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managerial accounting
Questions and Answers of
Managerial Accounting
Suppose a company budgets \(\$ 5\) million for customer service costs but actually spends \(\$ 4\) million.a. Because this \(\$ 1\) million variance is favorable, management does not need to
Petra prepared a budget for her summer break. She planned to earn \(\$ 3,000\) working for 3 months in a restaurant in Vail, Colorado. She planned to spend \(\$ 2,700\) on housing, food, and other
Identify the order in which you would prepare the following components of the operating budget. Number from 1 to 4 to indicate first to last in preparation. (p. 1105)a. Budgeted income statementb.
Eagle Outfitters expects to sell 5,000 water bottles in January and 6,000 water bottles in February for \(\$ 10\) each. Prepare the sales budget for January and February.
Eagle Outfitters expects revenue of \(\$ 2,000\) in June, \(\$ 1,500\) in July, and \(\$ 1,800\) in August for sales of hiking socks. Suppose the cost of goods sold averages \(40 \%\) of sales.
Eagle Outfitter's store in Butte, Montana, is projecting sales as follows: January, \$50,000; February, \$80,000; March, \$40,000; April, \$50,000. Cash sales are \(60 \%\) of total sales; credit
Refer to the information in S22-6. Suppose cost of goods sold averages \(75 \%\) of sales. Ending inventory is \(\$ 20,000\) plus \(80 \%\) of cost of goods sold for next month. January 1 inventory
Waterking sells crystal vases. Budgeted sales are \(\$ 40,000\) for March and \(\$ 50,000\) for April. Sales are planned to be \(80 \%\) cash and \(20 \%\) on credit. The balance of Accounts
Waterking sells crystal vases. Budgeted purchases are \(\$ 25,000\) for May and \(\$ 30,000\) for June. Waterking pays for \(60 \%\) of inventory purchases in the month of the purchase and \(40 \%\)
Petra is preparing a budget for her first semester in college. She has saved \(\$ 2,000\) from her summer job. She will receive \(\$ 5,000\) in scholarships and \(\$ 2,500\) from the university as a
Coles has \(\$ 8,300\) cash on hand on January 1. The company requires a minimum cash balance of \(\$ 7,500\). Budgeted January cash collections are \(\$ 548,330\). Total cash payments for January
Daniel Garcia owns a chain of travel goods stores. Last year, his sales staff sold 10,000 suitcases at an average sale price of \(\$ 150\). Variable expenses were \(80 \%\) of sales revenue, and the
Spencer Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2008, follows:In the past, cost of goods sold has been \(60 \%\) of total sales. The director of marketing and
Olivas International, Inc., is an exotic car dealership. Suppose that its Los Angeles office projects that 2007 quarterly sales will increase by \(3 \%\) in quarter 1 , by \(4 \%\) in quarter 2 , by
Agua Ole is a distributor of bottled water. For each of items a through c, compute the amount of cash receipts or payments Agua Olé will budget for September. The solution to one item may depend on
Lim Auto Parts, a family-owned auto parts store, began January with \(\$ 10,500\) cash. Management forecasts that collections from credit customers will be \(\$ 11,000\) in January and \(\$ 15,000\)
Use the following March operating information and February 28 account balances to prepare a budgeted balance sheet for Oleanders at March 31, 2008.March operating activity information Budgeted sales,
WebTouch is a Fresno company that sells cell phones and PDAs on the Web. WebTouch has assistant managers for its digital and video cell phone operations. These assistant managers report to the
24/7, Inc. is an international company that provides customer call services to the United States, Great Britain, and Canada. The following reports have been partially completed. Calculate the amounts
Representatives of the various departments of Go Cycles have assembled the following data. As the business manager, you must prepare the budgeted income statements for August and September 2008.Sales
Refer to P22-23A. You have gathered information to complete the cash budget for Go Cycles.Budgeted cash collections information: Sales are 50\% cash and \(50 \%\) credit. (Use sales on the last two
The Pottery Store has applied for a loan. First Central Bank has requested a budgeted balance sheet at June 30, 2009, and a budgeted statement of cash flows for June. As the controller (chief
EStore is a chain of home electronics stores. Each store has a manager who answers to a city manager, who in turn reports to a statewide manager. The actual income statements of Store No. 23, all
Is each of the following most likely a cost center, a revenue center, a profit center, or an investment center?a. Purchasing Department of Milliken, a textile manufacturerb. Quality Control
The budget committee of Omaha Office Supply Co. has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June 2008.Sales budget
Refer to P22-28B. You have gathered the following information to complete the cash budget for Omaha Office Supply:Budgeted cash collections information: Sales are 70\% cash and 30\% credit. (Use the
Greely Printing of Albany has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2009, and a budgeted statement of cash flows for April. As Greely's controller,
Doggy World operates a chain of pet stores in the South. The manager of each store reports to the region manager, who in turn reports to headquarters in Atlanta, Georgia. The actual income statements
Is each of the following most likely a cost center. a revenue center. a profit center, or an investment center?a. Shipping department of Amazon.comb. Eastern district of a salesperson's territoryc.
Boxer Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:Required:1. Using the weighted
Refer to the information for Boxer Corporation in PA3-1.Required:Complete all requirements for PA3-1 using the FIFO method.Data from PA3-1Boxer Corporation manufactures metal toolboxes. It adds all
Seemore Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March
Refer to the information in PA3-3 for Seemore Company.Required:Prepare Seemore’s journal entries to record each of the following transactions.(a) Added direct materials to production during
Refer to the information in PA3-3 for Seemore Company.Required:Complete all requirements for PA3-3 using the FIFO method.Data from PA3-3Seemore Company makes camping lanterns using a single
Gotcha Co. makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginning of the manufacturing process. Information for the month of September
Refer to the information in PA3-6 for Gotcha Company.Required:Complete all requirements for PA3-6 using the FIFO method.Data from PA3-6Gotcha Co. makes one model of radar gun used by law enforcement
Zoinks Inc. produces a popular brand of energy drink. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:Required 1. Using the
Refer to the information about Zoinks Inc. in PB3-1.Required:Complete all requirements for PB3-1 using the FIFO method.Data from PB3-1Zoinks Inc. produces a popular brand of energy drink. It adds all
Firelight Company makes camping tents in a single production department. All direct materials are added at the beginning of the manufacturing process. Information for the month of July
Refer to the information in PB3-3 for Firelight Company Required:Prepare Firelight’s journal entries to record each of the following transactions.(a) Added direct materials to production during
Refer to the information in PB3-3 for Firelight Company.Required:Complete all requirements for PB3-3 using the FIFO method.Data from PB3-3Firelight Company makes camping tents in a single production
Bright Line Inc. makes one model of lighted baby toy. All direct materials are added at the beginning of the manufacturing process. Information for the month of September follows.Required:1. Using
Refer to the information in PB3-6 for Bright Line Inc.Required:Complete all requirements for PB3-6 using the FIFO method.Data from PB3-6Bright Line Inc. makes one model of lighted baby toy. All
Chicago Acoustics builds innovative loudspeakers for music and home theater. Identify the following costs as variable or fixed. Indicate \(\mathrm{V}\) for variable costs and F for fixed costs. 1.
Sally's DayCare has been in operation for several years. She needs your help to classify the following as variable costs or fixed costs. Indicate V for variable costs and \(\mathrm{F}\) for fixed
Suppose Global-Link offers an international calling plan that charges \(\$ 5.00\) per month plus \(\$ 0.35\) per minute for calls outside the United States. 1. Under this plan, what is your monthly
Mike owns a machine shop. In reviewing his utility bill for the last 12 months he found that his highest bill \((\$ 2,400)\) occurred in August when his machines worked 1,000 machine hours. His
Playtime Park competes with Disney World by providing a variety of rides. Playtime sells tickets at \(\$ 60\) per person as a one-day entrance fee. Variable costs are \(\$ 20\) per person, and fixed
Complete the calculations using the information provided for each scenario. A Number of units 1,000 B 3,000 8,000 Sale price per unit $ 10 $ 16 $ 30 Variable costs per unit 6 8 21 Total fixed costs
WetNWild Swim Park sells individual and family tickets, which include a meal, 3 beverages, and unlimited use of the swimming pools. WetNWild has the following ticket prices and variable costs for
Match the term with the definition.a. Breakevenb. Contribution marginc. Cost behaviord. Margin of safetye. Relevant rangef. Sales mix g. Fixed costs h. Variable costs 1. Costs that do not change
LubeNGo provides sereral services, including oil changes. Lube \(\\) Go operates in a building with space for the service work and a waiting room for customers. Classify each of the following as a
For its top managers, Aussie Travel formats its income statement as follows:Aussie's relevant range is between sales of \(\$ 250,000\) and \(\$ 360,000\).Requirements1. Calculate the contribution
Gordon's Steel Parts produces parts for the automobile industry. The company has monthly fixed costs of \(\$ 640,000\) and a contribution margin of \(80 \%\) of revenues.Requirements 1. Compute
Zac Hill is considering starting a Web-based educational business, e-Prep MBA. He plans to offer a short-course review of accounting for students entering MBA programs. The materials would be
Mi Tierra Driving School charges \(\$ 200\) per student to prepare and administer written and driving tests. Variable costs of \(\$ 120\) per student include trainers' wages, study materials, and
Fox Club Clothiers is managed as traditionally as the button-down shirts that have made it famous. Arch Fox founded the business in 1972 and has directed operations "by the seat of his pants" ever
The contribution margin income statement of Krazy Kustard Donuts for March 2008 follows:Krazy: Kustard sells 2 dozen plain donuts for every dozen custard-filled donuts. A dozen plain donuts sells for
Saffron Restaurant Supply is opening early next year. The owner is considering two plans for paying her employees. Plan 1 calls for paying employees straight salaries. Under plan 2, Saffron would pay
Go Spirit imprints calendars with college names. The company has fixed costs of \(\$ 1,104,000\) each month plus variable costs of \(\$ 3.60\) per carton of calendars. Go Spirit sells each carton of
Retirement Investors is opening an office in Denver. Fixed monthly costs are office rent ( \(\$ 2,500\) ), depreciation on office furniture ( \(\$ 260\) ), utilities ( \(\$ 380\) ), special telephone
Suppose your sister Sandra and her three best friends start a small business making headed bracelets. They plan to purchase the materials, assemble the jewelry themselves, and sell the finished
Hunter Company adds all materials at the beginning of its manufacturing process. Production information for selected months of the year follows:Required:1. Reconcile the number of physical units
Neechi Company adds all materials at the beginning of its manufacturing process. Production information for the third quarter of the year follows:Required:1. Reconcile the number of physical units
GoFly Company manufactures kites and has the following information available for the month of April:Required:Using the weighted average method, complete each of the following steps:1. Reconcile the
Refer to E3-4 for information regarding GoFly Company.Required:Complete all requirements for E3'4 using the FIFO method.Data from E3-4GoFly Company manufactures kites and has the following
Tien Company manufactures plastic storage crates and has the following information available for the month of April:Required:Using the weighted average method of process costing, complete each of the
Refer to E3-6 for information regarding Tien Company.Required:Complete all requirements for E3-6 using the FIFO method.Data from E3-6Tien Company manufactures plastic storage crates and has the
Raindrop Company manufactures umbrellas and has the following information available for the month of May:Required:Using the weighted average method of process costing, complete each of the following
Refer to E3-8 for information regarding Raindrop Company.Required:Complete all requirements for E3-8 using the FIFO method.Data from E3-8Raindrop Company manufactures umbrellas and has the following
Smith Company manufactures pencils and has the following information available for the month of July:Required:Using the weighted average method of process costing, complete each of the following
Refer to E3-10 for information regarding Smith Company.Required:Complete all requirements for E3-10 using the FIFO method of process costing.Data from E3-10Smith Company manufactures pencils and has
Hanson Company manufactures handheld calculators and has the following information available for the month of July.Required:Using the weighted average method of process costing, complete each of the
Refer to E3-12 for information regarding Hanson Company.Required:Complete all requirements for E3-12 using the FIFO method of process costing.Data from E3-12Hanson Company manufactures handheld
Crandall’s Ceramic Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process.Production Beginning inventory
Brockton Company’s Assembly department has the following production and manufacturing information for February:Units:14,000 in beginning inventory that are 100 percent complete for material and 20
Forrest Co. makes wooden tables.Required:Prepare the journal entries to record each of the following transactions:(a) Purchased $20,000 of raw materials on credit.(b) Issued $18,000 of direct
Rock'On Company produces wooden rocking chairs. The company has two sequential produc- tion departments, Cutting and Assembly. The wood is cut and sanded in Cutting and then trans- ferred to Assembly
Chico Company makes pinatas for children’s birthday parties. Information for Chico s last six months of operation follows:Required:Prepare the journal entries to record each of the following
Jambo Company produces homemade jam. The company has two sequential production depart¬ ments, Cooking and Canning. The fruit is washed and cooked in the Cooking department and then transferred to
Which of the following is most likely to use a process costing system?a. A company that builds and installs custom cabinetry.b. A company that makes one style of office chair.c. A janitorial
Work in process includesa. Direct materials.b. Direct labor.c. Manufacturing overhead.d. All of the above.
Suppose Shadow Company has 250 units in beginning inventory, 400 units started in production, and 175 units in ending inventory. How many units did Shadow complete?a. 25.b. 325.c. 475.d. Number
If Wilson Corp. has 450 units that are estimated to be 60 percent complete, how many equivalent units are there?a. 270.b. 210.c. 100.d. 450.
Masterson Company has calculated a cost per unit of \($4-00\) for materials and \($8.50\) for conversion to manufacture a specific product. Ending work in process has 1,000 units that are fully
Testa Company has no beginning work in process; 12,000 units were transferred out and 6,000 units in ending work in process are 100% complete for materials and 40% com¬ plete for conversion. If
Anderson, Inc., has 1,000 units of ending work in process that are 100% complete for materials and 60% complete for conversion. If the cost per equivalent unit is \($3\) for materials and \($6\) for
The primary difference between FIFO and weighted average methods of process costing has to do with the treatment ofa. Beginning inventory.b. Ending inventory.c. Number of units started.d. Direct
When calculating product cost using the weighted average method, which of the following amounts are combined?a. Ending finished goods and cost of goods sold.b. Beginning finished goods and cost of
The journal entry to record the issuance of direct materials into production includesa. A credit to cash.b. A debit to work in process.c. A credit to finished goods.d. A debit to cost of goods sold.
Identify three manufacturing and three nonmanufacturing firms in which process costing is likely used. For each, explain the characteristics of that company that make it appropriate to use a process
Roundtree Company had 575 units in work in process on January 1. During the month, Round- tree completed 2,400 units and had 1,000 units in process on January 31. Determine how many units Roundtree
Bedford Company produces carrying cases for CDs. It has compiled the following information for the month of June:Bedford adds all materials at the beginning of its manufacturing process. During the
Incontro Company manufactures file cabinets. The following cost information is available for the month of December.Incontro had 8,500 equivalent units of direct materials and 6,000 equivalent units
Randolph Company has the following production information for October: 30,000 units trans- ferred out and 10,000 units in ending work in process that are 100 percent complete for materials and 60
London Corp. had the following production information for August:London’s ending work in process is 100 percent complete for materials and 30 percent complete for conversion. London uses the
Refer to the information for London Corp. in M3-7. Prepare the journal entry to transfer the cost of completed units to Finished Goods Inventory.Data from M3-7London Corp. had the following
Refer to M3-4 for information regarding Bedford Company. Using the FIFO method, reconcile the number of physical units and calculate the number of equivalent units.Data from M3-4Bedford Company
Refer to M3-5 for information regarding Incontro Company. Using the FIFO method, calculate Incontro’s cost per equivalent unit for materials and conversion during December.Data from M3-5Incontro
The Cutting department of Malcom’s Textiles has the following information about production and costs for the month of July.Beginning work in process, 4,600 units that are 100 percent complete as to
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