Budgets and Production

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Cost Accounting – A managerial emphasis
1. Cost behaviors: Exercise 2-21 on page 53 → try to use Excel for the graphs
2. CVP: Exercise 3-20 on page 84 → build an Excel worksheet to do this problem.
3. Costing methods: Exercise 4-17 on page 123 → try to do this with Excel
2-21: Variable costs and fixed costs. Consolidated Minerals (CM) owns the rights to extract minerals from beach sands on Fraser Island. CM has costs in three areas:

a. Payment to a mining subcontractor who charges $80-per-ton of beach sand mined and returned to the beach (after being processed on the mainland to extract three minerals-ilmenite, rutile, and zircon).
b. Payment of a government mining and environmental tax of $50 per ton of beach sand mined.
c. Payment to a barge operator. This operator charges $150,000 per-month to transport each batch of beach sand – up to 100 tons per-batch per-day – to the mainland and then return to Fraser Island. (That is, 0-100 tons per day – $150,000 per month; 101-200 tons per day – $300,000 per month, and so on.) Each barge operates 25 days per month. The $150,000 month1y charge must be paid even if fewer than 100 tons are transported on any day and even if Consolidated Minerals requires fewer than 25 days of barge transportation in that month.

CM is currently mining 180 tons of beach minerals per day for 25 days per month.

1. What is the variable cost per ton of beach sand mined? What is the fixed cost to CM per-month?
2. Plot a graph of the variable costs and another graph of the fixed costs of Consolidated Minerals. Your graphs should be similar to Exhibits 2-3 (p. 33) and 2-4 (p. 34). Is the concept of relevant range applica¬ble to your graphs? Explain. Do this with Excel.
3. What is the unit cost per ton of beach sand mined (a) if 180 tons are mined each day, or (b) if 220 tons are mined each day? Explain the difference in the unit-cost figures.

3-20 CVP exercises. The Super Donut owns and operates six doughnut outlets in and around Kansas City. You are given the following corporate budget data for next year:
Revenues $10,000,000
Fixed costs 1,100,000
Variable costs 8,200,000
Variable costs change with respect to the number of doughnuts sold.
Compute the budgeted operating income for each of the following deviations from the original budget. (Consider each case independently.)

1. A 10% increase in contribution margin, holding revenues constant
2. A 10% decrease in contribution margin, holding revenues constant
3. A 5% increase in fixed costs
4. A 5% decrease in fixed costs
5. An 8% increase in units sold
6. An 8% decrease in units sold
7. A 10% increase in fixed costs and a 10% increase in units sold

4-17 Actual costing, normal costing, accounting for manufacturing overhead. Destin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Destin allocates manufacturing overhead costs using direct manufactur¬ing labor costs. Destin provides the following information:

Budget for 2004 Actual Results for 2004
Direct materials costs $1,500,000 $1,450,000
Direct manufacturing labor costs 1,000,000 980,000
Direct manufacturing overhead costs 1,750,000 1,862,000

1. Compute the actual and budgeted manufacturing overhead rates for 2004.
2. During March, the job-cost record for Job 626 contained the following information:
? Direct materials used $40,000
? Direct manufacturing labor costs $30,000
3. Compute the cost of Job 626 using (a) actual costing and (b) normal-costing.
4. At the end of 2004, compute the under- or over-allocated manufacturing overhead under normal costing. Why is there no under- or over-allocated overhead under actual costing? Solution Preview
Cost Accounting – A managerial emphasis
1. Cost behaviors: Exercise 2-21 on page 53 → try to use Excel for the graphs
2. CVP: Exercise 3-20 on page 84 → build an Excel worksheet to do this problem.
3. Costing methods: Exercise 4-17 on page 123 → try to do this with Excel
2-21: Variable costs and fixed costs. Consolidated Minerals (CM) owns the rights to extract minerals from beach sands on Fraser Island. CM has costs in three areas:

a. Payment to a mining subcontractor who charges $80-per-ton of beach sand mined and returned to the beach (after being processed on the mainland to extract three minerals-ilmenite, rutile, and zircon).
b. Payment of a government mining and environmental tax of $50 per ton of beach sand mined.
c. Payment to a barge operator. This operator charges $150,000 per-month to transport each batch of beach sand – up to 100 tons per-batch per-day – to the mainland and then return to Fraser Island. (That is, 0-100 tons per day – $150,000 per month; 101-200 tons per day – $300,000 per month, and so on.) Each barge operates 25 days per month. The $150,000 month1y charge must be paid even if fewer than 100 tons are transported on any day and even if Consolidated Minerals requires fewer than 25 days of barge transportation in that month.

CM is currently mining 180 tons of beach minerals per day for 25 days per month.

1. What is the variable cost per ton of beach sand mined? What is the fixed cost to CM per-month?

1. Variable cost per ton of beach sand mined
Subcontractor $ 80 per ton
Government tax 50 per ton
Total $130 per ton

Fixed costs per month
0 to 100 tons of capacity per day = $150,000
101 to 200 tons of capacity per day = $300,000
201 to 300 tons of capacity per day = $450,000

2. Plot a graph of the variable costs and another graph of the fixed costs of Consolidated Minerals. Your graphs should be similar to Exhibits 2-3 (p. 33) …

Solution Summary
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