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business
managerial accounting

Questions and Answers of Managerial Accounting

Companies typically base their predetermined overhead rates on the estimated, or budgeted, amount of the allocation base for the upcoming period. This is the method that is used in the chapter, but
Companies typically base their predetermined overhead rates on the estimated, or budgeted, amount of the allocation base for the upcoming period. This is the method that is used in the chapter, but
Mountain Manufacturing Company produces custom stamped metal parts for a variety of customers in Western Canada. During January, the company had two jobs in process. Job A was an order for 1,200
Calgary Injection Moulding operates a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. In computing an overhead rate for the year, the company's estimates
Gordon Company is highly automated and uses computerized controllers in manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on
Under what conditions is it appropriate to use a process costing system?
What is the second-stage allocation in ABC?
While many Easy Learning (EL) customers develop their own educational content to use with the EL online learning platforms. some prefer to hire EL to develop content for them. Custom online content
Coverall Inc. produces and sells a unique type of case for a standard size tablet computer that is guaranteed waterproof but still allows for regular functionality of the tablet. The company has just
Give an example of how preparing a budget can lead to the coordination of activities between different functional areas in an organization.
What is the starting point when preparing a budget for a not-for-profit organization?
Auto Lavage is a Canadian company that owns and operates a large automatic car wash facility near Quebec. The following table provides data concerning the company's costs:The company expects to
Refer to the data in Exercise 9-8. Auto Lavage's actual level of activity was 8,100 cars. The actual revenues and expenses for October are given belowRequired1. Prepare a flexible budget performance
What is a stretch budget? What is a challenging but attainable budget?
Air Assurance Corporation provides on site air quality testing services. The company has provided the following data concerning its operations:The company uses the number of jobs as its measure of
Crydon Inc. manufactures an advanced swim fin for scuba divers. Management is now preparing detailed budgets for the third quarter, July through September, and has assembled the following information
Which budget schedule replaces the production budget for merchandising companies?
How might the volume variance be measured other than in dollars?
You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations:a. The cash
Springfield Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August, when the president establishes targets for total sales dollars and net operating
What are some possible causes of an unfavourable flexible budget variance for direct labour?
Franklin Products Limited manufactures and distributes a number of products to retailers. One of these products, SuperStick, requires four kilograms of material 0236 in the manufacture of each unit.
What are the three approaches to improving ROI?
The production department of Zan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year:In addition, 6,000 grams of raw materials inventory
The Bakery Department of Culbert Dessert Corporation has submitted the following forecast of fruit pies to be produced by quarter for the upcoming fiscal year.Each unit requires 0.30 direct
Colerain Corporation is a merchandising company that is preparing a budget for the third quarter of the calendar year. The company's balance sheet as of June 30 is shown belowColerain's managers have
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below:The company is in the process of preparing a budget for May and has
The following data relate to the operations of Soper Company, a wholesale distributor of consumer goods, as of March 31:a. The gross margin is 25% of sales.b. Actual and budgeted sales data are as
Refer to the data for Scott Products Inc. in Problem 9-21. The company's president is interested in knowing how reducing inventory levels and collecting accounts receivable sooner will impact
The Western Division of Keltic Company manufactures a vital component that is used in one of Keltic's major product lines. The Western Division has been experiencing some difficulty in coordinating
TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that
Garneau Manufacturing Ltd. produces and distributes a special type of chemical compound called Compound WX. The information below about Garneau's operations has been assembled to assist budget
Specialty Chemicals Ltd. makes a special powder coating for metal surfaces sold in envelope-style pouches. The main ingredient of this powder coating is a chemical known as X43. Information
Davis Division uses two raw materials-X33 and Z42-to produce its product called Base 23, a chemical base for interior house paint. The materials are mixed in the following standard proportions to
If employees are consistently unable to meet a standard, what effect would you expect this to have on their productivity?
Topline Surf Boards manufactures a single product. The standard cost of one unit of this product is as follows:During October, 6,000 units were produced. Selected data relating to the month's
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labour-hours, and its standard costs per unit are as follows:The company planned
Johnston Company (JC) sells two types of bicycles with details as follows for 2019:Required:1. Calculate the budgeted contribution margin for each model.2. Calculate the following variances:a.
Rest Easy produces two types of mattresses: Regular and Heavenly. Budgeted and actual data for 2018 were as follows:Market Data for 2019:Expected total market unit sales of mattresses: Regular
Affordable Electronics Inc. manufactures medium-quality, reasonably priced wireless speakers for home use. The company uses standards to control its costs. The labour standards that have been set for
Worldwide Credit Card Inc. uses standards to control the labour time involved in opening mail from cardholders and recording the enclosed remittances. Incoming mail is gathered into batches, and a
The standard cost card for the single product manufactured by Princess Company is given below:Last year, the company produced 6,800 units of product and worked 5,225 actual direct labour-hours.
Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107- were worked on during November and December. Job 105 was completed on December 10; the other two jobs
Gold Nest Company of Hong Kong is a family-owned enterprise that makes souvenirs for the tourist market. The company sells through an extensive network of trading companies that receive commissions
Grange Company has two departments. Stamping and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Stamping Department bases its
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March Job P and Job Q. Job P was completed and sold by the end of March
A company assigns overhead cost to completed jobs on the basis of 150% of direct labour cost The job cost sheet for Job 313 shows that $12,000 in direct materials was used on die job and that $16,000
How is the weighted average contribution margin per unit calculated for companies that sell two or more products?
Sportway Inc. produces high-quality tennis racquets and golf clubs using a patented forming process and high quality hand-finishing. Products move through two production departments: Forming and
Creative Web Design uses a job-order costing system to track the costs of its web design projects. The company provides complete website design and hosting services. The following table provides data
Cretin Enterprises uses a predetermined overhead rate of $7 .50 per direct labour hour. This predetermined rate was based on 16,000 estimated direct labour-hours and $120,000 of estimated total
Melissa Loester, the new controller of PowerDrives Inc., has just returned from a seminar on the choice of the activity level in the predetermined overhead rate. Even though the subject did not sound
Logan Products computes its predetermined overhead rate annually on the basis of machine-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $348,000 and
When would job-order costing be used instead of process costing?
Patterson Products Inc. is considering an upgrade to its manufacturing equipment. The two upgrade options under consideration are shown below.The selling price of the company's product is $120 per
Colby Limited is a manufacturing company whose total factory overhead costs fluctuate somewhat from year to year, according to the number of machine-hours worked in its production facility. These
Running Data began operations on February 1. The company produces GPS watches designed for runners. On February 15, the company purchased 1,000 DVD discs to include with each running watch it sells.
Skate World is a merchandising company that sells skateboards both at its retail s tore and its online store. Results for the most recent three months are shown below.Required1. Identify each of the
For a manufacturing company, what is the difference between how the gross margin and contribution margin are calculated?
Why is it potentially problematic that the high-low method only uses two data points to determine the cost function?
Lilly Martin is a third-year university student who has operated her own lawn care business for the past four years. She has one employee, her younger brother, whom she pays $15 per hour. He has
The Outdoor Dining Company specializes in producing a set of wood patio furniture consisting of a table and four chairs. The set enjoys great popularity, and the company has ample orders to keep
The following information pertains to the most recent quarter at Precious Production Limited.1. Prepare a schedule of cost of goods manufactured.2. Prepare an income statement.3. Assume that the
What are some examples of things socially responsible organizations should provide for their employees?
Crosshill Company's total overhead costs at various levels of activity are presented below:Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The
A number of graphs displaying cost behaviour patterns are shown below. The vertical axis on each graph represents total cost, and the horizontal axis represents the level of activity
Wave Runners is a boat rental business that has the following costs over the relevant range of 12,000 to 18,000 operating hours for its boats:Required:1. Complete the schedule of the company's total
What is meant by the term margin of safety?
Which would be more appropriate in each of the following organizations-job-order costing or processcostr. ng?.a. A custom home builder.b. A music producer.c. A website designer.d. A business
John Ranton, president and founder of Running Mate, could hardly contain his excitement over the operating results for his company's second year of operations. Running Mate is an online retailer of a
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Given the facts in
Anand Limited manufactures drones for industrial use. Most of their costs are either true variable costs or fixed costs. However, an account analysis shows the following items are mixed costs.*The
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Given the facts in
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Estimate variable
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:By how much would
Describe a non-linear variable cost and give an example.
We Deliver operates a fleet of delivery trucks in Halifax. Analysis shows that if a truck is driven 105,000 kilometres during a year, the average operating cost is 11.4 cents ($0.114) per kilometer.
What is a mixed cost? Give some examples.
Classify the following fixed costs as normally being either committed or discretionary:a. Depreciation on buildings.b. Property taxes.c. Research and development.d. Maintenance on production
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:By how much would
What is the purpose of preparing a scattergram?
Learn Fast specializes in developing online training modules for its client~. Most of its costs are fixed but some have unusual cost behaviour patterns. For exan1ple, because of the intense
Waverley Welding Company provides welding services for a variety of industrial customers in the manufacturing, aerospace, and electronics industries. The number of jobs completed from one month to
Easy Learning (EL) develops on line learning platforms for companies using gamification techniques to make the learning experience engaging. Research shows that employees are far more likely to use
What determines the slope of a profit graph?
Mauro Products distributes a single product, a scarf; its selling price is $ I 5 and its variable cost is $12 per unit. The company's monthly fixed expense is $4,200. Required:1. Solve for the
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Given the facts in
James House is planning on starting a cleaning services business but has not decided whether he should focus on residential clients or commercial clients. His estimates of revenue, variable expenses,
Name the two approaches to break-even analysis. Briefly explain how each approach works.
Information for Drone On Limited is shown below:Total fixed expenses are $100,000 per month, and Drone On Limited is selling 1,000 drones per month.Required:1. The marketing manager argues that a
What effect would an increase in the income tax rate from 25% to 30% have on the break-even level of sales (dollars or units), assuming no change to price per unit, variable cost per unit, or fixed
What is meant by the term cost structure?
How is the weighted average contribution margin per unit calculated for companies that sell two or more products?
Teri Hall recently opened Sheer Elegance Inc., a store specializing in fashionable stockings. Hall has just completed a course in managerial accounting, and she believes that she can apply certain
Frieden Company's contribution format income statement for last month is shown below:Competition is intense, and Frieden Company's profits vary considerably from one year to the next. Management is
Estate Pension Services helps clients set up and administer pension plans that comply with tax Jaws and regulatory requirements. The firm uses a job-order costing system in which overhead is applied
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Given the facts in
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:If the air
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:If 10 air
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:If nine air

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