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managerial accounting
Questions and Answers of
Managerial Accounting
Which of the following group of terms best describes the role of managerial accounting?a. Internal decision-making, future-focused rinb. Internal decision-making, past-focusedc. External reporting,
A company that sells finished products that it has acquired from a manufacturer to consumers is aa. Manufacturer gomtlonb. Merchandiserc. Service firm
What business model does Fezzari follow to sell its products to its customers?a. Sales through local bike shops. aib. Sales through large mass merchandisers.c. Sales direct to customers through
Approximately what percentage of accountants who begin their careers in public accounting will leave for positions in businesses and corporations?a. 50%b. 75%c. 90%d. 95%
Which of the following is the professional certification intended to indicate a level of knowledge LO6 and proficiency with accounting and financial management skills, including financial planning
Which type of accounting would produce reports relevant to stockholders?
Name the three types of business entities and briefly describe the nature of each.
In what way do manufacturing firms and merchandising firms work together to provide end consumers with products?
Pick any large company and identify which type of business entity it is.
Describe a manufacturing cell and contrast a cell to the equipment arrangement in a traditional manufacturing operation.
Describe and contrast stand-alone automation and flexible-manufacturing-system automation.
Which type of business model does Fezzari use?
What are the advantages of Fizzer's business model?
From where does Environmental Business Consultants, LLC, primarily obtain its client work?
List five job titles that an individual with an accounting degree may have during a career.
Describe the process an accounting graduate takes to obtain the CPA certification.
Can an individual with an accounting degree obtain only one professional certification?
Use the Internet to explore different career paths that an individual with the CMA certification can take.
Model Manufacturing is a company that specializes in producing model cars, trains, and airplanes for customers of all ages. Model has been in business for over 50 years, and has provided generations
Jones received a special order for 1,000 units of the XB4 engine part at a selling price of \(\$ 20\) per unit. Excess capacity exists to make this order. No additional selling costs will be
Gila Fashions operates three departments: Men's, Women's, and Accessories. Gila Fashions allocates fixed expenses (building depreciation and utilities) based on the square feet occupied by each
Consider Gila Fashions from S25-3. Assume that the fixed expenses assigned to each department include only:- Salary of the department's manager- Cost of advertising directly related to that
Rita Riley manages a fleet of 200 delivery trucks for Greely Corp. Riley must decide if the company should outsource the fleet management function. If she outsources to Fleet Management Services
Refer to S25-6. What qualitative factors should Riley consider before making her final decision? Exercise S25-6Rita Riley manages a fleet of 200 delivery trucks for Greely Corp. Riley must decide if
Car Components, Inc., has an inventory of 500 obsolete remote-entry keys that are carried in inventory at a manufacturing cost of \(\$ 80,000\). Production supervisor Leo George must decide whether
Rico buys a new treadmill for his training facility. The treadmill costs \(\$ 5,000\) and will generate annual cash flows of \(\$ 2,000\). What is the payback period?
José Munoz, owner of a water park, is considering adding a 50 -foot waterslide. The waterslide will cost \(\$ 20,000\). José estimates that the waterslide will generate annual cash flows of \(\$
The Hampton Corporation bought a new machine costing \(\$ 50,000\) with a 5 -year useful life and no residual value. The company plans to generate annual cash inflows of \(\$ 15,000\). Calculate the
To begin new operations in Chicago, the Serna Corporation bought a new building costing \(\$ 500,000\). The corporation expects the new facility to generate \(\$ 25,000\) in income annually.
Leo Franco owns a bowling alley. He wants to add a video arcade that would cost \(\$ 30,000\) and would have a 3 -year life and no residual value. Franco expects the video arcade to generate \(\$
Tom Higgins, a snow plowing service in Minnesota, bought a snowplow for \(\$ 125,000\). The snowplow will have a 6 -year useful life and no residual value. Tom expects the snowplow to generate \(\$
FreeStyle manufactures a variety of recreational foot bags. FreeStyle's total production cost is \(\$ 4\) per HackySack foot bag, as follows:Alba Athletics offers to buy 5,000 HackySack foot bags for
Challenger inflatable kayaks sell for \(\$ 65\) per kayak. The average cost for an inflatable kayak is \(\$ 42\), as follows:Challenger has enough idle capacity to accept a one-time-only special
Top managers at CalPaks are considering dropping the rolling backpacks product line. Company accountants have prepared the following analysis to help make this decision:Total fixed expenses will not
Johnson Company sells both designer and moderately priced jewelry: Top management is deciding which product line to emphasize. Accountants have provided the following data:The Johnson store in Boise,
Riva Snowboards manufactures fiberglass snowboards. The Z120 fiberglass snowboard has the following manufacturing costs per unit:Lima, Inc. has offered to make the Z120 snowboard for \(\$ 34\) per
Concert Sounds has damaged some custom speakers that cost the company \(\$ 10,000\) to manufacture. Owner Jim Buffett is considering two options for disposing of this inventory. One plan is to sell
Hoek Co. is considering the purchase of a new machine. The purchase price is \(\$ 120,000\). The owners believe the machine will generate net cash inflows of \(\$ 25,000\) annually. It will have to
The managers of Car Design are considering two investments in equipment. Equipment manufactured by Ward, Inc., costs \(\$ 1,000,000\) and will last for 5 years, with no residual value. The Ward
Use the net present value method to determine whether Stuebs Products should invest in the following projects:- Project A: Costs \(\$ 275,000\) and offers eight annual net cash inflows of \(\$
Refer to Exercise E25-25. Compute the internal rate of return of each project, and use this information to identify the better investment. Exercise E25-25Use the net present value method to
The Hat Man's contribution margin income statement follows:Sports King has offered to purchase 5,000 beanie caps for $0.70 per cap, which is considerably below the normal sale price of
The following operating income data of Sam's Sportswear highlight the losses of the T-shirts product line:Sam is considering discontinuing the T-shirts product line. The company's accountants
Outdoor Living specializes in outdoor furniture and spas. Owner Cheryl Homberg is expanding the store. She is deciding which product line to emphasize. To make this decision, she assembles the
Healthy Grain, Inc., makes organic cereal. Cost data for producing 140,000 boxes of cereal each year are as follows:Suppose General Mills will make the cereal and sell it to Healthy Grain for \(\$
Seminole Petroleum has spent \(\$ 200,000\) to refine 60,000 gallons of petroleum distillate. Suppose Seminole can sell the distillate for \(\$ 6\) a gallon. Alternatively; it can process the
Jasso Co. manufactures motorized wheelchairs. The company is considering an expansion. The plan calls for a construction cost of \(\$ 5,200,000\). The expansion will generate annual net cash inflows
Milagro Café is considering two alternative expansion plans. Plan \(\mathrm{A}\) is to open four cafés at a total cost of \(\$ 2,090,000\). Expected annual net cash inflows are \(\$ 400,000\), with
LMS, Inc. manufactures stadium seat cushions. LMS's contribution margin income statement for the most recent month contains the following data:Underwood Company has offered \(\$ 9\) per unit for
IPond Corp. produces two lines of MP3 players: 512MB and 1GB, Because IPond can sell all the MP3 players it can produce, the owners are expanding the plant. They are deciding which product line to
Weekenders manufactures wooden decks. The costs to make 1,800 7-ply decks from maple wood are:Suppose Weekenders can purchase 7-ply decks from Lancaster Company for \(\$ 14\) each. Weekenders would
Playtime, Inc. is considering purchasing an amusement park in El Paso, Texas, for \(\$ 2,000,000\). The new facility will generate annual net cash inflows of \(\$ 520,000\) for eight years. Engineers
CoverUp, Inc., produces one model of seat cover. Partial information for the company follows:Required:1. Complete the table.2. Calculate CoverUp’s contribution margin ratio and its total
Tina Sutton delivers flowers for several local flower stores. She charges clients \($0.85\) per mile driven. Tina has determined that if she drives 1,200 miles in a month, her average operating cost
Hot Dog, Inc., makes one type of doggie sweater that it sells for \($25\) each. Its variable cost is \($11\) per sweater and its fixed costs total \($8,600\) per year. Hot Dog currently has the
StaySafe Company produces one security door model. A partially complete table of its costs follows:Required:1. Complete the table.2. StaySafe sells its doors for \($200\) each. Prepare a contribution
Lemming Company produces two backpack models. Information about its products follows:Lemming’s fixed costs total $51,700.Required:1. Determine Lemming’s weighted average contribution margin and
MowFun Company produces two models of electric lawnmower. Information about MowFun’s products is given below:MowFun’s fixed costs total $82,980.Required:1. Determine MowFun’s weighted average
In making short-term special decisions, you should:a. Separate variable from fixed costsb. Focus on total costsc. Use a conventional income statement approachd. Discount cash flows to their present
In deciding whether to drop its electronics product line, Best Buy's managers would consider:a. The revenues it would lose from dropping the product lineb. The costs it could save by dropping the
In deciding which product lines to emphasize, a company's managers should focus on the product line that has the highest:a. Profit per unit of productb. Contribution margin per unit of the
Suppose a restaurant is considering whether to (1) bake bread in-house or (2) buy the bread from a local bakery. The chef estimates that variable costs for each loaf include \(\$ 0.50\) of
In computing the accounting rate of return for a business expansion, the company's managers would consider all of the following except:a. Present value factorsb. The cost of the expansionc.
Suppese a company is deciding whether to purchase new software. The payback period for the \(\$ 30,000\) software package is 4 years, and the software's expected life is 6 years. What are the
In computing the net present value of the Snow Park Lodge expansion, managers would consider all of the following except:a. Predicted net cash inflows over the life of the expansionb. The cost of the
Suppose Prentice Hall is considering investing in warehouse-management software that costs \(\$ 500,000\) and should lead to cost savings of \(\$ 120,000\) a year for its 5 -year life. If Prentice
Pizza Pizazz is a local restaurant. Price and cost information follows:Required:1. Determine Pizza Pizazz’s break-even point in units and sales dollars.2. Determine the restaurant’s margin of
Refer to the information for Pizza Pizazz in E6-2.Required:1. Calculate Pizza Pizazz s new break-even point under each of the following independent scenarios:a. Sales price increases by $1.00 per
Paddle Away, Inc., makes one model of wooden canoe. Partial information for it follows.Required:1. Complete the preceding table.2. Suppose Paddle Away sells its canoes for \($550\) each. Calculate
Refer to the information in E6-4 regarding Paddle Away.Required:1. Suppose that Paddle Away raises its selling price to \($675\) per canoe. Calculate its new break-even point in units and in sales
Cory Bryant runs a courier service in downtown Phoenix. He charges clients \($0.50\) per mile driven. Cory has determined that if he drives 3,000 miles in a month, his total operating cost is
Last month, Willsted Company sold 450 units for \($25\) each. During the month, fixed costs were \($2,520\) and variable costs were \($7\) per unit.Required:1. Determine the unit contribution margin
Peggy’s Ribbon World makes award rosettes. Following is information about the company:Required:1. Determine how many rosettes Peggy’s must sell to break even.2. Calculate the break-even point in
Refer to the information regarding Peggy’s Ribbon World in E6-8.Required:1. Suppose Peggy’s would like to generate a profit of \($800\). Determine how many rosettes it must sell to achieve this
Sonny Company and Cher Corp have degrees of operating leverage of 2.5 and 4.7, respectively. Both companies have net income of \($80,000.\)Required:1. Without performing any calculations, discuss
Longview Company is considering automating its manufacturing facility. Company information before and after the proposed automation follows:Required:1. Calculate Longview’s break-even sales dollars
Laurel Company and Hardy Inc. are separate companies that operate in the same industry.Following are variable costing income statements for the two companies showing their different cost
Refer to the information in M6-12 for Laurel Company and Hardy Inc.Required:1. Calculate each company’s degree of operating leverage.2. Explain why companies with the same total sales and net
Robbie’s Rent-A-Ride rents two models of automobiles: the standard and the deluxe. Information follows:Robbie’s total fixed cost is \($18,500\) per month.Required:1. Determine the contribution
Refer to the information presented in E6-14 for Robbie’s Rent-A-Ride.Required:1.Determine Robbie’s new break-even point in each of the following independent scenarios.a. Sales mix is 40/60.b.
BlueStar makes three models of camera lens. Its sales mix and contribution margin per unit follow:Required:1. Determine the weighted average contribution margin.2. Determine the number of units of
Refer to the information in E6-16 for BlueStar. Suppose the sales mix has shifted to 40/30/30.Required:1. Determine the new weighted average contribution margin.2. Determine the number of units of
Mojo Corp. makes three models of insulated thermos. Mojo has \($300,000\) in total revenue and \($180,000\) total variable costs. Its sales mix is given below:Required:1. Calculate the weighted
Refer to the information in E6-18 for Mojo Corp. Suppose Mojo has improved its manufacturing process and expects total variable costs to decrease by 20 percent. The company expects sales revenue to
Overhill, Inc., produces one model of mountain bike. Partial information for the company follows:Required:1. Complete the table.2. Calculate Overhill’s contribution margin ratio and its total
Fred Carson delivers parts for several local auto parts stores. He charges clients \($0.75\) per mile driven. Fred has determined that if he drives 2,000 miles in a month, his average operating cost
Cardinal Castles, Inc., makes one type of birdhouse that it sells for \($30\) each. Its variable cost is \($14\) per house, and its fixed costs total \($13,840\) per year. Cardinal currently has the
Simpson Company produces one golf cart model. A partially complete table of company costs follows:Required:1. Complete the table.2. Simpson sells its carts for \($1,200\) each. Prepare a contribution
Randolph Company produces two fountain pen models. Information about its products follows:Randolph’s fixed costs total $78,500.Required:1. Determine Randolph’s weighted average contribution
SewFun Company produces two models of sewing basket. Information about SewFun’s products is given below:SewFun’s fixed costs total $35,200.Required:1. Determine SewFun’s weighted average
Bubba and Roscoe are college friends planning a skiing trip to Aspen before the new year. They estimated the following costs for the trip:1. Bubba suggests that the costs be shared equally. Calculate
Weekly Corp. makes two products: C and D. The following data have been summarized:The company plans to manufacture 200 units of each product.Calculate the product cost per unit for Products C and D
Alamo, Inc., is a technology consulting firm focused on Web site development and integration of Internet business applications. The president of the company expects to incur \(\$ 706,000\) of
Xeno Products uses a JIT system to manufacture trading pins for the 2008 Olympic Games in China. The standard cost per pin is \(\$ 2\) for raw materials and \(\$ 3\) for conversion costs. Last month
Harry, Inc., manufactures motor scooters. For each of the following examples of quality costs, indicate the quality cost category it represents.P Prevention costs IF Internal failure costs A
Frederick, Inc., uses activity-based costing to account for its chrome bumper manufacturing process. Company managers have identified four manufacturing activities: materials handling, machine setup,
Eason Company manufactures wheel rims. The controller budgeted the following ABC allocation rates for 2009 :The number of parts is now a feasible allocation base because Eason recently purchased bar
Daisy Dog Collars uses activity-based costing. Daisy's system has the following features:Each collar has 3 parts; direct materials cost per collar is $8. Suppose PetSmart has asked for a bid on
Luxor, Inc., produces universal remote controls. Luxor uses a JIT costing system. One of the company's products has a standard direct materials cost of \(\$ 8\) per unit and a standard conversion
Cameron produces electronic calculators. Suppose Cameron's standard cost per calculator is \(\$ 24\) for materials and \(\$ 64\) for conversion costs. The following data apply to July
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