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Solution Manual for Horngren's Cost Accounting, 17th Edition - Document preview page 1

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Solution Manual for Horngren's Cost Accounting, 17th Edition

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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 1 preview imageHorngren’s Cost Accounting17th EditionSrikant M. DatarHarvard UniversityMadhav V. RajanUniversity of ChicagoInstructor’s SolutionsManual
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 2 preview image
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 3 preview imageiTABLE OF CONTENTSPrefaceiiiDedication..................................................................................................................................ivSupplements Available forthe17thEditionvAlternative Suggested Chapter SequencesviiCategorization of Assignment MaterialxiPresentation of SolutionsxxviiMajor Changes in Text for the17thEditionxxviiiHighlights of New Chapter-by-Chapter ChangesxxxiChanges in Assignment Materialfor the17thEditionxxxvChapter Solutions1TheManager and Management Accounting1-12An Introduction to Cost Terms and Purposes2-13Cost-Volume-Profit Analysis3-14Job Costing4-15Activity-Based Costing and Activity-Based Management5-16MasterBudget and Responsibility Accounting6-17Flexible Budgets, Direct-Cost Variances, and Management Control7-18Flexible Budgets, Overhead Cost Variances, and Management Control8-19Inventory Costing and Capacity Analysis9-110Determining HowCosts Behave10-111Data Analytic Thinking and Prediction11-112Decision Making and Relevant Information12-113Strategy, Balanced Scorecard, and Strategic Profitability Analysis13-114Pricing Decisions and Cost Management14-115Cost Allocation, Customer-Profitability Analysis, and Sales-Variance Analysis15-116Allocation of Support-Department Costs, Common Costs, and Revenues16-117Cost Allocation: Joint Products and Byproducts17-118Process Costing18-119Spoilage, Rework, and Scrap19-1
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 4 preview imageii20Balanced Scorecard: QualityandTime20-121Inventory Management, Just-in-Time, and Simplified Costing Methods21-122Capital Budgeting and Cost Analysis22-123Management Control Systems, Transfer Pricing, and Multinational Considerations23-124Performance Measurement, Compensation, and Multinational Considerations24-1
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 5 preview imageiiiPREFACEThe keys to the success of a course in cost accounting are the assignment and discussion ofprovocative problem material.The gathering of high-qualityassignment material has been acrucial phase of this book’s preparation—not a painful afterthought.Please review the preface in the text in conjunction with examining the suggestions in thisInstructor’sSolutionsManual.Please also read all the front matter of this manual.Mark Awada,Connie Belden,Caitlin Bowler,Molly Brown,Renee Castrigano, Tom Clausen,Barbara Dunham, Merle Ederhof,Paul Hamilton,Anna Jensen, and Ashley Sheaassisted usgreatly withcontributing,critiquing,and checking of the problems and their solutions.We thankthem for their many wonderful contributions.We appreciate the technical support for data analysis provided by DeYett Law.Herability tocheerfully respond toourchallenges made our tasks much more manageable.Weare thankful toEllen Geary, Lacey Vitetta, Chris DeJohn, Michael Trinchetto, Sara Eilert,Martha LaChance, and Claudia Fernandesat Pearson for providing continual support in preparingthis Solutions Manual.SRIKANT M. DATARMADHAV V. RAJAN
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 6 preview imageivIn memory of Charles T. Horngren 1926–2011Chuck Horngren revolutionized cost and managementaccounting. He loved newideas and introduced many new concepts. He had the unique gift of explaining theseconcepts in simple and creative ways. He epitomized excellence and never tiredof details, whether it was finding exactly the right wordor working and reworking assignment materials.He combined his great intellect with genuine humility and warmth and a humantouch that inspired others to do their best. He taught us many lessons aboutlife through his amazing discipline, his ability to make everyonefeel welcome, and his love of family.It was a great privilege, pleasure, and honor to have knownChuck Horngren. Few individuals will have the enormous influence thatChuck had on the accounting profession. Fewer still will be able to do it with theclass and style that was his hallmark. He was unique, special, and amazingin many, many ways and, at once, a role model, teacher, mentor, and friend.He will be deeply missed.Srikant M. DatarHarvard UniversityMadhavV. RajanUniversityof Chicago
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 7 preview imagevSUPPLEMENTS AVAILABLE FOR THE17THEDITIONA complete package of supplements is available to assist students and instructors in usingHorngren,Cost Accounting, 17th edition.MyLabAccountingMyLabAccountingis an online homework and assessment tool designed to help students practicecost accounting problems and concepts andtogive their instructors feedback onstudentperformance. It lets cost accounting professors assign a homework deliverable that is automaticallygraded but that also serves as a tutorial experience for students.Based on Pearson’s MathXL platform,whichhas graded millions of assignments, MyLabAccountingprovides a strong, reliable platform with a rock solid performance history. To learnmore,visitpearsonmylabandmastering.com.For InstructorsInstructor Resource Center (IRC)These password-protected resources are accessible fromwww.pearsonhighered.comforCostAccounting,17thed. Resourcesincludethe following:•Instructor’sSolutions Manual•Test Bank inWord andinTestGen, including algorithmic questions•Instructor’sResourceManual•PowerPoint Presentations•Image LibraryInstructor’s Solutions Manual© 2021|978-0-13562849-2|OnlineThis manual contains the fully worked-out and accuracy-checked solutions for every question,exercise, and problem in the text.TestBankBy Michael Griffin©2021|978-0-13-562855-3|OnlineThis collection of tests for each chapter offers an array of questions ranging from easy to difficult.TheTestBanksupports Association to Advance Collegiate Schools of Business (AACSB)International Accreditationand is available in MS Word.TestGen© 2021|978-0-13-563256-7|OnlineThis test-generating program allows instructors to add, edit, or delete questions from the test bank;analyze test results; and organize a database of exams and student results.
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 8 preview imageviInstructor’s Resource ManualBy Donna McGovern© 2021|978-0-13-562856-0|OnlineThe chapter-by-chapter manual offers helpful classroom suggestions and teaching tips.PowerPoint PresentationsBy Jinhee Trone©2021|978-0-13-563282-6| OnlineThese chapter-by-chapterpresentations provide you with a slide show ready for classroom use.Use the slides as they are or edit them to meet your classroom needs.Image Library© 2021|978-0-13-563253-6| OnlineThe image library contains all photos, tables, exhibits and figures from the text, so that instructorscan use them in their custom presentations.
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 9 preview imageviiALTERNATIVE SUGGESTED CHAPTER SEQUENCESThe Preface toCost Accountingnoted that our aim in organizing the material was to present amodular, flexible organization that permits a course to be custom tailored. This section presentssix possible sequences for a first course in cost accounting. For each of these six sequences,wealso present the sequence of a second course that would result in coverage of many or all of thetopics inCost Accounting. Outlines I–V all include Chapters 1 to 9 in varying orders of sequence.Outline VI has a strong (almost exclusive) focus on thedecision making role of cost accounting.We analyzed the sequences of chapters assigned by many users of the16thedition. Although manyinstructors tended to follow the sequence in the text, other instructors tailored sequences to fit theirparticular desires. These tailored sequences varied considerably. By far the most popular departurewas to assign the chapter onprocess costing (Chapter 18) immediately after the coverage of jobcosting (Chapter 4) and activity-based costing (Chapter 5). The next most popular departure wasto assign Chapter 10 after Chapter 2 or 3. All the accompanying alternative assignment scheduleshave an optional provision to facilitate tailoring a course. Obviously, instructors should alter anysuggested sequence to suit their preferences.OUTLINE I: This basic course provides a balance of topics between the major purposes of costaccounting:1.Calculating the cost of products, services, and other cost objects2.Obtaining information for planning and control and performance evaluation3.Analyzing relevant information for making decisionsFinishing the first course with Chapters 12and 13means that topics with less procedural emphasisare highlighted in the last weeks of the course; these two chapters also introduce topics covered inmore detail in a second course. Some instructors may assign Chapter 10 without using theAppendix on “Regression Analysis,” preferring to delay use of the Appendix until the secondcourse (especially if many students have not been exposed to regression analysis at the time of thebasic course).Chapter 11 covers data science applications to management accounting. Instructorsmay choose to cover this in the first or the second course.OUTLINE II: This basic course covers the same chapters as Outline I but assigns Chapter 10(Determining How Costs Behaves) immediately after Chapter 3 (Cost Volume-Profit Analysis). Italsoreplaces Chapter 14 on Pricing Decisions and Cost Management withChapter 13on Strategy,Balanced Scorecard, and Strategic Profitability Analysis. This first part of thesecondcourseemphasizes costmanagementandperformance evaluationbefore covering the six chapters (15–21) on cost allocation and other aspects of costing systems.OUTLINE III:After covering Chapters 1 to 9 and 12in the basic course, this sequence finisheswith a chapter on strategic issues (Chapter 13) and two chapters on cost allocation topics (Chapters15and 16). Some instructors view it as important that studentswho takeonly one cost accountingcourse become aware of how pervasive cost allocation issues are in practice.
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 10 preview imageviiiOUTLINE IV: This basic course is similar to Outline II with one key exception:Chapter 18(Process Costing) is covered immediately after Chapter 5. Many instructors prefer to cover jobcosting and process costing in sequence so that their differences are highlighted.OUTLINE V: This basic course emphasizes technical cost accounting topicsand data analysismore than the other five outlines. Chapters 18and 19extend Chapters 4 and 5; covering 4, 5, 18,and 19as a single section of the course provides students with a solid understanding of productcosting alternatives.OUTLINE VI: This basic course is adopted by instructors who wish to put most emphasis on thedecision making and performance evaluation aspects of cost accounting. Finishing the basic coursewith Chapters 23and 24means that behavioral issues are highlighted in the final weeks of thecourse.
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 11 preview imageixOUTLINE IOUTLINE IIOUTLINE IIIBASICCOURSEChapterNumber ofSessionsChapterNumber ofSessionsChapterNumber ofSessions1(1)1(1)1(1)2(2)2(2)2(2)3(2)3(2)3(2)4(2)10(2)4(3)5(3)4(3)5(3)6(2)5(3)6(2)7(2)6(2)7(2)8(2)7(2)8(2)9(2)8(2)9(2)10(2)9(2)12(2)11(2)11(2)13(2)12(2)12(2)15(2)14(2)13(2)16(2)Tests(3)Tests(3)Tests(3)Optional(3)Optional(2)Optional(2)323232SECONDCOURSEChapterNumber ofSessionsChapterNumber ofSessionsChapterNumber ofSessions13(3)22(3)10(2)15(2)23(2)11(3)16(2)24(2)14(2)17(2)14(3)22(3)18(2)15(2)17(2)19(2)16(2)18(2)20(2)17(3)19(2)21(2)18(2)20(3)22(2)19(2)21(2)23(2)20(2)23(2)24(2)21(2)24(2)Tests(3)Tests(3)Tests(3)Optional(6)Optional(4)Optional(4)323232
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 12 preview imagexOUTLINE IVOUTLINE VOUTLINE VIBASICCOURSEChapterNumber ofSessionsChapterNumber ofSessionsChapterNumber ofSessions1(1)1(1)1(1)2(2)2(2)2(2)3(2)3(2)3(2)10(2)4(2)10(2)4(2)5(3)4(2)5(2)18(2)5(2)18(2)19(2)6(2)6(2)6(3)12(2)7(2)7(2)13(2)8(2)8(2)14(3)9(2)9(2)23(2)12(2)10(2)24(2)13(2)11(2)Tests(3)Tests(3)Tests(3)Optional(4)Optional(2)Optional(5)323232SECONDCOURSEChapterNumber ofSessionsChapterNumber ofSessionsChapterNumber ofSessions11(3)12(2)7(2)14(3)13(2)8(2)22(2)22(2)9(2)23(2)14(3)11(3)24(3)15(3)18(2)15(2)16(2)19(2)16(2)17(2)20(2)17(2)20(2)21(3)19(2)21(2)22(2)20(2)23(2)15(2)21(2)24(2)16(2)17(2)Tests(3)Tests(3)Tests(3)Optional(4)Optional(5)Optional(3)323232
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 13 preview imagexiCATEGORIZATION OF ASSIGNMENT MATERIALThe assignment material in the17thedition has been developed to offer instructors a broad rangeof options in developing a challenging andinteresting course. The following exhibits assistinstructors in selecting assignment material.Exhibits P-l and P-2 show assignment material that is based on serviceornonprofit andonmerchandising(retail, wholesale,or distribution) sectors of the economy.Althoughmany of theassignmentsin the17theditionarebased in the manufacturing sector, Exhibits P-l and P-2 providemany examples for instructorswho wish toeither select assignment material from a broad rangeof sectors orintendto concentrate on sectors outside manufacturing.1.SERVICE AND NONPROFIT SECTORS:These assignments includesettingssuch aslaw,accounting, and management consultingfirms,healthcare providers, advertisingagenciesand market research firms, bank and finance companies,internet and phoneservice providers, lodgingcompanies, transportation companies, and government agencies2.MERCHANDISING SECTORS:These assignments includesettingssuch as distributors,wholesalers, andretailersThere is growing demand from instructors for assignment material in three specific areas—ethics,global or international, and moderncost management. Exhibits P-3 to P-5 show assignmentmaterial in the17thedition on these three topics.3.ETHICS. The second-to-last problem ofmanychapters incorporates an ethical issue facinga management accountant or a manager.Examples include pressure for “managing” costnumbers, deliberately overstating budget estimates, and conflicts of interest betweenmanagement interests and incentives and the best interests of the company, customers, andemployees.Many of these problems require students to consider theIMA Statement ofEthical Professional Practiceon p.17of the text.4.GLOBALANDINTERNATIONAL DIMENSIONS.These assignments includematerialbased outsidethe United States or problems pertaining to companies with operations inmore than one country.5.MODERN COST MANAGEMENT FRONTIER IDEAS.These assignments includematerial that an instructor can use to highlight areas such as customer focus, key successfactors,balanced scorecard,value-chain analysis,strategic analysis of operating income,JIT,and continuous improvement. Assignment material related to activity-based costing(ABC), activity-based management (ABM), and cost drivers is found in many chapters.Chapter 11 on Data Analytic Thinking and Predictiondescribes how machine learningmodelsare an important tool to gain management accounting insights.
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 14 preview imagexiiEXHIBIT P-1ASSIGNMENT MATERIAL FROM SERVICE AND NOT-FOR-PROFIT SECTORSChapterNumberContext11-19Fast-food restaurants; value chain, cost classification1-20Consultationservices; key success factors1-21Transportation, trucking services1-23Landscaping services1-27Windshieldreplacement; professional ethics1-28Internet company; planning and control1-36Publishing company; ethics; end-of-year actions22-23Marketing research; classification of costs2-26Restaurant; fixed,variable, and totalcosts2-31Corporate training services; total costs and unit costs33-23Travel agency; CVP analysis3-24Restaurant; CVP analysis3-27Restaurant; CVP analysis3-38Tourism; CVP analysis3-39Daycare; CVP analysis, target operating income3-40Marketing; CVP analysis, margin of safety3-45Printing Company; Alternative cost structures and sensitivity analysis3-52Museum; gross margin and contribution margin44-23Residential construction; job costing, normal, actual4-26Management consulting firm, job costing4-29University press; job costing, journal entries4-31Home assembly; job costing, journal entries4-33Canadian accounting firm; job costing, actual, normal and variation of normalcosting4-34Web-design firm; job costing, actual, normal, and variation of normal costing4-37Law firm; job costing4-38Law firm; job costing4-444-46Printing; allocation and proration of overheadMarket Research; Job costing55-19Testing labs;activity-based costing, cost hierarchy5-20Tax advisory firm; alternative allocation bases5-24Architectural firm; department costing based on activities5-25Printing company; activity-based costing5-29Custom framing company;activity-based costing5-30Banking; activity-based costing, product costing, cross-subsidization5-31Law firm; job costing, single direct-and indirect-cost categories5-32Law firm; job costing, multiple direct-and single indirect-cost categories5-33Law firm; job costing, multiple direct-and indirect-cost categories
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 15 preview imagexiiiEXHIBIT P-1 (Continued)ChapterNumberContext55-35Lawn care/landscaping company; first-stage allocation, time-driven ABC5-36Radiology center; department,activity-cost rates5-39Medical clinic; activity-based costing system66-21Environmental testing; sales budget6-28Snow-removal; budgeted cost of jobs6-33Tour company; responsibility accounting, stretch targets6-39Food-service trucks; purchasing agent responsibility accounting77-337-357-46Student loan financing; static and flexible budgetsCleaning service; variance analysisDay spa;mixed and yieldvariance analysis88-298-32Food deliveryservice; overhead variancesFinancialservices; overhead variances8-458-46Foodinspection;non-financial variancesComputerservices provider; overhead variances99-44Hospital chain; cost allocation, downward demand spiral9-45Hospital chain; cost allocation, responsibility accounting, ethics1010-21Delivery; linear cost function10-22Car rental contracts; variable-, fixed-and mixed-cost functions10-27Travel services; estimating a cost function, high-lowmethod10-28Customerservice; estimating a cost function, high-low method10-29Physician services; linear cost approximation10-31Professional services; regression analysis10-36Produce club; high-low method, regression analysis10-37Sports stadium; high-low method, regression analysis10-38Hotel chain; activity-based costing, choosing cost drivers10-39Agricultural transportation; interpreting regression analysis10-42Nonprofit hospital; regression, choosing amongmodels10-43Nonprofit hospital; multiple regression1111-21Bank; Gini impurity11-22Bank; Gini impurity11-23Investment company; loan classification, decision trees11-24Mobile phone services; stay or leave, decision trees11-25Mobile phone services; stay or leave, decision trees and pruning11-26Consumer credit; detecting fraudulent activity, maximum likelihood11-27Receiver operating characteristic (ROC) curve11-31Investment management; predicting loandefault, exploring data11-32Investment management; predicting loan defaults, decision trees11-33Investment management; predicting loan defaults, decision trees and
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 16 preview imagexivEXHIBIT P-1 (Continued)ChapterNumberContextpruning1111-34Investment management; predicting loan defaults,likelihood values11-35Investment management; predicting loan defaults, payoff matrix andchoosing cutoff values11-39Bank; loan classification, model thresholds, and payoff matrices11-40Bank; loan classification, model thresholds, payoff matrices, andsensitivity analysis1212-30Convenience store; relevant costs, decision on closing stores12-31Printing press; choosing customers12-32Bakery; relevance of equipment costs12-38Painting service; opportunity costs, relevant costs12-47Citytours; dropping and adding tours1313-29Architecturalfirm; strategy, balanced scorecard13-30Architecturalfirm; strategic analysis of operating income13-31Architecturalfirm; analysis of growth, price-recovery, andproductivitycomponents13-32Architecturalfirm; identifying and managing unused capacity13-41Cable and internetprovider; balanced scorecard, social performance13-42Airline; balanced scorecard, environmental and social performance1414-17Tool repair shop; value-added, nonvalue-added costs14-18Architectural firm; target operating income, value-added costs14-22Hotel management; cost-plus target return on investment pricing14-25Hotel; price discrimination14-28Amusement park; target costing, value-engineering, ABC14-30Repair services; cost-plus, time and materials, ethics14-31Temp labor agency; cost-plus and market-based pricing14-32Testing labs; cost-plus and market-based pricing14-33Recycling firm; life-cycle costing14-34Airline; price discrimination1515-18Hospitals; cost allocation15-20Repair service; customer profitability15-22Travel services; cost allocation and decision-making15-23Casino; costallocation to divisions15-25Sports team; variance analysis, multiple products15-33Architecture and interior design; customer-cost hierarchy and profitabilityanalysis15-36Internet, phone and TV services; cost-hierarchy incomestatement,allocation of corporate costs1616-17Trucking operations; single-rate method, budgeted versus actual costs
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 17 preview imagexvEXHIBIT P-1 (Continued)ChapterNumberContext1616-18Trucking operations; dual-rate method, budgeted versus actual costs16-19Management consulting; direct andstep-down support department costallocation16-20Management consulting; reciprocal method support department costallocation16-23Internet and phone services; allocation of common living costs16-24Consulting services; allocation of common travel costs16-29University; fixed cost allocation16-35Hotel; revenue allocation, bundled products16-36Service; direct, step-down, reciprocal support department allocation1818-33Spa; Operation costing2020-24University–registration advisor; waiting time20-25University–registration advisor; waiting time, relevant costs, studentsatisfaction20-29Pizza delivery; quality improvement, Pareto diagram, cause-and-effectdiagram2222-23Hospital; capitalbudgeting methods, no income taxes22-24Hospital; capital budgeting methods, income taxes22-2722-28Construction company; payback and NPV methods, no income taxesLaboratory; DCF, accrual accounting rate of return, working capital,evaluation of performance, no incometaxes22-31Dermatology clinic; project choice, taxes22-38Laundromat; payback methods, even and uneven cash flows22-40Entertainment center; recognizing cash flows for capital investmentprojects2323-36Composting service; full cost and market-based transfer prices2424-2224-2624-30Educational services; analysis of return on invested assets, comparison oftwo divisions, DuPont methodReinsurance and financial services; ROI, RI, EVAVenture capital; Capital budgeting, RI24-35Coffee shops; ROI performance measures based on historical and currentcost24-38Media group; ROI, RI, DuPont method, investment decisions, balancedscorecard24-39Media group; divisionmanagers' compensation, levers of control24-43Health spas; RI, EVA, measurement alternatives, goal congruence
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 18 preview imagexviEXHIBIT P-2ASSIGNMENT MATERIAL FROM MERCHANDISING SECTORSChapterNumberContext22-24College store; classification of costs2-35Department store; cost of goods purchased, cost of goods sold, andincome statement2-36Retail outlet store; cost of goods purchased, cost of goods sold, andincome statement33-24Deli sub shop; CVP3-28Jeans wholesaler; CVP andsensitivity analysis3-31Rug dealer; space rental terms, operating leverage3-35Men’s clothing retailer; contribution margin, decision making3-37Retail store; decision making under uncertainty, expected value3-43Shoe store; salescommissions, CVP analysis3-44Shoe store; sales commissions, CVP analysis3-46Cell phone covers; CVP, alternative cost structures3-51Luggage carrier retailer; sales mix, CVP analysis55-27Supermarket; ABC, product-lineprofitability5-28Furniture wholesaler; ABC, customer profitability5-37Pharmaceuticals distributor; ABC5-43Retail store; activity-based costing and activity-based management66-30Convenience store chain; activity-based budgeting6-31Convenience store chain; activity-based budgeting, kaizen budgeting6-34Retail store; cash flow, sensitivity analysis1010-4610-47Fashion store; interpreting regression results, matching time periodsDepartment store chain; cost drivers, ABC, simple regression analysis10-48Department store chain; cost drivers, ABC, multiple regression analysis1111-28TV retailer; segmenting customers, confusion matrices, payoff matrix,and choosing cutoff values11-38Retail store;predicting customer segments, receiver operatingcharacteristic (ROC) curve1212-27Food store; Relevant costs, contribution margin, product emphasis12-30Convenience stores; relevant costs, closing and opening stores12-49Restaurantsupply; Dropping a customer, ABC, ethics1313-21T-shirts distributor; strategy, balanced scorecard13-22T-shirts distributor; strategic analysis of operating income13-23T-shirts distributor; analysis of growth, price-recovery,and productivity components
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 19 preview imagexviiEXHIBIT P-2(Continued)ChapterNumberContext1313-24T-shirts distributor; identifying and managing unused capacity1414-19Distributor; targetprices, target costs, ABC14-2114-30Solar-heating systems vendor; target costs, process-design changesVendor; cost-plus, time and materials, ethics1515-19Environmental products distributor; customer profitability, customer-costhierarchy15-21Pharmaceutical distributor; customer profitability15-26Wine glass retailer; variance analysis, multiple products15-31Paper distributor; customer profitability1616-21Online book retailer; direct and step-down supportdepartment costallocation16-22Online book retailer; reciprocal method support department costallocation16-25Retailer; revenue allocation16-26Auto sales; allocation of common costs16-27Department store; single-rate, dual-rate andpractical capacity allocation16-33Furniture retailer; revenue allocation2020-22Flower store; quality improvement, relevant costs, relevant revenues2121-21Sporting goods retailer; EOQ21-22Sporting goods retailer; EOQ, effect ofparameter changes21-23Textile retailer; EOQ21-25Retailer; sensitivity of EOQ to changes in relevant ordering and carryingcosts, cost of prediction error21-33Outdoor equipment retailer; effect of management evaluation criteria onEOQ model2222-25Soda distributor; Capital budgeting with uneven cash flows, no incometaxes22-41Grocery store; NPV, inflation, income taxes2424-27Fashionretailer; ROI, loss-making division
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 20 preview imagexviiiEXHIBIT P-3ASSIGNMENT MATERIAL ON ETHICSChapterNumberContext11-26Division performance1-27Division performance1-34Pharmaceutical company, budgeting1-35Snack foods division;End-of-year actions1-36Consumer magazines;End-of-year actions1-37Furniture manufacturing global company,end-of-year actions22-47Cost classification;ethics33-53Environmental costs, CVP analysis, ethics44-45Job costing,ethics55-42Electronics; ABC, implementation, ethics66-46Manufacturer;slack, ethics77-47GPSmanufacturer;price and efficiencyvariances, benchmarking, ethics88-48Overhead variances, ethics99-45Cost allocation, responsibility accounting, ethics1212-49Dropping a customer, activity-based costing, ethics1414-30Cost-plus, time and materials, ethics1515-42Writing smaller orders; customer profitabilityand ethics1818-47Laminate-flooringplants; benchmarking, ethics1919-45Job costing, classifying spoilage, ethics2020-1920-36Costs of quality ethicsEthics and quality2121-41JIT production, relevant benefits, relevant costs, ethics2323-33Transfer pricing, goal congruence, ethics2424-42Ethics, levers of control
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 21 preview imagexixEXHIBIT P-4ASSIGNMENT MATERIAL WITH GLOBALOR INTERNATIONAL SETTINGChapterNumberContext11-37Contract bidding, ethical and cultural issues33-23Travel agency, CVP analysis3-32International cost structure differences, CVP analysis44-33Canadianaccounting firm;job costing,actual, normal and variationofnormal costing55-20Tax advice for multinational firms;Alternative allocation bases for aprofessional services firm66-25Mexico bicycle manufacturer; revenues, production and purchasesbudgets88-28Telecommunications company; manufacturing overhead, standard-costing system1010-39Agricultural transportation in Canada; interpreting regression results1212-36International outsourcing; relevant costs, exchange rates2222-34Prototype chip manufacturer based in Ireland; equipment replacement, noincome taxes2323-20Computer manufacturing; Multinational transfer pricing, effect ofalternative transfer-pricing methods, global income tax minimization23-2223-2323-30Chainsaw manufacturer; Multinational transfer pricing, global taxminimizationChainsaw manufacturer; Multinational transfer pricing, goal congruenceHigh-end fertilizers; Multinational transfer pricing, global taxminimization23-32Component manufacturer; International transfer pricing, taxes, goalcongruence2424-31Manufacturing, U.S. andNorway; Multinational performancemeasurement, ROI, RI24-37Multinational firm, U.S., France, and Australia; Differing risk,comparison of profit, ROI, and RI
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 22 preview imagexxEXHIBIT P-5ASSIGNMENT MATERIAL USING MODERN COST MANAGEMENT FRONTIER IDEASChapterNumberContext11-17Computer company; value chain, cost classification1-18Pharmaceutical company; value chain, cost classification1-19Fast food restaurant; value chain, cost classification1-20Key success factors1-21Key successfactors1-29Making strategic decisions1-30Making strategic decisions22-30Technologycompany; value chain, cost drivers2-31Cost driversand functions55-18Cost hierarchy at manufacturer5-19Testing labs; ABC, costhierarchy5-21Automotive products; plantwide, department, ABC costing5-22Trophies manufacturer; plantwide, department, ABC costing5-23Calculator manufacturer; ABC, process costing5-24Architectural firms; Department costing based onactivities5-25Printing company; activity-based costing5-26Door manufacturer; activity-based costing5-27Supermarket; ABC, product-line profitability5-28Furniture wholesaler; ABC, customer profitability5-29Custom framing;activity-based costing5-30Banking; ABC, product costing, cross-subsidization5-32Law firm; job costing, multiple direct-and single indirect-cost categories5-33Law firm; job costing, multiple direct-and indirect-cost categories5-34Metal products manufacturer; first-stage allocation, ABC5-35Lawn care, landscaping; first-stage allocation, ABC5-36Radiology center; department, activity-cost rates5-37Pharmaceuticals distributor; ABC5-38Bag manufacturer;activity-based costing and management5-39Health care; ABC system5-40Surfboardmanufacturer; unused capacity, activity-based costing andmanagement5-41Bow manufacturer; ABC and activity-based management5-42Electronics; ABC,implementation, ethics5-43Pet supplymerchandiser; activity-based costing and management
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 23 preview imagexxiEXHIBIT P-5(Continued)ChapterNumberContext66-30Convenience store chain; activity-based budgeting6-31Convenience store chain; activity-based budgeting, kaizen budgeting6-33Tour company; responsibility accounting, stretch targets6-36T-shirt manufacturer; kaizen approach6-39Purchasing agent; responsibility accounting6-44Woodenplayground equipment manufacturer; activity-based budgeting6-47Chemical company; kaizen budgeting for carbon emissions6-48Footwear manufacturer; activity-based budgeting77-32Insulated cups manufacturer; benchmarking against competitors7-387-42Bicycle manufacturer; responsibility issues in supply chainGame manufacturer; variances, custom production, just-in-timemanufacturing7-43Eyeglass lens manufacturer; use of variances for benchmarking7-47GPS manufacturer; variances, benchmarking, ethics88-318-408-41Custom shirt maker; relationship between production-volume and sales-volume variance analysisShoe manufacturer; activity-based costing, batch-level variance analysisSuitcase manufacturer; relationship betweenoverhead and sales-volumevariance analysis8-42T-shirt maker; activity-based costing, batch-level variance analysis99-22Auto company; throughput costing9-24Television set manufacturer; throughput costing9-29Capacitymanagement, denominator-level capacity concepts9-30Motorcycle manufacturer; alternative denominator-level capacities9-33Sports equipment manufacturer; throughput costing9-36Textbook publisher; metrics to minimize inventory buildups9-37Brewery; alternative denominator-level capacities, effect on operatingincome9-38Brewery; alternative denominator-level capacities, motivationalconsiderations9-40Pet supply manufacturer; downward demand spiral9-42Electronicsmanufacturer; alternative denominator-level capacities, effecton operating income9-44Hospital meal service; cost allocation, downward demand spiral9-47Airport equipment manufacturer; absorption, variable, and throughputcosting1010-33Radar system manufacture; learning curves10-34Radar system manufacture; learning curves10-38Hotel chain; ABC, choosing cost drivers10-44Manufacturing; cost estimation
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 24 preview imagexxiiExhibit P-5 (Continued)ChapterNumberContext1010-45Manufacturing; cost estimation, learning curves10-47Department store chain; cost drivers, ABC, simple regression analysis10-48Department store chain; cost drivers, ABC, multiple regression analysis1111-21Bank; Gini impurity11-22Bank; Gini impurity11-23Investment company; loan classification, decision trees11-24Mobile phone services; stay or leave, decision trees11-25Mobile phone services; stay or leave, decision trees and pruning11-26Consumer credit;detecting fraudulent activity, maximum likelihood11-27Receiver operating characteristic (ROC) curve11-28TV retailer; segmenting customers, confusion matrices, payoff matrix, andchoosing cutoff values11-29Produce processing company;sorting apples, model thresholds, andpayoff matrices11-30Produce processing company; sorting apples, model thresholds, andpayoff matrices11-31Investment management; predicting loan default, exploring data11-32Investment management;predicting loan defaults, decision trees11-33Investment management; predicting loan defaults, decision trees andpruning11-34Investment management; predicting loan defaults, likelihood values11-35Investment management; predicting loan defaults, payoff matrix andchoosing cutoff values11-36Brake pad manufacturer; identifying defective product, maximumlikelihood11-37Brake pad manufacturer; identifying defective product, payoff matrix, andchoosing cutoff values11-38Retail store;predicting customer segments, receiver operatingcharacteristic (ROC) curve11-39Bank; loan classification, model thresholds, and payoff matrices11-40Bank; loan classification, model thresholds, payoff matrices, andsensitivity analysis1212-24Special order, activity-based costing12-25Cellular modems; make versus buy, activity-based costing12-29Filing cabinets; theory of constraints, throughput margin12-31Printers; customer profitability analysis12-41Manufacturing; ABC, make versus buy12-44Electronic testing equipment manufacturer; theory of constraints,throughput margin12-45Pharmaceutical manufacturer; theory of constraints, sensitivity analysis12-49Customer profitability, activity-based costing, ethics
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 25 preview imagexxiiiExhibit P-5 (Continued)ChapterNumberContext1313-19Electric motor manufacturer; balanced scorecard13-20Electric motor manufacturer; analysis of growth, price-recovery andproductivity components13-21Merchandising; strategy,balanced scorecard13-22Merchandising; strategic analysis of operating income13-23Merchandising; analysis of growth, price-recovery, and productivitycomponents13-24Merchandising; identifying and managing unused capacity13-25Machinemanufacturer; strategy, balanced scorecard13-26Machine manufacturer; strategic analysis of operating income13-27Machine manufacturer; analysis of growth, price-recovery andproductivity components13-28Machine manufacturer; identifying and managing unused capacity13-29Architecture firm; strategy, balanced scorecard13-30Architecture firm; strategic analysis of operating income13-31Architecture firm; analysis of growth, price-recovery, and productivitycomponents13-32Architecture firm; identifying and managing unused capacity13-33Robotic vacuum manufacturer; strategy, balanced scorecard13-34Hoverboard manufacturer; strategic analysis of operating income13-35Hoverboard manufacturer; analysis ofgrowth, price-recovery, andproductivity components13-36Hoverboard manufacturer; identifying and managing unused capacity13-37Balanced scorecard13-38Petroleum company; balanced scorecard13-39Laser printers; balanced scorecard13-40Chocolate manufacturer; balanced scorecard, environmental and socialperformance13-41Cable and internet services; balanced scorecard, social performance13-42Airline; balanced scorecard, environmental and social performance13-43Manufacturing; partial productivity measurement13-44Manufacturing; total factor productivity1414-17Tool repair shop; value-added, nonvalue-added costs14-18Architecture firm; target operating income, value-added costs14-19Distributor; target prices, target costs, ABC14-20Medical instruments; target costs, effect of product-design changes onproduct costs14-21Solar heating systems; target costs, effect of process-design changes onservice costs14-22Hotelmanagement; cost-plus target return on investment pricing14-23Table sets manufacturer; cost-plus, target pricing14-24Electronics manufacturer; life-cycle budgeting and costing14-25Hotel; price discrimination
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 26 preview imagexxivExhibit P-5 (Continued)ChapterNumberContext1414-26Manufacturer; target pricing14-27Cosmetics manufacturer; value engineering, target pricing, target costing14-28Amusement park; value engineering, target costing, ABC14-29Candy manufacturer; target return oninvestment pricing14-31Temp labor agency; cost-plus and market-based pricing14-32Testing labs; cost-plus, activity-based costing, market-based pricing14-33Industrial site cleanup; life-cycle costing14-34Airline; pricediscrimination14-35Hair dryer manufacturer; pricing products using the target-costingapproach14-37Wood sculpture manufacturing; target prices, target costs, locked-in costs,value engineering1515-19Environmental productsdistributor; customer profitability, customer-costhierarchy15-20Repair service; customer profitability15-21Pharmaceutical distributor; customer profitability15-30Jewelry manufacturer; customer profitability15-31Paperdistributor; customer profitability15-32Manufacturing company; customer profitability analysis15-33Architecture and interior design; customer-cost hierarchy, customerprofitability15-36Internet, phone, TV service; cost-hierarchy income statement, allocationof corporate, division, and channel costs to customers15-37Sporting goods and memorabilia manufacturer; cost-hierarchy incomestatement, allocation of corporate, division, and channel costs tocustomers15-42Writing smallerorders; customer-cost hierarchy, profitability and ethics1818-46Water bottle manufacturer; sustainable materials and processes18-47Laminate-flooring manufacturer; benchmarking and ethics1919-45Pharmaceutical manufacturer;contract manufacturing
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 27 preview imagexxvExhibit P-5 (Continued)ChapterNumberContext2020-17Cell phone equipment; costs of quality20-18Outdoor chair manufacturer; costs of quality20-19Car seats; costs-of-quality, ethics20-20Computer bags; nonfinancial measures of quality and time20-21Printing presses; quality improvements, relevant costs and relevantrevenues20-22Flower shop; quality improvement, relevant costs and relevant revenues20-23Pet toys; waiting time20-24University; waiting time20-25University; waiting time, relevant costs, student satisfaction20-26Cell phones; nonfinancial measures of quality and time20-27Manufacturer; nonfinancial measures of quality, manufacturing cycleefficiency20-28Cereal manufacturer; statistical quality control20-29Pizza delivery; quality improvement, Pareto diagram, cause-and-effectdiagram20-30Valve manufacturing; quality improvement, relevant costs, and relevantrevenues20-31Plastic lamps; quality improvement, relevant costs, and relevant revenues20-32Plastic products; waiting times, manufacturing cycle times20-33Plastic products; waiting times, relevant revenues, and relevant costs20-34Wire harnesses; manufacturing cycle times, relevant revenues, andrelevant costs20-35Electronics manufacturer;quality improvement, relevant costs, relevantrevenues20-36Processor manufacturer; quality and ethics20-37Textile printing; quality improvement2121-26Men’s neckwear manufacturer; JIT production, relevant benefits, relevantcosts21-27Electronics manufacturer; backflush costing, two trigger points, incentives21-28Electronics manufacturer; backflush costing, two trigger points,operatingincome21-29Electronics manufacturer; backflush costing21-32Music players; MRP, EOQ, JIT production21-34Steel supplier, JIT purchasing, relevant benefits, relevant cost21-35Computer manufacturer; supplier evaluation, costs ofquality, timelydeliveries21-36Jeans manufacturer; supplier evaluation, costs of quality, timely deliveries21-37Electrical meters; backflush costing and JIT production21-38Electrical meters; backflush, two trigger points, materials purchase andsale
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 28 preview imagexxviExhibit P-5 (Continued)ChapterNumberContext2121-39Electrical meters; backflush, two trigger points, completion of productionand sale21-40Security devices; lean accounting21-41Pump manufacturer; JIT production, relevantbenefits, relevant costs,ethics.2323-16Window manufacturing; cost centers, profit centers, decentralization,transfer prices2424-2324-2424-2524-2624-2924-30Sports equipment; ROI and RIROI, RI, measurement of assetsElectric carmanufacturer; ROI, RIInsurance and financial services company; ROI, RI, EVAAutomotive retailer; ROI, RI, EVAVenture capital; capital budgeting, RI (conservation property)24-31Manufacturing, U.S. and Norway; multinational performancemeasurement, ROI, RI24-32Fashion product manufacturer; ROI, RI, EVA, performance evaluation24-33Food conglomerate; risk sharing, incentives, benchmarking, multiple tasks24-34Doorbell manufacturing; Residual income and EVA, timing issues24-37Multinational firm, U.S., France, and Australia; differing risk, comparisonof profit, ROI, and RI24-38Media group; ROI, RI, DuPont method, investment decisions, balancedscorecard24-39Media group; division managers' compensation, levers of control24-40Executivecompensation, balanced scorecard24-42Tablewaremanufacturer; levers of control, ethics24-43Health spas; RI, EVA, measurement alternatives, goal congruence
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 29 preview imagexxviiPRESENTATION OF SOLUTIONSInstructors have a variety of viewsregarding the use of classroom time for homework solutions.Most instructors put solutions on a blackboard or an overhead projector. In turn, their studentsfrantically copy the materials in their notes. Our practice is to reproduce the printed homeworksolutions for distribution either before, during, or after the discussion for a particular solution. Themembers of the class are glad to pay a modest fee to the school to cover the reproduction costs. Inthis way, students can spend more of their classroomtime in thinking rather than writing. Further,they have a complete set of notes.Some instructors object to this procedure because it provides students with a“file”that can bepassed along to subsequent classes. Students in subsequent classes will then use the“file”to avoidconscientious preparation of homework. We used to worry about such practices, but long ago,wedecided there would always be some students who hurt themselves by not doing homework in anappropriate way. Why shouldwe penalizethe vast majority of students by withholding the printedsolutions? The benefits of using printed solutions clearly outweigh the costs. We no longer fretabout the few students who beat the system (and themselves).Moreover, schools using MyAccounting Lab can have new problems assigned to students where the problem structure is thesame but the numbers are different.Similarly, we distribute printed solutions to tests and examinations along with a summary ofoverall class performance. We do not devote class time to discussing these solutions. The studentsdeserve feedback, but they have sufficient motivation to scrutinize the printed solutions and checktheir errors on an individual basis. In this way,more class time is available for new material.If students have complaints about grades, we usually ask them to cool off for 24 hours and thentosubmit a written analysis of how they were unjustly treated. We then take these complaints inbatches, regrade the papers, and return the papers. If the student then wants to have a person-to-person discussion of the matter, he or she is welcome at our office. This procedure may seemtoo impersonal, but we recommend it to those teachers who have been through some painfuldebates that have been inefficient andfrustrating for both student and teacher.
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 30 preview imagexxviiiMAJOR CHANGES IN TEXT OF THE17THEDITIONIncreased Focus on Merchandising and Service SectorsIn keeping with the shifts in the U.S. and world economy, this edition makes great use ofmerchandising and service sector examples, with corresponding de-emphasis of traditionalmanufacturing settings. For example,Chapter 10 illustrates linear cost functions in the context ofpayments for cloud computing services. Chapter 11 describes revenue management using big-data analytics at a company investing in loans.Chapter 21highlights inventory management inretail organizations and uses an example based onaseller of sunglasses. Chapter 22incorporatesa running example that looks at capital budgeting in the context of a transportation company.Several Concepts in Action boxes focus on the merchandising and service sectors, includingachieving cost leadership atCostco(Chapter 1), reducing fixed costs atLyft(Chapter 2), usingactivity-based costing to reduce the costs of health care delivery at the Mayo Clinic (Chapter 5),developing Internet-based budgeting at P. F. Chang’s(Chapter 6),analyzing operating incomeperformance at Buffalo Wild Wings (Chapter 13), and Facebook’s work to overcome mobiledata bottlenecks (Chapter 20).Greater Emphasis on SustainabilityThis edition places significant emphasis on sustainability as one of the criticalmanagerialchallenges of the coming decades. Many managers are promoting the development andimplementation of strategies to achieve long-term financial, social, and environmentalperformance as key imperatives. We highlight this in Chapter 1 and return tothe theme inseveralsubsequent chapters. Chapter 13discusses the benefits to companies from measuringsocial and environmental performance and how such measures can be incorporated ina balancedscorecard. Chapter 24provides several examples of companies that mandate disclosures andevaluate managers on environmental and social metrics. A variety of chapters, includingChapters 2, 6, 10, 14, and 22, contain material that stress themes of recognizing and accountingfor environmental costs;energy independence;setting stretch targets to motivate greater carbonreductions;using cost analysis, carbon tax, and cap-and-trade auctions to reduce environmentalfootprints;and constructing “green” homes in a cost-effective manner.Focus on InnovationWe discuss the role of accounting concepts and systems in fostering and supporting innovationand entrepreneurial activities in firms. In particular, we discuss the challenges posed byrecognizing R&D costs as period expenses even though the benefits of innovation accrue in laterperiods. In Chapter 6, we describe how companies budget for innovation expenses and developmeasures to monitor success of the innovation efforts delinked from operational performance inthe current period. Chapter 12presents theimportance of nonfinancial measures when makingdecisions about innovation. Chapter14stresses that innovation starts with understandingcustomer needs,while Chapter 20discusses process innovations for improving quality.Many ofthe organizations used in “Concepts in Action” emphasize innovation (e.g., Lyft, Chapter 2;Mayo Clinic, Chapter 5; Facebook, Chapter 20). The running examples used in Chapter 2 andChapter 20 focus on an innovative company (Tesla) and an innovative product (3D printers).
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Solution Manual for Horngren's Cost Accounting, 17th Edition - Page 31 preview imagexxixNew Cutting-Edge TopicsThe pace of change in organizations continues to be rapid. Theseventeenthedition ofCostAccountingreflects changes occurring in the role of cost accounting in organizations.•We have added new material and a new Chapter 11 to explain recent trends in big data anddata analytics to manage revenues and predict costs. Companies are increasingly looking formanagement accountants who can interface with data scientists.•We haveintroduced sustainability strategies and the methods companies use to implementsustainability and business goals.•We describe ideas based on academic research regarding the weightsplacedon performancemeasures in a balanced scorecard. We have a section on methods to evaluate strategy mapssuch as the strength of links, differentiators, focal points, and trigger points.•Weprovidedetails on the transfer pricing strategies used by multinational technology firmssuch as Apple and Google to minimize income taxes.•We discuss current trends in the regulation of executive compensation.•We describe the evolution of enterprise resource planning systems and newer simplifiedcosting systems that practice lean accounting.Opening VignettesEach chapter opens with a vignette on a real company situation. The vignettes engage the readerin a business situation or dilemma, illustrating why and how the concepts in the chapter arerelevant in business. For example, Chapter 2 describes howteen apparel chain Aeropostalewasdriven into bankruptcy by the relatively high proportion of fixed costs in its operations. Chapter5 explains the use of activity-based costing byIBMto evaluatethe true cost of data breaches.Chapter 9 highlightsUnder Armor’suse of a new internal company system to better manage itsinventory and supply chain with efficiency and precision toreduceinventory costs. Chapter 15shows howStarbuckschanged its rewardsprogramto better align rewards with customerspending. Chapter 19shows the impact onTeslaof the rework costs associated witha drasticramp-up of production to meet unprecedented customer demand. Chapter 24describes themisalignment between performance measurement and pay atGeneral Electric.Concepts in Action BoxesFound inevery chapter, these boxes cover real-world cost accounting issues across a variety ofindustries, including defense contracting, entertainment, manufacturing, retailing, and sports.New examples include:•Cost Leadership at Costco: Rock-Bottom Prices and Sky-High Profits (Chapter 1)•CanCost–Volume–Profit AnalysisHelp Whole Foods Escape the “Whole Paycheck” Trap?(Chapter 3)•P. F. Chang’s and Internet-Based Budgeting (Chapter 6)•CanESPN Avoid the Cord-Cutting “Death Spiral”? (Chapter 9)•ZaraUses Target Pricing toBecome the World’s Largest Fashion Retailer (Chapter 14)•Big Data Joint-Products and Byproducts Create New Business Opportunities(Chapter 17)
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Horngren's Cost Accounting by Srika...

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