Principles of Cost Accounting17th EditionEdward J. Vanderbeck; Maria R. Mitchell Publisher: Cengage Learning USISBN: 9781305692862
Principles of Cost Accounting
Solutions for Principles of Cost Accounting
Problem 6Q:
What is a variance?Problem 13Q:
When a company uses a standard cost system, are the inventory accountsFinished Goods, Work in...Problem 15Q:
What might cause the following materials variances?
An unfavorable materials price variance.
A...Problem 16Q:
What might cause the following labor variances?
An unfavorable labor rate variance.
A favorable...Problem 21Q:
When does a flexible-budget variance occur?
Problem 25Q:
If production is more or less than the standard volume, is it possible that no flexible-budget or...Problem 26Q:
At the end of the current fiscal year, the trial balance of Big Apple Inc. revealed the following...Problem 27Q:
What variances from the four-variance method are included in the flexible-budget variance from the...Problem 28Q:
What is the primary difference between the two-variance and three-variance methods of calculation?...Problem 29Q:
What are the four variances in the four-variance method and what does each measure? (appendix)
Problem 1E:
In all of the exercises involving variances, use F and U to designate favorable and unfavorable...Problem 6E:
Computing materials variances D-List Calendar Co. specializes in manufacturing calendars that depict...Problem 7E:
Computing labor variances LIFT Inc. manufactures garage doors for homes. The standard quantity of...Problem 8E:
Standard cost summary; materials and labor cost variances Perkins Processors Inc. produces an...Problem 9E:
Computing labor variances Fill in the missing figures for each of the following independent cases:...Problem 10E:
Standard unit cost and journal entries The normal capacity of Algonquin Adhesives Inc. is 40,000...Problem 11E:
Making journal entries Assume that during the month of April the production report of Algonquin...Problem 12E:
Using variance analysis and interpretation Last year, Endicott Corp. adopted a standard cost system....Problem 13E:
Using variance analysis and interpretation Last year, Wrigley Corp. adopted a standard cost system....Problem 14E:
Journalizing standard costs in two departments Griffin Manufacturing Inc. has two departments,...Problem 15E:
Calculating factory overhead The standard capacity of a factory is 8,000 units per month. Cost and...Problem 16E:
Determining Budgeted Overhead The overhead application rate for a company is 10 per unit, made up of...Problem 17E:
Calculating factory overhead: two variances Munoz Manufacturing Co. normally produces 10,000 units...Problem 18E:
Calculating factory overhead: two variances Monrovia Manufacturing Inc. normally produces 10,000...Problem 19E:
The normal capacity of a manufacturing plant is 30,000 direct labor hours or 20,000 units per month....Problem 20E:
Calculating amount of factory overhead applied to work in process The overhead application rate for...Problem 21E:
Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is...Problem 22E:
(Appendix) Calculating factory overhead: four variances Atlanta Adhesives Inc. budgets 15,000 direct...Problem 23E:
(Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate...Problem 1P:
Materials and labor variances Branca Inspections Inc. specializes in determining whether a building...Problem 2P:
Materials and labor variances Fausto Fabricators Inc. uses a standard cost system to account for its...Problem 3P:
Zippy Inc. manufactures a fuel additive, Surge, which has a stable selling price of 44 per drum. The...Problem 4P:
Calculation of materials and labor variances
Fritz Corp. manufactures and sells a single product....Problem 5P:
High-End Products Inc. uses a standard cost system in accounting for the cost of production of its...Problem 6P:
RDI Products Co. manufactures a variety of products made of plastic and aluminum components. During...Problem 7P:
The standard cost summary for the most popular product of Phenom Products Co. is shown as follows,...Problem 8P:
Carlo Lee Corp. has established the following standard cost per unit:
Although 10,000 units were...Problem 9P:
USD Inc. has established the following standard cost per unit:
Although 10,000 units were budgeted,...Problem 10P:
Allocation of variances
Costa Brava Manufacturing Corp. uses a standard cost system that records raw...Problem 11P:
On May 1, Athens Inc. began the manufacture of a new mechanical device known as Snap. The company...Problem 12P:
The standard specifications for an electric motor manufactured by XYZ Electric Co. follow:
Factory...Problem 13P:
Cardiff Inc. manufactures men’s sport shirts for large stores. It produces a single quality shirt in...Problem 14P:
Fargo Co. manufactures products in batches of 100 units per batch. The company uses a standard cost...Problem 16P:
(Appendix) Overhead variances—four variance
Mobile Manufacturing Inc. manufactures a small electric...Problem 17P:
Shinto Corp. uses a standard cost system and manufactures one product. The variable costs per...Browse All Chapters of This Textbook
Chapter 1 - Introduction To Cost AccountingChapter 2 - Accounting For MaterialsChapter 3 - Accounting For LaborChapter 4 - Accounting For Factory OverheadChapter 5 - Process Cost Accounting—general ProceduresChapter 6 - Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-productsChapter 7 - The Master Budget And Flexible BudgetingChapter 8 - Standard Cost Accounting—materials, Labor, And Factory OverheadChapter 9 - Cost Accounting For Service Businesses, The Balanced Scorecard, And Quality CostsChapter 10 - Cost Analysis For Management Decision Making
Sample Solutions for this Textbook
We offer sample solutions for Principles of Cost Accounting homework problems. See examples below:
Chapter 1, Problem 1QChapter 1, Problem 12EChapter 1, Problem 6PChapter 1, Problem 7PChapter 1, Problem 9PChapter 1, Problem 10PChapter 1, Problem 13PChapter 2, Problem 1QJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....
Chapter 2, Problem 17PChapter 3, Problem 1QChapter 3, Problem 7PChapter 3, Problem 9PJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 4, Problem 1QChapter 4, Problem 15PChapter 4, Problem 20PChapter 5, Problem 1QChapter 5, Problem 15EEquivalent units for production: The activity of a processing department in terms of fully completed...Chapter 5, Problem 2PPrepare a cost of production summary for the month March. G Inc.Cost of production summaryForming...Chapter 5, Problem 13PChapter 6, Problem 1QChapter 6, Problem 9EChapter 6, Problem 11EChapter 6, Problem 1PChapter 6, Problem 4PBudget: It is a planning device which is helpful for the company to set the goal and a gauge against...Chapter 7, Problem 2PPrepare the sales budget for the year ended December 31, 2016. SS IncorporationSales budgetFor the...Chapter 7, Problem 9PPrepare the factory overhead cost budget. Factory overhead cost budgetPercent of normal...Chapter 8, Problem 1QChapter 8, Problem 1EMaterials—2 lb @ $8$16Labor—1 hr @ $10$10Factory overhead ($4,000 ÷ 1,000 units)$4Standard unit...Materials—2 lb @ $8$16Labor—1 hr @ $10$10Factory overhead ($4,000 ÷ 1,000 units)$4Standard unit...Materials—2 lb @ $8$16Labor—1 hour @ $10$10Factory overhead ($4,000 ÷ 1,000 units)$4Standard unit...Materials—2 lb @ $8$16Labor—1 hr @ $10$10Factory overhead ($4,000 ÷ 1,000 units)$4Standard unit...Prepare the journal entries to record the transactions. ParticularsDebit($)Credit($)Work in...Chapter 8, Problem 1MCChapter 9, Problem 1QBudgeted overhead allocation rate: The budgeted overhead allocation rate is the rate at which the...Budgeted overhead allocation rate: The budgeted overhead allocation rate is the rate at which the...Budgeted overhead allocation rate: The budgeted overhead allocation rate is the rate at which the...Budgeted overhead allocation rate: The budgeted overhead allocation rate is the rate at which the...Chapter 10, Problem 1QAbsorption costing: It refers to the method of product costing in which the price of the product is...Absorption costing: It refers to the method of product costing in which the price of the product is...Chapter 10, Problem 9PCalculate the number of cans of each kind of nut sold as follows: Assume, x is cans of cashews sold,...Calculate the additional units that would have to be produced as follows: Additional units need to...
More Editions of This Book
Corresponding editions of this textbook are also available below:
PRIN. OF COST ACCT LL-W/CNOW >IP<
17th Edition
ISBN: 9781305770324
PRIN.OF COST ACCOUNTING-ACCESS
17th Edition
ISBN: 9781305254640
PRINCIPLES OF COST ACCOUNTING
17th Edition
ISBN: 9781305280151
PRIN.OF COST ACCOUNTING-W/ACCESS
17th Edition
ISBN: 9781305620049
Principles of Cost Accounting
17th Edition
ISBN: 9781305087408
EBK PRINCIPLES OF COST ACCOUNTING
17th Edition
ISBN: 9780100544789
EBK PRINCIPLES OF COST ACCOUNTING
17th Edition
ISBN: 9781305480520
Principles of Cost Accounting
16th Edition
ISBN: 9781133187868
Principles Of Cost Accounting
16th Edition
ISBN: 9781133712701
Prct Principles of Cost Accounting
10th Edition
ISBN: 9780538850995
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