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managerial accounting
Questions and Answers of
Managerial Accounting
Refer to Granville Steel Parts in E7-28A. The owner feels like he’s in a giant squeeze play:The automotive manufacturers are demanding lower prices, and the steel producers have increased raw
James Griffin admired his friend Diamond Walker’s success at selling scarves at local craft shows (E7-33A), so he decided to make two types of plant stands to sell at the shows.James makes twig
Wellington Medical Supply is a retailer of home medical equipment. Last year, Wellington’s sales revenues totaled \($6,300,000\). Total expenses were \($2,200,000\). Of this amount, approximately
Dara Thompson operates a snow cone cart that she takes to outdoor fairs and festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently sells
Refer to Porterville Steel Parts in E7-51B. The owner feels like he’s in a giant squeeze play: The automotive manufacturers are demanding lower prices, and the steel producers have increased raw
Ibrahim Binney admired his friend Mariah DeLozier’s success at selling scarves at local craft shows (E7-56B), so he decided to make two types of plant stands to sell at the shows. Ibrahim makes
The controller for the Jubilee Corporation wants to use the what-if analysis tool in Excel to analyze the sales price, volume, and profit related to the graphics card it manufactures.The sales price
Claire Swanson operates a snow cone cart that she takes to outdoor fairs and festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently
Horner Work Wear, Inc., supplies uniforms for a variety of businesses. Xavier Hoffman is a new intern in the Accounting Department at Horner. To expand sales, the company is considering paying
Goose down is used in a wide variety of products, including jackets, bedding, and pillows.Lands’ End, a retailer of clothing and bedding items, uses goose down in many of its products.For a variety
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja spends \($0.50\) on each hot dog sold, including bun and condiments.
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja’s contribution margin per unit is \($1.50\) and her contribution
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja’s contribution margin per unit is \($1.50,\) and her contribution
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja’s contribution margin is \($1.50\) per hot dog sold. She has recently
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is currently \($300\), but she has been given the option of changing the arrangements to
Fleet Foot buys hiking socks for \($6\) a pair and sells them for \($10\). Management budgets monthly fixed expenses of \($10,000\) for sales volumes between 0 and 12,000 pairs.Requirements 1. Use
Fleet Foot buys hiking socks for \($6\) a pair and sells them for \($10.\) Monthly fixed costs are \($10,000\) (for sales volumes between 0 and 12,000 pairs), resulting in a breakeven point of 2,500
In making short-term special decisions, the decision-maker shoulda. focus on total costs.b. focus only on quantitative factors.c. separate variable costs from fixed costs.d. use a traditional
Which of the following costs is irrelevant to business decisions?a. Costs that differ between alternativesb. Variable costsc. Sunk costsd. Avoidable costs
When deciding whether to sell banana powder as is or to process further to make banana bread mix, managers should ignore which of the following?a. The cost of processing the banana powder further to
Refer to the Montrose Oil and Lube data in S6-7. Use the high-low method to determine the variable and fixed cost components of Montrose Oil and Lube’s operating costs. Use this information to
Refer to the hotel scatterplot in S6-11.1. Would the high-low method or regression analysis result in a more accurate cost equation for the data pictured in the scatterplot? Explain.2. A regression
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. An s-shaped line would represent a .b. The cost
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).1.
For each of the following situations, identify the independent variable and the dependent variable.a. Carron Corporation is trying to predict its monthly utilities cost. The cost manager has gathered
Refer to the Farnsworth Drycleaners in E6-23A. Assume that Farnsworth charges customers \($10\) per garment for dry cleaning. Prepare Farnsworth’s projected income statement if 4,260 garments are
Refer to the Broadway Floral data in E6-28A. Use Microsoft Excel to do the following:Requirements:1. Run a regression analysis.2. Determine the company’s cost equation (use the output from the
Refer to the laboratory overhead cost and activity data for Elmhurst Health Center in E6-32A. Use the high-low method to determine the laboratory’s cost equation for total laboratory overhead. Use
Using the data provided in E6-32A, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:Requirements:1.
The manager of the main laboratory facility at Elmhurst Health Center (from E6-32A) collects seven additional months of data after obtaining the regression results in E6-34A.The number of tests
Royal Industries has one product. Information about the production and sales of that product for the past year follow.The company had no beginning inventory.Requirements:1. Prepare two income
Charleston Carriage Company offers guided horse-drawn carriage rides through historic Greenville, South Carolina. The carriage business is highly regulated by the city. Charleston Carriage Company
Hadlock Manufacturing manufactures a single product that it will sell for \($68\) per unit. The company is looking to project its operating income for its first two years of operations.Cost
The annual data that follow pertain to Aqua Goggles, a manufacturer of swimming goggles (the company had no beginning inventory):Requirements:1. Prepare both conventional (absorption costing) and
Refer to the Whitman Drycleaners in E6-46B. Assume that Whitman charges customers \($9\) per garment for dry cleaning. Prepare Whitman’s projected income statement if 4,220 garments are cleaned in
Tamika Lotta, owner of Fourth Street Floral, operates a local chain of floral shops. Each shop has its own delivery van. Instead of charging a flat delivery fee, Lotta wants to set the delivery fee
Refer to Lotta’s Fourth Street Floral data in E6-51B. Use the high-low method to determine the company’s cost equation for van operating costs. Use your results to predict van operating costs at
Refer to the Fourth Street Floral data in E6-51B. Use Microsoft Excel to run a regression analysis, then do the following calculations:Requirements:1. Determine the firm’s cost equation (use the
The manager of the main laboratory facility at Rosedale Health Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies
Refer to the laboratory overhead cost and activity data for Rosedale Health Center in E6-55B. Use the high-low method to determine the laboratory’s cost equation for total laboratory overhead. Use
Using the data provided in E6-55B, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:Requirements:1.
Vintage Carriage Company offers guided horse-drawn carriage rides through historic Camden, South Carolina. The carriage business is highly regulated by the city. Vintage Carriage Company has the
Squire Manufacturing manufactures a single product that it will sell for \($77\) per unit. The company is looking to project its operating income for its first two years of operations.Cost
The annual data that follow pertain to Aquatic Optics, a manufacturer of swimming goggles (the company has no beginning inventory):Requirements:1. Prepare both conventional (absorption costing) and
Laksmana, Li & Associates, a consulting firm, is interested in predicting its monthly overhead costs. The controller imported its monthly cost data from the past two years into Excel. The monthly
Akaya Dawson is the Chief Operating Officer at Mercy Hospital in Atlanta, Georgia. She is analyzing the hospital’s overhead costs but is not sure whether nursing hours or the number of patient days
Suravi Uchil is the Chief Operating Officer at Union Hospital in Newark, New Jersey. She is analyzing the hospital’s overhead costs but is not sure whether nursing hours or the number of patient
World Strings produces student-grade violins for beginning violin students. The company produced 2,700 violins in its first month of operations. At month end, 800 finished violins remained unsold.
Fanfare Products, Inc., is a manufacturer of mobile devices. Keshunn is the plant manager at Fanfare’s Toledo, Ohio, plant. The Toledo plant manufactures a smartphone, the Zoom, which has sold well
Compute the(a) total fixed cost and(b) fixed cost per guest if the hotel has 16,000 guests next month. Compare the fixed cost per guest at the higher occupancy rate to the fixed cost per guest when
Assume the local fitness club charges a membership fee of \($30\) per month for unlimited use of the exercise equipment plus an additional fee of \($5\) for every instructor-led exercise class you
Sony makes MP3 players and uses both absorption and variable costing. Assume Sony incurred the following manufacturing costs in producing 10,000 MP3 players last month:1. What is the product cost per
The previous manager of Fitness-for-Life started the following schedule but left before completing it. The manager wasn’t sure but thought the club’s fixed operating costs were \($10,000\) per
As the new manager of a local fitness club, Fitness-for-Life, you have been studying the club’s financial data. You would like to determine how the club’s costs behave in order to make accurate
Kelley Industries makes high-performance swimwear for triathletes. Kelley’s manufacturing costs for the production of 100,000 swimsuits were as follows:Requirements:1. Calculate the product cost
Consider the Unity Gas proposed entry into the online ordering system in P1-42B.Bronson revises her estimates of the benefits from the new system’s lower labor costs.She now thinks the savings will
For several years running, the Over-the-Top Buffet, a Las Vegas Burburr all-you-can-eat attraction, has been voted the best buffet by several publications. The Over-the-Top Buffet offers a seemingly
Sheldon Products produces plastic containers through a blow-molding process. The company uses process costing because its products are generally homogeneous and are produced in large batches.Malachi
What characteristics of the product or manufacturing process would lead a company to use a process costing system? Give two examples of companies that are likely to be using process costing. What
What are conversion costs? In a job costing system, at least some conversion costs are assigned directly to products. Why do all conversion costs need to be assigned to processing departments in a
Dairymaid makes organic yogurt. The only ingredients, milk and bacteria cultures, are added at the very beginning of the fermentation process. At month end, Dairymaid has 100,000 cups of yogurt that
Dairymaid’s yogurt goes through two sequential processes in two departments: Fermenting and Packaging. Assume that in the Packaging Department, Step 4 of the process costing procedure indicated the
Florida Tile produces ceramic tiles using two sequential production departments: Tile-Forming and Tile-Finishing. The following information was found for Florida Tile’s first production process,
This problem extends the Summary Problem 1 to a second department. During May, Florida Tile Industries reports the following in its Tile-Finishing Department:Requirements:1. Complete the five-step
If a company sells one unit above its breakeven sales, then its operating income would be equal toa. the unit selling price.b. the fixed expenses.c. the unit contribution margin.d. zero.
How is the sales volume in dollars necessary to reach a target profit calculated?a. target profit ÷ unit contribution marginb. target profit ÷ contribution margin ratioc. (fixed expenses + target
The number of units to be sold to reach a certain target profit is calculated asa. target profit ÷ unit contribution marginb. target profit ÷ contribution margin ratioc. (fixed expenses + target
The breakeven point on a CVP graph isa. the intersection of the sales revenue line and the total expense line.b. the intersection of the fixed expense line and the total expense line.c. the
A shift in the sales mix from a product with a high contribution margin ratio toward a product with a low contribution margin ratio will cause the breakeven point toa. increase.b. decrease.c. remain
What is the margin of safety?a. The amount of fixed and variable costs that make up a company’s total costsb. The sales level at which operating income is zeroc. The difference between the sales
All of the following would be considered a company with high operating leverage, except a(n)a. airline company.b. t-shirt kiosk in a mall.c. hotel chain.d. amusement park.
When analyzing the impact of various combinations of sales price and volume on profit by using a what-if analysis in Excel, which of the following items would be needed?a. Total fixed expensesb.
The purchasing manager for Rockwell Hall Bags has been able to purchase the material for its signature handbags for \($9\) less per bag than in the prior year. Keeping everything else the same, what
Suppose a company can replace the packing material it currently uses with a biodegradable packing material. The company believes this move to biodegradable packing materials will be well received by
Explain why departmental overhead rates might be used instead of a single plantwide overhead rate.
Assume a job with one stair climber requires 5 direct labor (DL) hours to produce: 3 DL hours in the Machining Department and 2 DL hours in the Assembly Department. Use the plantwide overhead rate
Which of the following would you expect to see at a company that espouses lean thinking?1. Larger inventories 2. Smaller batch sizes3. More organized workstations 4. Longer setup times 5.
Indianapolis Auto Parts (IAP) has a Seat Manufacturing Department that uses ABC. IAP’s activity cost allocation rates include the following:Suppose Ford has asked for a bid on 50,000 built-in baby
The CEO of IAP is concerned with the quality of its products and the amount of resources currently spent on customer returns. The CEO would like to analyze the costs incurred in conjunction with the
Gallagher Counter Co. produces quartz countertops in two sequential production departments: Forming and Polishing. The Polishing Department calculated the following costs per equivalent unit (square
Refer to the Arctic Springs Filtration Department Data Set.1. Compute the December conversion costs in the Filtration Department.2. If the Filtration Department completely processed 200,000 liters,
Refer to the Arctic Springs Filtration Department Data Set. At Arctic Springs, water is added at the beginning of the filtration process. Conversion costs are incurred evenly throughout the process,
Refer to the Arctic Springs Filtration Department Data Set.Complete Steps 3 and 4 of the process costing procedure: Summarize total costs to account for and then compute the cost per equivalent unit
Refer to the Arctic Springs Filtration Department Data Set. Complete Step 5 of the process costing procedure: Assign costs to units completed and to units in ending inventory. Prepare a schedule that
Refer to the Arctic Springs Filtration Department Data Set.1. Record the journal entry to transfer the cost of the 160,000 liters completed and transferred out of the Filtration Department and into
Refer to the Arctic Springs Bottling Department Data Set.1. Draw a time line.2. Complete the first two steps of the process costing procedure for the Bottling Department: summarize the physical flow
Refer to the Arctic Springs Bottling Department Data Set and. Complete Steps 3 and 4 of the process costing procedure: Summarize total costs to account for and then compute the cost per equivalent
Refer to the Arctic Springs Bottling Department Data Set. Complete Step 5 of the process costing procedure: Assign costs to units completed and to units in ending inventory.Arctic Springs produces
Refer to the Arctic Springs Bottling Department Data Set 1. Prepare the journal entry to record the cost of units completed and transferred to finished goods.2. Post all transactions to the Work in
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).
Golden Sun Bakery mass-produces bread using three sequential processing departments:Mixing, Baking, and Packaging. The following transactions occurred during April:Requirements:1. Post each of these
Patty’s Pumpkin Pies collected the following production information relating to November’s baking operations:Requirements:Complete the first two steps in the process costing procedure:1.
Refer to the Churning Department information for Woodson Dairy in E5-31A.Requirements:1. What journal entry(s) would have been made during the month to record manufacturing costs? (Use Wages Payable
Paulson Winery in Albany, New York, has two departments: Fermenting and Packaging.Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging
Alpha Semiconductors experienced the following activity in its Photolithography Department during December. Materials are added at the beginning of the photolithography process.Requirements:1.
Early Start Bakery mass-produces bread using three sequential processing departments:Mixing, Baking, and Packaging. The following transactions occurred during February:Requirements:1. Post each of
Refer to E5-47B and E5-48B. Assume the Landon Dairy Forming Department has the following costs per equivalent unit (EU) on its own production cost report for the month of January:Cost per EU
Grammer Chicken produces canned chicken a la king. The chicken a la king passes through three departments: (1) Mixing, (2) Retort (sterilization), and (3) Packing. In the Mixing Department, chicken
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began in Chapter. The components of the Burburr serial case can be completed in any order. Burburr Resorts &
Refer to E5-31A and E5-32A. Assume the Woodson Dairy Forming Department has the following costs per equivalent unit (EU) on its own production cost report for the month of January:Cost per EU
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