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managerial accounting
Questions and Answers of
Managerial Accounting
Match the following concepts to their descriptions:1. Document specifying when jobs will be manufactured.2. Product costing system used by mass manufacturers.3. Bill from supplier.4. Document
Recall that Life Fitness had estimated \($1,000,000\) of MOH for the year and 62,500 DL hours, resulting in a predetermined MOH rate of \($16/DL\) hour. By the end of the year, the company had
Cristal Haymeyer, CPA, pays her new staff accountant, Anika, a salary equivalent to \($25\) per hour, while Cristal receives a salary equivalent to \($40\) per hour. The firm’s predetermined
E-Z-Boy Furniture makes sofas, loveseats, and recliners. The company allocates manufacturing overhead based on direct labor hours. E-Z-Boy estimated a total of \($2\) million of manufacturing
Fashion Fabrics makes custom handbags and accessories for high-end clothing boutiques.Record summary journal entries for each of the following transactions that took place during the month of
Which of the following reasons would indicate that a company should consider using departmental overhead rates rather than using a single plantwide overhead rate?a. Each product is in each department
Which costing system is most likely to produce the least cost distortion?a. Traditional costing systemb. Plantwide overhead ratec. Departmental overhead allocation ratesd. Activity-based costing
Which of the following statements is false?a. Activity-based costing can only be used by manufacturing firms.b. Activity-based costing focuses on allocating indirect costs.c. An activity-based
Which of the following is not a good reason for a paint manufacturer to use activity-based costing?a. The paint industry is highly competitive.b. The paint manufacturer produces a variety of paint
A window manufacturer has a commitment to lean production. What is not a benefit from adopting a lean production philosophy?a. More space available for productionb. Ability to continue production
The cost of reworking defective products before shipping to customers would be classified as which type of quality costs?a. Prevention costb. Appraisal costc. Internal failure costd. External failure
A computer manufacturer’s spending on testing its computers before shipping them to customers helps reduce which of the following costs?a. Prevention costsb. Appraisal costsc. Internal failure
All of the following statements are true excepta. Correlation is a statistical measure that indicates the strength and direction of the relationship between two variables.b. A positive correlation
A 20-ounce bottle of Dasani water typically costs about \($1.99\) at a convenience store. At an airport shop, that same bottle of Dasani water could cost \($2.89\) —or more. The costs of operating
Boswell manufactures high-quality speakers. Suppose Boswell is considering spending the following amounts on a new quality program:Boswell expects this quality program to save costs as follows:It
Dayton Industries is contemplating some operational changes to reduce its overall costs of quality. The company believes that if it upgrades one component of its product at an additional cost of
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).
Refer to your answers in E4-28A. In addition to the manufacturing overhead costs, the following data are budgeted for the company’s Standard and Deluxe models for next year:Requirements:1. Compute
Sinclair Corp. manufactures radiation-shielding glass panels. Suppose Sinclair is considering spending the following amounts on a new TQM program:Sinclair expects the new program to save costs
Farraway Company uses ABC to account for its chrome wheel manufacturing process.Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials
Several years after reengineering its production process, King Corporation hired a new controller, Jaxson Erickson. He developed an ABC system very similar to the one used by King’s chief rival.
Bradshaw Corp. manufactures radiation-shielding glass panels. Suppose the company is considering spending the following amounts on a new TQM program:The company expects the new program would save
Powell Products manufactures its products in two separate departments: Machining and Assembly. Total manufacturing overhead costs for the year are budgeted at \($1,050,000\).Of this amount, the
Percival Pharmaceuticals manufactures an over-the-counter allergy medication called Breathe. Percival is trying to win market share from Sudafed and Tylenol.The company has developed several
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began. The components of the Burburr serial case can be completed in any order.Burburr has several
Cal-Maine Foods, Inc., is the largest producer of shell eggs in the United States. In fiscal 2021, it sold approximately 1,073.2 million dozen shell eggs,9 which was approximately 13% of shell eggs
Use your answers from S3-6 to determine the total manufacturing overhead allocated to Edmonton’s manufacturing jobs in the following independent situations:1. Assume that the company actually used
Use your answers from S3-7 to determine the total overallocation or underallocation of manufacturing overhead during the year. Actual manufacturing costs for the year for Edmonton Pools totaled
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).
Listed next are several terms. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all.a. is used by companies that produce
The following table lists several processes. Place a check mark next to those items that are most likely to be strong candidates for RPA. Process a. Hospital patient billing b. Insurance claims
Lawrence Plastics manufactures custom park furniture and signage from recycled plastics(primarily shredded milk jugs). Many of the company’s customers are municipalities that are required by law to
Smith Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the
Refer to the data in Exercise 3-29A. Smith’s accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $364,000, not
For each of the following companies, specify whether the company would be more likely to use job costing or process costing.a. Yacht builderb. Cereal manufacturerc. Landscaperd. Pet food processore.
Hamilton Lighting manufactures a variety of lamps for lighting specialty stores. In September, Hamilton Lighting received an order from Rose Decor for 34 missionstyle table lamps. The order from Rose
Benson Foundry in Charleston, South Carolina, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the
Refer to the data in Exercise E3-45B. Benson Foundry’s accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually
Thomas Design is an interior design firm. The firm uses a job cost system, in which each client is a different job. Thomas Design traces direct labor, licensing costs, and travel costs directly to
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began in Chapter 1. The components of the Burburr serial case can be completed in any order.The Las Vegas
In October 2021, the technology analysis intellectual property services firm TechInsights did a teardown and cost analysis of Apple’s iPhone 13 Pro phone model that was released in fall 2021.5
Why would it be inappropriate for a custom-home builder to use process costing?
Would a job costing system or a process costing system be used for this production process? Give specific reasons for your choice of which costing system would be most appropriate for this
Determine whether each of the following statements is true or false: Managers’ three primary responsibilities are planning, directing, and controlling.
Determine whether each of the following statements is true or false:Management accounting is geared toward external stakeholders, such as investors and creditors.
Determine whether each of the following statements is true or false:Management accountants often work in cross-functional teams throughout the organization.
Determine whether each of the following statements is true or false:The internal audit function reports to the audit committee of the board of directors.
Determine whether each of the following statements is true or false:Management accountants are now more often looked upon as internal business advisors rather than “bean counters” recording
Determine whether each of the following statements is true or false:Management accountants should be technically proficient, but they don’t need strong oral and written communication skills.
Determine whether each of the following statements is true or false:Management accountants should be proficient in Excel.
Determine whether each of the following statements is true or false:The Association of International Certified Professional Accountants (AICPA) issues the Certified Management Accountant (CMA)
Determine whether each of the following statements is true or false:The Sarbanes-Oxley Act of 2002 (SOX) imposes stricter requirements for financial reporting and internal controls and stricter
Determine whether each of the following statements is true or false:Most business decisions are now based on gut feelings and hunches, rather than being data-driven.
Determine whether each of the following statements is true or false:Critical thinking can be improved by asking yourself a series of questions about any issue or problem you encounter. These
Determine whether each of the following statements is true or false:The triple bottom line assesses company performance on three factors: people (social impact), planet (environmental impact), and
Determine whether each of the following statements is true or false:Manufacturing makes up the largest sector of the U.S. economy.
Determine whether each of the following statements is true or false:The globalization of business has little bearing on management accounting.
Determine whether each of the following statements is true or false:Computer systems that integrate all of a company’s worldwide functions into one database are known as Integrated Worldwide
1. Each of the following statements describes a responsibility of management. Match each statement to the management responsibility being fulfilled.2. Are the following statements more descriptive of
EZ-Rider Motorcycles is considering whether to expand into Germany. If gas prices increase, the company expects more interest in fuel-efficient transportation such as motorcycles. As a result, the
The costs of manufacturing or purchasing inventory would be classified asa. selling, general, and administrative expenses.b. operating expenses.c. period costs.d. product costs.
Prime costs consist ofa. direct materials and manufacturing overhead.b. direct labor and manufacturing overhead.c. direct materials and direct labor.d. direct materials, direct labor, and
Which of the following is true?a. Direct materials are considered to be fixed costs.b. The average cost can be used to predict total costs at other volumes.c. Manufacturing overhead is always a
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 at all.a. ______ report three types of inventory on the balance
Classify each of the following costs as a direct cost or an indirect cost, assuming that the cost object is the Juniors Department (clothing and accessories for teenage and young women) in the Stow
Given the following information for a retailer, compute the cost of goods sold. Ending inventory. Website maintenance..... Revenues...... Freight-in............ Import duties........ Marketing
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 at all.a. A(n) _______ is the cost of making one more unit.b.
Classify each of the following costs as fixed or variable:a. Cost of French fries used at a McDonald’s restaurantb. Hourly wages paid to cashiers at The Home Depotc. Monthly sugar costs for The
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).
Suppose Motor Shack incurred the following costs at its Ann Arbor, Michigan, store:Requirements:-1. Classify each cost as to which category of the value chain it belongs (R&D, Design, Purchases,
Each of the following scenarios describes some cost item for organizations in recent years. For each scenario, identify which function of the value chain that cost would represent (R&D, Design,
An airline manufacturer incurred the following costs last month (in thousands of dollars):Requirements:1. Assuming the cost object is an airplane, classify each cost as one of the following:direct
Outdoor Amenities is a manufacturer of backyard and deck furniture. Its products are in high demand, and it carries no inventory. Following is a list of selected account balances from its trial
Prepare the income statement for West Nautical Company in E2-31A for the most recent year. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.Data From
Hilton Merchandise has several warehouses for its inventory located around the United States. Hilton’s controller has imported its inventory records into Excel. The following is a sample of the
Suppose Truck Shack incurred the following costs at its Philadelphia, Pennsylvania, store.Requirements:1. Classify each of these costs according to its place in the value chain (R&D, Design,
Backyard Amenities is a manufacturer of backyard and deck furniture. Its products are in high demand, and it carries no inventory. To follow is a list of selected account balances from its trial
Prepare the income statement for Golden Bay Company using the data in E2-45B for the most recent year. Assume that the company sold 39,000 units of its product at a price of \($15\) each during the
ShaZam Cola produces a lemon-lime soda. The production process starts with workers mixing the lemon syrup and lime flavors in a secret recipe. The company enhances the combined syrup with caffeine.
Finney Displays designs and manufactures displays used in mobile devices. Serious flooding throughout the region affected Finney Displays’ facilities. Inventory was completely ruined, and the
Brandon is the production manager of a large manufacturing firm. He is worried about the prospect of bonuses for the upcoming year. The company has paid out bonuses for the past 10 years, so Brandon
Since 2016, the price of coffee has fluctuated. Despite increases and decreases in coffee costs, Starbucks has only raised the prices of its brewed coffee across the United States over that same
Calculate Cost of Goods Sold for Ralph's Sporting Goods, a merchandising company, given the following information: Advertising expense...... $ 25,000 Purchases of merchandise............ 400,000
Which of the following costs are treated as product costs by a merchandising company, such as Walmart? Which costs are treated as period costs?1. Cost of leasing the retail locations 2. Cost of
Assume a grocery store manager wants to know the cost of running the Produce Department. Thus, the Produce Department is the cost object. Which of the following would be considered direct costs of
Classify each of the following business costs into one of the six value chain elements:a. Costs associated with warranties and recallsb. Cost of shipping finished goods to international customersc.
For a manufacturing company, identify the following as either a product cost or a period cost. If it is a product cost, classify it as direct materials, direct labor, or manufacturing overhead.a.
Calculate the Cost of Goods Manufactured. Use the following amounts: direct materials used (\($24,000),\) direct labor (\($9,000),\) manufacturing overhead (\($17,000),\) beginning work in process
Auto-USA spent \($300\) million in total to produce 50,000 cars this year. The \($300\) million breaks down as follows: The company spent \($50\) million on fixed costs to run its manufacturing
The two fundamental types of costing systems area. periodic costing and perpetual costingb. periodic costing and process costingc. process costing and job costingd. job costing and periodic costing
In a job costing system, which of the following statements about materials is not correct?a. A materials requisition is used to request materials needed from the storeroom.b. Materials used during
The formula to calculate the amount of manufacturing overhead to allocate to jobs isa. predetermined overhead rate times the estimated amount of the allocation base used by the specific job.b.
Assigning manufacturing overhead costs and other indirect costs to jobs is calleda. materials requisitioning.b. cost driver.c. cost allocation.d. cost tracing.
If the company underestimates the amount of allocation base when calculating its predetermined manufacturing overhead rate but estimates the amount of manufacturing overhead correctly, the amount of
If manufacturing overhead is overallocated for the period by $100, thena. The $100 should be prorated between Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.b. Actual
When a company uses direct labor, it traces the cost to the job by debitinga. Direct Labor.b. Wages Payable.c. Manufacturing Overhead.d. Work in Process Inventory.
For which of the following reasons would the principal partner of a consulting firm want to know the total costs of a job (serving a particular client)?a. For inventory valuationb. For external
Categorize each of the following activities as to which management responsibility it fulfills: planning, directing, or controlling. Some activities may fulfill more than one responsibility.a.
Companies are facing a great amount of change in every facet of their operations today. To remain competitive, companies must keep abreast of current developments in several areas. You recently got
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility.)
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