Questions from Cost Accounting

Q: N Joy makes wooden picnic tables, swings, and benches.

N Joy makes wooden picnic tables, swings, and benches. Standard hours for each product are as follows: Picnic table ………………………………………….10 standard direct labor hours Swing ……………………………………………………3 standard...

Q: Prior to the start of fiscal 2010, managers of MultiTech hosted

Prior to the start of fiscal 2010, managers of MultiTech hosted a Web conference for their shareholders, financial analysts, and members of the financial press. During the conference, the CEO and CFO...

Q: During December 2010, Amin Corp. manufactured products requiring 8,

During December 2010, Amin Corp. manufactured products requiring 8,000 standard labor hours. The following variance and actual information is available: Labor rate variance ………………………………………..$ 4,500 U...

Q: Terkelsen Mfg. produces comforter sets with the following standard cost information

Terkelsen Mfg. produces comforter sets with the following standard cost information: • Each comforter set requires 0.5 hours of machine time to produce. • Variable overhead is applied at the rate of $...

Q: For 2010, Riguilio Inc. set predetermined variable and fixed overhead

For 2010, Riguilio Inc. set predetermined variable and fixed overhead rates, respectively, of $6.50 and $9.35 based on an expected monthly capacity of 4,000 machine hours. Each unit of product require...

Q: Hellier Contractors paints interiors of residences and commercial structures. The firm’s

Hellier Contractors paints interiors of residences and commercial structures. The firm’s management has established cost standards per 100 square feet of area to be painted. Direct material ($18 per g...

Q: The following variances existed at year-end 2010 for Muckstadt Production

The following variances existed at year-end 2010 for Muckstadt Production Company: Material price variance …………………………………….$23,400 U Material quantity variance ………………………………….24,900 F Labor rate varianc...

Q: Namathe Industries manufactures children’s footballs with the following standard costs per unit

Namathe Industries manufactures children’s footballs with the following standard costs per unit: Material: one square foot of leather at ……&ac...

Q: Ripper Corp. uses a standard cost system for its aircraft component

Ripper Corp. uses a standard cost system for its aircraft component manufacturing operations. Recently, the company’s direct material supplier went out of business, but Ripper’s purchasi...

Q: The May budget for the Auberage Company shows $1,080

The May budget for the Auberage Company shows $1,080,000 of variable conversion costs, $360,000 of fixed conversion costs, and 72,000 machine hours for the production of 24,000 units of product. Durin...