4 - Normal costing, overhead allocation, working...Ch. 4 - Proration of overhead with two indirect cost...Ch. 4 - General ledger relationships, under- and...Ch. 4 - Overview of general ledger relationships. Estevez...Ch. 4 - Allocation and proration of overhead. Resource...Ch. 4 - (2530 min.) Job costing, ethics. Joseph Underwood...Ch. 4 - Job costingservice industry. Market Pulse performs...
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- What is the primary objective in accumulating costs by departments?arrow_forwardCosts that a company or manager can influence are called _______. A. discretionary costs B. fixed costs C. variable costs D. controllable costsarrow_forwardWhat is meant by a products contribution margin ratio and how is this ratio useful in planning business operations?arrow_forward
- In the variable costing income statement, how are the fixed manufacturing costs reported, and how are the fixed selling and administrative expenses reported?arrow_forwardWhat are considered direct costs in segment analysis?arrow_forwardDiscuss how and why marginal costing calculates contribution to pay overheads and why this is useful in evaluating product value to a firm?arrow_forward
- On assigning costs to different products. What is the benefit of cost assignment? How does this aid the organization in financial decisions?arrow_forwardWhen trying to identify product and period costs, is cash, work inprocess, and raw materials inventory considered to be period or product costs?arrow_forwardWhat is Re-order quantity? What is Re-order level? What is Maximum stocklevel? With respect to cost accounting explain the above.arrow_forward
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