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managerial accounting

Questions and Answers of Managerial Accounting

What are the major limitations of ABC?
Jordan?s Lakeside is a popular restaurant located on Lake Muskoka in Ontario. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern
Review what you have learned about activity-based costing.Required:1. Identify the four steps involved in an ABC system.2. Identify one benefit of ABC compared with a traditional costing system.3.
Chomyn Corporation provides a variety of consulting services to a diverse range of clients. The company has three support departments and two operating departments, whose cost details for a typical
Munoz Corporation uses ABC to determine product costs for external financial reports. At the beginning of the year, management made the following cost and activity estimates in the company?s five
Kramer Corporation is an office supplier dealing in a number of different products. It currently allocates its ordering and delivery costs to its residential and business customer groups on the basis
Why is ABC described as a “two-stage” costing method?
Sherri Rowland had recently been transferred to the home security systems division of National Home Products. Shortly after taking over her new position as divisional accountant, she came to know
Refer to the data in Exercise 5?3 for Sylvan Company. The activities during the year were distributed across the company?s four products as follows: Required: Compute the amount of overhead cost
Midwest Industrial Products Corporation makes two products: product H and product L. Product H is expected to sell 30,000 units and product L 50,000 units next year. A unit of either product requires
Hunter Corporation uses ABC to determine product costs for external financial reports. At the beginning of the year, management made the following cost and activity estimates in the company?s five
Sylvan Company uses activity-based costing to determine product costs for external financial reports. Some of the entries have been completed to the manufacturing overhead account for the current
Klumper Corporation is a diversified manufacturer of industrial goods. The company?s ABC system has the following six activity cost pools and activity rates: Cost and activity data have been
Look in the Yellow Pages or contact your local chamber of commerce or local chapter of CMA-Canada to find the names of manufacturing companies in your area. Call or make an appointment to meet with
?Does charging a uniform price to all customers really make sense?? This was the question that Lori Peters, founder and CEO of One Stop Shop (OSS), asked her management team. ?Charging a uniform
Siegel Corporation manufactures a product available in both a deluxe and a regular model. The company has made the regular model for years; the deluxe model was introduced several years ago to
Harrison Company makes two products and uses a conventional costing system in which a single plantwide, predetermined overhead rate is computed based on direct labour-hours. These products are
Why is ABC growing in popularity?
ClassicWindows is a small company that builds specialty wooden windows for local builders. For the year 20X4, Lori Newman prepared the following profitability statement for two of the company?s major
Juneau Company manufactures a variety of products in a single facility. Consultants hired by the company to do an ABC analysis have identified the following activities carried out in the company on a
The following activities are carried out in Greenberry Company, a manufacturer of consumer goods:a. Direct labour workers assemble a product.b. Engineers design a new product.c. A machine is set up
At the end of April, Department Z at the Tucumcare Glue Factory transferred all production to finished goods inventory. During May, the department started and fully completed 800 units. The month-end
Saskatchewan Pulses Company makes flour from high-protein lentils. It uses a process costing system. In the month of January, the company started 12,000 units and completed and transferred out 8,000
Last month, the Finishing Department of Rohirrim Inc. started 12,000 units into production. The department had 3,600 units in process at the beginning of the month, and these units were 50% complete
MacroMin Co. uses a weighted average process costing system. The following data are for the production department for December. The December ending work-in-process inventory was 75% complete with
The BerryPhoenix BrickWorks, in Saskatoon, Saskatchewan, manufactures high-quality bricks used in residential and commercial construction. The firm is small but highly automated and typically
Omartian Inc. uses the weighted average cost method in its process costing system. Information for department A for July is as follows: Required: 1. Calculate the degree of completion for direct
Under process costing, it is often suggested that a product is like a rolling snowball as it moves from department to department. Why is this an apt comparison?
Below is information about Gandalf Corp., a chemical producer, for October:Work in process, beginning inventory..................................................50,000 unitsTransferred
The Mixing Department of Saiorise Ltd., a producer of fabric for Broadway shows, has the following information regarding costs and output for March:Units:
Sauron Company incurred $140,000 in direct materials costs during May. Additionally, the 12,000 units in the work-in-process inventory on May 1 had a direct materials balance of $40,000 but were only
What is a quantity schedule, and what purpose does it serve?
Callisto Company manufactures chemical additives for industrial applications. As the new cost accountant for Callisto, you have been assigned the task of completing the production cost report for the
Victor Company had 30,000 units in process on December 31, 2014, 80% complete as to materials and 40% complete as to conversion costs. The company’s records show that 60,000 units were transferred
Lambda Company made an error in computing the percentage of completion of the current year’s beginning work-in-process inventory. The error resulted in the assignment of a higher percentage of
The following information pertains to production activities in the Refining Department of Storm Corporation. All units in work in process were costed using the weighted average cost flow
Iron Inc. manufactures paint in a highly automated process. Its costing system uses two cost categories: direct materials and conversion costs. Each batch of product must pass through the Mixing
In June, 4,750 units were completed and transferred out of the mixing process at Mudslide Industries Ltd. The ending work-in-process inventory was 500 units, 40% complete as to conversion costs and
Pureform, Inc. manufactures a product that passes through two departments. Data for a recent month for the first department follow: The beginning work-in-process inventory was 80% complete as to
Earth Company is a manufacturer of circuit boards. The company?s chief financial officer is trying to verify the accuracy of the ending work-in-process and finished goods inventories prior to closing
Refer to the data for Helox, Inc. in Exercise 4?4 and to the equivalent units and costs per equivalent unit you have computed there. Required: Complete the following cost reconciliation for the
Superior Micro Products uses the weighted average cost method in its process costing system. Data for the assembly department for May are given below: Required: 1. Compute the cost per equivalent
The production report includes a quantity schedule, the computation of equivalent costs and costs per equivalent units, and a cost reconciliation.Required:1. Learning teams of three (or more) members
Weston Products manufactures an industrial cleaning compound that goes through three processing departments?Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the
Helox, Inc. manufactures a product that passes through two production processes. A quantity schedule for a recent month for the first process follows: Costs in the beginning work-in-process
Builder Products, Inc. manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for
Refer to the data in Exercise 4–2.Required:Prepare quantity schedules and a computation of equivalent units for July for Department 1 using the FIFO method. Use the format of Exhibit 4–8/4-9.
Costs are accumulated by job in a job-order costing system. How are costs accumulated in a process costing system?
Assume you are the cost analyst who prepared the production report that appears in Exhibit 4–8. You receive a call from Minesh Patel, a new hire in the company’s Accounting Department, who is not
Alaskan Fisheries, Inc. processes salmon for various distributors. Two departments are involved?Department 1 and Department 2. Data relating to pounds of salmon processed in Department 1 during July
Clonex Labs, Inc. uses a process costing system. The following data are available for one department for October: The department started 175,000 units into production during the month and
?I think we goofed when we hired that new assistant controller,? said Ruth Scarpino, president of Provost Industries. ?Just look at this production report that he prepared for last month for the
Quality Brick Company produces bricks in two processing departments—Moulding and Firing. Information relating to the company’s operations in March follows:a. Raw materials were issued for use in
Hilox, Inc. produces an antacid product that goes through two departments?Cooking and Bottling. The company has recently hired a new assistant accountant, who has prepared the following summary of
Martin Company manufactures a single product. The company uses the weighted average cost method in its process costing system. Activity for June has just been completed. An incomplete production
Maurice Company allocates overhead using direct labour-hours. For 2016, the estimated and actual labour-hours were 180,000 and 167,000 respectively, and the predetermined overhead rate used to apply
Kay Kee Limited (KKL) is a company that manufactures customized toy racing cars complete with all kinds of gadgetry. KKL purchases all the components (direct materials) but assembles and finishes the
Almeda Products, Inc. uses a job-order costing system. The company’s inventory balances on April 1, the start of its fiscal year, were as follows:Raw
Cool Company applies manufacturing overhead on the basis of machine-hours. On December 31, the company?s manufacturing overhead control T-account included the following amounts for the whole
High Desert Potteryworks makes a variety of pottery products that it sells to retailers, such as Home Depot. The company uses a job-order costing system in which predetermined overhead rates are used
Answer each question independently.Required:1. Mirage Mirror’s predetermined overhead rate for manufacturing overhead is $18 per direct labour-hour. The direct labour rate is $24 per hour. If the
MNC provides customized engineering services to large manufacturing companies and uses a job-order costing system. The system provided the following information: MNC purchases materials as needed
Estimated cost and operating data for three companies for the upcoming year follow: Predetermined overhead rates are computed using the following bases in the three companies: Company ? ? ? ? ? ? ?
Osborn Manufacturing uses a predetermined overhead rate of $28.20 per direct labour-hour. This predetermined rate was based on 12,000 estimated direct labour-hours and $338,400 of estimated total
The following cost data relate to the manufacturing activities of Chang Company during the past year:Manufacturing overhead costs incurred:Indirect
Jurvin Enterprises recorded the following transactions for the past month. The company had no beginning inventories.a. $114,000 in raw materials were purchased for cash.b. $99,000 in raw materials
In an attempt to conceal a theft of funds, Snake N. Grass, controller of Bucolic Products, Inc., placed a bomb in the company?s record vault. The ensuing explosion left only fragments of the
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. The overhead
Luthan Company uses a predetermined overhead rate of $13.40 per direct labour-hour. This predetermined rate was based on 19,000 estimated direct labour-hours and $254,600 of estimated total
Weyakwin Enterprises specializes in offering architectural consulting and design services to large clients. Given the nature of the services it provides, the company does not work on more than six
The Polaris Company uses a job-order costing system. The following data relate to October, the first month of the company’s fiscal year:a. Raw materials were purchased on account, $300,000.b. Raw
Larned Corporation recorded the following transactions for the past month:• On April 10, requisition number 15673 was issued for 40 titanium blanks to be used in the special order. The blanks cost
Harwood Company is a manufacturing firm that operates a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated
Kingsport Containers, Ltd. of the Bahamas experiences wide variation in demand for the 200-litre steel drums it fabricates. The leakproof, rustproof steel drums have a variety of uses, from storing
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labour-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be
White Company has two departments: cutting and finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The cutting department bases its
Leeds Architectural Consultants began operations on January 2. The following activity was recorded in the company?s work-in-process account for the first month of operations: Leeds Architectural
Cycle Gear Corporation has incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of next month:Direct materials:• On April 10, requisition number
When would job-order costing be used in preference to process costing?
Grass Roots Consulting Company (GRCC) provides a variety of services to clients. For the year 2016, it had established the following budget (i.e., estimated amounts): Consultants are paid at the
Case Construction Company, a three-year-old business, provides contracting and construction services to a variety of clients. Given that each construction job is different from the others, Susan
Biotechnologies Unlimited, Inc. (BUI), located in Sydney, Nova Scotia, is a small but growing biotech quality analysis organization that tests pesticides before they are used by farmers. The testing
Discon Corporation manufactures a popular doll called Teardrops. Last year the company started with 10,000 dolls, produced 240,000 dolls, and ended the year with 8,000 dolls. Each doll was sold for
Use the following abbreviations:• Prime costs = PC• Conversion costs = CC• Direct materials costs = DM• Direct labour costs = DL• Manufacturing overhead costs = MOHDevelop an equation that
Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31,
The following data is available for Crater Corporation?s North American division for the years 2014 and 2015. During these years there were no inventories in the system. Required: 1. Classify the
Selected account balances for the year ended December 31 are provided below for Superior Company: Selling and administrative salaries...........................$110,000Insurance,
Sage Ltd. had the following results for the month of March.Sales..........................................................$1,700,000Opening finished goods inventory...........$130,000Gross margin 40%
The following cost information is presented for Phoenix Ltd. for the most recent period.Cost of direct material used in manufacturing..............................$62,000Direct labour
Lompac Products manufactures a variety of products in its factory. Data for the most recent month’s operations follow:Beginning raw materials
Swift Company was organized on March 1 of the current year. After five months of startup losses, management had expected to earn a profit during August, the most recent month. Management was
The Ningbo Fortune Company produces custom-made linens for the hospitality industry. During the month of June, the company purchased 10,000 bolts of spun polyester fabric at the cost of $80 per bolt.
Last month Bims, a wedding dress retailer, had total sales of $3,000,000, selling expenses of $315,000, and administrative expenses of $385,000. The company had beginning merchandise inventory of
“Fixed costs are inversely proportional to volume. As volume decreases, fixed costs increase, and as volume increases, fixed costs decrease.” Do you agree with this statement? Explain why, or why
Give two examples each of variable and fixed costs.
The Mahela Company specializes in producing sets of wooden patio furniture consisting of a table and four chairs. The company has ample orders to keep production going at its full capacity of 2,000
Various costs, as given below, are associated with running a commercial bakery that supplies baked goods to local coffee shops: 1. Account manager?s salary. 2. Rent on building. 3. Flour used in the
“A variable cost varies per unit of activity, whereas a fixed cost is constant per unit of activity.” Do you agree with this statement? Explain why, or why not.
Steel production involves a large amount of fixed costs. Since competition is defined primarily in terms of price, steel manufacturers (and many of their manufacturing and service industry
?I was sure that when our cellphone hit the market it would be an instant success,? said Brittany Patel, founder and president of Sun Power Communications, Inc. ?But just look at the gusher of red

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