FUNDAMENTALS OF COST ACCOUNTING IA6th EditionLANEN Publisher: MCGISBN: 9781260827873
FUNDAMENTALS OF COST ACCOUNTING IA
Solutions for FUNDAMENTALS OF COST ACCOUNTING IA
Problem 2RQ:
Direct labor-hours and direct labor dollars are the most common allocation bases used in the United...Problem 3RQ:
What is the purpose of having two manufacturing overhead accounts, the Manufacturing Overhead...Problem 4RQ:
How does the accountant know what to record for direct materials for a job or a client? For direct...Problem 5RQ:
How is job costing in service organizations (for example, consulting firms) different from job...Problem 9RQ:
In the context of job costing, what are projects? What additional costing issues are there with...Problem 10CADQ:
Why do most companies use normal or standard costing? After all, actual costing gives the actual...Problem 12CADQ:
Worrying about the choice of an overhead allocation base is a waste of time. In the end, all the...Problem 14CADQ:
Interview the manager of a campus print shop or a print shop in the local area about how the company...Problem 15CADQ:
Would a dentist, an architect, a landscaper, and a lawyer use job costing or process costing?...Problem 16CADQ:
Consider two firms in the same industry. Is it possible that one uses job costing and the other uses...Problem 18CADQ:
Assume that you have been asked to paint the inside walls of an apartment. State specifically how...Problem 20CADQ:
ABC Consultants works for only two clients: a large for-profit corporation and a small environmental...Problem 22E:
Assigning Costs to Jobs The following transactions occurred in April at Steves Cabinets, a custom...Problem 23E:
Assigning Costs to Jobs Sunset Products manufactures skateboards. The following transactions...Problem 24E:
Assigning Costs to Jobs Forest Components makes aircraft parts. The following transactions occurred...Problem 25E:
Assigning Costs to Jobs Partially completed T-accounts and additional information for Cardinals,...Problem 26E:
Assigning Costs to Jobs Selected information from the Blake Corporation accounting records for June...Problem 27E:
Assigning Costs to Jobs Partially completed T-accounts and additional information for Pine Ridge...Problem 28E:
Predetermined Overhead Rates Dixboro Company manufactures one product and accounts for costs using a...Problem 29E:
Predetermined Overhead Rates Southern Rim Parts estimates its manufacturing overhead to be 495,000...Problem 30E:
Refer to the information in Exercise 7-29. Prepare an entry to allocate the under- or overapplied...Problem 31E:
How much overhead was applied to each of the four jobs, 0701, 0702, 0703, and 0704?
What was the...Problem 32E:
Refer to the information in Exercise 7-31. Prepare an entry to allocate the over- or underapplied...Problem 33E:
Predetermined Overhead Rates Aspen Company estimates its manufacturing overhead to be 625,000 and...Problem 35E:
Applying Overhead Using a Predetermined Rate Marys Landscaping uses a job order cost system. The...Problem 36E:
Applying Overhead Using a Predetermined Rate Turco Products uses a job order cost system. The...Problem 37E:
Calculating Over- or Underapplied Overhead Toms Tool Die uses a predetermined factory overhead rate...Problem 38E:
Predetermined Overhead Rates: Ethical Issues Marine Components produces parts for airplanes and...Problem 39E:
Compute the predetermined rate assuming that Marine Components uses machine-hours to apply...Problem 40E:
Job Costing in a Service Organization At the beginning of the month, Arthurs Olde Consulting...Problem 41E:
Job Costing in a Service Organization For August, Royal Consulting and Mediation Practice (RCMP)...Problem 42E:
Job Costing in a Service Organization Allocation Busters (AB) is a dispute mediation firm offering...Problem 43E:
Job Costing in a Service Organization TechMaster is an information technology (IT) consulting...Problem 47P:
Estimate Machine-Hours Worked from Overhead Data Melbourne Company estimated that machine-hours for...Problem 48P:
Estimate Hours Worked from Overhead Data Capitol, Inc., estimated that direct labor for the year...Problem 50P:
Assigning CostsMissing Data The following T-accounts represent September activity: Required Compute...Problem 51P:
Assigning Costs: Missing Data The following T-accounts represent November activity: Additional Data...Problem 52P:
Analysis of Overhead Using a Predetermined Rate Kansas Company uses a job costing accounting system...Problem 53P:
Analysis of Overhead Using a Predetermined Rate Script Company uses a job costing accounting system...Problem 54P:
Finding Missing Data A new computer virus (AcctBGone) destroyed most of the company records at...Problem 55P:
Cost Accumulation: Service Youth Athletic Services (YAS) provides adult supervision for organized...Problem 56P:
Job Costs: Service Company For the month of July, UP Payroll Services worked 3,000 hours for Dune...Problem 57P:
Job Costs in a Service Company On September 1, two jobs were in process at Petes Patios. Details of...Problem 58P:
Tracing Costs in a Job Company The following transactions occurred in January at Apex Manufacturing,...Problem 59P:
Cost Flows through Accounts Brighton Services repairs locomotive engines. It employs 100 full-time...Problem 60P:
Show Flow of Costs to Jobs Kims Asphalt does driveway and parking lot resurfacing work for large...Problem 61P:
Reconstruct Missing Data A tornado struck the only manufacturing plant of Toledo Farm Implements...Problem 62P:
Find Missing Data IYF Corporation manufactures miscellaneous parts for building construction and...Problem 63P:
Find Missing Data Accounting records for NIC Enterprises (NICE) for September show the following...Problem 64P:
Incomplete Data: Job Costing Chelsea Household Renovations (CHR) is a rapidly growing company that...Problem 65P:
Job Costing and Ethics Old Port Shipyards does work for both the U.S. Navy and private shipping...Problem 66P:
Job Costing and Ethics Chuck Moore supervises two consulting jobs for the firm of Price and Waters,...Browse All Chapters of This Textbook
Chapter 1 - Cost Accounting: Information For Decision MakingChapter 2 - Cost Concepts And BehaviorChapter 3 - Fundamentals Of Cost-volume-profit AnalysisChapter 4 - Fundamentals Of Cost Analysis For Decision MakingChapter 5 - Cost EstimationChapter 6 - Fundamentals Of Product And Service CostingChapter 7 - Job CostingChapter 8 - Process CostingChapter 9 - Activity-based CostingChapter 10 - Fundamentals Of Cost Management
Chapter 11 - Service Department And Joint Cost AllocationChapter 12 - Fundamentals Of Management Control SystemsChapter 13 - Planning And BudgetingChapter 14 - Business Unit Performance MeasurementChapter 15 - Transfer PricingChapter 16 - Fundamentals Of Variance AnalysisChapter 17 - Additional Topics In Variance AnalysisChapter 18 - Performance Measurement To Support Business StrategyChapter A - Capital Investment Decisions: An Overview
Sample Solutions for this Textbook
We offer sample solutions for FUNDAMENTALS OF COST ACCOUNTING IA homework problems. See examples below:
Chapter 1, Problem 1RQBudgeted costs: The costs which are pre-determined at the beginning of the year are termed as the...Chapter 1, Problem 50PCalculate the missing amount for the given statement as follows: Manufacturing RProjected income...Projected income statement: The projected income statement represents the future financial position...Chapter 1, Problem 54ICChapter 2, Problem 1RQChapter 2, Problem 30EVariable cost per unit: The variable cost per unit refers to the unit variable cost of product...
Chapter 2, Problem 34EChapter 2, Problem 60PChapter 2, Problem 65PChapter 2, Problem 71PChapter 2, Problem 75PChapter 3, Problem 1RQChapter 3, Problem 32ETarget volume: the level of sales which need to be achieved during a particular period of time is...Chapter 3, Problem 53PChapter 3, Problem 62PTarget volume: the level of sales which need to be achieved during a particular period of time is...Operating profit: The operating profit is the excess of total revenues over total expenses after...Chapter 3, Problem 69PChapter 4, Problem 1RQChapter 4, Problem 41EChapter 4, Problem 53PChapter 4, Problem 54PChapter 4, Problem 56PChapter 4, Problem 57PChapter 4, Problem 58POperating profit: The operating profit is the excess of total revenues over total expenses after...Chapter 5, Problem 1RQChapter 5, Problem 45EChapter 5, Problem 60PChapter 5, Problem 62PHigh-low cost method: High-low cost method helps in separating the fixed and variable cost from the...Chapter 5, Problem 69PChapter 6, Problem 1RQChapter 6, Problem 54PChapter 6, Problem 55PChapter 6, Problem 56PChapter 6, Problem 61PChapter 6, Problem 62ICChapter 7, Problem 1RQChapter 7, Problem 40EChapter 7, Problem 51PChapter 7, Problem 52PChapter 7, Problem 55PChapter 7, Problem 59PChapter 7, Problem 64PChapter 8, Problem 1RQProduction cost: Production cost refers to the cost associated with the production process. Direct...Weighted average cost method: Weighted average cost method is the method to find out the equivalent...Weighted average cost method: Weighted average cost method is the method to find out the equivalent...First in and first out (FIFO) method: Under this method cost of units sold and units lying as ending...Weighted average cost method: Weighted average cost method is the method to find out the equivalent...Cost of units in ending work-in-process: Cost of ending units in work-in-process is found out by...Chapter 9, Problem 1RQChapter 9, Problem 54PChapter 9, Problem 55PChapter 9, Problem 59PActivity-based costing: Activity-based costing refers to the method of costing where the overhead...Activity-based costing: Activity-based costing refers to the method of costing where the overhead...Chapter 9, Problem 67PAscertain the product cost and gross profit margin percentages of each product. Table (1) Total rent...Chapter 10, Problem 1RQChapter 10, Problem 32EThe costs for each season fluctuate on the basis of the excess capacity unused in the winter season....Chapter 11, Problem 1RQStep method: Step method allows the allocation of the cost to the production department and service...Chapter 11, Problem 54PChapter 11, Problem 55PCost allocation: Cost allocation refers to the process where the common cost of the production and...Net realizable value method: Net realizable value method is used to allocate the cost in the...Chapter 11, Problem 69PChapter 12, Problem 1RQChapter 12, Problem 30EChapter 12, Problem 50PBudget: A budget is a blueprint of all the operations that a company has to achieve in order to...Chapter 13, Problem 58PChapter 13, Problem 59PHigh price strategy: Under the high-pricestrategy, the company keeps the price of the product higher...Chapter 13, Problem 61PChapter 14, Problem 1RQChapter 14, Problem 24ENet book value: Net book value refers to the value of the asset after the adjustment of the...Chapter 14, Problem 46PChapter 14, Problem 53PReturn on investment: Return on investment is the amount of total profit earned by a division with...Chapter 15, Problem 1RQResidual income: Residual income is the amount of profit that is left after adjusting the cost of...Contribution margin: The excess of sales price over the variable expenses is referred to as the...Chapter 16, Problem 1RQCompute the direct material price variances: Direct materialprice variances}=Actual costs−Actual...Chapter 16, Problem 48EChapter 16, Problem 51PChapter 16, Problem 52PChapter 16, Problem 53PPrepare journal entries to record the activity for the last month using standard costing: For direct...Prepare journal entries to record the activity for the last month using standard costing for Product...Chapter 17, Problem 1RQChapter 17, Problem 29EChapter 17, Problem 30EChapter 17, Problem 31EChapter 17, Problem 32EPrepare the journal entries that the company would make to record and close out the variances as...Chapter 18, Problem 1RQChapter A, Problem 1RQChapter A, Problem 19P
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