Chapter 12 Performance Evaluation and Decentralization

Chapter 13 - Short-Run Decision Making: Relevant Costing 1. The first step in making a short-run decision is to identify alternatives as possible solutions to the problem. a. True  b. False  ANSWER:

False

 RATIONALE: The first step in making a short-run decision is to define the problem.

2. In making a short-run decision, all alternatives need to be considered. a. True  b. False  ANSWER:

False

 be considered. Only feasible alternatives are  RATIONALE: In making a short-run decision, all alternatives need not  be considered.

3. In short-run decision making, the alternative with the lowest overall cost is always chosen. a. True  b. False  ANSWER: False

4. Irrelevant costs are costs that are the same for more than one alternative. a. True  b. False  ANSWER: True

5. The benefit sacrificed when one alternative is chosen over another is called sunk cost. a. True  b. False  ANSWER:

False

 RATIONALE: The benefit sacrificed when one alternative is chosen over another is called opportunity cost.

6. Short-run decision making only involves short-run decisions that have nothing to do with the firm's overall strategy. a. True  b. False  ANSWER: False

7. A sunk cost is always relevant. a. True  b. False  ANSWER:

False

 relevant.  RATIONALE:  A sunk cost is never  relevant.

C e n g a g e L e a r n i n g T e s t in g , P o w e r e d b y C o g n e r o   

P a g e 1 

 

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Chapter 13 - Short-Run Decision Making: Relevant Costing 8. Future costs that differ across alternatives are relevant costs. a. True  b. False  ANSWER: True

9. Fixed costs are never relevant. a. True  b. False  ANSWER: False

10. Resources that are acquired in advance of usage are flexible resources. a. True  b. False  ANSWER: False

11. Flexible resources may have unused capacity. a. True  b. False  ANSWER: False

12. A choice between internal and external production is a keep-or-drop decision. a. True  b. False  ANSWER:

False

choic e between internal and external ext ernal production pro duction is a make-or-buy mak e-or-buy decision.  RATIONALE:  A choice

13. Typically in a special-order decision, a customer wants to pay more than the usual price. a. True  b. False  ANSWER:

False

 RATIONALE: Typically in a special-order decision, a customer wants to pay less than the usual price.

14. In keep-or-drop decisions, both the segment's contribution margin and its segment margin are useful in evaluating the performance of the segment. a. True  b. False

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Chapter 13 - Short-Run Decision Making: Relevant Costing 16. At split-off, the joint costs of production for joint products products are not  relevant  relevant to the sell-or-process-further decision. a. True  b. False  ANSWER: True

17. In deciding the optimal mix of products that use a constrained resource, it is important to determine the contribution margin per unit of scarce resource. a. True  b. False  ANSWER: True

18. Linear programming is a special technique that can be used to determine the optimal product mix when there t here are multiple constraints. a. True  b. False  ANSWER: True

19. A situation in which management tells divisions that they must reduce costs by 10% is called target costing. a. True  b. False  ANSWER: False

20. Bellair Company produces a product that has manufacturing cost of $30 per unit. Bellair's policy is to charge a  price equal to cost cost plus plus 30%. 30%. The 30% is pure pure profit profit to Bellair. Bellair. a. True  b. False  ANSWER: False

21. In determining the target price of a good, the company must first determine the target cost and the desired profit. a. True  b. False  ANSWER: False

22. Demand is one side of the pricing equation; supply is the other side. a. True  b. False  ANSWER: True

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Chapter 13 - Short-Run Decision Making: Relevant Costing 23. The markup includes desired profit and any costs not  included  included in the base cost. a. True  b. False  ANSWER:

True

 RATIONALE: The markup is a percentage applied to the base cost; it includes desired profit and any costs not included in the base cost.

24. Many companies start with cost to determine price since revenue must cover cost for the firm to make a profit. a. True  b. False  ANSWER:

True

 RATIONALE: Since revenue must cover cost for the firm to make a profit, many companies start with cost to determine price.

25. A major advantage of markup pricing is that standard markups are easy to apply. a. True  b. False  ANSWER: True

26. Target costing is a method of determining the cost of a product or service based on the price (target price) that customers are willing to pay. a. True  b. False  ANSWER: True

27. Target costing involves much more up-front work than cost-based pricing. a. True  b. False  ANSWER: True

28. Target costing can be used most effectively in the design and development stage of the product life cycle. a. True  b. False  ANSWER: True

29. ____________________ consists of choosing among alternatives with an immediate or limited end in view.  ANSWER: Short-run decision making

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Chapter 13 - Short-Run Decision Making: Relevant Costing 31. The difference between the summed costs of two alternatives in a decision is known as the  ______  ___ ______ ______ ______ ______ ___..  ANSWER: differential cost

32. _____________________ are simply those factors that are hard to put a number on, including things like political  pressure and product safety. safety.  ANSWER: Qualitative factors

33. Most short-run decisions require extensive consideration of ___________.  ANSWER: cost behavior.

34. If a future cost is the same for more than one alternative, and it has no effect on the decision is known as a(n)  ________  ____ ________ _____ _ cost. co st.  ANSWER: irrelevant

35. In order to be classified as a _________________, a cost must possess these two characteristics: 1) they are future costs and 2) they differ across alternatives.  ANSWER: relevant cost

36. The benefit sacrificed or foregone when one alternative is chosen over another is known as the  ______  ___ ______ ______ ______ ______ _____. __.  ANSWER: opportunity cost.

37. A cost that cannot be affected by any future action is called a(n) _______________.  ANSWER: sunk cost.

38. A manager will make a __________________ when determining if a specially priced order should be accepted or  rejected. special-order decision  ANSWER: special-order 39. Segmented reports are helpful for managers to make _______________ _______________ decisions.  ANSWER: keep-or-drop

40. The decision on whether to produce a product internally or purchase it from a supplier is an example of a  ______  ___ ______ ______ ______ ___..  ANSWER: make-or-buy decision.

41. __________________ have common processes and costs of production up to a split-off point.

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Chapter 13 - Short-Run Decision Making: Relevant Costing 43. ___________________ _______________________ ____ focus on whether a product should be processed beyond the split-off point. Sell-or-process-further decisions  ANSWER: Sell-or-process-further 44. Limited resources or a limited demand for a product are examples of ______________.  ANSWER: constraints.

45. In the presence of multiple constraints the solution is considerably more complex than for one constraint and requires a technique known as ____________________.  ANSWER: linear programming.

46. ________________ ________________ refers to the relative amount of each product manufactured by a company.  ANSWER: Product mix

47. The percentage that is applied to the base cost is known as the _____________.  ANSWER: markup.

48. A method of determining the cost of a product or service based on the price that customers are willing to pay is called ________________.  ANSWER: target costing.

49. Pasha Company produced 50 defective units last month at a unit manufacturing cost of $30. The defective units were discovered before leaving the plant. Pasha can sell them "as is" for $20 or can rework them at a cost of $15 and sell them at the regular price of $50. Which of the following is not  relevant  relevant to the sell-or-rework s ell-or-rework decision? a. $15 for rework   b. $20 selling selling price price of of defect defective ive units units c. $30 manufacturing manufacturing cost d. $50 regular selling price e. All of these are relevant.  ANSWER: c

50. Which of the following is not  a  a step in the decision-making model? a. define the problem problem  b. identif identify y alter alternat natives ives c. consider qualitative factors d. total relevant costs and benefits for each alternative e. determine costs and benefits for both feasible and unfeasible alternatives  ANSWER: e

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Chapter 13 - Short-Run Decision Making: Relevant Costing 51. The act of choosing among alternatives alternatives with an immediate or limited end in view is termed a. assessing feasible alternative.  b. strategi strategicc decisio decision n makin making. g. c. constructing constructing a decision model. d. short-run decision making. e. None of these.  ANSWER: d

52. Future costs that differ across alternatives are a. opportunity opportunity costs.  b. sunk costs. costs. c. relevant costs. d. variable costs. e. product product costs.  ANSWER: c

53. Depreciation of equipment is an example of a(n) a. relevant cost. cost.  b. opport opportuni unity ty cost. cost. c. sunk cost. d. variable cost. e. None of these.  ANSWER: c

54. Resources that can be purchased in the amount needed and at the time of use are a. lumpy resources.  b. flexible flexible resour resources. ces. c. committed resources.

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Chapter 13 - Short-Run Decision Making: Relevant Costing 55. A company is considering a special order for 1,000 units to be priced at $8.90 (the normal price would be $11.50). The order would require specialized materials costing $4.00 per unit. Direct labor and variable factory overhead would cost $2.15 per unit. Fixed factory overhead is $1.20 per unit. However, the company has excess capacity and acceptance of the order would not raise total fixed factory overhead. The warehouse, however, would have to add capacity costing $1,300. Which of the following is relevant to the special order? a. $11.50 normal selling price  b. $1.20 $1.20 fixed fixed factory factory overhead overhead per unit c. $7.35 spent on donuts and coffee d. $8.90 selling price per unit of special order  e. None of these.  ANSWER: d

56. Walloon Company produced 150 defective units last month at a unit manufacturing cost of $30. The defective units were discovered before leaving the plant. Walloon can sell them as is for $20 or can rework them at a cost of $15 and sell them at the regular price of $50. The total relevant cost of reworking the defective units is a. $4,500.  b. $6,7 $6,750 50.. c. $7,500. d. $3,000. $3,000. e. $2,250.  ANSWER:

e

 RATIONALE: Cost of reworking the defective units = 150 × $15 = $2,250

57. An important qualitative factor to consider regarding a special order is the a. variable costs associated with the special order.  b. avoidable avoidable fixed fixed costs associat associated ed with with the special order. order. c. effect the sale of special-order units will have on the sale of regularly priced units. d. incremental revenue from the special order.  ANSWER:

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Chapter 13 - Short-Run Decision Making: Relevant Costing 59. Abbott Company is considering purchasing a new machine to replace a machine purchased one year ago that is not achieving the expected results. The following information is available: Expected maintenance costs of new machine Purchase price of existing machine Expected cost savings of new machine Expected maintenance costs of existing machine Resale value of existing machine Which of these items is irrelevant ? a. Expected maintenance costs of new machine

$12,000 per year   $150,000 $20,000 per year   $8,000 per year   $35,000

 b. Purchase Purchase cost cost of existing existing machine machine c. Expected maintenance costs of existing machine d. Expected resale value of existing machine  ANSWER:  b Figure 13-1. Fuller Company makes frames. A customer wants to place a special order for 600 frames in green with the company logo painted on the frame, to be priced at $40 each. Normally, Fuller would charge $90 per frame for this type of order. Fuller figures that wood and glass will cost $16 per frame, variable overhead (machining, electricity) is $4 per frame, direct labor is $12 per frame, and one setup will be required at $1,000 per setup. The set-up charge costs are 100% labor. Currently, the workers needed to set up for and make the frames are working at Fuller. Their wages will be paid whether or not the special order is accepted. Fuller's policy is to avoid layoffs to the extent  possib  possible. le. 60. Refer to Figure 13-1. Which costs of the special order relate to flexible resources? a. wood and glass

 b. wood, wood, glass, glass, and variable variable overh overhead ead c. depreciation depreciation on machinery d. wood, glass, and direct labor  e. wood, glass, direct labor, labor, and setup labor   ANSWER:  b

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Chapter 13 - Short-Run Decision Making: Relevant Costing 62. Refer to Figure 13-1. Which of the following is irrelevant  to  to the special order decision? a. cost of wood and glass  b. direct direct labor labor cost cost c. machining machining and electricity cost d. $40 price e. All of these are relevant.  ANSWER:  b

63. Refer to Figure 13-1. If Fuller accepts the special order, by how much will operating income increase or decrease? a. $14,400 increase increase  b. $12,000 $12,000 decreas decreasee c. $12,000 increase increase d. $21,600 increase e. There will be no effect on operating income.  ANSWER:

c

 RATIONALE: Sales ($40 × 600) Less: wood and glass ($16 × 60  600) Variable overhead ($4 × 60  600) Increase in operating income

$24,000 $9,600 $2,400 $12,000

64. Which of the following costs is not  relevant  relevant to a decision to sell a product at split-off or process the product further  and then sell the product? a. joint costs allocated to the product  b. the selling selling price price of the the produ product ct at split-off  split-off  c. the additional processing costs after split-off  d. the selling price of the product after further processing  ANSWER: a

65. A decision involving a choice between internal and external production is what kind of decision?

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Chapter 13 - Short-Run Decision Making: Relevant Costing 66. A decision that focuses on whether a specially priced order should be accepted or rejected is what kind of  decision? a. relevant  b. make-or make-or-bu -buy y c. sell-or-process-further  d. special-order  e. keep-or-drop  ANSWER: d

67. A decision in which a manager needs to determine whether a product line (or segment) should continue or be eliminated is what kind of decision? a. relevant  b. make-or make-or-bu -buy y c. sell-or-process-further  d. special-order  e. keep-or-drop  ANSWER: e

68. Piersall Company makes a variety of paper products. One product is 20 lb copier paper, packaged 5,000 sheets to a  box. One box box normally normally sells for for $18. $18. A large bank offered offered to purchase purchase 3,000 3,000 boxes at $14 $14 per box. Costs per box box are as follows: Direct materials $8 Direct labor 3 Variable overhead 1 Fixed overhead 5  No variab variable le market marketing ing costs would would be incurred incurred on the the order order.. The The compan company y is operating operating significa significantly ntly below the maximum productive capacity. No fixed costs are avoidable. Should Piersall accept the order?

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Chapter 13 - Short-Run Decision Making: Relevant Costing 69. Aerotoy Company makes toy airplanes. One plane is an excellent replica of a 737; it sells for $5. Vacation Airlines wants to purchase 12,000 planes at $1.75 each to give to children flying unaccompanied. Costs per plane are as follows: Direct materials $1.00 Direct labor 0.50 Variable overhead 0.10 Fixed overhead 0.90  No variab variable le mark marketing eting costs costs would would be be incurr incurred. ed. The company company is opera operating ting signific significantl antly y below below the maximum maximum  productive  productive capacity. capacity. No fixed fixed costs costs are are avoidabl avoidable. e. However, However, Vacation Vacation Airlines Airlines wants its own own logo logo and and colors colors on on the planes. The cost of the decals is $0.01 per plane and a special machine costing $1,500 would be required to affix the decals. After the order is complete, the machine would be scrapped. Should the special order be accepted? a. Yes, income will increase by $300.  b. No, income income will will decrea decrease se by $180. $180. c. No, income will decrease by $1,500. d. Yes, income will increase by $180. e. It doesn't matter; there will be no change in income.  ANSWER:

d

 RATIONALE: Contribution margin [($1.75 − 1.61) ×12,000] Less: cost of special machine Increased income

$1,680 1,500 $ 180

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Chapter 13 - Short-Run Decision Making: Relevant Costing 70. Foster Industries manufactures 20,000 components per year. The manufacturing cost of the components was determined as follows: Direct materials $150,000 Direct labor 240,000 Inspecting products 60,000 Providing power 30,000 Providing supervision 40,000 Setting up equipment 60,000 Moving materials 20,000 Total $600,000 If the component is not produced by Foster, inspection of products and provision of power costs will only be 10% of  the current production costs; moving materials costs and setting up equipment costs will only be 50% of the  producti  production on costs; costs; and supervis supervision ion costs costs will will amount amount to only only 40% of the the produ productio ction n amount amount.. An outside outside supp supplier lier has offered to sell the component for $25.50. What is the effect on income if Foster Industries purchases the component from the outside supplier? a. $25,000 increase increase  b. $45,000 $45,000 increase increase c. $90,000 decrease d. $90,000 increase  ANSWER:

a

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Chapter 13 - Short-Run Decision Making: Relevant Costing 71. Vest Industries manufactures 40,000 components per year. The manufacturing cost of the components was determined as follows: Direct materials $ 75,000 Direct labor 120,000 Variable overhead 45,000 Fixed overhead 60,000 Total $300,000 An outside supplier has offered to sell the component for $12.75. Fixed costs will remain the same if the component is purchased from an outside supplier. What is the effect on income if Vest Industries purchases the component from the outside supplier? a. $270,000 decrease  b. $270,00 $270,000 0 incre increase ase c. $30,000 decrease d. $30,000 increase  ANSWER:

a

 RATIONALE: SUPPORTING CALCULATIONS: Make: Direct materials Direct labor Variable overhead

$ (75,000) (120,000) (45,000)

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Chapter 13 - Short-Run Decision Making: Relevant Costing 72. Vest Industries manufactures 40,000 components per year. The manufacturing cost of the components was determined as follows: Direct materials $ 75,000 Direct labor 120,000 Variable overhead 45,000 Fixed overhead 60,000 Total $300,000 An outside supplier has offered to sell the component for $12.75. Fixed cost will remain the same if the component is purchased from an outside supplier. Vest Industries can rent its unused manufacturing facilities for $45,000 if it purchases the component from the outside supplier. What is the effect on income if Vest purchases the component from the outside supplier? a. $225,000 decrease  b. $195,00 $195,000 0 incre increase ase c. $165,000 decrease d. $135,000 increase  ANSWER:

a

 RATIONALE: SUPPORTING CALCULATIONS: Make:

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Chapter 13 - Short-Run Decision Making: Relevant Costing 73. Miller Company produces speakers for home stereo units. The speakers are sold to retail stores for $30. Manufacturing and other costs are as follows: Variable costs per unit: Fixed costs per month: Direct materials $ 9.00 Factory overhead $120,000 Direct labor 4.50 Selling and admin. 60,000 Factory overhead 3.00 Total $180,000 Distribution 1.50 Total $18.00 The variable distribution costs are for transportation to the retail stores. The current production and sales volume is 20,000 per year. Capacity is 25,000 units per year. A Tennessee manufacturing firm has offered a one-year contract to supply speakers at a cost of $17.00 per unit. If  Miller Company accepts the offer, it will be able to rent unused space to t o an outside firm for $18,000 per year. All other information remains the same as the original data. What is the effect on profits if Miller Company buys from the Tennessee firm? a. decrease of $8,000  b. increase increase of $9,00 $9,000 0 c. increase of $8,000 d. decrease of $6,000  ANSWER:

c

 RATIONALE: SUPPORTING CALCULATIONS:

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Chapter 13 - Short-Run Decision Making: Relevant Costing 74. Houston Corporation manufactures a part for its production cycle. The costs per unit for 5,000 units of this part are as follows: Direct materials $ 32 Direct labor 40 Variable overhead 16 Fixed overhead 32 Total $120 Johnson Company has offered to sell Houston Corporation 5,000 units of the part for $112 per unit. If Houston Corporation accepts Johnson Company's offer, total fixed costs will be reduced to $60,000. What alternative is more desirable and by what amount is it more desirable? Alternative Amount a. Make $ 20,000 20,000

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Chapter 13 - Short-Run Decision Making: Relevant Costing 76. The operations of Knickers Corporation are divided into the Pacers Division and the Bulls Division. Projections for  the next year are as follows:  

Paacers P Bulls Division Division Total Sales revenue $420,000 $252,000 $672,000 Variable expenses 147,000 115,500 262,500 Contribution margin $273,000 $136,500 $409,500 Direct fixed expenses 126,000 105,000 231,000 Segment margin $147,000 $ 31,500 $178,500 Allocated common costs 63,000 47,250 110,250 Total relevant benefit (loss) $ 84,000 $(15,750) $ 68,250 Operating income for Knickers Corporation as a whole if the Bulls Division were dropped would be a. $99,750.

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Chapter 13 - Short-Run Decision Making: Relevant Costing 78. The following information relates to a product produced by Creamer Company: Direct materials $24 Direct labor 15 Variable overhead 30 Fixed overhead 18 Unit cost $87 Fixed selling costs are $500,000 per year, and variable selling costs are $12 per unit sold. Although production capacity is 600,000 units per year, the company expects to produce only 400,000 units next year. The product normally sells for $120 each. A customer has offered to buy 60,000 units for $90 each. The incremental cost per unit associated with the special order is a. $84.  b. $81. $81.

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Chapter 13 - Short-Run Decision Making: Relevant Costing 80. The following information relates to a product produced by Creamer Company: Direct materials $24 Direct labor 15 Variable overhead 30 Fixed overhead 18 Unit cost $87 Fixed selling costs are $500,000 per year, and variable selling costs are $12 per unit sold. Although production capacity is 600,000 units per year, the company expects to produce only 400,000 units next year. The product normally sells for $120 each. A customer has offered to buy 60,000 units for $90 each. If the firm produces the special order, the effect on income would be a a. $360,000 increase. increase.  b. $360,000 $360,000 decrease. decrease.

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Chapter 13 - Short-Run Decision Making: Relevant Costing 82. Walton Company manufactures a product with the following costs per unit at the expected production level of  84,000 units: Direct materials $12 Direct labor 36 Variable overhead 18 Fixed overhead 24 The company has the capacity to produce 90,000 units. The product regularly sells for $120. A wholesaler has offered to pay $110 per unit for 7,500 units. If the special order is accepted, the effect on operating income would  be a a. $75,000 decrease.  b. $429,00 $429,000 0 increa increase. se. c. $495,000 increase. increase. d. $249,000 increa

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Chapter 13 - Short-Run Decision Making: Relevant Costing 84. Reggie Corporation manufactures a single product with the following unit costs for 1,000 units: Direct materials Direct labor Overhead (30% variable)

$2,400 960 1 800

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Chapter 13 - Short-Run Decision Making: Relevant Costing 86. Stars Manufacturing Company produces Products A1, B2, C3, and D4 through a joint process. The joint costs amount to $200,000.

Units

Sales Value

If Processed Further  Additional Sales

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Chapter 13 - Short-Run Decision Making: Relevant Costing 88. Information about three joint products follows:

Anticipated production Selling price/lb at split off

A 5,000 lbs. $10

B 1,000 lbs. $30

C 2,000 lbs. $16

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Chapter 13 - Short-Run Decision Making: Relevant Costing Figure 13-2. ColorPro uses part 87A in the production of color printers. Unit manufacturing costs for part 87A are:

Direct materials Direct labor

$8 2

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Chapter 13 - Short-Run Decision Making: Relevant Costing 92. Refer to Figure 13-2. Which of the following is a qualitative factor that might affect ColorPro's decision? a. Filbert has an outstanding reputation reputation for quality.  b. Ordering Ordering from Filbert Filbert would would give give ColorPr ColorPro o a chance chance to see how well well Filbert Filbert could meet JIT JIT standar standards ds for  for  ColorPro's other products.

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