EXERCISES: 2.57, 2.58, 2.63, 11.33, 11.34

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201 EXERCISES: 2.57, 2.58, 2.63, 11.33, 11.

1 201 EXERCISES: 2.57, 2.58, 2.63, 11.33, Μάθημα: ΔΙΟΙΚΗΤΙΚΗ ΛΟΓΙΣΤΙΚΗ Μεταπτυχιακοί Φοιτητές: Θεοδωρακόπουλος Παναγιώτης Καλοκάσης Ευάγγελος Κοτρωνιά Ζωή Μπουρούνη Ελένη Διδάσκουσα: κ. Σ. Κοέν 1

2 Exercise 2.57 The following data refer to Fresno Fashions Company for the year 20X2: Sales revenue $ Work-in-process inventory, December Work-in-process inventory, January Selling and administrative expenses Income tax expense Purchases of raw materials Raw-material inventory, December Raw-material inventory, January Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December Finished goods inventory, January Indirect material Indirect labor Other manufacturing overhead Required: a. Prepare Fresno Fashion's schedule of cost of goods manufactured for the year. b. Prepare Fresno Fashion's schedule of cost of goods sold for the year. c. Prepare Fresno Fashion's income statement for the year. d. Build and Excel spreadsheet to complete requirements a through c. Solution a. Schedule of cost of goods manufactured for the year Beginning work-in-process inventory, January Raw materials inventory, January Purchases of raw materials Raw materials available for use Raw materials inventory, December Total direct material costs Direct labor Manufacturing overhead Utilities: Plant Depreciation: plant and equipment Indirect material Indirect labor Other manufacturing overhead Total manufacturing overhead

3 Total manufacturing costs for the year Work-in-process inventory, January Ending work-in-process inventory, December Cost of goods manufactured for the year b. Schedule of cost of goods sold for the year Finished goods inventory, January Cost of goods manufactured during the year Finished goods available for sale Finished goods inventory, December Cost of goods sold for the year c. Fresno Fashion's income statement Fresno Fashion Income statement For the year ended December 31 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Operating profit Net income before taxes Income tax expense Net income after taxes

4 Exercise 2.58 Sacramento Electronics Corporation incurred the following costs during 20X1. The company sold all of its products manufactured during the year. Direct material Direct labor Manufacturing overhead: Utilities (primarily electricity) Depreciation on plant and equipment Insurance Supervisory salaries Property taxes Selling costs: Advertising Sales commissions Administrative costs: Salaries of top management and staff Office supplies Depreciation on building and equipment During the 20X1, the company operated at about half of its capacity due to a slowdown in the economy. Prospects for 20X2 are slightly better. The marketing manager forecasts a 20 percent growth in sales over 20X1 level. Required Categorize each of the preceding costs as most likely variable or fixed. Forecast the 20X2 amount for each cost item. Solution Cost Prediction Category Direct material Variable Direct labor Variable Manufacturing overhead: Utilities (primarily electricity) Fixed Depreciation on plant and equipment Fixed Insurance Fixed Supervisory salaries Fixed Property taxes Fixed Selling costs: Advertising Fixed Sales commissions Variable Administrative costs: Salaries of top management and staff Fixed Office supplies Fixed Depreciation on building and equipment Fixed

5 Exercise 2.63 Each of the following columns is independent and for a different company. Use the data given, which refers to one year for example, to find the unknown account balances. Account Company Finished-goods inventory, January 1 $1,900 (d) $17,200 Finished-goods inventory, December $4,400 28,400 Work-in-process inventory, January 1 2,700 6,700 82,400 Work-in-process inventory, December 31 3,800 3,100 76,730 Raw-material inventory, January 1 (a) 3,500 16,000 Raw-material inventory, December 31 3,600 2,900 14,100 Purchases of raw materials 16,100 12,000 64,200 Cost of goods manufactured during the (b) 27, ,770 year Total manufacturing costs 55,550 23, ,100 Cost of goods sold 56,050 27, ,570 Gross margin (c) 16, ,280 Direct material used 15,300 (e) 66,100 Direct labor 26,450 3, ,700 Manufacturing overhead 13,800 7,200 (g) Sales revenue 103,300 (f) 943,850 a) Raw material inventory, January 1 + Purchases of raw materials - Raw material, December 31 = Direct material used (a) + 16,100 3,600 = 15,300 (a) = 2,800 b) Work in process inventory, January 1 + (Direct material used + Direct labor + Manufacturing overhead) - Work in process inventory, December 31 = Cost of goods manufactured during the year 2,700 + (15, , ,800) 3,800 = (b) (b) = 54,450 c) 5

6 Sales revenue Cost of goods sold = Gross margin 103,300 56,050 = (c) (c) = 47,250 d) Beginning finished goods inventory, January 1 + Cost of goods manufactured during the year Ending finished goods inventory, December 31 = Costs of goods sold (d) + 27,220 4,400 = 27,200 (d) = 4,380 e) Beginning raw material inventory, January 1 + Purchases of raw materials - Ending raw material inventory, December 31 = Direct material used 3, ,000 2,900 = (e) (e) = 12,600 f) Sales revenue Costs of goods sold = Gross margin (f) 27,200 = 16,400 (f) = 43,600 g) Manufacturing overhead + Direct labor + Direct material used = Total manufacturing costs 308,100 = (g) + 124, ,100 (g) = 117,300 Exercise Fast Eddie s Limo Service operates a fleet of limousines. Management wants to estimate the fixed and variable costs per mile. A recent trade publication indicated that variable costs should be no more than $.25 per mile. To check his costs against those indicated in the trade journal, Fast Eddie collected the following data for his limousine fleet for last month: 6

7 Limousine Number Costs ($) Miles Required a. Use the high low method to estimate the fixed and variable portions of overhead costs based on miles driven. b. What is the estimated total cost of driving one limousine 10,000 miles? c. Fast Eddie has heard that the high low method has a major limitation compared to simple regression. What is it? Solution: a. Με βάση τα δεδομένα παρατηρεί κανείς πως για τον μεγαλύτερο αριθμό μιλίων(13.200) το κόστος είναι $4.000 και των μικρότερο αριθμό μιλίων(9.200) το κόστος είναι $3000. Συνεπώς με βάση την ανάλυση χαμηλού-υψηλού θα έχουμε: V = = 1000 =0,25 $/mile 4000 Με τον υπολογισμό του μεταβλητού κόστους, μπορούμε πλέον βάση αυτού να υπολογίσουμε και το σταθερό κόστος βασιζόμενοι στον μεγαλύτερο είτε μικρότερο αριθμό μιλίων. Συνεπώς θα έχουμε: FC max =4000 0,25*13200 = $700 &FC min = ,25*9200 = $700 b. Το συνολικό κόστος που θα επέλθει από την χρήση μίας λιμουζίνας για miles, θα είναι: TC= FC + VC*miles= *0,25 = = $3200 Η Ανάλυση χαμηλού-υψηλού κόστους σε αντίθεση με την Απλή Γραμμική Παλινδρόμηση χρησιμοποιεί μόνο την μέγιστη και ελάχιστη τιμή για τον υπολογισμό του Μεταβλητού και Σταθερού κόστους. Αντίθετα, στην Απλή Απλή Γραμμική 7

8 Παλινδρόμηση εξετάζονται όλες οι τιμές. Συμπερασματικά λοιπόν θα έλεγε κανείς πως στην Ανάλυση χαμηλού-υψηλού κόστους εξάγουμε μικρότερης ακρίβειας πληροφόρηση. Exercise Refer to the data for Fast Eddie s Limousine Service in Exercise Required: Build your own spreadsheet. Using miles as the cost driver, build an Excel spreadsheet to derive the simple regression results and estimated total cost for Fast Eddie s Limousine Service. Limousine Costs Miles Number total Αποτελέσματα απλής παλινδρόμησης : SUMMARY OUTPUT Regression Statistics Multiple R 0, R Square 0, Adjusted R 0,

9 Square Standard Error 272, Observations 10 ANOVA df SS MS F Significance F Regression , , , , Residual , ,94156 Total Coefficients Standard Error t Stat P-value Intercept 810, , , , X Variable 1 0, , , , Lower 95% Upper 95% Lower 95,0% Upper 95,0% Intercept -1154, , , ,16831 X Variable 1 0, , , , RESIDUAL OUTPUT Observatio n Predicted Y Residuals Standard Residuals , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

10 Η εξίσωση του συνολικού κόστους (TC=FC+VC*Q) είναι της μορφής: Υ = bo +b1 Χ+ e όπου: Y: cost και Χ: miles Από την παλινδρόμηση προκύπτει ότι: bo=810,92 και b1=0,241 Συνολικά μίλια: Χ= miles Επομένως το συνολικό κόστος (TC) είναι: Υ = 810,92 + 0, = 810, ,3 = ,22$ X Variable 1 Line Fit Plot Y Y Predicted Y X Variable 1 10

11 X Variable 1 Residual Plot Residuals X Variable 1 11

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