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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

Apollo Chemical Company produces procoline in its mixing process. There is no inventory in the mixing process at the beginning of February. Apollo adds direct materials at the beginning of
Greyson Grinding Company produces an abrasive powder in a grinding process. This process had an inventory at the beginning of February, to which Greyson had assigned the following costs:Direct tate
ERIC Industries manufactures dribbits in a single process. It adds direct materials at the beginning of processing. ERIC’s cost and production information for the months of July and August is as
The Genuine Products Company manufactures “antique tables” in two processes. First, Genuine Products adds direct materials at the beginning of an assembly process in which the tables are
The Machine Shop uses lathes, drill presses, and other metal-working equipment to do machining to customer order. It grinds valves; cuts, drills, and bends sheet metal; and welds. A large portion of
Chemicals-R-Us operates a large plant in the Midwest. It manufactures several common acids that are in high demand. In fact, several of its acid departments operate 24 hours per day, 7 days a week.
LUBCO Inc. has opened a new plant to expand production of a compound that is experiencing increased industrial use. You are the production manager of the new plant, which is supposed to be capable of
Aboveboard Inboard and Outboard Motors is a boat dealership. The company sells new and used boats, and provides repair service as well. Suppose you are the manager of used boat sales. One of your
Your boss, Festus B. Thorneapple, stopped by your office today. Among other things, he said:| know that we apply overhead to jobs in proportion to their relative num- ber of direct labor hours and
What is a price standard and a quantity standard, and how does a company compute a standard cost?
What is included in a company's direct materials price and quantity standards?
When a company compares its actual direct materials costs to its direct materials standards, how does it determine what caused the difference between the two?
What is included in a company's direct labor price and quantity standards?
When a company compares its actual direct labor costs to its direct labor standards, how does it determine what caused the difference between the two?
What does a company include in its factory overhead price and quantity standards, and what volume does it use to set its predetermined rates?
When a company compares its actual factory overhead costs to its factory overhead standards, how does it determine what caused the difference between the two?
How does a company use its manufacturing cost variances to control its operations?
Can you think of a situation where it really might not be favorable for the company if the actual cost of some activity is less than the standard cost of that activity?
Why do you think both direct materials that are normally lost through various manu- facturing operations and normal amounts of spoiled production are included in the direct materials quantity
Do you think a company should always try to pay less than the standard price for its direct materials if it can? Why or why not?
If a case of Darkly Decadent candy bars requires 4 pounds of sugar, what do you think would cause Unlimited Decadence to use more sugar in the production of these¢ candy bars?
Why do you think variance accounts affect stockholders’ equity? If a company did not use a standard costing system, do you think its total stockholders’ equity would be the same as or different
Can you think of a situation where a favorable direct labor price variance may actu- ally be unfavorable for a company? Why would this be the case?
Can you think of a situation where a favorable direct labor efficiency variance may actually be unfavorable for the company? Why would this be the case?
Why do you think it is not desirable to allow fixed factory overhead rates to change because of changes in production volume?
Why do you think expected annual production volumes and expected average sales volumes are closely related?
Does this make sense? What is the difference between the overhead budget variance and the total overhead variance?
How do you think knowing the indirect labor and indirect materials variances would enable managers to use the management-by-exception principle?
Does this make sense to you?Why do you think the fixed overhead volume variance is unfavorable when the budgeted fixed overhead is more than the applied fixed overhead?
What circumstances might cause managers to decide to scrap the low-quality direct materials and not try to use them up in production?
How are Old Rosebud’s variances similar to and different from those that we discussed earlier in the chapter?
What is a price standard and a quantity standard, and how does a company compute a standard cost?
What is included in a company’s direct materials price and quantity standards?
When a company compares its actual direct materials costs to its direct materials standards, how does it determine what caused the difference between the two?
What is included in a company’s direct labor price and quantity standards?
When a company compares its actual direct labor costs to its direct labor standards, how does it determine what caused the difference between the two?
What does a company include in its factory overhead price and quantity standards, and what volume does it use to set its predetermined rates?
When a company compares its actual factory overhead costs against its factory overhead standards, how does it determine what caused the difference between the two?
How does a company use its manufacturing cost variances to control its operations?
How do relevant costs and revenues contribute to sound decision-making?
What types of costs and revenues are relevant to decision-making?
How can a company determine how much inventory to order?
How does a company determine when to drop a product?
What is a make-or-buy decision, and what issues does a company consider in this decision?
How does a company determine whether to sell a product or to process it further?
What is a product-mix decision, and what issues does a company consider in this decision?
What other factors should a company consider when making inventory decisions?
How many units of inventory should the company make or buy?
Should the company drop an unprofitable product?
Should the company make or buy a component that becomes a part of a product?
Should the company sell a product “as is” or process it further into a different product?
Which products should the company advertise?
What is the most profitable “product mix” for the company when one of its resources is scarce?
Suppose it is November and you are trying to decide whether to go to the beach or to= aski resort for Spring Break. Do you think the cost of the swimming suit you bought last year is relevant to that
Assuming you have already decided to go somewhere for Spring Break, do you think your March apartment rent or your spring-semester dorm payment is relevant to the decision about whether to go to the
Which of the following costs are relevant or irrelevant to your decision about whether to go to the beach or to the ski resort? Why?
Suppose a company currently makes a part that it uses in one of its products. If it de-= cides to buy that part instead of making it, the cost of the raw materials used in producing that part is an
Do you agree with the sales manager’s conclusion that there were only two alternatives? Can you think of any others?
How do you think Unlimited Decadence’s regular customers would react to Unlimited = Decadence selling Darkly Decadent candy bars to the theater chain in Wyoming at less than its normal selling
How do you think using the EOQ method would affect Unlimited Decadence’s raw materials purchases budget? How do you think using the EOQ method would affect the company’s controls over raw
What if Unlimited Decadence could sell this equipment? Do you think the selling price would be relevant to this decision? If so, how would it affect Unlimited Decadence's profit under each
How do you think the public’s knowledge of Aquapore’s production methods affects the general perception of the company’s environmental consciousness? Do you think this public perception has the
Recently, in an effort to appease customers, Mazda Corporation recalled certain= Mazda models to replace faulty seat belts. What specific additional costs do you think Mazda incurred as a result of
Can you think of any alternatives other than continuing to purchase parts from the= current supplier or making them? Remembering back to Chapter | 0, what organizational function do you think is
How do you think the Cadillac Division was able to analyze its product mix when some of its product costs were in U.S. dollars and some were in euros?
How would a change in a company’s product mix result in a change in its total contribution margin?
Don’t take our word for it. Try to find a mix of candy bars that can produce a higher contribution margin.
Can the supplier even provide this quantity at one time? If not, should the company consider adding another supplier?
When Black & Decker stopped producing Molly fasteners (a type of wall anchor)several years ago, it closed its Temple, Pennsylvania, plant.’ When it laid off plant employees, it decided to give them
How do you think a company would include employee severance pay in its analysis of a decision to drop a product? What effect do you think this cost would have on the decision?
How do relevant costs and revenues contribute to sound decision-making?
What types of costs and revenues are relevant to decision-making?
How can a company determine how much inventory to order?
How does a company determine when to drop a product?
What is a make-or-buy decision, and what issues does a company consider in this decision?
How does a company determine whether to sell a product or to process it further?
What is a product-mix decision, and what issues does a company consider in this decision?
What other factors should a company consider when making inventory decisions?
What are relevant costs and relevant revenues? TYK-1
Explain why past costs are irrelevant. TYK-1
Since past costs are irrelevant in decision-making, why do you think keeping past cost records can be helpful in the decision-making process? TYK-1
What is the difference between incremental costs and avoidable costs? TYK-1
Under what circumstances is an avoidable manufacturing cost relevant in the make-or- buy decision? TYK-1
Under what circumstances is an incremental manufacturing cost relevant in a make-or- buy decision? TYK-1
In a decision to make a previously purchased component, think of two incremental costs that might not be avoidable if the decision is reversed a year later. Why would this happen? TYK-1
Explain, by using an example, how a fixed cost can be an incremental cost. TYK-1
Why might it be valuable to distinguish between relevant fixed costs and relevant vari- able costs for a short-term decision? TYK-1
When are variable costs not relevant in a short-term decision? TYK-1
Define an opportunity cost, and give an example of such a cost. TYK-1
Describe how carrying costs and ordering costs interact with each other. Given this in- teraction, what does the EOQ method accomplish? TYK-1
Carlos Garcia, who is paid $8 per hour, is the only person who is trained to operate a machine that is critical in the production of bicycle seats. Each bicycle seat has a contri- bution margin of $6
Gorilla Grills has just discontinued its lowest line of high-quality barbecue grills. In its in- ventory, Gorilla has 40,000 grills that cost $60 per grill to manufacture. At the current selling
Water Works ended its busy season with an inventory of 15,000 plastic rafts that cost $180,000 to manufacture. The company has two choices. One is that it can store the rafts for six months and sell
Tiger Company sells large, stuffed tigers. It expects to sell 3,200 units of this inventory item next year. The company has estimated that its relevant carrying costs are $1.20 per unit and that its
On a chilly Saturday morning, Roy Parker bought 30 dozen doughnuts for $72, took 10 gallons of hot coffee, and went to a farm auction. He sold all the coffee and all but 6 dozen of the doughnuts
Happy Apparati Company produces small electrical appliances. The manufacturing costs per unit to produce a small toaster are shown here:BIRR ARREARS et Recent 0 es ell pet tony ne terre ON nd ets bs
Houston Hobby produces several products that are sold by hobby shops across the country. Production of one product, a small model rocket, uses all available machine hours on machine |2A. The rocket,
The Porter Wagon Company produces sleds, scooters, and wagons. Scooters are not as popular as they used to be, and the company is considering dropping this product.Porter currently sells 5,000
Buzz Telephone Company manufactures telephones and answering machines. Buzz currently buys a connector for its phones for $1.80 per unit. Buzz’s president asked for cost estimates for making this
Mane Street sells 3,000 economy-size bottles of shampoo for $10 per bottle. The cost to manufacture the shampoo is $5.00 per bottle. Further variable processing costs of$4 per bottle for the shampoo

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