会计学原理第二版英文版wiley出版社第21章答案

1、Solutions Manualto accompanyPrinciples of Accounting2nd editionbyJerry Weygandt, Keryn Chalmers,Lorena Mitrione, Michelle Fyfe Susana Yuen,Donald Kieso, Paul KimmelChapter 21Cost accounting systemsJohn Wiley & Sons Australia, LtdCHAPTER 21Cost accounting systemsASSIGNMENT CLASSIFICATION TABLEStu

2、dy ObjectivesQuestionsExercisesExercises1.Explain the characteristics and purposes of cost accounting.1, 2, 3, 4, 5,172.Describe the flow of costs in a job order cost accounting system.6, 7, 8, 9,10, 12, 131, 2, 3, 41, 2, 3, 4,6, 7, 8, 93.Explain the nature and importance of a job cost sheet.11, 12,

3、 1652, 3, 6, 8,104.Indicate how the predetermined overhead rate is determined and used.14, 156, 72, 3, 5, 6,7, 85.Prepare entries for jobs completed and sold.82, 3, 4, 6,7, 8, 9, 106.Distinguish between under- and overapplied manufacturing overhead.18, 19, 209, 105Brief1, 2, 3, 51, 2, 3, 51, 2, 3, 4

4、, 51, 2, 3, 51, 2, 4, 5ProblemsASSIGNMENT CHARACTERISTICS TABLEProblemNumberDescriptionDifficultyLevelTimeAllotted (min.)1Prepare entries in a job cost system and prepare job cost sheets.Simple30402Prepare entries in a job cost system and partial income statement.Moderate30403Prepare entries in a jo

5、b cost system and prepare cost of goods manufactured schedule.Simple30404Calculate predetermined overhead rates, apply overhead, and indicate statement presentation of under- or overapplied overhead.Simple20305Analyse manufacturing accounts and determine missingComplex3040amounts.BLOOM' S TA XON

6、OMY TABLECorrelation Chart between Bloom' s Taxonomy, Study Objectives and End-of-Chapter Exercisesand ProblemsStudy ObjectiveKnowledgeComprehension ApplicationAnalysisSynthesisEvaluation1. Explain the characteristics and purposes of cost accounting.Q21-1 Q21-4Q21-2 Q21-5Q21-3 Q21-172. Describe

7、the flow of costs in a job order cost accounting system.Q21-7Q21-8Q21-12Q21-6Q21-9Q21-10Q21-13BE21-1BE21-2 E21-3 P21-1BE21-3 E21-6 P21-3BE21-4 E21-7E21-1 E21-8E21-2 E21-9E21-4P21-2P21-53. Explain the nature and importance of a job cost sheet.Q21-11Q21-12Q21-16BE21-5 E21-8E21-2 E21-10E21-3 P21-1E21-6

8、 E21-3P21-2P21-54. Indicate how the predetermined overhead rate is determined and used.Q21-15Q21-14BE21-6 E21-7BE21-7 E21-8E21-2 P21-1E21-3 P21-3E21-6 P21-4E21-5P21-2P21-55. Prepare entries for jobs completed and sold.BE21-8 E21-8 P21-1E21-2 E21-9 P21-3E21-3 E21-10E21-7E21-4P21-2P21-56. Distinguish

9、between underand overapplied manufacturing overhead.Q21-18 BE21-9Q21-19Q21-20P21-1 P21-4BE21-10 P21-5E21-5P21-2Broadening YourPerspectiveCommunicationReal-World Focus Exploring the WebManagerialAnalysisGroupDecisionCaseEthics CaseANSWERS TO QUESTIONS1. Job cost data may be used by management in:(a)

10、Setting the selling price for the job.(b) Bidding on similar jobs in the future.(c) Evaluating worker performance by comparing the cost of the job with similar previous jobs.(d) Evaluating worker performance by comparing the cost of the job with cost estimates made when the job was accepted.(e) Deve

11、loping market strategies.(f) Developing future production goals.2. (a) Cost accounting involves the measuring, recording and reporting of product costs. A cost accounting system consists of manufacturing cost accounts that are fully integrated into the general ledger of a company.(b) An important fe

12、ature of a cost accounting system is the use of a perpetual inventory system that provides immediate, up-to-date information on the cost of a product.3. (a) The two principal types of cost accounting systems are (1) job order costing and (2) process costing. Under a job order cost system, costs are

13、assigned to each job or batch of goods; at all times each job or batch of goods can be separately identified. A job order cost system measures costs for each completed job rather than for set time periods. Under a process cost system, product-related costs are accumulated by or assigned to departmen

14、ts or processes for a set period of time. Job order costing lends itself to specific, special-order manufacturing or servicing while process costing is better suited to similar, large-volume products and continuous process manufacturing.(b) A company may use both types of systems. For example, Gener

15、al Motors uses process costing for standard model cars and job order costing for custom-made vehicles.4. A job order cost system is most likely to be used by a company that receives special orders, or custom builds, or produces heterogeneous, nontransferable items or products; that is, the product m

16、anufactured or the service rendered is tailored to the customer or client' s requests or needs or situation. Examples of industries that use joborder systems are custom home builders, commercial printing companies, motion picture companies, construction contractors, repair shops, accounting and

17、law firms, hospitals, shipbuilders, and architects.5. A process cost system is most likely to be used by manufacturing firms with continuous production flows usually found in mass production, assembly line, large-volume, uniform, or relatively similar product industries. Companies producing applianc

18、es, chemicals, pharmaceuticals, rubber and tyres, plastics, cement, petroleum, and automobiles utilise process cost systems.6. The major steps in the flow of costs in a job order cost accounting system are (1) accumulating the manufacturing costs incurred and (2) assigning the accumulated costs to w

19、ork done.7. Disagree. Entries to manufacturing overhead are also made at the end of an accounting period. For example, there will be adjusting entries for factory depreciation, rent, and insurance.8. The source documents used in accumulating direct labour costs are time tickets and time cards.The so

20、urce documents for charging costs to specific jobs are materials requisition slips for direct materials, time tickets for direct labour, and the predetermined overhead rate for manufacturing overhead.The source document for materials is the materials requisition slip and the source document for labo

21、ur is the time ticket. The entries are:MaterialsWork in Process Inventory Manufacturing OverheadRaw Materials InventoryLabourWork in Process Inventory Manufacturing OverheadFactory Labour9. The purpose of a job cost sheet is to record the costs chargeable to a specific job and to determine the total

22、 and unit cost of the completed job.10 A materials inventory record, also called the stores ledger card, is used in a perpetual inventory system as a record of individual parts, units, assemblies or other materials (direct as well as indirect). The materials inventory record is the basic inventory r

23、ecord in the subsidiary ledger. The materials requisitionslip is a business document used as anauthorisation to issue materials from inventory to production. It is approved and signed by authorised personnel so that materials may be removed from inventory and charged to production, to specific jobs,

24、 departments, or processes. The materials requisition slip is the basis for posting to the materials inventory records and to the job cost sheet.12.rate are the estimateddirect labour hours. Thecosts by the expected11. Disagree. Actual manufacturing overhead cannot be determined until the end of a p

25、eriod of time. Consequently, there could be a significant delay in assigning overhead and in determining the total cost of the completed job.The relationships for calculating the predetermined overhead annual overhead costs and an expected activity base such as rate is calculated by dividing the est

26、imated annual overhead annual operating activity.13. At any point in time, the balance in Work in Process Inventory should equal the sum of the costs shown on the job cost sheets of unfinished jobs. Alternatively, posting to Work in Process Inventory may be compared with the sum of the postings to t

27、he job cost sheets for each of the manufacturing cost elements.14. Jane is incorrect. There is a difference in calculating total manufacturing costs. In job order costing, manufacturing overhead applied is used, whereas in manufacturing accounting, actual manufacturing overhead is used.15. (a) Proce

28、ss cost.(b) Process cost.(c) Job order.(d) Job order.16. The primary focus of job order cost accounting is on the individual job. In process cost accounting, the primary focus is on the processes involved in producing homogeneous products.17. Hal is correct. The flow of costs is the same in process

29、cost accounting as in job order cost accounting. The method of assigning costs, however, is significantly different.18.19.20.21.22.23.24.25.26.27.28.The entry to assign overhead to production is:July 31 Work in Process Machining 30 000Work in Process Assembly 24 000Manufacturing Overhead 54 000To pr

30、epare a production cost report, four steps are followed: (a) calculate the physical unit flow, (b) calculate equivalent units of production, (c) calculate unit costs of production, and (d) prepare a cost reconciliation schedule(a) Equivalent units of production measure the work done during the perio

31、d, expressed in fully completed units. Equivalent units are the sum of (1) units completed and transferred out and (2(b) Physical units to be accounted for consist of units in process at the beginning of the period plus units started (or transferred) into production during the period. Units accounte

32、d for consist of units completed and transferred out during the period plus units in process at the end of the period.Units started into production were 7600 or (7000 + 600).Equivalent UnitsMaterials Conversion CostUnits transferred out Work in process500 100%500 20%Total equivalent units12 000 12 0

33、0050000 00012 50010012 100Units transferred out were 3600Units to be accounted forWork in process (beginning)800Started into production3 000Total units3 800Units accounted forCompleted and transferred out3 600Work in process (ending)200Total units3 800(a) The cost of the units transferred out is $14

34、0 000 or (14 000$10).(b) The cost of the units in ending inventory is $9500, or (2000$3) + (500 $7).(a) Pam is incorrect. The report is an internal report for management.(b) There are four sections in a production cost report: (1) physical unit schedule, (2) equivalent unit determination, (3) unit c

35、osts, and (4) cost reconciliation schedule.The per unit conversion cost is $11.875. Conversion costs = $7000 $3200 = $3800.Equivalent units for conversion costs are 320 (800 40%); $3800 ÷ 320 = $11.875.Operations costing is similar to process costing in that standardised methods are usedto manu

36、facture the product. At the same time, the product may have some individual features that require the use of a job order cost system.In deciding which system to use, a cost-benefit tradeoff occurs. In a job order system, detailed information related to the cost of the product is involved. The cost o

37、f implementingthis system is often expensive. In a process cost system, an average cost of the product will suffice and therefore the cost to implement is less. In summary, the cost of implementing the system must be balanced against the benefits provided from the additional information.29.(a) JUST-

38、IN-TIME processing has a just-in-time ' philosophy and a pull ' approach.(b) There are three important elements in JIT processing:(1) A company must have dependable suppliers who are willing to deliver on short notice exact quantities of raw materials according to precise quality specificati

39、ons.(2) A multiskilled workforce must be developed.(3) A total quality control system must be established.(a)The principal differences are:Activity-Based CostingTraditional Costing(1)Primary focusActivities performed in making productsUnits of production(2)Bases of allocationMultiple cost driversSin

40、gle unit-level bases(3)Total product costsSum of costs of activities performed in making productDirect materials plus direct labour plus manufacturing overhead30.(b) There are two assumptions that must be met in using ABC:(1) All overhead costs related to the activity must be driven by the cost driv

41、er used to assign costs to products.(2) All overhead costs related to the activity should respond proportionally to changes in the activity level of the cost driver.31.32.An appropriate cost driver for each activity is:ActivityCost DriverNumber of requisitionsNumber of setups Machine hours usedNumbe

42、r of employees Number of inspectionsMaterials handlingMachine setupsFactory machine maintenanceFactory supervisionQuality control(a) ABC involves the following steps:(1) Identify the major activities that pertain to the manufacture of specific products.(2) Accumulate manufacturing overhead costs by

43、activities.s contribution(3) Identify the cost driver(s) that accurately measure(s) each activity to the finished product.(4) Assign manufacturing overhead costs for each activity to products using the cost driver(s).(b) The principal advantages of ABC are:(1) More accurate product costing is achiev

44、ed.(2) Control over overhead costs is enhanced.(3) Better management decisions can be made in: (a) setting selling prices, (b) deciding whether to discontinue or expand a product line, and (c) deciding whether to make or buy a product component.SOLUTIONS TO BRIEF EXERCISESBRIEF EXERCISE21-1Jan. 31 R

45、aw Materials Inventory 3 000Accounts Payable 3 00031 Factory Labour 5 000Factory Wages Payable 4 500Employer Payroll Taxes Payable 50031 Manufacturing Overhead 2 000Utilities Payable 2 000BRIEF EXERCISE21-2Jan. 31Work in Process Inventory (900 + 1 200 + 500) 2 600Raw Materials Inventory 2 600BRIEF E

46、XERCISE21-3Jan. 31Work in Process Inventory (1 200 + 1 600 + 1 700) 4 500Manufacturing Overhead 500Factory Labour 5 000BRIEF EXERCISE21-4Job 1Job Cost SheetsDateDirect MaterialsDirect LabourManufacturing overheadJan9001 200Job 2DateDirect MaterialsDirect LabourManufacturing overheadJan1 2001 600Job

47、3DateDirect MaterialsDirect LabourManufacturing overheadJan5001 700BRIEF EXERCISE21-5Overhead rate per direct labour cost is 120% or ($600 000$500 00÷0).Overhead rate per direct labour hour is $12 or ($600 00050 000).÷Overhead rate per machine hour is $6 or ($600 000100 0÷00).BRIEF EX

48、ERCISE21-6Jul.31Work in Process Inventory (40,000 x 120%) Manufacturing Overhead 480 000480 000Aug.31Work in Process Inventory (30,000 x 120%) Manufacturing Overhead 360 000360 000Sept.30Work in Process Inventory (50,000 x 120%) Manufacturing Overhead 600 000600 000BRIEF EXERCISE21-7Mar. 31Finished

49、Goods Inventory (25 000 + 32 000) 57 000Work in Process Inventory 57 000Mar. 31 Cash 35 000Cost of sales 25 000Sales 35 000Finished Goods Inventory 25 000BRIEF EXERCISE21-8Mar. 31 Raw Materials Inventory 45 000Accounts Payable 45 00031 Factory Labour 40 000Wages Payable 40 000BRIEF EXERCISE21-9Mar.

50、31Work in ProcessAssembly Department 24 000Work in ProcessFinishing Department 21 000Raw Materials Inventory 45 00031Work in ProcessAssembly Department 30 000Work in ProcessFinishing Department 10 000Factory Labour 40 000BRIEF EXERCISE21-10Mar. 31 Work in Process Assembly Department 60 000($30 000 2

51、00%)Work in Process Finishing Department 20 000($10 000 200%)Manufacturing Overhead 80 000BRIEF EXERCISE21-11Beginning work in process Started into production Total units to be accounted forTransferred outEnding work in process Total units accounted forJulyAugustSeptember0 0 0 40 00044 00052 00040 0

52、0044 00052 00030 00010 00040 00040 0004 00044 00040 00012 00052 000JulyAugustSeptemberMaterials40 000 (30 000 + 10 000)44 000 (40 000 + 4000)52 000 (40 000 + 12 000)BRIEF EXERCISE21-12Conversion Costs 34 000 (30 000 + 4000) 43 000 (40 000 + 3000) 43 000 (40 000 + 3000)Unit materials cost$3.20Unit co

53、nversion cost$4.00Total manufacturingcost per unit$7.20BRIEF EXERCISE21-13Total materials costsEquivalent units of materialsUnit materials cost$32 000÷ 10 000 =$3.20Total conversion costsEquivalent units ofUnit conversion cost÷conversion costs=$48 00012 000$4.00BRIEF EXERCISE21-14Assignmen

54、t of CostsEquivalent UnitsUnit CostTransferred out40 000$15.00$600 000Work in process, 30/4Materials5 000$ 6.00$30 000Conversion costs2 000$ 9.0018 00048 000Total costs$648 000BRIEF EXERCISE 21-15Costs accounted for Transferred out Work in process Materials Conversion costsTotal costs(18 000 $3.00)(

55、2000 $.50)(1000 $2.50)$54 000$1 0002 5003 500$57 500Machine setupsMachiningInspectionsBRIEF EXERCISE21-16$150 000 ÷ 1000 = $150 per setup$300 000 ÷ 25 000 = $12 per machine hour $70 000 ÷ 2000 = $35 per inspectionSOLUTIONS TO EXERCISESEXERCISE 21-1(a) Factory Labour 92 000Factory Wages Payable 80 000Employer Payroll Taxes Payable 8 000Employer Fringe Benefits Payable 4 0