Accounting seven problems set | Accounting homework help

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Problem

 

 

 

            1.   Standard and actual costs for direct materials for the manufacture of 1,000 units of product were as follows:

 

 

 

Actual costs

1,550 lbs. @ $9.10

Standard costs

1,600 lbs. @ $9.00

 

 

 

Determine the (a) quantity variance, (b) price variance, and (c) total direct materials cost variance.

 

 

 

            2.   Standard and actual costs for direct labor for the manufacture of 1,000 units of product were as follows:

 

 

 

Actual costs

950 hours @ $37.00

Standard costs

975 hours @ $36.00

 

 

 

Determine the (a) time variance, (b) rate variance, and (c) total direct labor cost variance.

 

 

 

            3.   A department store apportions payroll costs on the basis of the number of payroll checks issued. Accounting costs are apportioned on the basis of the number of reports. The payroll costs for the year were $231,000 and the accounting costs for the year totaled $75,500. The departments and the average cost of store equipment and average cost of inventory for each are as follows:

 

 

 

 

Number of

Payroll Checks

Number

of Reports

Department R

   483

  70

Department S

1,470

  85

Department T

   147

345

 

 

 

Determine the amount of (a) payroll cost and (b) accounting cost to be apportioned to each department.

 

 

 

            4.   The sales, income from operations, and invested assets for each division of Grosbeak Company are as follows:

 

 

 

 

 

Sales

Income from

Operations

Invested

Assets

Division E

$5,000,000

$550,000

$2,400,000

Division F

4,800,000

860,000

2,500,000

Division G

7,000,000

860,000

2,900,000

 

 

 

(a)

Using the expanded expression, determine the profit margin, investment turnover, and rate of return on investment for each division. Round to one decimal place.

(b)

Which is (are) the most profitable per dollar invested?

 

 

 

 

 

              

 

 

 

 

 

 

 

 

 

            5.   The sales, income from operations, and invested assets for each division of Wren Company are as follows:

 

 

 

 

 

Sales

Income from

Operations

Invested

Assets

Division C

$5,000,000

$630,000

$4,000,000

Division D

6,800,000

760,000

3,900,000

Division E

3,750,000

750,000

7,500,000

 

 

 

Management has established a minimum rate of return for invested assets of 10%.

 

 

 

(a)

Determine the residual income for each division.

 

 

(b)

Based on residual income, which of the divisions is the most profitable?

 

 

 

 

 

            6.   Snipe Company has been purchasing a component, Part Q, for $19.20 a unit. Snipe is currently operating at 70% of capacity and no significant increase in production is anticipated in the near future. The cost of manufacturing a unit of Part Q, determined by absorption costing methods, is estimated as follows:

 

 

 

Direct materials

$11.50

Direct labor

4.50

Variable factory overhead

1.12

Fixed factory overhead

    3.15

Total

$20.27

 

 

 

Prepare a differential analysis report, dated March 12 of the current year, on the decision to make or buy Part Q.

 

 

 

            7.  

 

Schedule of Activity Costs

 

Quality Control Activities

Activity Cost

Process audits

$55,000

Training of machine operators

26,000

Processing returned products

18,000

Scrap processing (disposal)

29,000

Rework

8,000

Preventative maintenance

30,000

Product design

46,000

Warranty work

12,000

Finished goods inspection

22,000

 

 

 

 

 

                  From the above schedule, determine:

 

 

 

                  a. the value added costs ___________________________

 

 

 

                  b. the nonvalue added costs ________________________

 

 

 

                  c. the internal failure costs ________________________

 

    

 

                  d. the external failure costs _________________________

 

              

 

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