Solutions for Principles of Cost Accounting
Problem 3Q:
What factors should management consider when determining the amount of investment in materials?Problem 12Q:
Proper authorization is required before orders for new materials can be placed.What is the...Problem 18Q:
Normally, a manufacturer maintains an accounting system that includes a materials ledger and a...Problem 20Q:
Why do companies adopt the LIFO method of inventory costing? Your discussion should include the...Problem 29Q:
A manufacturing process may produce a considerable quantity of scrap material because of the nature...Problem 30Q:
After a product is inspected, some units may be classified as spoiled and others as defective. What...Problem 1E:
Order Point Pershing, Inc. expects daily usage of 500 lb of material X, an anticipated lead time of...Problem 2E:
Economic order quantity; order cost; carrying cost Epworth Co. predicts that it will use 360,000...Problem 3E:
Economic order quantity; order cost; carrying cost Westbrook Co. predicts that it will use 225,000...Problem 4E:
Journalizing materials requisitions Penrose Manufacturing Inc. records the following use of...Problem 5E:
Recording materials transactions Prepare a journal entry to record each of the following materials...Problem 6E:
PurrChems raw materials records contained the following information for the month of August:...Problem 7E:
Using first-in, first-out perpetual inventory costing and the following information, determine the...Problem 8E:
LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in...Problem 9E:
Using the weighted average method of perpetual inventory costing and the information presented in...Problem 11E:
Renfro, Inc. was franchised on January 1, 2016. At the end of its third year of operations, December...Problem 12E:
Recording materials transactions Craig Products Co. maintains the following accounts in the general...Problem 13E:
Recording materials transactions Broadwell Manufacturing Co. maintains the following accounts in the...Problem 14E:
JIT and cost control Matsui Industries produces 5,000 units each day, and the average number of...Problem 15E:
Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are...Problem 16E:
For E2-15, prepare any journal entries that would have been different if the only trigger points had...Problem 17E:
Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the...Problem 18E:
For E2-17, prepare any journal entries that would have been different if the only trigger points had...Problem 19E:
A machine shop manufactures a stainless steel part that is used in an assembled product. Materials...Problem 20E:
Spoiled work Roger Company manufactures tennis clothing. During the month, the company cut and...Problem 21E:
Defective work Herbert Electronics manufactures an integrated transistor circuit board for repeat...Problem 1P:
Perry Co. predicts it will use 25,000 units of material during the year. The expected daily usage is...Problem 3P:
Economic order quantity; tabular computation Lopez Chemical Inc. requires 20,000 gallons of material...Problem 4P:
In P2-3, assume that the company desires a safety stock of 500 gallons. Required: 1. Compute the...Problem 5P:
Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as...Problem 6P:
Inventory costing methods The following transactions affecting materials occurred in February:...Problem 7P:
Terrills Transmissions uses a job order cost system. A partial list of the accounts being maintained...Problem 9P:
Tuscany Products, Inc. uses a job order cost system. The following accounts have been taken from the...Problem 11P:
JIT and cost control Langray, Ltd. produces 50,000 units each day, and the average number of units...Problem 12P:
Backflush costing Russell Corp. uses backflush costing to account for its manufacturing costs. The...Problem 13P:
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...Problem 14P:
An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...Problem 15P:
One of the tennis rackets that Ace Sporting Goods manufactures is a titanium model (Slam) that sells...Problem 16P:
Lloyd Industries manufactures electrical equipment from specifications received from customers. Job...Problem 17P:
Review Problem for Chapters 1 and 2 UltraLift Corp. manufactures chain hoists. The raw materials...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
Book Details
Discover how readable and relevant cost accounting can be with PRINCIPLES OF COST ACCOUNTING, 17E. This edition packs the essentials you need to know in a unique 10-chapter format that is well organized, practical, and concise. You gain a thorough understanding of cost concepts, cost behavior, and cost accounting techniques as they apply to manufacturing and service businesses. To ensure understanding, the book introduces concepts in small, manageable sections that are immediately reinforced with proven questions, demonstration problems, practice exercises, and self-study quizzes. You master the fundamentals of job order costing and process costing before progressing to more advanced topics, such as budgeting, standard costing and variance analysis, costing for service businesses, and cost analysis for management decisions. Focus on skills that will take you far in today's competitive job market as you learn how to determine the costs of products and services and how to set effective selling prices. Learn techniques to measure the performance of managers and discover how to use accounting to achieve organization's goals. Find the relevant approach you need with the most up-to-date presentation of accounting skills in PRINCIPLES OF COST ACCOUNTING, 17E and corresponding CengageNOW online homework tools.
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:
Principles of Cost Accounting
17th Edition
ISBN: 9781305692862
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
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
Related Accounting Textbooks with Solutions
Still sussing out bartleby
Check out a sample textbook solution.