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introduction to managerial accounting
Questions and Answers of
Introduction To Managerial Accounting
Using ABC in conjunction with quality decisions (Learning Objectives 2, S)Big Sky is using a costs-of-quality approach to evaluate design engineering efforts for a new wakeboard. Big Sky’s senior
Comprehensive ABC (Learning Objectives 2, 3)Axis Systems specializes in servers for work-group, e-commerce, and ERP applica¬ tions. The company’s original job cost system has two direct cost
Continues Case 5-46: meeting target costs To remain competitive, Axis Systems’ management believes the company must pro¬ duce Job B-type servers (from Decision Case 5-46) at a target cost of
ABC and ethical dilemma (Learning Objective 2, 3)Mary Lipe is assistant controller at Stone Packaging, a manufacturer of cardboard boxes and other packaging materials. Lipe has just returned from a
For most businesses, straight-line depreciation on the company’s buildings is aa. variable costb. fixed costc. mixed costd. step cost
The following graph indicates which type of cost behavior?a. variable costb. fixed costc. mixed costd. step cost Total cost (y) Volume (x)
Which of the following cost behaviors best explains why companies like to operate at or near full capacity?a. variable costb. fixed costc. mixed costd. step cost
Each month, a fitness club incurs $7,000 of fixed operating costs plus $6 of operating costs for every club member. If x represents the number of club members, which of the following best describes
Manufacturing overhead is usually aa. variable costb. fixed costc. mixed costd. step cost
(Appendix) The only difference between variable costing and absorption costing lies in the treatment ofa. fixed manufacturing overhead costsb. variable manufacturing overhead costsc. direct materials
(Appendix) When inventories decline, operating income under variable costing isa. lower than operating income under absorption costingb. the same as operating income under absorption costingc. higher
Identify cost behavior (.Learning Objective 1)The chart below shows three different costs: Cost A, Cost B, and Cost C. For each cost, the chart shows the total cost and cost per unit at two different
Sketch cost behavior graphs (Learning Objective 1)Sketch graphs of the following cost behaviors. In each graph, the y-axis should be “total costs” and the x-axis should be “volume of
Compute fixed costs per unit (Learning Objective 2)Sport-time produces high-quality basketballs. If the fixed cost per basketball is $3 when the company produces 12,000 basketballs, what is the fixed
Define various cost equations (Learning Objective 2)Write the cost equation for each of the following cost behaviors. Define the variables in each equation.a. Fixedb. Mixedc. Variable
Predict total mixed costs (Learning Objective 2)Ritter Razors produces deluxe razors that compete with Gillette’s Mach line of razors. Total manufacturing costs are $100,000 when 20,000 packages
Predict and graph total mixed costs (Learning Objectives 1, 2)Suppose World-Link offers an international calling plan that charges $5.00 per month plus $0.35 per minute for calls outside the United
Classify cost behavior (Learning Objective 3)Ariel builds innovative loudspeakers for music and home theater. Identify the following costs as variable or fixed:a. Depreciation on equipment used to
Prepare and analyze a scatter plot (Learning Objective 3)Lube-for-Less is a car care center specializing in ten-minute oil changes. Lube-for-Less has two service bays, which limits its capacity to
Use the high-low method (Learning Objective 4)Refer to the Lube-for-Less data in S6-8. Use the high-low method to determine the variable and fixed cost components of Lube-for-Less’s operating
Analyze a scatter plot (Learning Objectives 3, 4)The local Holiday Inn collected seven months of data on the number of room-nights rented per month and the monthly utilities cost. The data was
Theoretical comparison of high-low and regression analysis (Learning Objectives 4, 5) Refer to the Holiday Inn scatter plot in S6-10.1. Would the high-low method or regression analysis result in a
Write a cost equation given regression output (Learning Objective 5)A firm wanted to determine the relationship between its monthly operating costs and a potential cost driver. The output of a
Prepare a contribution margin income statement (Learning Objective 6)Pam’s Quilt Shoppe sells homemade Amish quilts. Pam buys the quilts from local Amish artisans for $250 each, and her shop sells
Prepare income statement using variable costing (Learning Objective 7)(Appendix) Consider the Sportade example on pages 332-338. Suppose that during April, the company produces 10,000 cases of
Continuation of S6-14: absorption costing (Learning Objective 7)(Appendix) Refer to the Sportade example on pages 332-338 and the data and your answer to S6-14.1. Prepare the April income statement
Graph specific costs (Learning Objective 1)Graph these cost behavior patterns over a relevant range of 0 to 10,000 units:a. Variable expenses of $8 per unitb. Mixed expenses made up of fixed costs of
Identify cost behavior terms (Learning Objectives 1, 2, 3, 4, 5)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used
Forecast costs at different volumes (Learning Objectives 1, 2)Perreth Drycleaners has capacity to clean up to 5,000 garments per month.Requirements 1. Complete the following schedule for the three
Prepare income statement in two formats (Learning Objective 6)Refer to the Perreth Drycleaners in E6-18. Assume that Perreth charges cus¬ tomers $7 per garment for dry cleaning. Prepare Perreth’s
Use unit cost data to forecast total costs (Learning Objective 2)Mailbox Magic produces decorative mailboxes. The company’s average cost per unit is $26.43 when it produces 1,000 mailboxes.a. What
Use account analysis to determine cost behavior (Learning Objective 3) Use your judgment (just as a manager would use his judgment for account analysis) to determine the cost behavior of each of the
Create a scatter plot (Learning Objective 3)Alice Jungemann, owner of Flower Power, operates a local chain of floral shops. Each shop has its own delivery van. Instead of charging a flat delivery
High-low method (Learning Objective 4)Refer to Alice’s Flower Power data in E6-22. Use the high-low method to determine Flower Power’s cost equation for van operating costs. Use your results to
Prepare and interpret a scatter plot (Learning Objective 3)Dave’s “Golden Brown” Pancake Restaurant features sourdough pancakes made from a strain of sourdough dating back to the Alaskan gold
High-low method (Learning Objective 4)Refer to Dave’s “Golden Brown” Pancake Restaurant in E6-25.1. Use the high-low method to determine Dave’s operating cost equation.2. Use your answer from
Determine cost behavior and predict operating costs (Learning Objective 4)Bayview Apartments is a 500-unit apartment complex. When the apartments are 90% occupied, monthly operating costs total
Critique the high-low method (Learning Objective 4)You have been assigned an intern to help you forecast your firm’s costs at different volumes. Tie thinks he will get cost and volume data from the
Prepare a contribution margin income statement (Learning Objective 6)Precious Pets is a small e-tail business specializing in the sale of exotic pet gifts and accessories over the Web. The business
Prepare a contribution margin income statement (Learning Objective 6)Charleston Carriage Company offers guided horse-drawn carriage rides through historic Charleston, South Carolina. The carriage
Absorption and variable costing income statements (Learning Objective 7)(Appendix) The 2008 data that follow pertain to Rays, a manufacturer of swimming goggles (Rays has no beginning inventories in
Analyze cost behavior (Learning Objectives 1, 2, 3, 4)Berg Industries is in the process of analyzing its manufacturing overhead costs. Berg Industries is not sure if the number of units produced or
Continuation of P6-33A: regression analysis (Learning Objective 5)Refer to Berg Industries in P6-33A.1. Use Excel regression analysis to determine Berg Industries’ manufacturing overhead cost
Prepare traditional and contribution margin income statements (Learning Objective 6) Kelsey’s Ice Cream Shoppe sold 9,000 servings of ice cream during June for $3 per serving. Kelsey purchases the
Determine financial statement components (Learning Objective 7) (Appendix)Violins-by-Hannah produces student-grade violins for beginning violin students. The company produced 2,000 violins in its
Absorption and variable costing income statements (Learning Objective 7) (Appendix) Mario’s Foods produces frozen meals, which it sells for $7 each. The company uses the FIFO inventory costing
Analyze cost behavior (Learning Objectives 1, 2, 3, 4\Braunhaus Microbrewery is in the process of analyzing its manufacturing overhead costs. Braunhaus Microbrewery is not sure if the number of cases
Continuation of P6-38B: regression analysis (Learning Objective 5)Refer to Braunhaus Microbrewery in P6-38B.1. Use Excel regression analysis to determine Braunhaus Microbrewery’s manufac¬ turing
Contribution margin income statement (Learning Objective 6)Rachel’s Rock Shop is a full-service music store. Rachel rents and sells instruments, sells sheet music, and hires musicians on an
Determine financial statement components (Learning Objective 7) (Appendix)MaggieB, a budding professional tennis player, was unsatisfied with the tennis racquets currently available at sports stores
Absorption and variable costing income statements (Learning Objective 7) (Appendix) Game Source manufactures video games, which it sells for $40 each. The company uses the FIFO inventory costing
Appendix (Learning Objective 7)Suppose you serve on the board of directors of American Faucet, a manufacturer of bathroom fixtures that recently adopted JIT production. Part of your responsibility is
Continuation of E6-23: regression analysis (Learning Objective 5)Refer to the Flower Power data in E6-22. Use Microsoft Excel to:1. Run a regression analysis (use Excel shown on pages 324 or 325).2.
Regression Analysis (Learning Objective 5)\ Refer to Dave’s “Golden Brown” Pancake Restaurant in E6-25.1. Use Microsoft Excel to perform regression analysis on Dave’s monthly data. Based on
What is the contribution margin ratio (rounded)?a. 16.67%b. 100%(c.) 83.33%d. need sales volume to calculate Grand Canyon Railway operates a turn-of-the-century train that transports passengers from
Compute the breakeven point in sales dollars,a. $300,000 Qi $60,000c. $50,000d. $100,000 Grand Canyon Railway operates a turn-of-the-century train that transports passengers from Williams, Arizona,
What will the Railway’s operating income be if they sell 1,001 tickets in one month?$50b. $10c. $60d. $60,060 Grand Canyon Railway operates a turn-of-the-century train that transports passengers
If the Grand Canyon Railway wants to earn $100,000 in profit per month, how many tickets must it sell?a. 1,000b. 31,000c. 30,000d. 3,000 Grand Canyon Railway operates a turn-of-the-century train that
On the Grand Canyon Railway's CVP graph, the total cost line intersects the total revenue line at which of the following points?a. the level of the fixed costsb. the level of the variable costsc. the
If the Grand Canyon Railway expects to serve 1,200 passengers next month, what is the margin of safety?a. 200 passengersb. 1,000 passengersc. 1,200 passengersd. 2,200 passengers Grand Canyon Railway
If the Grand Canyon Railway serves 1,200 passengers, what is its operating leverage factor?a. 1 CP 6c. 3.27d. 0.16 Grand Canyon Railway operates a turn-of-the-century train that transports passengers
If the Grand Canyon Railway’s volume decreases by 8%, by what percentage will its operating income decrease?Q 48%h. 1%c. 26.16%d. 8%Grand Canyon Railway operates a turn-of-the-century train that
If the Grand Canyon Railway cuts its ticket price to $50 per passenger, what is the new breakeven point?a. 100 more passengers than with the original $60 ticket price Jh. 250 more passengers than
The Grand Canyon Railway is thinking about selling souvenirs on the train. The souvenirs will sell for $10 each and have a variable cost of $4 each. The Grand Canyon Railway managers think that they
Compare flow of costs (Learning Objective 1)Use Exhibit 4-1 to help you describe in your own words the major difference in the flow of costs between a job costing system and a process costing system.
Flow of costs through Work in Process Inventory (Learning Objective 1)True-Tile produces its product in two processing departments: Forming and Finishing. The following T-account shows the Forming
Flow of costs through Work in Process Inventory (Learning Objective 1)As shown in Exhibits 4-1 and 4-2, Jelly Belly produces jelly beans in three sequential processing departments: Centers, Shells,
Recompute SeaView’s equivalent units (Learning Objective 2)Look at SeaView’s Shaping Department’s equivalent-unit computation in Exhibit 4-5. Suppose the ending work in process inventory is 30%
Determine the physical flow of units (process costing Step 1) (Learning Objective 2)Kunde Winery’s bottling department had 20,000 units in the beginning inventory of Work in Process on June 1.
Compute equivalent units (process costing Step 2) (Learning Objective 2)Blumhoff’s Packaging Department had the following information at March 31. All direct materials are added at the end of the
Compute equivalent units (process costing Step 2) (Learning Objective 2)The Frying Department of Rummel’s Potato Chips had 100,000 partially completed units in work in process at the end of August.
Summarize total costs to account for (process costing Step 3) (Learning Objective 3)McIntyre Industries’ Work in Process Inventory account had a $68,000 beginning balance on May 1 ($40,000 of this
Compute the cost per equivalent unit (process costing Step 4) (Learning Objective 3)At the end of July, Baker’s mixing department had “Total costs to account for” of $752,420. Of this amount,
Recompute SeaView’s cost per equivalent unit (Learning Objective 3)Return to the original SeaView example in Exhibits 4-5 and 4-7. Suppose direct labor is $34,000 rather than $21,250. Now what is
Assign costs (process costing Step 5) (Learning Objective 3)Tabor Industries produces its product using a single production process. For the month of December, Tabor Industries determined its “cost
Assign total costs in a second processing department (Learning Objective 4)After completing Steps 1-4 of the process costing procedure, Dale Corp. arrived at the following equivalent units and costs
Find unit cost and gross profit on a final product (Learning Objective 4)BeachCo. produces Formica countertops in two sequential production departments: Forming and Polishing. The Polishing
Compute cost per liter (Learning Objective 1)Refer to the Polar Springs Filtration Department Data Set.Requirements 1. Compute the February conversion costs in the Filtration Department.2. If the
Summarize physical flow and compute equivalent units (Learning Objective 2) Refer to the Polar Springs Filtration Department Data Set. At Polar Spring, water is added at the beginning of the
Continuation of S4-15: summarize total costs to account for and compute cost per equivalent unit (Learning Objective 3)Refer to the Polar Springs Filtration Department Data Set and your answer to
Continuation of S4-15 and S4-16: assign costs (Learning Objective 3)Refer to the Polar Springs Filtration Department Data Set and your answer to S4-15 and S4-16. Complete Step 5 of the process
Continuation of S4-17: record journal entry and post to T-account (Learning Objective 3)Refer to the Polar Springs Filtration Department Data Set and your answer to S4-17.Requirements 1. Record the
Compute equivalent units in second department (Learning Objectives 2, 4)Refer to the Polar Springs Bottling Department Data Set.Requirements 1. Draw a time line similar to the one in Exhibit 4-10.2.
Continuation of S4-19: compute cost per equivalent unit in second department(Learning Objective 4)Refer to the Polar Springs Bottling Department Data Set and your answer to S4-19. Complete Steps 3
Continuation of S4-19 and S4-20: assign costs in second department(Learning Objective 4)Refer to the Polar Springs Bottling Department Data Set and your answers to S4-19 and 4-20. Complete Step 5 of
Continuation of S4-21: record journal entry and post to T-account (Learning Objective 4)Refer to the Polar Springs Bottling Department Data Set and your answer to S4-21.Requirements 1. Prepare the
Diagram flow of costs (Learning Objective 1)Pule produces kitchen cabinets in a three-stage process that includes milling, assem¬ bling, and finishing, in that order. Direct materials are added in
Record journal entries (Learning Objective 1)Record the following process costing transactions in the general journal:a. Purchase of raw materials on account, $9,000b. Requisition of direct materials
Analyze flow of costs through inventory T-accounts (Learning Objective 1)Healthy Start Bakery mass-produces bread using three sequential processing departments: Mixing, Baking, and Packaging. The
Summarize physical units and compute equivalent units (process costing Steps 1 and 2) (Learning Objective 2)Alice’s Apple Pies collected the following production information relating to June’s
Compute equivalent units in a second processing department (Learning Objectives 2, 4)Mogyardy’s Mayonnaise uses a process costing system to determine its product’s cost. The last of the three
Complete five-step procedure in first department (Learning Objective 3)Color World prepares and packages paint products. Color World has two depart¬ ments: (1) blending and (2) packaging. Direct
Continuation of E4-28: journal entries (Learning Objectives 1, 3)Return to the Blending Department for Color World in E4-28.Requirements 1. Present the journal entry to record the use of direct
Compute equivalent units and assign costs (Learning Objectives 2, 3)The Assembly Department of ZAP Surge Protectors began September with no work in process inventory. During the month, production
Complete five-step procedure in first department (Learning Objective 3)Royal Vine Winery in Kingston, New York, has two departments: Fermenting and Packaging. Direct materials are added at the
Continuation of E4-31: journal entries (Learning Objectives 1, 3)Return to the Fermenting Department for Royal Vine Winery in E4-31.Requirements 1. Present the journal entries to record the use of
Complete five-step procedure and journalize result (Learning Objectives 1, 3) The following information was taken from the ledger of Denver Roping:The Forming Department had 10,000 partially complete
Compute equivalent units in two later departments (Learning Objectives 2, 4) Selected production and cost data of Martha’s Fudge follow for May:On May 31, the Mixing Department’s ending work in
Complete five-step procedure in second department (Learning Objective 4)Alpha Semiconductors experienced the following activity in its Photolithography Department during December. Materials are added
Process costing in a single processing department (Learning Objectives 1, 2, 3) Winter Lips produces a lip balm used for cold-weather sports. The balm is manufac¬ tured in a single processing
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