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managerial accounting
Questions and Answers of
Managerial Accounting
Keaton manufactures high-quality speakers. Suppose Keaton is considering spending the Following amounts oil a new quality program:Keaton expects this quality program to save costs, as follows:It also
The Niehbur Manufacturing Company in Hondo, Texas, assembles and tests electronic components used in handheld video phones. Consider the following data regarding component T24:The activities required
Lawton, Inc., manufactures bookcases and uses an activity-based costing system. Lawton's activity areas and related data follow.Lawton produced two styles of bookcases in April: the standard bookcase
Hampton Pharmaceuticals manufactures an over-the-counter allergy medication. The company sells both large commercial containers of 1,000 capsules to health-care facilities and travel packs of 20
High Range produces fleece jackets. The company uses JIT costing for its JIT production system.High Range has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On
Abram Technology's Assembly Department, which assembles and tests digital processors, reports the following data regarding processor G27:The activities required to build the processors are as
Woodway Furniture manufactures computer desks. The company uses activity-based costing. Its activities and related data follow.Woodway produced two styles of desks in April: the standard desk and an
Wallace. Inc., develops software for Internet applications. The market is very competitive. Wallace offers a wide variety of different softwarefrom simple programs that enable new users to create
Timekeepers produces sports watches. The company has a JIT production system and uses JIT costing.Timekeepers has two inventory accounts: Raw and In-Process Inventory and Finished Goods Inventory. On
Largo Toys is using a costs-of-quality approach to evaluate design engineering efforts for a new toy robot. The company's senior managers expect the engineering work to reduce appraisal, internal
CoverUp, Inc., produces one model of seat cover. Partial information for the company follows.Required:1. Complete CoverUp’s cost data table.2. Calculate CoverUp’s contribution margin ratio and
Refer to the information for CoverUp in PB5-4 Additional information for CoverUp’s most recent year of operations follows:Required:1. Without any calculations, explain whether CoverUp’s income
Thyme2Cook manufactures garden planters for growing fresh herbs to use in cooking. Individuals as well as local restaurants purchase the planters. Recently, the company incurred the following
Which of the following is not an assumption of CVP analysis?a. A straight line can be used to approximate the relationship between cost and revenue within the relevant range.b. Production and sales
Contribution margin ratio is represented bya. (Sales — Fixed Cost)/Sales.b. (Sales — Variable Cost)/Sales.c. (Fixed Cost — Variable Cost)/Sales.d. Variable Cost/Sales.
When total contribution margin equals total fixed cost, a company hasa. A net loss.b. Net income.c. Zero profit.d. Higher variable cost and fixed cost.
Baugh Company expects to sell 5,000 chairs for \($10\) per unit. The contribution margin ratio is 30 percent and Baugh will break even at this sales level. What are Baugh’s fixed
Whistler Co. sells one model of radio. Suppose its cost per radio is \($125\) and its total fixed costs are \($4,130\). Each radio sells for \($195\). How many radios must Whistler sell to break
Recent information for Shady Co., which makes automobile sunscreens, follows:If Shady wants to earn \($1,250\) profit next month, how many screens must it sell?a. 109.b. 136.c. 186.d. 225. Selling
Various information for Happy Camper Co., which makes sleeping bags, follows:How many sleeping bags did the company sell last month?a. 159.b. 250.c. 140.d. 390. Selling price per bag Total fixed cost
Refer to the information in question 7 for Happy Camper. Suppose it decides to lower its selling price to \($27\). How many sleeping bags must it sell to match last month’s profit?a. 585.b. 375.c.
Which of the following statements about a CVP graph is true?a. Total revenue is a downward-sloping line.b. Break even is the point at which the total revenue and total cost lines intersect.c. The
When performing multiproduct CVP analysisa. Sales mix is assumed to remain constant.b. An average contribution margin is used to determine the break-even point.c. Both a and b are true.d. The
Lezoli Enterprises sells handmade clocks. Its variable cost per clock is \($6\), and each clock sells for \($15\). Calculate Lezoli’s contribution margin per unit and contribution margin ratio. If
Refer to the information presented in M6-2. How many units must Lezoli sell to earn a profit of at least $5,400?Data from M6-2Lezoli Enterprises sells handmade clocks. Its variable cost per clock is
Refer to the information presented in M6-2. Suppose that Lezoli raises its price by 20 percent, but costs do not change. What is its new break-even point?Data from M6-2Lezoli Enterprises sells
Speedy Print makes advertising hangers that are placed on doorknobs. It charges \($0.04\) and estimates its variable cost to be \($0.01\) per hanger. Speedy’s total fixed cost is \($3,000\) per
Refer to the information presented in M6-5. Suppose that the cost of paper has increased and Speedy s variable cost per unit increases to \($0,015\) per hanger. Calculate its new break-even point
Allegra Company has sales of \($167,000\) and a bicak-even sales point of \($123,000\). Compute Allegra s margin of safety and its margin of safety ratio.
Theodora Patel makes stuffed teddy bears. Recent information for her business follows:If Theodora wants to earn \($1,250\) profit next month, how many bears will she have to sell? Selling price per
Refer to the information in M6-8 for Theodora Patel. If she sells 275 bears next month, determine the margin of safety in number of units, sales dollars, and percentage of sales.Data from
Refer to the information in M6-8 for Theodora Patel. Determine the degree of operating leverage if she sells 350 bears this month.Data from M6-8Theodora Patel makes stuffed teddy bears. Recent
Refer to the information in M6-8 for Theodora Patel. Suppose sales increase by 20 percent next month. Calculate the effect that increase will have on her profit.Data from M6-8Theodora Patel makes
Tien Company has two products: Product A has a contribution margin per unit of \($4\) and Product B has a contribution margin of \($6\) per unit. Calculate the weighted average contribution margin if
Bradshaw manufactures two products. Information follows:Calculate Bradshaw’s weighted average contribution margin per unit. Sales price Variable cost per unit Percentage of total sales Product A
Refer to the information presented in M6-14 Calculate the break-even point if Bradshaw’s total fixed costs are $230,000.Data from M6-14Bradshaw manufactures two products. Information
Refer to the information presented in M6-14 Suppose that each product’s sales price increases by 10 percent. Sales mix remains the same and total fixed costs are \($230,000\). Calculate the new
Information for Kandar Company follows:Determine Kandar’s (overall) weighted average contribution margin ratio. Product A Sales Revenue - Total Variable Cost Contribution Margin $40,000 12,000
Refer to the information presented for Kandar Company in M6-17. Determine its break-even sales dollars if total fixed costs are $35,000.Data from M6-17Information for Kandar Company follows:Determine
Refer to the information in M6-18 regarding Kandar Company. Determine target sales needed to earn a \($25,000\) target profit.Data from M6-18Refer to the information presented for Kandar Company in
Which statement is false?a. \(\mathrm{ABC}\) focuses on indirect costs.b. Information technology makes it feasible for most companies to adopt ABC.c. An \(\mathrm{ABC}\) system is more refined than
What is the activity cost allocation rate for:Two of Dell's production activities are kitting (assembling the raw materials needed for each computer in one kit) and boxing the completed products for
What are the kitting and boxing costs Kitting assigned to Boxing one desktop computer:Two of Dell's production activities are kitting (assembling the raw materials needed for each computer in one
Dell contracts with its suppliers to pre-kit certain component parts before delivering them to Dell. Assume this saves \(\$ 1.5\) million of the kitting cost and reduces the total number of parts by
Dell can use \(A B C\), information for what decisions?a. Pricingb. Cost curtingc. Product mixd. All of the above
Which of the following is true for Dell, the computer company?a. Most of Dell's costs are for direct materials and direct labor. Indirect costs are a small proportion of total costs.b. Dell uses only
Dell enjoys many benefits from using JIT. Which is not a benefit of adopting JIT?a. Ability to continue production despite disruptions in deliveries of raw materialsb. More space available for
Which account is not used in JIT costing?a. Work in process inventoryb. Conversion costsc. Raw and in-process inventoryd. Finished goods inventory
The cost of lost future sales after a customer finds a defect in a product is which type of quality cost?a. Internal failure costb. External failure costc. Appraisal costd. Prevention cost
Dell's spending on testing its computers before shipment to customers is which type of quality cost?a. Prevention costb. Appraisal costc. External failure costd. None of the above
Tweety Company manufactures one model of birdbath, which is very popular. Tweety sells all units it produces each month. The relevant range is 0-1,500 units, and monthly production costs for the
Refer to the information for Tweety Company in E5-1. Suppose it sells each birdbath for $20.Required:1. Calculate the unit contribution margin and contribution margin ratio for each birdbath sold.2.
Refer to the information for Tweety Company in E5-1. Tweety Company’s owner, Sylvester, believes that he can sell 2,000 birdbaths during the month of April and has predicted a contribu¬ tion
Valley Dental Services is a specialized dental practice whose only service is filling cavities. Valley has recorded the following for the past nine months.Required:1. Use the high-low method to
Refer to the information in E5-4 regarding Valley Dental.Required:1. Create a scattergraph using Valley’s activity and cost information and draw a line on the graph that you believe has the best
Refer to the information in E5-4 regarding Valley Dental.Required:1. Perform a least squares regression using Valley’s activity and cost information and state the linear cost equation (Y = A +
Consider Valley Dental’s cost equation results obtained in E5-6 using least-squares regression.Required:1. Determine Valley Dental’s contribution margin per unit and contribution margin ratio if
Aspen, Inc., manufactures one model of computer desk. The following data are available regarding units shipped and total shipping costs.Required:1. Prepare a scattergraph of Aspen’s shipping cost
Camp Sunshine offers overnight summer camp programs for children ages 10-14 every summer during June and July. Each camp session is one week and can accommodate up to 100 children. The camp is not
Refer to the Camp Sunshine data presented in E5-9.Required:1. Perform a least-squares regression analysis on Camp Sunshine’s data.2. Using the regression output, create a cost equation (Y = A + BX)
Consider Camp Sunshine’s cost estimated in E5-9 using the high-low method and E5-10 using regression. The two methods yielded very different results, especially in their estimates of fixed
Consider Camp Sunshine’s cost equation results obtained in E5-10 using least-squares regression. Suppose that Sunshine is contemplating staying open one additional week during the
Paddle Away, Inc., makes one model of wooden canoe. Partial information for it follows:Required:1. Complete the preceding table.2. Identify three costs that would be classified as fixed costs and
Refer to the information presented in E5-13 for Paddle Away. Each of the following scenarios is a variation of Paddle Away’s original data.Required:Prepare its contribution margin income statement
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 $875. If he
Frieda Carson delivers parts for several local auto parts stores. She charges clients $0.75 per mile driven. She has determined that if she drives 2,000 miles in a month, her average operating cost
The following information pertains to the first year of operation for Sonic Boom Radios, Inc.Required:Prepare Sonic Boom’s full absorption costing income statement and variable costing income
Larry’s Sporting Goods is a locally owned store that specializes in printing team jerseys. The majority of its business comes from orders for various local teams and organizations. While Larry’s
Refer to your solutions for Larry’s Sporting Goods in PA5-2.Required:1. Consider the pattern of Larry’s activity and costs throughout the year. Would you consider this to be a seasonal business?
Overhill, Inc., produces one model of mountain bike. Partial information for the company follows.Required:1. Complete Overhill’s cost data table.2. Calculate Overhill’s contribution margin ratio
Refer to the information for Overhill, Inc., in PA5-4 Additional information for Overhill’s most recent year of operations follows:Required:1. Without any calculations, explain whether Overhill’s
Happy Hula manufactures authentic Hawaiian hula skirts that are purchased for traditional Hawaiian celebrations, costume parties, and other functions. During its first year of business, the company
Boje, Inc. manufactures travel locks. The budgeted selling price is \(\$ 15\) per lock, the variable cost is \(\$ 10\) per lock, and budgeted fixed costs are \(\$ 15,000\). Prepare a flexible budget
Longman, Inc. is a manufacturer of lead crystal glasses. The standard materials quantity is 1 pound per glass at a price of \(\$ 0.40\) per pound. The actual results for the production of 7,000
Longman, Inc. manufactures lead crystal glasses. The standard direct labor time is \(1 / 5\) hour per glass, at a price of \(\$ 14\) per hour. The actual results for the production of 7,000 glasses
The following materials variance analysis was performed for Longman. Record Longman's direct materials journal entries. Actual Price x Actual Quantity $0.50 x 7,700 $3,850 Standard Price X Actual
The following labor variance analysis was performed for Longman. Record Longman's direct labor journal entries, Actual Rate Actual Hours Standard Rate Standard Rate Standard Hours allowed $14 (.20
Longman completed 70,000 glasses in 2008, at a standard cost of \(\$ 364,000\). The company sold all of them on account at a sale price of \(\$ 8.00\) each. There were no beginning or ending
Use the following information to prepare a standard cost income statement for Longman, using Exhibit 23-13 as a guide. Remember that unfavorable variances are added to cost of goods sold. Cost of
ErgoNow sells its main product, ergonomic mouse pads, for \(\$ 11\) each. Its variable cost is \(\$ 5.20\) per pad. Fixed costs are \(\$ 200,000\) per month for volumes up to 60,000 pads. Above
Ranger Pro Company managers received the following incomplete performance report:Complete the performance report. Identify the employee group that may deserve praise and the group that may be subject
Top managers of Kyler Industries predicted 2008 sales of 14,500 units of its product at a unit price of \(\$ 8\). Actual sales for the year were 14,000 units at \(\$ 9.50\) each. Variable costs were
Urieta, Inc. produced 1,000 units of the company's product in 2009. The standard quantity of materials was 3 yards of cloth per unit at a standard price of \(\$ 1\) per yard. The accounting records
The managers of Ennis DVD Co., a contract manufacturer of DVD drives, are seeking explanations for the variances in the following report. Explain the meaning of each of Ennis's materials, labor, and
Tulsa Paint Company's budgeted production volume for the month was 30,000 gallons of paint. The standard overhead cost included \(\$ 0.50\) variable overhead per gallon and fixed overhead costs of
The May 2008 revenue and cost information for Odessa Outfitters, Inc., follows:Prepare a standard cost income statement for management through gross profit. Report all standard cost variances for
Rocky Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Rocky allocates overhead based on yards of direct materials. The company's performance report
Samantha's Shades manufactures lamp shades. Samantha Sanders, the manager, uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and Sanders has only
Bria manufactures coffee mugs that it sells to other companies for customizing with their own logos. Bria prepares flexible budgets and uses a standard cost system to control manufacturing costs. The
Nambe Clay, Inc., produces clay products for art in elementary school art programs. The company's flexible budget income statement for January 2009 shows output levels of \(55,000,60,000\), and
Dawkins Co. assembles PCs and uses flexible budgeting and a standard COS1 system. Dawkins allocates overhead based on the number of direct materials parts. The company's performance report includes
Petra's Music manufactures harmonicas. Petra uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and Petra has only partial data for October. She
Nancini manufactures embroidered jackets. The company prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a jacket is based on static
Pecos Pecan Pads makes pressed pecan wood covers to prevent weed growth. During July 2009, the company produced and sold 44,000 rolls and recorded the following cost data:Requirements 1. Compute the
Momentum Corp., which manufactures skateboards, currently has two product lines, the Standard and the Deluxe, and $29,000 in total overhead.The company has identified the following information about
Wildwind Corp. is the manufacturer of wind chimes. It currently has two product lines, the Clear Tone and the Bella. Wildwind has $61,200 in total overhead.The company has identified the following
Muffmtop Company makes two models of snack cake, the poppyseed and the blueberry.Basic production information follows:Muffintop has monthly overhead of $135,000, which is divided into the following
Wayward Company makes two models of automobile navigation system, the SeldomLost and the NeverLost.Its basic production information follows:Wayward has monthly overhead of $521,870, which is divided
Review recent issues of business publications (e.g., BusinessWeek, The Wall Street Journal) for information about companies that have implemented activity based costing. Choose one company to
Existing businesses are often sold when the owner wants to retire, relocate, or simply change fields. Peruse your local newspaper or an online resource such as craigslist classifieds for businesses
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