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Cost Accounting Chapter 2 - Costs Concepts and classification

Problem 1 1. Direct 2. Indirect 3. Direct 4. Direct 5. Direct Problem 3 1. Variable 2. Variable 3. Fixed 4. Variable 5. Fixed 6. Fixed 7. Fixed 8. Variable 9. Fixed 10.Fixed 6. Direct 7. Direct 8. Indirect 9. Direct 10.Direct Product Product Product Product Product Period Period Period Product Period Problem 2 1. Manufacturing 2. Selling 3. Manufacturing 4. Selling 5. Administrative Direct Direct Indirect Direct Indirect Indirect Indirect Direct Indirect Indirect 6. Variable 7. Variable 8. Fixed 9. Fixed 10. Fixed Period Inventoriable Inventoriable Period Inventoriable 50,000 60,000 110,000 60,000 44,000 104,000 50,000 60,000 44,000 154,000 430,000 525,000 710,000 305,000 6. Manufacturing 7. Administrative 8. Selling 9. Administrative 10.Selling

Problem 4 Bug Company 1. Fixed Period 2. Fixed Inventoriable 3. Variable Inventoriable 4. Variable Inventoriable 5. Fixed Inventoriable

Problem 5 Rounin Manufacturing Company 1. Direct materials Direct labor Prime cost 2. Direct labor FO (10,000 + 9,000 +25000) Conversion costs Direct materials Direct labor Factory overhead Product costs

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Problem 6 Mother Goose Company 1. Prime costs 2. Conversion cost 3 Inventoriable cost 4. Total period costs Problem 7 Blanche Corporation

1. Direct materials used Direct labor Variable manufacturing overhead Variable marketing Total variable cost per unit X No. of units produced and sold Total variable costs per month 2. Fixed manufacturing overhead Fixed marketing costs Total fixed cost per unit X No. of units produced and sold Total fixed costs per month

P 30.00 20.00 15.00 3.00 68.00 20,000 P 1,360,000 P 10.00 4.00 14.00 20,000 P 280,000

Page 2 Chapter 2 Prblem 8 1. Direct materials Direct labor Variable manufacturing overhead Total variable manufacturing cost per unit ` 2. Total variable manufacturing cost per unit Variable marketing and administrative Total variable costs per unit 3. Total variable manufacturing cost per unit Fixed manufacturing overhead (30,000/1,200) Full manufacturing cost per unit 4. Full manufacturing cost per unit Variable marketing and administrative Fixed marketing and administrative Full cost to make and sell per unit Problem 9 - Chiz Manufacturing Company 1. Materials put into production Direct labor Prime costs 2. Direct labor Factory overhead Indirect materials Indirect labor Other overhead cost Total conversion costs 3. Direct materials

P 60.00 30.00 9.00 P 99.00 P 99.00 6.00 105.00 P 99,00 25.00 124.00 124.00 6.00 20.00 150.00 P 90,000 95,000 P 185,000 95.000

60,000 25,000 60,000

145,000 240,000 90,000

Direct labor Factory overhead Total product costs 4. none

95,000 145,000 330,000

Problem 10 Johnson Corporation 1. Variable cost per machine hour = 35,600 20,000

4,000 - 2,000
= 7.50 per machine hour 2. Total electricity expense Less: Variable costs ( 4,000 x 7.50) ( 2000 x 7.50) Fixed cost 3. Fixed cost Variable cost ( 6,000 x 7.50) Totl manufacturing costs 4,000 hours 35,000 30,000 ______ 5,000 2000 hours 20,000 15,000 5,000 5,000 45,000 50,000

Problem 11 Valdez Motors Co. 1. Variable cost per machine hour = 5,475 3,975 210 - 145 = 23.08 per machine hour 2. Total overhead costs Less: Variable costs ( 210 x 23.08) ( 145 x 23.08) Fixed cost Page 3 Problem 12 Justine Company 1 Variable cost per hour = 4,470 2,820 520 - 300 = 7.50 per hour 2. Total Less: Variable cost 520 x 7.50 300 x 7.50 Fixed cost 3. Total cost = P 570 + P7,50 X 520 hours 4,470 3,900 _____ 570 300 hours 2,820 2,250 570 210 hours 5,475 4,847 _____ 628 145 hours 3,975 3,347 628

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Fixed cost Variable ( 420 hrs. x P 7.50) Total maintenance cost

570 3,150 P 3,720

True/False Questions 1. False 6. True 2. False 7. False 3. True 8. True 4. False 9. False 5. False 10. True Multiple choice Theory 1. B 6. A 2. C 7. D 3. B 8. D 4. C 9. B 5. D 10. C Multiple choice Problems 1. A 6. A 2. B 7. C 3. C 8. C 4. C 9. A 5. B 10. C

11. False 12. False 13. True 14. False 15. False

16. True 17. False 18. True 19. False 20. True

11. C 12. A 13. C 14. B 15. B

16. B 17. B 18. A 19. D 20. B

11. A 12. B 13. B 14. C 15. B

16. A 17. B 18. D 19. A 20. A