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Course Number: ACCOUNTING x1a, Spring 2011

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CHAPTER 25 Standard Costs and Balanced Scorecard ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives 1. Distinguish between a standard and a budget. Identify the advantages of standard costs. Describe how companies set standards. State the formulas for determining direct materials and direct labor variances. State the formula for determining the total manufacturing overhead...

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Copyright 2009 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) 25-1 CHAPTER 25 Standard Costs and Balanced Scorecard ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Distinguish between a standard and a budget. 1, 2 1 6 1 2. Identify the advantages of standard costs. 3 4 1 3. Describe how companies set standards. 4, 5, 6, 7, 8, 9 2, 3 4, 5 1, 2, 3, 4, 16, 18 4. State the formulas for determining direct materials and direct labor variances. 10, 11 4, 5 8 4, 5, 6, 7, 8, 9, 12, 13, 18 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B, 6B 5. State the formula for determining the total manufacturing overhead variance. 12 6 10, 11, 18 1A, 2A, 3A, 4A, 5A, 6A 1B, 2B, 3B, 4B, 5B, 6B 6. Discuss the reporting of variances. 13, 14 9, 13, 14 3A 3B 7. Prepare an income statement for management under a standard costing system. 18 15 2A, 5A, 6A 2B, 5B, 6B 8. Describe the balanced scorecard approach to performance evaluation. 15, 16, 17 7 16 *9. Identify the features of a standard cost accounting system. 19 8, 9 17, 18, 19 6A 6B *10. Compute overhead controllable and volume variances. 20, 21, 22, 23 10, 11 20, 21, 22 7A, 8A, 9A, 10A 7B, 8B, 9B, 10B 25-2 Copyright 2009 John Wiley & Sons, Inc. Weygandt, Accounting Principles, 9/e, Solutions Manual (For Instructor Use Only) ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Compute variances. Simple 2030 2A Compute variances, and prepare income statement. Simple 3040 3A Compute and identify significant variances. Moderate 2030 4A Answer questions about variances. Complex 3040 5A Compute variances, prepare an income statement, and explain unfavorable variances.

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UCLA - ACCOUNTING - x1a
SOLUTION Chapter 19 Waterways Continuing Problem19-1(b)Waterways Corporation Cost of Goods Manufactured Schedule For the Month of November Work in process 11/1 Direct materials Raw materials inventory 11/1 $ 38,000 Raw material purchases 185,400 Total
UCLA - ACCOUNTING - x1a
SOLUTION Chapter 20 Waterways Continuing ProblemWCP20 (a) Job Number_ Item_ Direct Materials Direct Labor Hours JOB COST SHEET Quantity_ Date Requested_ Date Completed _ Manufacturing Overhead Rate AmountDateCost Summary Direct materials Direct labor M
UCLA - ACCOUNTING - x1a
SOLUTION Chapter 21 Waterways Continuing ProblemWCP21 (a) Production Report - Weighted-Average MethodWaterways Corporation Molding Department Production Report For the month of JanuaryEquivalent Units Physical Units Quantities Units to be accounted for
UCLA - ACCOUNTING - x1a
SOLUTION Chapter 22 Waterways Continuing Problem WCP22 (Note: All figures are rounded.) (a) (1) The contribution margin ratio is 30% ($883,920 $2,937,120):Waterways Corporation Contribution Margin Income Statement for Water Control and Timer For the Year
UCLA - ACCOUNTING - x1a
SOLUTION Chapter 23 Waterways Continuing Problem WCP23 (a) Sales budgetWaterways Corporation Sales Budget For the first quarter of 2011 First Quarter February 112,500 $ 12.00 $ 1,350,000Expected unit sales Unit selling price Total salesJanuary 113,333
UCLA - ACCOUNTING - x1a
SOLUTION Chapter 24 Waterways Continuing Problem WCP 24 (a)Waterways Corporation Manufacturing Overhead Flexible Budget For the Month of March Production in units Variable costs Indirect materials($.06/unit a) Indirect labor ($.10/unit b) Utilities ($.09
UCLA - ACCOUNTING - x1a
SOLUTION Chapter 25 Waterways Continuing Problem WCP25 (a)Materials Price Variance Actual Quantity less Actual Quantity x Actual Price x Standard Price 229,000 lbs x $0.74 = $169,460 229,000 lbs x $0.75* = $171,750less= $2,290 F* Standard price per po
UCLA - ACCOUNTING - x1a
SOLUTION Chapter 26 Waterways Continuing Problem WCP26 (a) (1)NET PRESENT VALUE Buy New Backhoes 8% Time Cash Discount Present Period Flow Rate Value 0 $ 200,000 1 $ (200,000) 0 42,000 1 42,000 8 53,900 5.74664 309,744 8 90,000 0.54027 48,624 $ 200,368E
UCLA - ACCOUNTING - x1a
CCC1CONTINUING COOKIE CHRONICLE(a)Natalie has a choice between a sole proprietorship and a corporation. A partnership is not an option since she is the sole owner of the business. A proprietorship is the easiest to create and operate because there are
UCLA - ACCOUNTING - x1a
CCC2CONTINUING COOKIE CHRONICLE(a)GENERAL JOURNAL Account Titles and Explanation 8 No entry required for cashing U.S. Savings Bonds-this is a personal transaction. 8 Cash . N. Koebel, Capital. 11 Advertising Supplies . Cash. 13 Baking Supplies . Cash.
UCLA - ACCOUNTING - x1a
CCC3CONTINUING COOKIE CHRONICLE(a) Date GENERAL JOURNAL Account Titles and Explanation Debit 105 105 J2 CreditNov. 30 Advertising Supplies Expense. Advertising Supplies . ($165 $60) 30 Baking Supplies Expense. Baking Supplies . 30 Depreciation Expense.
UCLA - ACCOUNTING - x1a
CCC4CONTINUING COOKIE CHRONICLE(a) COOKIE CREATIONS Income Statement Two Months Ended December 31, 2009 Revenues Teaching revenue . Expenses Baking supplies expense. Salaries expense. Advertising supplies expense. Telephone expense . Insurance expense .
UCLA - ACCOUNTING - x1a
CCC5CONTINUING COOKIE CHRONICLE(a) Responses to Natalie's questions 1. The mixers should be classified as inventory as they are for resale. 2. A perpetual inventory system will provide better control over inventory. Because you are dealing with high-val
UCLA - ACCOUNTING - x1a
CCC6CONTINUING COOKIE CHRONICLE(a) COST OF GOODS AVAILABLE FOR SALE Explanation Units Unit Cost Total Cost Beginning Inventory 3 $595 $1,785 Purchase 2 600 1,200 Purchase 1 618 618 Purchase 2 612 1,224 Purchase 3 625 1,875 Total 11 $6,702Date Feb. 1 Fe
UCLA - ACCOUNTING - x1a
CCC8CONTINUING COOKIE CHRONICLEPart 1 The weaknesses in internal accounting controls in the system recommended by John are: (1) (2) The cash could be stolen from John's vehicle before it is deposited in the bank. John could potentially steal from the co
UCLA - ACCOUNTING - x1a
CCC9CONTINUING COOKIE CHRONICLE(a)Answers to Natalie's questions 1. Calculations you should perform on the statements are: Working capital = Current assets Current liabilities Current ratio = Current assets Current liabilities Inventory turnover = Cost
UCLA - ACCOUNTING - x1a
CCC10CONTINUING COOKIE CHRONICLE(a)Purchase price. Painting . Shelving . Cost of van.$36,500 2,500 1,500 $40,500(b) Straight-line depreciation Depreciable Cost X $33,000* 33,000 33,000 Deprec. Rate 20% X 4/12 20% 20% Deprec. = Expense $2,200 6,600 6,
UCLA - ACCOUNTING - x1a
CCC11CONTINUING COOKIE CHRONICLE(a)Estimated liability, 2010 30 mixers sold X 10% = 3 mixers X $60 = $180(b) 2010 Dec. 31 Warranty Expense . Warranty Liability . (c) 2011 Warranty Liability-2010 . Cash. Warranty Liability-2011 . Cash. (d) Estimated li
UCLA - ACCOUNTING - x1a
CCC12CONTINUING COOKIE CHRONICLE(a) 1. A formalized partnership agreement is imperative. A formal agreement will ensure that you consider all possible situations, contingencies, and disagreements that could arise. At present, you may be in agreement wit
UCLA - ACCOUNTING - x1a
CCC13CONTINUING COOKIE CHRONICLE(a) 1. One of the major advantages of issuing preferred shares is that the preferred stockholder does not have voting rights. In this case, Curtis's dad and Natalie's grandmother can participate in the future success of C
UCLA - ACCOUNTING - x1a
CCC14CONTINUING COOKIE CHRONICLEDate (a) Dec.GENERAL JOURNAL Account Titles and Explanation 1 Cash. Preferred Stock. 30 Retained Earnings (2,800 X $0.50 X 1/2) . Dividends Payable . 1 Dividends Payable . Cash . 30 Treasury Stock . Cash .J1 Debit 4,000
UCLA - ACCOUNTING - x1a
CCC15CONTINUING COOKIE CHRONICLE(a)Alternative 1 (A) Cash Payment (B) + (C) $ 2,300 2,250 2,200 2,150 2,100 2,050 $13,050 (B) (C) Interest Reduction of Expense Principal (D) X 5% X 6/12 ($2,000 every 6 mo.) $ 300 250 200 150 100 50 $1,050 $ 2,000 2,000
UCLA - ACCOUNTING - x1a
CCC16CONTINUING COOKIE CHRONICLE(a)1. The amount of influence you would have in The Beanery would determine how you would account for the investment. Given that you would own 30% of the common shares of the Beanery, it would be assumed (unless there wa
UCLA - ACCOUNTING - x1a
CCC17CONTINUING COOKIE CHRONICLE(a)Indirect method COOKIE & COFFEE CREATIONS INC. Cash Flow Statement Year Ended October 31, 2011Operating activities Net income. Adjustments to reconcile net income to net cash provided by operating activities: Depreci
UCLA - ACCOUNTING - x1a
CCC18CONTINUING COOKIE CHRONICLE(a) 1.Current ratio$59,666 = 1.9:1 $31,4862. Receivables turnover$462,500 = 142.3 times $3,2503. Inventory turnover$231,250 = 12.9 times $17,8974.Debt to total assets$37,486 = 25.1% $149,5165. Interest coverage
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