Managerial Accounting
6th Edition
ISBN: 9781259726972
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter C, Problem 4E
To determine
Concept introduction:
Lean Accounting:
Lean accounting refers to the modern time accounting system which helps in maintaining accounting data in much comparative manner. In other words, we can say that lean accounting system focus on the maximization of recording efficiency through gathering useful & comparative accounting information. This system focuses on the elimination of waste in the process and on meeting the needs of the customers.
Journal entries to record transactions.
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Cost Behavior
Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow.
UnitsProduced
TotalLumberCost
TotalUtilitiesCost
Total MachineDepreciationCost
7,000 shelves
$84,000
$9,550
$140,000
14,000 shelves
168,000
17,600
140,000
28,000 shelves
336,000
33,700
140,000
35,000 shelves
420,000
41,750
140,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these.
Lumber
Utilities
Depreciation
2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion…
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a.
C.
eBook
b.
Show Me How
(Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.)
Journalize the following entries for the month:
a. Materials are purchased to produce 1,560 units.
b. Conversion costs are applied to 1,480 units of production.
c. The cell completes 1,410 units, which are placed into finished goods.
If an amount box does not require
an
entry, leave it blank.
Check My Work
intr-amprogress=false
Lean Accounting
The annual budgeted conversion costs for a lean cell are $124,440 for 1,700 production hours. Each unit produced by the cell requires 15 minutes of cell process time.
During the month, 1,480 units are manufactured in the cell. The estimated materials costs are $57 per unit.
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00 00 00
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Cost Flow Relationships
The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment:
$1,150,100
310,500
103,500
42,600
19,600
586,600
Total manufacturing costs for the period
1,269,700
Materials inventory, end of period
42,600
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Sales
Gross profit
Indirect labor
Indirect materials
Other factory overhead
Materials purchased
X
Open spreadsheet
Using the above information, determine the following amounts:
a. Cost of goods sold
839,600
501,400
264,400 X
b. Direct materials cost
c. Direct labor cost
$
Chapter C Solutions
Managerial Accounting
Ch. C - Prob. 1DQCh. C - How does push production differ from pull...Ch. C - Prob. 3DQCh. C - Prob. 4DQCh. C - Prob. 5DQCh. C - Prob. 6DQCh. C - Prob. 7DQCh. C - Prob. 8DQCh. C - Prob. 9DQCh. C - Prob. 10DQ
Ch. C - Prob. 11DQCh. C - Prob. 12DQCh. C - Can management of a company like Samsung use cycle...Ch. C - Identify each of the following as applying more to...Ch. C - Identify each of the following as applying more to...Ch. C - Prob. 3QSCh. C - Use lean accounting to prepare journal entries for...Ch. C - Prob. 5QSCh. C - Prob. 6QSCh. C - Prob. 7QSCh. C - Prob. 8QSCh. C - Prob. 9QSCh. C - Prob. 10QSCh. C - Prob. 11QSCh. C - A company reports ending accounts payable of...Ch. C - Prob. 13QSCh. C - Identify each of the following production...Ch. C - Prob. 2ECh. C - Prob. 3ECh. C - Prob. 4ECh. C - Prob. 5ECh. C - Prob. 6ECh. C - Prob. 7ECh. C - A manufacturer makes T-shirts in several...Ch. C - Prob. 9ECh. C - Prob. 10ECh. C - Use the information below for Tesla to answer the...Ch. C - Prob. 12ECh. C - Prob. 13ECh. C - Prob. 14ECh. C - Robo-Lawn is a lean manufacturer of robotic lawn...Ch. C - Prob. 2PCh. C - Prob. 3P
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