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1、CHAPTER 2AN INTRODUCTION TO COST TERMS AND PURPOSES2-1A cost object is anything for which a separate measurement of costs is desired. Examples include a product, a service, a project, a customer, a brand category, an activity, and a department.2-2Cost assignment is a general term that encompasses th
2、e assignment of both direct costs and indirect costs to a cost object. Direct costs are traced to a cost object while indirect costs are allocated to a cost object. Direct costs of a cost object are related to the particular cost object and can be traced to it in an economically feasible (cost-effec
3、tive) way. Indirect costs of a cost object are related to the particular cost object but cannot be traced to it in an economically feasible (cost-effective) way.2-3Managers believe that costs that are traced to a particular cost object are more accurately assigned to that cost object than are alloca
4、ted costs. Managers prefer to use more accurate costs in their decisions.2-4 Factors affecting the classification of a cost as direct or indirect include: the materiality of the cost in question, available information-gathering technology, design of operations, and contractual arrangements.2-5 Manuf
5、acturing-sector companies purchase materials and components and convert them into different finished goods.Merchandising-sector companies purchase and then sell tangible products without changing their basic form.Service-sector companies provide serices or intangible products to their customers for
6、example, legal advice or audits.2-6 A cost driver is a factor, such as the level of activity or volume, that causally affects costs (over a given time span).A change in the cost driver results in a change in the cost of the cost object. For example, number of vehicles assembled is a driver of the co
7、sts of steering wheels on a motor-vehicle assembly line.2-7 A variable cost changes in total in proportion to changes in the related level of total activity or volume. An example is a sales commission that is a percentage of each sales revenue dollar.A fixed cost remains unchanged in total for a giv
8、en time period despite wide changes in the related level of total activity or volume. An example is the leasing cost of a machine that is unchanged for a given time period (such as a year).2-8The relevant range is the band of activity or volume in which a specific relationship between the level of a
9、ctivity or volume and the cost in question is valid. This concept enables the use of linear cost functions when examining cost-volume-profit (CVP) relationships as long as the volume levels are within that relevant range.2-9A unit cost is computed by dividing some amount of total costs (the numerato
10、r) by the related number of units (the denominator). In many cases, the numerator will include a fixed cost that will not change despite changes in the denominator. It is erroneous in those cases to multiply the unit cost by activity or volume change to predict changes in total costs at different ac
11、tivity or volume levels.2-10 Manufacturing companies typically have one or more of the following three types of inventory.1. Direct materials inventory. Direct materials in stock and awaiting use in the manufacturing process.2. Work-in-process inventory. Goods partially worked on but not yet fully c
12、ompleted. Also called work in progress.3. Finished goods inventory. Goods fully completed but not yet sold.2-11 Inventoriable costs are all costs of a product that are regarded as an asset when they are incurred and then become cost of goods sold when the product is sold. These costs are included in
13、 work-in-process and finished goods inventory (they are inventoried) to build up the costs of creating these assets.Period costs are all costs in the income statement other than cost of goods sold. These costs are treated as expenses of the period in which they are incurred because they are presumed
14、 not to benefit future periods (or because there is not sufficient evidence to conclude that such benefit exists). Expensing these costs immediately best matches expenses to revenues.2-12No. Service sector companies have no inventories and, hence, no inventoriable costs.2-13Direct materials costs ar
15、e the acquisition costs of all materials that eventually become part of the cost object (work-in-process or finished goods), and that can be traced to the cost object in an economically feasible way.Direct manufacturing labor costs include the compensation of all manufacturing labor that can be trac
16、ed to the cost object in an economically feasible way.Indirect manufacturing costs are all manufacturing costs that are considered part of the cost object, units finished or in process, but that cannot be traced to that cost object in an economically feasible way.Prime costs are all direct manufactu
17、ring costs.Conversion costs are all manufacturing costs other than direct material costs.2-14Overtime premium consists of the wage rate paid to all workers (for both direct labor and indirect labor) in excess of their straight-time wage rates.Idle time is a subclassification of indirect labor that t
18、ypically represents wages paid for unproductive time caused by lack of orders, machine breakdowns, material shortages, poor scheduling, and the like.2-15A product cost is the sum of the costs assigned to a product for a specific purpose. Purposes for computing a product cost include:Pricing and prod
19、uct emphasis decisions.Contracting with government agencies.Preparing financial statements for external reporting under generally accepted accounting principles.2-16 (10 min.) Total costs and unit costs.1.Total cost, $4,000. Unit cost per person, $4,000 2.Total cost, $4,000. Unit cost per person, $4
20、,000 3.The main lesson of this exercise is to alert the student early in the course to the desirability of thinking in terms of total costs rather than unit costs wherever feasible. Changes in the denominator (the level of total activity or volume in this case attendance) will affect total variable
21、costs but not total fixed costs. In our example, it would be perilous to use either the $8.00 or the $2.00 unit cost to predict the total cost because the total costs are not affected by the attendance. Instead, the student association should use the $4,000 total cost. Obviously, if the musical grou
22、p agreed to work for, say, $4.00 per person, such a unit variable cost could be used to predict the total cost.2-17 (15 min.) Total costs and unit costs.1. (a) $100,000 2,000 = $50.00 per package(b) $100,000 6,000 = $16.67 per package(c) $100,000 10,000 = $10.00 per package(d) $100,000 + (10,000 $8)
23、 20,000= $180,000 20,000 = $9.00 per packageThe unit cost to ECG decreases on a per-unit base due to the first $100,000 payment being a fixed cost. The $8 amount per package beyond 10,000 units is a variable cost. The cost function is:$100,000$300,000$200,00010,00020,00030,000$100,000$180,000$260,00
24、0TotalCostsPackages SoldPoint is $260,000 and 30,0002-17 (Contd.)2. ECG should not use any of the unit costs in requirement 1 when predicting total costs. Up to 10,000 units, the total cost is a fixed amount. Beyond 10,000 units, the total cost is a combination of a fixed amount plus a per-unit (bey
25、ond 10,000 unit) variable amount. The total costs at different volume levels cannot be predicted by using the unit cost at a specific volume level. The total cost should be predicted by combining the total fixed costs and total variable costs rather than multiplying a unit cost amount by the predict
26、ed number of packages sold.2-18 (15 min.) Computing and interpreting unit manufacturingcosts.1. SupremeDeluxeRegularDirect materials costsDirect manuf. labor costsIndirect manuf. costsTotal manuf. costsPounds produced 80120100Cost per pound2. The unit costs in requirement 1 includes $20 million of i
27、ndirect manufacturing costs that are fixed irrespective of changes in the volume of output per month, while the remaining variable indirect manufacturing costs change with the production volume. Given the unit volume changes for August 2001, the use of unit costs from the past month at a different u
28、nit volume level (both in aggregate and at the individual product level) will yield incorrect estimates of total costs in August 2001.2-19 (20 min.) Direct and indirect costs, effect of changing the classification of a cost item1. Direct costs are costs that are related to the particular paper produ
29、cts (Supreme, Deluxe, or Regular) and can be traced to each one in an economically feasible (cost-effective) way.Indirect costs are costs that are related to the particular paper products (Supreme, Deluxe, or Regular) but cannot be traced to each one in an economically feasible (cost-effective) way.
30、2. Energy costs of $90 million can be traced to each individual production line. This tracing will result in a more accurate assignment of costs to products than when the $150 million of indirect manufacturing costs ($20 million of which is fixed) is allocated using direct manufacturing labor costs
31、at each line. The $90 million of energy costs do not have an identical relationship to direct manufacturing labor costs for each product line as is assumed when the direct manufacturing labor cost allocation base is used in Question 2-18:SupremeDeluxeRegularTotal1. Direct energy costs2. Direct manuf
32、. labor cost3. Ratio of 1 to 2.The Supreme product line has the most energy intensive usage vis-vis its direct manufacturing labor cost content. The result is that the supreme product line will be undercosted when the Exercise 2-18 unit cost numbers are used.3. SupremeDeluxeRegularDirect materials c
33、ostsDirect manuf. labor costsDirect energy costsIndirect manuf. costs Total manuf. costs Pounds produced80120100Cost per poundThe unit cost amounts are:SupremeDeluxeRegular1. Exercise 2-192. Exercise 2-18 Ratio of 1 to 2As predicted in requirement 2, the tracing of the higher than average energy cos
34、ts to Supreme results in an increase in reported unit costs for the Supreme product line.2-20 (15 min). Cost drivers and the value chain.1.Business Function Representative Cost DriverProduction Hours the Tylenol packaging line is in operationResearch and Development Number of patents filed with U.S.
35、 Patent office.Marketing Minutes of TV advertising time on 60 MinutesDistribution Number of packages shippedDesign of Products/Processes Hours spent designing tamper-proof bottlesCustomer Service Number of calls to toll-free customer phone line2.Business Function Representative Cost DriverResearch a
36、nd DevelopmentHours of laboratory workNumber of new drugs in developmentDesign of Products/ProcessesNumber of focus groups on alternative package designsHours of process engineering workProductionNumber of units packagedNumber of tablets manufacturedMarketingNumber of promotion packages mailedNumber
37、 of sales personnelDistributionWeight of packages shippedNumber of supermarkets on delivery routeCustomer ServiceNumber of units of a product recalledNumber of personnel on toll-free customer phone lines2-21(15 min.) Cost drivers and the value chain.1.Business Function Representative Cost Driver Des
38、ign of Products/Processes Hours of computer-aided design (CAD) workCustomer Service Number of cars recalled due to defective partsMarketing Number of sales personnelResearch and Development Number of research scientistsProduction Number of machine assembly-hoursDistribution Weight of cars shipped2.B
39、usiness Function Representative Cost DriverResearch and DevelopmentSquare feet of R&D laboratory spaceNumber of new models being developedDesign of Products/ProcessesNumber of focus groups on alternative color combinationsHours of process engineering time on retooling assembly equipmentProductionDir
40、ect manufacturing labor-hoursKilowatt hours of energy consumedMarketingNumber of advertisements on televisionNumber of total mailings to existing customers about new modelDistributionNumber of vehicles shippedNumber of distributors in sales areaCustomer ServiceNumber of personnel on toll-free custom
41、er phone linesNumber of packages mailed about safety complaints with existing model2-22(15-20 min.) Variable costs and fixed costs.1.Variable cost per ton of beach sand mined:Subcontractor$ 80 per tonGovernment tax 50 per ton Total$130 per tonFixed costs per month:0 to 100 tons of capacity per day=
42、$150,000101 to 200 tons of capacity per day= $300,000201 to 300 tons of capacity per day= $450,0002. The concept of relevant range is potentially relevant for both graphs. However, the question does not place restrictions on the unit variable costs. The relevant range for the total fixed costs is fr
43、om 0 to 100 tons; 101 to 200 tons; 201 to 300 tons, and so on. Within these ranges, the total fixed costs do not change in total.3.Tons Mined per DayTons Mined per MonthFixed Unit Cost per TonVariable Unit Cost per TonTotal Unit Cost per Ton(1)(2) = (1) 25(3) = FC (2)(4)(5) = (3) + (4)(a) 1804,500$3
44、00,000 4,500$130(b) 2205,500$450,000 5,500$130The unit cost for 220 tons mined per day is $211.82, while for 180 tons it is only $196.67. This difference is caused by the fixed cost increment from 101 to 200 tons being spread over an increment of 80 tons, while the fixed cost increment from 201 to 3
45、00 tons is spread over an increment of only 20 tons.2-23(15-20 min.) Classification of costs, service sector.Cost object: Each individual focus groupCost variability: With respect to changes in the number of focus groupsThere may be some debate over classifications of individual items. Debate is mor
46、e likely as regards cost variability.Cost ItemD or IV or FADVBIFCIVaDIFEDVFIFGDVHIVba Some students will note that phone call costs are variable when each call has a separate charge. It may be a fixed cost if Consumer Focus has a flat monthly charge for a line, irrespective of the amount of usage.b Gasoline costs are likely to vary with the number of focus grou