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1. As a CPA, one of your client’s asks you whether his manufacturing company should include standard costs in their cost accounting system. List at least two reasons for including standard costs in your client’s cost accounting system and two potential problems with including standard costs in the client’s cost accounting system.

Your response should be at least 200 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. For problems, be sure to answer all questions and provide all requested information.

 

2.

With the following information, compute the throughput time and the manufacturing cycle efficiency:

 

 

 

Wait time

12.0 days

Inspection time

0.9 days

Processing time

3.5 days

Move time

0.2 days

Queue time

2.0 days

 

3.

Antique Reproductions, Inc. estimates its manufacturing costs as follows:

 

 

 

Variable Costs

Direct material  

$5.50/unit

Direct labor      

  2.40/unit

Variable overhead

  1.00/unit

 

 

Fixed Costs

Supervisor’s salary

$15,000

Production facility depreciation

    7,500

Other production costs

    1,400

 

 

 

Estimate manufacturing costs for manufacturing levels of 9,000 units, 11,000 units, and 13,000 units.

 

 

4. Tiger Company makes a product and uses the following standard unit costs for that product:

 

 

 

Direct material quantity standard           

6 pound per unit

Direct material price standard

$ 9 per pound

Direct labor time standard

3.5 hours per unit

Direct labor rate standard

$12 per hour

Variable manufacturing overhead rate standard

$ 6 per machine hour

Fixed manufacturing overhead rate standard

$ 5 per machine hour

Machine hours standard

3 hours per unit

 

 

 

Given the flowing actual cost and usage data, compute the direct labor rate and the direct labor efficiency variances.

 

5.

Hacking Tech, LLC provides security services for corporate computer systems and uses the following information:

 

�

 

�

Fixed Component Per Month

Variable Component Per Job

Actual Totals for March, 2012

�

�

�

�

Revenue

�

$420

$21,500

�

Tech Analysts� Wages

$7,600

�

$ 7,600

�

Mobile computer lab

$2,100�

� $45

$ 4,395

�

Office expenses

$4,500�

��� $5

$ 4,755

�

Insurance

$1,200

�

$ 1,200

�

 

�

 

The company uses the number of jobs as its measuring activity (for instance, the mobile computer lab expenses for March are $2,100 fixed costs plus $5 per job variable expenses, for the $4,395 total mobile computer lab expenses for March).

 

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Prepare a flexible budget performance report showing the company�s activity variances and revenue and spending variances for March.

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