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Part of your company's accounting database was destroyed when Godzilla attacked the city. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in order indicated by the letters in the following table.
Direct Material Direct LaborStandard price or rater per unit of input $16/lb eStandard quantity per unit of output c fActual quantity used per unit of output a 3.5 hoursActual price or rate per unit of input $14/lb $21/hourActual output 20,000 units 20,000 unitsDirect-material price variance $120,000 F -Direct-material quantity variance b -Total of direct-material variances $40,000 -Direct-labor rate variance - dDirect-labor efficiency variance - $200,000 FTotal of direct-labor variances - $130,000F
Your CFO, in her initial work, needs to decide whether to set up a job order costing system or a process type costing system. She has asked you to make a recommendation based on the following information.
Fast Delivery Company acquired an adjacent lot to construct a new warehouse, paying $30,000 and giving a short-term note for $270,000.
Establishing an internal audit function/department is not a legal requirement. Consequently, it is an optional function.
Illustrate out the term cash conversion cycle (CCC), and describe why, holding other things constant, a firm's profitability would raise if it lowered its CCC.
GHI Company makes light-weight canoes for campers. The president, George Ingalls, enlists your help in predicting the effects of some changes he is contemplating. He gives you the following information:
Jackson Construction Company uses a job order costing system. In May 2008, Jackson made a $1,650,000 bid to build a pedestrian overpass over the beach highway in Gulfport, Mississippi.
Mattresses-A-Million produces Pillow-Top mattresses. They have been using a volume-based costing system to allocate overhead based on direct labor-hours. The Pillow-Top requires two hours of direct labor.
Discuss how the management and risk at each level of the corporation is brought together into a comprehensive risk management program.
The law firm of Tilton and Henderson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during June:
Determine the equivalent units of conversion. What is the conversion costs assigned to completed calendars? What amount of conversion is assigned to the ending work-in-process inventory?
Great Outdoze Company manufactures sleeping bags, which sell for $67.00 each. The variable costs of production are as follows: Calculate the product cost per sleeping bag under (a) absorption costing and (b) variable costing.
Calculate profit of each center if company uses the direct allocation method. Calculate the profit of each center if the company allocates cost center 1 first and then cost center 2
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