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COST ACCOUNTING NOTE: Be sure to show all your detailed calculations

COST ACCOUNTING

NOTE: Be sure to show all your detailed
calculations. This has the possibility of partial credit for the exercises.
There isn’t any partial credit for the questions.

I.
Questions

1. What are the three types
of management decisions?

2. Which type of management
decision involves the cost volume profit analysis?

3. What type(s) of cost are
included under conversion cost and prime cost?

4. Provide two examples of
committed fixed cost and two examples of discretionary fixed cost.

5. Define segment reporting
and provide two examples of segments.

II. Exercises

1. Leslie Manufacturing
reported the following:

Revenue

$450,000

Beginning inventory of direct materials,
January 1, 2015

20,000

Purchases of direct materials

156,000

Ending inventory of direct materials,
December 31, 2015

18,000

Direct manufacturing labor

21,000

Indirect manufacturing costs (factory
overhead)

42,000

Beginning work-in-process January 1, 2015

38,000

Ending work-in-process December 31, 2015

62,000

Beginning inventory of finished goods,
January 1, 2015

40,000

Ending inventory of finished goods,
December 31, 2015

45,000

Operating costs

150,000

Required:

1) What is Leslie’s cost of goods cost of
goods manufactured?

2) What is Leslie’s cost of goods sold?

3) What is Leslie’s gross profit (or gross
margin)?

2. The following information
is provided for Samsonite Manufacturing Company for 2015:

Ending finished goods, 12/31/15 $5,500,000
Raw material purchases during 2015 $
650,000
Accounts payable
1/31/15 $1,810,000
Beginning raw
materials inventory 1/1/15 $ 725,000
Cost of goods
manufactured $3,250,000
Cost of goods sold $2,750,000
Ending raw materials inventory 1/31/15 500,000

Required:

Determine the beginning
finished good at 1/1/15?

3. The Holiday Card Company, a producer of
specialty cards, has asked you to complete their breakeven point (number of
cards) based upon the following information:

Income tax rate 30%
Selling price per unit $6.60
Variable cost per unit $5.28
Total fixed costs $46,200.00

Required:

How many cards must be sold to
earn an after-tax net income of $18,480?

4. Given the following
information determine the unit variable cost:

·
Unit selling price $200
·
Fixed cost $100,000
·
Operating income $40,000
·
Number of units required 1,000

5. A company has annual
fixed cost of $20,000 which is not affected by different volumes of units sold.
Variable cost per unit is $10. The company estimates that its product demand
under different level of demand amounts in units is as follows at various unit
selling prices:

Choice

Demand in units

Unit Selling Price

1

18,000

$11

2

15,000

$12

3

11,000

$13

4

8,000

$14

Required: What price should
be set for the product?

6.
Consider the following information:

Units made

1,200

Units sold

950

Variable
manufacturing costs per unit

$ 45

Variable
selling costs per unit

$ 30

Fixed
manufacturing costs per unit

$ 25

Fixed
selling costs

$ 25,000

Beginning
inventory (in units)

0

Ending
inventory (in units)

400

Unit selling
price

$200

Prepare a variable costing and absorption costing
income statement.

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