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business
introduction to management accounting
Questions and Answers of
Introduction To Management Accounting
Prove that Claudia must have sales of \($123,750\) (11,250 T-shirts) to earn a \($27,000\) profit if she reduces the cost per T-shirt from \($7.20\) to \($6\) and reduces total fixed cost from
If Claudia is more successful than anticipated in 2006 and sells 13,000 T-shirts by reducing her selling price to $11, and she also implements the variable and fixed cost changes described earlier,
What complications do you foresee in using CVP analysis if, in addition to her existing line of shirts, Claudia begins selling a deluxe line of shirts that cost\($11.50\) each and sell for $17?
Prove that Margaret’s sales must total \($602,703\) to earn an \($80,000\) profit.
Fresh Baked Cookie Company sells cookies in a large shopping mall. The following multiple step income statement was prepared for the year ending December 31, 2004.Cost of goods sold is a variable
The following multiple-step income statement was prepared for Steinmann’s Bait Shop for the year ending December 31, 2004.Required: Prepare a contribution income statement for Steinmann’s Bait
Quality Fishing Gear Company sells high-quality fiberglass fishing rods to retailers. The following multiple-step income statement was prepared for the year ending December 31, 2004.Required: Prepare
Ray Placid is considering opening the Placid Greeting Card Shop in a local mall. The store rent will be \($550\) per month, the cost of telephone service will be about \($95\) per month, and based on
Joe’s Pretzel Stand is located in the Orange Bowl stadium and sells pretzels during sporting events. The following information is available for 2004:• Selling price per pretzel is
The following information is available for Blaire’s Snow Cone Stand for 2004:• Selling price per snow cone is $1.25.• Cost of each snow cone is $0.30.• Rent paid for the stand at a local
The following is the contribution income statement for The Bivans Company:Required: Based on the contribution income statement for The Bivans Company, prepare a condensed contribution income
Refer to the information presented in problem 6-21.problem 6-21.The following is the contribution income statement for The Bivans Company:Required: Based on the contribution income statement for The
Following is the contribution income statement for The Lauren Company:Required: Based on The Lauren Company’s contribution income statement, prepare a condensed contribution income statement. Sales
Refer to the information presented in problem 6-23.Required: Prepare a multiple-step income statement for The Lauren Company.problem 6-23.Following is the contribution income statement for The Lauren
The following is the contribution income statement for Karl’s Athletic Shop:Required: Based on this contribution income statement, prepare a condensed contribution income statement for Karl’s
Refer to the information presented in problem 6-25.Required: Prepare a multiple-step income statement for Karl’s Athletic Shop.problem 6-25.The following is the contribution income statement for
Paradise Manufacturing makes weight-lifting equipment. During 2004, the following costs were incurred:Required: Prepare a contribution income statement for the year ended December 31, 2004.
The following information is available for Nicole’s Toy Manufacturing Company for 2004:Required: Prepare a contribution income statement for the year ended December 31, 2004. Percent Percent Amount
The following information is available for Rick’s Watch Company for 2004:Required: Prepare a contribution income statement for the year ended December 31, 2004. Percent Percent Amount Fixed
Alumacraft Manufacturing makes aluminum serving carts for use in commercial jetliners.During 2005, the following costs were incurred:Required: Prepare a contribution income statement for the year
Consider the costs involved in operating a fast-food restaurant such as McDonald’s. What are three examples of fixed costs?
Consider the costs involved in operating a fast-food restaurant such as McDonald’s. What are three examples of variable costs and the activity or activities that cause them to change?
Identify four additional costs of hosting the mountain climbing club party and describe the cost behavior of each if the number of guests changes.In this section, we defined and compared the two most
The total cost of $4,900 covers the cost of 175 guests. Based on the cost behavior information available, what is the largest possible number of guests that could attend the party within the $5,500
Consider the costs involved in operating a fast-food restaurant such as McDonald’s. What are three examples of activities that would have mixed costs?Assume you are the sales manager for the Hinds
Would it help you to know which delivery vehicle costs are fixed and which are variable? Why?
What other information would you need to gather before being able to estimate next year’s costs?
Why would the sales manager at Hinds Wholesale Supply Company be concerned about the cost of delivery vehicles?
Would you engage the services of an automotive expert to help separate costs into fixed and variable? Why or why not?Again assume you are a sales manager for the Hinds Wholesale Supply Company trying
List four costs you (or the automotive expert) would identify as part of the cost of operating the fleet of delivery trucks. Classify each by its cost behavior and the activity to which it
If an expert determined that the fixed cost of operating each vehicle is $3,000 per year and the variable cost is $0.10 per mile, what would be the expected cost of operating the fleet? (Assume there
Based on the information obtained from the scatter graph, what would be the maintenance cost of operating one delivery truck if we expected the truck to be driven 25,000 miles next year?
Based on the information obtained from the scatter graph, what would be the maintenance cost of operating a fleet of delivery trucks? (Assume there are eight trucks, and they are driven an average of
Using the high-low method and the data from our example, what would be the maintenance cost for operating one of the delivery trucks if we expected the truck to be driven 25,000 miles next year?
Using the high-low method and the information from our Hinds Company example, what would be the maintenance cost for operating the fleet of eight trucks, if each is to be driven 25,000 miles on
Indicate whether the following costs are more likely to be fixed (F), variable (V), or mixed(M) with respect to the number of units manufactured. Cost of the plant security guard 1234567 1. 2. Direct
Assume that you are trying to analyze the costs associated with driving your car. Indicate whether the following costs are more likely to be fixed (F), variable (V), or mixed (M)with respect to the
Assume that you are planning al arge party. As you are trying to figure out how much the party will cost, you decide to separate the costs according to cost behavior. Indicate whether the following
Assume that you have been assigned to analyze the costs associated with operating the law firm of Moore & Moore and Company. The law firm just moved into a new, large office building that it
Assume that you have been assigned to analyze the costs of a retail merchandiser, Auto Parts City. Indicate whether the following costs are more likely fixed (F), variable (V), or mixed (M) with
Assume that you work for Wilma Manufacturing Company and have been asked to review the cost of delivery truck maintenance. The company president, Wilma Hudik, is dissatisfied with the accounting
Consider the following scatter graphs:Required: Which of the scatter graphs (a orb) do you think would be more appropriate for determining the fixed and variable portions of a mixed cost? Explain
The following information pertains to Jacobs Incorporated:Required: Using the high-low method, determine the following:a. The variable cost element for selling expenseb. The fixed selling expensec.
The following information pertains to the Robin Rappaport Company:Required: Using the high-low method, determine the following:a. The variable cost element for packaging costb. The fixed packaging
The inspection department at the Rose Spiegel Company inspects every third unit produced.The following information is available for the inspection department:Required: Using the high-low method,
The plant manager has asked you to analyze the cost of electricity used in the manufacturing facility. Information for 2004 and 2005 follows:Required: Using the high-low method, determine the
The office manager has asked you to analyze the cost of service and supplies for the office copy machines. Information for 2004 and 2005 follows:Required: Using the high-low method, determine the
The production manager has asked you to analyze the cost of materials handling.Information for 2004 and 2005 follows:Required: Using the high-low method, determine the following:a. The variable cost
The sales manager has asked you to estimate the shipping cost that can be expected for 2006. Following is information for 2004 and 2005:Required: Estimate 2006 shipping cost assuming sales of 16,500
The transportation manager has asked you to estimate the operating cost that can be expected for the company jet for 2006. Following is information for 2004 and 2005:Required: Estimate the cost of
Tom Robinson is the owner of Robinson Fishing Guide Service. He is trying to estimate the cost of operating his fishing service next year. He expects to have 185 charters during 2006. The following
The following information pertains to Picon Manufacturing for 2003 and 2004:Required: Using the high-low method, determine the following:a. The variable cost per purchase order.b. The fixed cost of
Refer to the information from problem 5-32.Required: Using the scatter graph method, determine the following:a. The variable cost per purchase order.b. The fixed cost of operating the purchasing
Refer to the information from problem 5-32.Required:a. Use Microsoft Excel to prepare a scatter graph for the data presented.b. Estimate the fixed cost of operating the purchasing department for one
The following information pertains to Mendelsohn Bottled Spring Water:Required: Using the high-low method, determine the following:a. The variable cost per invoice processed.b. The fixed cost of
The following information pertains to Jillian Munter & Associates:Required: Using the high-low method, determine the following:a. The variable cost per computer repair.b. The fixed cost of
The following information is taken from Sweepy Broom Manufacturing Company:Required: Using the high-low method, determine the following:a. The variable production cost per unit.b. The total fixed
Refer to the information in problem 5-37.Required: Using the scatter graph method, determine the following:a. The variable production cost per unit.b. The total fixed production cost.c. The expected
Refer to the information in problem 5-37.Required:a. Use Microsoft Excel to prepare a scatter graph for the data presented.b. Estimate the total fixed production cost.c. Estimate the expected
Ace Computer Training offers short computer courses. The number of course sessions offered depends on student demand. The following information pertains to 2005:Required: Using the high-low method,
Refer to the information in problem 5—40.Required: Using the scatter graph method, determine the following:a. The variable cost per session.b. The total fixed cost of operating the company.c. The
Refer to the information in problem 5-40.Required:a. Use Microsoft Excel to prepare a scatter graph for the data presented.b. Estimate the total fixed cost of operating the company.c. Estimate the
The following information is taken from Miami Avionics Testing Service:Required: Using the high-low method, determine the following:a. The variable cost per test.b. The total fixed cost of operating
Refer to the information in problem 5-43.Required: Using the scatter graph method, determine the following:a. The variable cost per test.b. The total fixed cost of operating the testing facility.c.
Refer to the information in problem 5-43.Required:a. Use Microsoft Excel to prepare a scatter graph for the data presented.b. Estimate the total fixed cost of operating the testing facility.c.
The following information is for the Valdez Supply Company:Required: Assuming salesis the activity base, use the high-low method to determine the variable cost element and the fixed cost element of
The following information is for the General Production Company:Required: Assuming units produced is the activity base, use the high-low method to determine the variable cost element and fixed cost
Consider the following mathematical formula: y = a + bx Required: Match the variables to the correct descriptions. Some variables have two 1234 correct matches. 1. y 2. a 3. b X 4. a. Independent
Mr. Robinson, the director of Medical Diagnostics Clinic, is preparing a presentation to the clinic’s board of directors about the fee charged for thallium stress tests. Part of the presentation
Accents Furniture Company has been in business for two years. When the business began, Accents established a delivery department with a small fleet of trucks. The delivery department was designed to
Mr. Reed is considering starting his own business. He has worked for a large corporation all his life and desires a change of pace. He is most interested in retail merchandising, but does not know
The Bowl-O-Mat operates a small chain of bowling alleys in southern Florida. Bowl-OMat’s president, Al Palmer, is considering adding a supervised playground facility to each of the bowling alley
The following information is for the Maupin Gift Shop:Required:a. Assuming sales is the activity base, use the high-low method to determine the variable cost element and the fixed cost element of
Why is the amount of overhead allocated to the simple trimming blades under ABC different from what it was under traditional overhead allocation?
Which overhead allocation do you think more accurately reflects the cost of the manufacturing overhead resources consumed to make the simple trimming blades? Why?
If you owned a factory, would you prefer that employees spend time setting up production equipment or producing product? Explain.
If the production manager was able to use one less mold when making a boat, would the cost allocated to that boat be less? Is it likely that the company’s actual set-up cost would also be less?
The president of Simple Products, Inc. is attending a management seminar and has just heard about activity-based costing. He wonders whether it would help his company.Simple Products, Inc. uses
The president of Complex Products, Inc. is attending a management seminar and has just heard about activity-based costing. She wonders whether it would help her company.Complex Products, Inc. uses
The following estimates are available for Violette Manufacturing for 2004.Violette Manufacturing uses a traditional overhead allocation system. Manufacturing overhead is allocated based on direct
The following estimates are available for George Manufacturing for 2004:George Manufacturing uses a traditional overhead allocation system. Manufacturing overhead is allocated based on direct labor
Salter Equipment Company began the following jobs during March 2004:Required:a. Calculate the cost of each job using direct labor hours as the allocation base for all overhead.b. Calculate the cost
Jack Klett Equipment Company began the following jobs during August 2004:Required:a. Calculate the cost of each job using direct labor hours as the allocation base for all overhead.b. Calculate the
Vazquez Manufacturing Company began the following jobs during July 2004:Required:a. Calculate the cost of each job using direct labor hours as the allocation base for all overhead.b. Calculate the
Name four products (other than those mentioned in the text) for which process costing would be appropriate.
Name four products (other than those mentioned in the text) for which job order costing would be appropriate.
Are any products difficult to classify? List some and explain the difficulty.
The accounts payable department verifies that the information on the vendor’s invoice matches the purchase requisition, the purchase order, and the receiving report. In each of the following
Following is a list of several products.Required: For each item, indicate whether job order costing (J) or process costing (P)would be the preferred costing method. 1.. 2. Commercial jetliners Hair
The Jessie Lynne Company manufactures playground equipment. For 2004, budgeted manufacturing overhead is \($240,000\). Budgeted direct labor is 30,000 hours at a cost of \($384,000\). Budgeted
The Griswald Company allocates manufacturing overhead to production based on direct labor hours. The following information is available for Griswald:Required:a. Compute Griswald’s overhead
This problem is a continuation of problem 3-7 and requires journal entries based on the overhead calculations for the Griswald Company.Required: Appendix: Prepare the following journal entries:1.
The Anderson Company allocates manufacturing overhead to production based on machine hours. The following information is available for Anderson:Required:a. Compute Anderson’s overhead allocation
This problem is a continuation of problem 3-9 and requires journal entries based on the overhead calculations for the Anderson Company.Required: Appendix: Prepare the following journal entries:1.
The Nunez Company allocates manufacturing overhead to production based on cost of direct labor. The following information is available for Nunez:Required:a. Compute the overhead allocation rate for
Slater Industries makes custom optical glass equipment. The company began two jobs during January 2004. There was no beginning inventory. The following information is available:Slater’s estimated
Willig-Davis Cleaning Equipment began two jobs during March 2004. There was no beginning inventory. The following information is available:The company estimated manufacturing overhead for 2004 is
Williams Company began operations in June 2004. During that month, two jobs were started. The following costs were incurred:Factory overhead is applied at 60% of direct labor cost. During the month,
Seth Levine Manufacturing began operations in August 2004. During that month, two jobs were Started. The following costs were incurred:Factory overhead is applied at 50% of direct labor cost. During
Stacy Sexton Manufacturing began operations in September 2004. During that month, two jobs were started. The following costs were incurred:Factory overhead is applied at 120% of direct labor cost.
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