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managerial accounting
Questions and Answers of
Managerial Accounting
Zac Hill is considering starting a Web-based educational business, e-Prep MBA. He plans to offer a short-course review of accounting for students entering MBA programs. The materials would be
Mi Tierra Driving School charges \(\$ 200\) per student to prepare and administer written and driving tests. Variable costs of \(\$ 120\) per student include trainers' wages, study materials, and
Fox Club Clothiers is managed as traditionally as the button-down shirts that have made it famous. Arch Fox founded the business in 1972 and has directed operations "by the seat of his pants" ever
The contribution margin income statement of Krazy Kustard Donuts for March 2008 follows:Krazy: Kustard sells 2 dozen plain donuts for every dozen custard-filled donuts. A dozen plain donuts sells for
Saffron Restaurant Supply is opening early next year. The owner is considering two plans for paying her employees. Plan 1 calls for paying employees straight salaries. Under plan 2, Saffron would pay
Go Spirit imprints calendars with college names. The company has fixed costs of \(\$ 1,104,000\) each month plus variable costs of \(\$ 3.60\) per carton of calendars. Go Spirit sells each carton of
Retirement Investors is opening an office in Denver. Fixed monthly costs are office rent ( \(\$ 2,500\) ), depreciation on office furniture ( \(\$ 260\) ), utilities ( \(\$ 380\) ), special telephone
Suppose your sister Sandra and her three best friends start a small business making headed bracelets. They plan to purchase the materials, assemble the jewelry themselves, and sell the finished
Hunter Company adds all materials at the beginning of its manufacturing process. Production information for selected months of the year follows:Required:1. Reconcile the number of physical units
Neechi Company adds all materials at the beginning of its manufacturing process. Production information for the third quarter of the year follows:Required:1. Reconcile the number of physical units
GoFly Company manufactures kites and has the following information available for the month of April:Required:Using the weighted average method, complete each of the following steps:1. Reconcile the
Refer to E3-4 for information regarding GoFly Company.Required:Complete all requirements for E3'4 using the FIFO method.Data from E3-4GoFly Company manufactures kites and has the following
Tien Company manufactures plastic storage crates and has the following information available for the month of April:Required:Using the weighted average method of process costing, complete each of the
Refer to E3-6 for information regarding Tien Company.Required:Complete all requirements for E3-6 using the FIFO method.Data from E3-6Tien Company manufactures plastic storage crates and has the
Raindrop Company manufactures umbrellas and has the following information available for the month of May:Required:Using the weighted average method of process costing, complete each of the following
Refer to E3-8 for information regarding Raindrop Company.Required:Complete all requirements for E3-8 using the FIFO method.Data from E3-8Raindrop Company manufactures umbrellas and has the following
Smith Company manufactures pencils and has the following information available for the month of July:Required:Using the weighted average method of process costing, complete each of the following
Refer to E3-10 for information regarding Smith Company.Required:Complete all requirements for E3-10 using the FIFO method of process costing.Data from E3-10Smith Company manufactures pencils and has
Hanson Company manufactures handheld calculators and has the following information available for the month of July.Required:Using the weighted average method of process costing, complete each of the
Refer to E3-12 for information regarding Hanson Company.Required:Complete all requirements for E3-12 using the FIFO method of process costing.Data from E3-12Hanson Company manufactures handheld
Crandall’s Ceramic Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process.Production Beginning inventory
Brockton Company’s Assembly department has the following production and manufacturing information for February:Units:14,000 in beginning inventory that are 100 percent complete for material and 20
Forrest Co. makes wooden tables.Required:Prepare the journal entries to record each of the following transactions:(a) Purchased $20,000 of raw materials on credit.(b) Issued $18,000 of direct
Rock'On Company produces wooden rocking chairs. The company has two sequential produc- tion departments, Cutting and Assembly. The wood is cut and sanded in Cutting and then trans- ferred to Assembly
Chico Company makes pinatas for children’s birthday parties. Information for Chico s last six months of operation follows:Required:Prepare the journal entries to record each of the following
Jambo Company produces homemade jam. The company has two sequential production depart¬ ments, Cooking and Canning. The fruit is washed and cooked in the Cooking department and then transferred to
Which of the following is most likely to use a process costing system?a. A company that builds and installs custom cabinetry.b. A company that makes one style of office chair.c. A janitorial
Work in process includesa. Direct materials.b. Direct labor.c. Manufacturing overhead.d. All of the above.
Suppose Shadow Company has 250 units in beginning inventory, 400 units started in production, and 175 units in ending inventory. How many units did Shadow complete?a. 25.b. 325.c. 475.d. Number
If Wilson Corp. has 450 units that are estimated to be 60 percent complete, how many equivalent units are there?a. 270.b. 210.c. 100.d. 450.
Masterson Company has calculated a cost per unit of \($4-00\) for materials and \($8.50\) for conversion to manufacture a specific product. Ending work in process has 1,000 units that are fully
Testa Company has no beginning work in process; 12,000 units were transferred out and 6,000 units in ending work in process are 100% complete for materials and 40% com¬ plete for conversion. If
Anderson, Inc., has 1,000 units of ending work in process that are 100% complete for materials and 60% complete for conversion. If the cost per equivalent unit is \($3\) for materials and \($6\) for
The primary difference between FIFO and weighted average methods of process costing has to do with the treatment ofa. Beginning inventory.b. Ending inventory.c. Number of units started.d. Direct
When calculating product cost using the weighted average method, which of the following amounts are combined?a. Ending finished goods and cost of goods sold.b. Beginning finished goods and cost of
The journal entry to record the issuance of direct materials into production includesa. A credit to cash.b. A debit to work in process.c. A credit to finished goods.d. A debit to cost of goods sold.
Identify three manufacturing and three nonmanufacturing firms in which process costing is likely used. For each, explain the characteristics of that company that make it appropriate to use a process
Roundtree Company had 575 units in work in process on January 1. During the month, Round- tree completed 2,400 units and had 1,000 units in process on January 31. Determine how many units Roundtree
Bedford Company produces carrying cases for CDs. It has compiled the following information for the month of June:Bedford adds all materials at the beginning of its manufacturing process. During the
Incontro Company manufactures file cabinets. The following cost information is available for the month of December.Incontro had 8,500 equivalent units of direct materials and 6,000 equivalent units
Randolph Company has the following production information for October: 30,000 units trans- ferred out and 10,000 units in ending work in process that are 100 percent complete for materials and 60
London Corp. had the following production information for August:London’s ending work in process is 100 percent complete for materials and 30 percent complete for conversion. London uses the
Refer to the information for London Corp. in M3-7. Prepare the journal entry to transfer the cost of completed units to Finished Goods Inventory.Data from M3-7London Corp. had the following
Refer to M3-4 for information regarding Bedford Company. Using the FIFO method, reconcile the number of physical units and calculate the number of equivalent units.Data from M3-4Bedford Company
Refer to M3-5 for information regarding Incontro Company. Using the FIFO method, calculate Incontro’s cost per equivalent unit for materials and conversion during December.Data from M3-5Incontro
The Cutting department of Malcom’s Textiles has the following information about production and costs for the month of July.Beginning work in process, 4,600 units that are 100 percent complete as to
The Cutting department of Malcom’s Textiles has the following information about production and costs for the month of July.Beginning work in process, 4,600 units that are 100 percent complete as to
During its first month of operation, Dutton Company purchased \($45,000\) of materials on account and requisitioned \($32,000\) of materials. The company also applied \($50,000\) of conversion
For Mi Tierra's Driving School, straight-line depreciation on the cars is:a. Variable costb. Fixed costc. Mixed costd. None of the above
Assume Telluride Railway is considering hiring a reservations agency to handle passenger reservations. The agency would charge a flat fee of \(\$ 10,000\) per month, plus \(\$ 1\) per passenger
If Telluride Railway's fixed costs total \(\$ 50,000\) per month, the variable cost per passenger is \(\$ 10\), and tickets sell for \(\$ 60\), what is the breakeven point in units?a. 1,000
Suppose Telluride Railway's total revenues are \(\$ 3\) million, its variable costs are \(\$ 1.8\) million, and its fixed costs are \(\mathrm{S} 0.6\) million. Compute the breakeven point in
If Telluride Railway's fixed costs total \(\$ 50,000\) per month, the variable cost per passenger is \(\$ 36\), and tickets sell for \(\$ 60\), how much revenue must the Railway have to earn \(\$
On a CVP graph, the total cost line intersects the vertical (dollars) axis at:a. The level of the fixed costsb. The level of the variable costsc. The breakeven pointd. The origin
If a company increases its selling price per unit for Product \(A\), then the new breakeven point willa. Increaseb. Decreasec. Remain the same
If a company increases its fixed costs for Product \(B\), then the contribution margin per unit willa. Increaseb. Decreasec. Remain the same
Telluride Railway had the following revenue over the past 5 years:To predict revenues for 2008 , Telluride uses the average for the past 5 years. The company's breakeven revenue is \(\$ 800,000\) per
Telluride Railway sells half of its tickets for the regular price of \(\$ 60\). The other half go to senior citizens and children for the discounted price of \(\$ 40\). Variable cost per passenger is
Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balance.The following transactions occurred during April.(a) Purchased materials on account, \($233,670.\)(b)
Tyler Tooling Company uses a job order costing system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead
Christopher’s Custom Cabinet Company uses a job order costing system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2009 follow:The following
The following information was obtained from the records of Appleton Corporation during 2009.• Manufacturing Overhead was applied at a rate of 80 percent of direct labor dollars.• Beginning value
Dobson Manufacturing Company uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the
Sampson Company uses a job order cost system with overhead applied to products based on direct labor hours. Based on previous history, the company estimated its total overhead for the coming year
What is the difference between a sequential process and a parallel processing approach to manufacturing? Give an example of each.
What is the difference between conversion cost and manufacturing overhead? Why would a company use a conversion cost account instead of a manufacturing overhead account?
Indicate whether each of the following statements is true or false. 1. Job order costing accumulates the costs of each process.2. Companies that manufacture cell phones use process costing.3. After
LG manufactures cell phones. The conversion costs to produce cell phones for November are added evenly throughout the process in the assembly department. For each of the following separate
FritoLay makes potato chips. At the end of the month, the ending work in process included 6,000 units in the Mixing Department. All materials are added at the beginning of the mixing process. What
The Mixing Department of Healthy Foods had 40,000 units to account for in October. Of the 40,000 units, 30,000 units were completed and transferred to the next department, and 10,000 units were \(30
Refer to S20-8. The Mixing Department of Healthy Foods has 40,000 equivalent units of materials and 33,000 equivalent units of conversion costs for October. The direct materials costs are \(\$
Refer to S20-8 and S20-9. Healthy Foods' costs per equivalent unit are \(\$ 0.75\) for direct materials and \(\$ 0.50\) for conversion costs. Calculate the cost of (1) the 30,000 units completed and
The Baking Department at Rainbow Bakery had no loaves in beginning inventory, started 15,000 loaves of bread, and completed 10,000 loaves during January.Requirements 1. What are the total loaves to
The Baking Department at Rainbow Baker had a beginning work in process inventory of 6,000 cakes, completed 10,000 cakes, and had 5,000 cakes in ending work in process inventory in
Calculate the missing items for each of the following flows of physical units. Dept. Dept. Dept. Units to account for: A 33 Z17 Beginning work in process 100 (3) 50 Started in production during
Pule produces kitchen cabinets in a two-stage process of milling and assembling. Direct materials are added in the Milling Department. Direct labor and overhead are incurred in both departments. The
Record the following process costing transactions in the general journal: a. Requisition of direct materials by the Milling Department, \(\$ 4,000\).b. Assignment of conversion costs to the
Paint My. World prepares and packages paint products. Paint My World has two departments: (1) Blending (2) Packaging. Direct materials are added at the beginning of the blending process (dyes) and
The following information was taken from the ledger of Riley Co. Ending inventory is 60%60% complete as to direct materials but 30%30% complete as to conversion work.Requirements 1. Compute the
The Assembly Department of Audio Manufacturers began June with no work in process inventory. During the month, production that cost \(\$ 41,200\) (direct materials, \(\$ 9,100\), and conversion
Anderson Winery in Napa Valley, California, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the
Clear Spring Company produces premium bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the bottling process, but packaging materials
Hall's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the
The Great Southern Furniture Company produces dining tables in a three-stage process: cutting, assembly, and staining. Direct materials (lumber) are added at the beginning of the cutting process, and
Jolly: Giant produces canned Italian green beans. The green beans more through three departments: (1) Mixing, (2) Retort (sterilization), (3) Packing. In the Mixing Department, green beans are
Chrome Accessories manufactures chrome bumpers for classic cars in a two-stage process that includes molding and plating. The direct materials (chrome) are added at the end of the plating process.
Goldman Company uses three departments to produce handles for kitchen cabinets. Forming the handles requires mixing the raw materials, molding, and drying.Goldman's Drying Department requires no
Stone Creek Furniture Factory (SCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1. SCFF had two jobs in process with the following
Refer to the information in E2-1 for Stone Creek Furniture Factory.Required:Prepare journal entries to record the materials requisitions, labor costs, and applied overhead.Data from E2-1Stone Creek
A weekly time ticket for Jim Bolton follows:Required:1. Determine how much of the $1,000 that Jim earned during this week would be charged to Job 271, Job 272, and Job 273.2. Explain how the time
Refer to the information presented in E2-3 for Jim Bolton.Required:Prepare a journal entry to record Jim’s wages or assuming they have not yet been paid.Data from E2-3A weekly time ticket for Jim
Spokesman Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost of each hike. Estimated costs and expenses for the coming year
Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 200 percent of direct labor cost. Selected manufacturing data follow:Required:Treating each
Cayman Custom Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be \($300,000\) and
Refer to the information presented in E2-7 for Cayman Company.Required:1. Prepare the journal entries to record actual and applied manufacturing overhead.2. Prepare the journal entry to transfer the
Refer to the information presented in E2-9 for Delamunte Industries.Required:Prepare the journal entries to record the cost of jobs completed.Data from E2-9Following is partial information for
Aquazona Pool Company is a custom pool builder. It recently completed a pool for the Drayna family (Job 1324) as summarized on the following incomplete job cost sheet.The company applies overhead to
The flow of costs through a company’s cost accounting system is summarized in the following T-accounts:Required:Describe the transactions represented by letters (a)-(i). When more than one debit
Roy’s Appliance Repair Shop uses a job order costing system to track the cost of each repair. Roy’s applies its “garage or shop” overhead at a rate of \($25\) per direct labor hour spent on
Which of these companies would use process costing?a. Saatchi \& Saatchi advertising firmb. Accenture management consultantsc. Pace Foods, producer of Pace picante sauced. Amazon.com
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