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business
managerial accounting

Questions and Answers of Managerial Accounting

In applying the high-low method of cost estimation, how is the total fixed cost estimated?
If fixed costs increase, what would be the impact on the (a) Contribution margin? (b) Income from operations?
An examination of the accounting records of Clowney Company disclosed a high contribution margin ratio and production at a level below maximum capacity. Based on this data, recommend a likely means
The reliability of cost-volume-profit (CVP) analysis depends on several key assumptions. What are those primary assumptions?
What does operating leverage measure, and how is it computed?
The manufacturing costs of Nashbar Industries for three months of the year are provided below. Using the high-low method, determine (a) The variable cost per unit and (b) The total fixedcost.
The manufacturing costs of Sige Enterprises for the first three months of the year are provided below. Using the high-low method, determine (a) The variable cost per unit and (b) The total fixedcost.
Rumpza Company sells 8,000 units at $50 per unit. Variable costs are $40 per unit, and fixed costs are $20,000. Determine (a) The contribution margin ratio, (b) The unit contribution margin, and (c)
Carlin Company sells 14,000 units at $10 per unit. Variable costs are $9 per unit, and fixed costs are $5,000. Determine (a) The contribution margin ratio, (b) The unit contribution margin, and (c)
Frankel Enterprises sells a product for $60 per unit. The variable cost is $40 per unit, while fixed costs are $30,000. Determine (a) The break-even point in sales units and (b) The break-even point
Grobe Inc. sells a product for $90 per unit. The variable cost is $75 per unit, while fixed costs are $45,000. Determine (a) The break-even point in sales units and (b) The breakeven point if the
Dewi Inc. has fixed costs of $220,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company's two products are provided below. The sales mix for
Hackworth Company has fixed costs of $150,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company's two products are provided below. The sales mix for
Ruth Enterprises reports the following data:Sales $800,000Variable costs 350,000Contribution margin
Saik Co. reports the following data:Sales $750,000Variable costs 300,000Contribution margin
Rogan Inc. has sales of $750,000, and the break-even point in sales dollars is $675,000. Determine the company’s margin of safety as a percent of current sales.
Rejeski Company has sales of $400,000, and the break-even point in sales dollars is $240,000. Determine the company’s margin of safety as a percent of current sales.
Following is a list of various costs incurred in producing toy robotic helicopters. With respect to the production and sale of these toy helicopters, classify the following cost as either variable,
The following cost graphs illustrate various types of cost behavior: For each of the following costs, identify the cost graph that best illustrates its cost behavior as the number of units produced
For a major university, match each cost in the following table with the activity base most appropriate to it. An activity base may be used more than once, or not used at all.Cost: Activity
From the following list of activity bases for an automobile dealership, select the base that would be most appropriate for each of these costs: (1) Preparation costs (cleaning, oil, and gasoline
Intuit Inc. develops and sells software products for the personal finance market, including popular titles such as Quicken® and TurboTax®. Classify each of the following costs and expenses for this
Robo-Tech Inc. manufactures components for computer games within a relevant range of 200,000 to 320,000 disks per year. Within this range, the following partially completed manufacturing cost
Shatner Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as
Blowing Rock Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by
a. Bert Company budgets sales of $1,250,000, fixed costs of $450,000, and variable costs of $200,000. What is the contribution margin ratio for Bert Company? b. If the contribution margin ratio for
a. Name two principal types of cost accounting systems.b. Which system provides for a separate record of each particular quantity of product that passes through the factory?c. Which system
What kind of firm would use a job order cost system?
How does the use of the materials requisition help control the issuance of materials from the storeroom?
What document is the source for (a) Debiting the accounts in the materials ledger and (b) Crediting the accounts in the materials ledger?
What is a job cost sheet?
a. Differentiate between the clock card and the time ticket.b. Why should the total time reported on an employee’s time tickets for a payroll period be compared with the time reported on the
Describe the source of the data for debiting Work in Process for (a) Direct materials, (b) Direct labor, and (c) Factory overhead.
Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs.
a. How is a predetermined factory overhead rate calculated?b. Name three common bases used in calculating the rate.
a. What is (1) Overapplied factory overhead and (2) Underapplied factory overhead?b. If the factory overhead account has a debit balance, was factory overhead underapplied or overapplied?c. If the
What account is the controlling account for (a) The materials ledger, (b) The job cost sheets, and (c) The finished goods ledger?
How can job cost information be used to identify cost improvement opportunities?
Describe how a job order cost system can be used for professional service businesses.
How is product cost information used by managers?
On May 9, Thomson Company purchased 54,000 units of raw materials at $6 per unit. On May 21, raw materials were requisitioned for production as follows: 22,000 units for Job 70 at $5 per unit and
On June 2, Lewis Company purchased 4,000 units of raw materials at $8 per unit. On June 12, raw materials were requisitioned for production as follows: 1,200 units for Job 30 at $6 per unit and 800
During May, Thomson Company accumulated 10,000 hours of direct labor costs on Job 70 and 12,000 hours on Job 71. The total direct labor was incurred at a rate of $18 per direct labor hour for Job 70
During June, Lewis Company accumulated 1,200 hours of direct labor costs on Job 30 and 1,300 hours on Job 32. The total direct labor was incurred at a rate of $16 per direct labor hour for Job 30 and
During May, Thomson Company incurred factory overhead costs as follows: indirect materials, $24,500; indirect labor, $64,500; utilities cost, $5,800; and factory depreciation, $45,200. Journalize the
During June, Lewis Company incurred factory overhead costs as follows: indirect materials, $6,000; indirect labor, $7,600; utilities cost, $3,200; and factory depreciation $7,200. Journalize the
Thomson Company estimates that total factory overhead costs will be $600,000 for the year. Direct labor hours are estimated to be 250,000. For Thomson Company, (a) Determine the predetermined factory
Lewis Company estimates that total factory overhead costs will be $200,000 for the year. Direct labor hours are estimated to be 25,000. For Lewis Company, (a) Determine the predetermined factory
At the end of May, Thomson Company had completed Jobs 70 and 71. Job 70 is for 8,000 units, and Job 71 is for 10,000 units. Using the data from Practice Exercises 19-1A, 19-2A, and 19-4A, determine
At the end of June, Lewis Company had completed Jobs 30 and 32. Job 30 is for 1,600 units, and Job 32 is for 1,750 units. Using the data from Practice Exercises 19-1B, 19-2B, and 19-4B, determine (a)
Luek Company completed 60,000 units during the year at a cost of $900,000. The beginning finished goods inventory was 10,000 units at $140,000. Determine the cost of goods sold for 45,000 units,
Suo Company completed 20,000 units during the year at a cost of $120,000. The beginning finished goods inventory was 2,500 units at $14,000. Determine the cost of goods sold for 12,000 units,
Five selected transactions for the current month are indicated by letters in the followingT accounts in a job order cost accounting system: Describe each of the fivetransactions.
The following information is available for the first month of operations of Url Inc., a manufacturer of art and craft items:Sales
An incomplete subsidiary ledger of wire cable for May is as follows: a. Complete the materials issuances and balances for the wire cable subsidiary ledger under FIFO.b. Determine the balance of wire
Bullock Furniture Company manufactures furniture. Bullock uses a job order cost system. Balances on June 1 from the materials ledger are as follows:Fabric $25,000Polyester
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: The direct labor rate earned by the three employees is as follows:Washington
Moura Industries Inc. manufactures recreational vehicles. Moura uses a job order cost system. The time tickets from August jobs are summarized below.Job 410 $3,400Job 411
Hudson Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory
Willies Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows:Engine parts $ 875,000Shop
The Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and
Munch Printing Inc. began printing operations on July 1. Jobs 10 and 11 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 12 and 13 are
Letson Manufacturing Inc. is a job shop. The management of Letson Manufacturing uses the cost information from the job sheets to assess their cost performance. Information on the total cost, product
Duncan Trophies Inc. uses a job order cost system for determining the cost to manufacture award products (plaques and trophies). Among the company's products is an engraved plaque that is awarded to
The consulting firm of Tilton and Henderson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during June:June 4. Charged 600
The Ad Guys Inc. provides advertising services for clients across the nation. The Ad Guys is presently working on four projects, each for a different client. The Ad Guys accumulates costs for each
Keltner Co. uses a job order cost system. The following data summarize the operations related to production for November:a. Materials purchased on account, $350,000.b. Materials requisitioned,
Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2010, the first month of operations: a. Materials purchased on
Lynch Furniture Company refinishes and reupholsters furniture. Lynch uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on
Dacher Company uses a job order cost system. The following data summarize the operations related to production for October:a. Materials purchased on account, $450,000.b. Materials requisitioned,
Grand Valley Apparel Co. uses a job order cost system. The following data summarize the operations related to production for May 2010, the first month of operations: a. Materials purchased on
Davidson Outdoor Equipment Company manufactures kayaks in a wide variety of lengths and styles. The following incomplete ledger accounts refer to transactions that are summarized for August: In
Which type of cost system, process or job order, would be best suited for each of the following:(a) TV assembler,(b) Building contractor,(c) Automobile repair shop,(d) Paper manufacturer,(e) Custom
In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?
What are the four steps for determining the cost of goods completed and the ending inventory?
What is meant by the term equivalent units?
Why is the cost per equivalent unit often determined separately for direct materials and conversion costs?
What is the purpose for determining the cost per equivalent unit?
How are cost of production reports used for controlling and improving operations?
How is “yield” determined for a process manufacturer?
What is just-in-time processing?
How does just-in-time processing differ from the conventional manufacturing process?
Which of the following industries would typically use job order costing, and which would typically use process costing?Designer clothes manufacturing Home constructionBusiness consulting Plastic
Which of the following industries would typically use job order costing, and which would typically use process costing?Aluminum production PapermakingGasoline refining Print shopMovie studioWeb
Atlas Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 86,200 tons
Satin Skin Lotion Company consists of two departments, Blending and Filling. The Filling Department received 480,000 ounces from the Blending Department. During the period, the Filling Department
The Rolling Department of Atlas Steel Company had 4,150 tons in beginning work in process inventory (40% complete). During the period, 83,580 tons were completed. The ending work in process inventory
The Filling Department of Satin Skin Lotion Company had 25,000 ounces in beginning work in process inventory (70% complete). During the period, 486,000 ounces were completed. The ending work in
The cost of direct materials transferred into the Rolling Department of Atlas Steel Company is $4,654,800. The conversion cost for the period in the Rolling Department is $1,091,363. The total
The cost of direct materials transferred into the Filling Department of Satin Skin Lotion Company is $216,000. The conversion cost for the period in the Filling Department is $47,325. The total
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Atlas Steel Company are $54 and $13, respectively. The equivalent units to be assigned costs are as
The costs per equivalent unit of direct materials and conversion in the Filling Department of Satin Skin Lotion Company are $0.45 and $0.10, respectively. The equivalent units to be assigned costs
The cost of materials transferred into the Rolling Department of Atlas Steel Company is $4,654,800 from the Casting Department. The conversion cost for the period in the Rolling Department is
The cost of materials transferred into the Filling Department of Satin Skin Lotion Company is $216,000, including $55,600 from the Blending Department and $160,400 from the materials storeroom. The
The costs of materials consumed in producing good units in the Forming Department were $94,000 and $82,800 for May and June, respectively. The number of equivalent units produced in May and June was
The costs of energy consumed in producing good units in the Baking Department were $162,000 and $160,000 for August and September, respectively. The number of quivalent units produced in August and
The Hershey Foods Company manufactures chocolate confectionery products. The three largest raw materials are cocoa beans, sugar, and dehydrated milk. These raw materials first go into the Blending
Alcoa Inc. is the world’s largest producer of aluminum products. One product that Alcoa manufactures is aluminum sheet products for the aerospace industry. The entire output of the Smelting
Domino Foods, Inc., manufactures a sugar product by a continuous process, involving three production departments—Refining, Sifting, and Packing. Assume that records indicate that direct materials,
The chief cost accountant for Mountain Glade Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning March 1 would be $546,000, and

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