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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

Maxitank makes four products. The following information relates to each product:Maxitank's sales are limited by the machine capacity of the factory, which is the company's bottleneck. Which product
Nathan Eldridge is a lawyer whose services are in very high demand. He currently has five clients seeking his services but only 80 hours of available time. He has provided the following estimates for
Which one of the following items is NOT relevant in a make-or-buy decision?a. Variable costs of producing each unitb. Cost to purchase each unit from outside supplierc. Possible revenues earned from
A call centre can process 100,000 calls per month for a cost of $250,000. During one month, the number of calls processed was 85,000. During that month, the cost of unused capacity wasa. $25,000b.
Sunny Enterprises makes a component ‘that ii s used in the ese of radios, the company’s main product. For the component, the variable costs per unit are \($18.\) Razor Edge Products wants to sell
Pawistik Corporation makes computer screens that are used in the assembly of laptops which Pawistik sells to the general public. The costs per screen are as follows:Computer Accessories Inc. has
Halls Medical Labs makes medical examining tables for hospitals. The current equipment used to manufacture the tables has a book value of \($250,000.\) Halls is considering replacing the existing
Barbs Fine Bakery is considering purchasing a new truck for the business. Barb’s existing truck is a gas guzzler, and with increases in the costs of fuel, she feels she may be able to save a great
The goal of the Theory of Constraints and throughput accounting is to maximize production capacity in bottlenecks by a ranking of products that havea. The highest selling priceb. The highest rate of
Warranty costs are an example ofa. Internal failure costsb. External failure costsc. Prevention costsd. Appraisal costs
Quality training is an example ofa. Internal failure costsb. External failure costsc. Prevention costsd. Appraisal costs
Which of the following is NOT an example of an internal failure cost? a. Scrapb. Reworking of productsc. Supplier scrap and reworkd. Returned product
A consultant is paid a salary of $40,000 per year. Her employer's share of CPP is 4.95% and of EI is 2.52%. Assuming that the consultant works 230 days per year and is productive for 75% of that
Grant & McKenzie is a firm of financial advisers that needs to calculate an hourly rate to charge customers for its services.The average salary cost for its advisers is $50,000. The employer’s
What are the variable costs per transaction?a. $0.71b. $0.75c. $0.50d. $2.00 Local Bank does not know how much of its salaries related to cheque processing are fixed and how much are variable.
What are the fixed costs?a. $40,000b. $250,000c. $0d. $200,000Local Bank does not know how much of its salaries related to cheque processing are fixed and how much are variable. However, total
A company has 5 employees who have a cost of \($100\) per day each but currently have no work to do; this situation is expected to last for the next two weeks. The company is considering accepting a
A call centre department incurs wage costs of $100,000 per year for staff to make 25,000 sales calls each year. At the end of the year, management reports disclose that the actual number of calls
Cirrus Company has calculated that the cost to make a component is made up of materials,\($120;\) variable labour, \($60;\) variable overhead, \($30;\) and fixed overhead, \($25.\) Another company
Zipper Ltd. incurs the following costs to provide each “Special Delivery Service’ for its customers:Zipper is considering outsourcing the service and wants to determine the relevant cost of each
Bromide Partners provides three services: accounting, auditing, and tax services. The total business overhead of $650,000 has been divided into two cost pools, as shown below:What is the total cost
The table below shows cost items for Gobblers Restaurant. Classify each of the items as a variable, fixed, mixed, or step cost and explain your reasoning. Cost Variable Fixed Mixed Step Food Napkins
Luffer Enterprises estimates the following demand for its services at different selling prices. All demand is within Luffer’s relevant range. Variable costs are \($15\) per unit and fixed costs are
Godfrey Associates adopts a target rate of return pricing system for its services and expects a target rate of return of 25% on an investment of \($750,000.\) Its labour costs are \($25\) per hour
The marketing department of Giggo Hotels has estimated the a number of hotel rooms (it has a capacity of 200) that could be sold at different price levels. This information is shown below:Giggo has
The Cook Co. has two divisions, Eastern and Western. The divisions have the following revenue and expenses:The management of Cook is considering the closure of the Eastern Division sales office. If
Jacobean Creek Corporation has provided the following data for last year:For the current year, Jacobean Creek believes that although sales volume will remain constant, the contribution margin per
Travesty Stores are considering deleting its porcelain product to losses being experienced. Travesty’s summary profit report shows the following:a. What allocation basis is the company using to
Webster Products Group has conducted a major market survey of its product sales of automotive accessories for the next year. The survey has produced the range 6f price/quantity combinations shown in
Matthew Hall Elementary School is planning a fundraiser to raise money to buy sports equipment. It is researching two fundraising ideas: chocolates and muffin mix. The details for each fundraiser are
Clinical Services imports and sells surgical instrument kits to hospitals at a price of \($150\) per kit. The cost of each kit is \($85.\) Average sales per month are 1,000 kits, which results in the
Unfocused Books is a discount retail bookshop that has three departments: fiction, non-fiction, and children’s books. Sales and variable cost of goods sold for each department are shown below. In
Greentown Industries sells its transport services at a range of prices to five different customer groups. The company has fixed costs of \($150,000\) per year. The average variable costs for each
General Consultants Ltd. has four divisions, whose summary profit reports are shown below (in thousands of dollars):The senior partners are considering whether to continue with the Finance and
Borgus Computer Monitors makes flat-screen computer monitors to sell to major computer manufacturers. Borgus was approached by Green Systems, a new customer, to fill a one-time special order for
The India Company manufactures handmade Persian rugs. Within the India Company, there are two divisions: the Dye Division makes dyes and colours the wool, while the Weaving Division hand weaves each
The Oak Company is made up of two divisions: the Cutting Division cuts oak to the desired lengths and the Assembly Division uses the oak to manufacture tables.During its first year of operation, the
Gabriel’s Guacamole manufactures guacamole in one-litre tubs for the restaurant industry. The following information relates to Gabriel’s manufacturing operations for the month of May. Inventory
Goodman Products has the following balances for its accounts for the quarter ending March 31:At the beginning of the quarter (January 1), the following balances for inventories were reported:Prepare
Acme Fireworks had sales in June of \($350,000\) for its stores in Hamilton, Vancouver, and Calgary. The beginning merchandise inventories for June and July were \($120,000\) and \($135,000,\)
The following transactions relate to Mammoth Product Company for the year ended December 31, 2012:Prepare the following:a. Cost of goods manufactured statementb. Cost of goods sold statementc.
The following information is taken from the records of Harry Jingle Pens for September: Purchases of direct materials Sales $ 8,000,000 32,000,000 Selling and administrative costs 3,800,000 Direct
The Micron Corporation produces semiconductor chips that are used by the computer industry. The direct materials are added at the beginning of the production process, while conversion costs are added
Arnold's Custom Log Beds manufactures log beds in a production line. Direct materials are added at the beginning of the production process. Conversion costs are consumed evenly throughout production.
Red Coffee Company packages coffee beans for use in restaurants and coffee shops. Direct materials are added at the end of the process. The following data were presented for September:Determine the
Green Machine is a company that makes ride-on mowers for home use. The company utilizes an assembly-line manufacturing system to make the mowers. The company uses process costing as it does not keep
Massive Mining Co. refines iron ore for export markets. The following data relates to the company’s mine for the month of April: 25,000 units of work in process existed on April 1, the costs for
The job cost records for Azzizi Company for the month of June show the following information:1. Determine the value of the work-in-process inventory for June 30 and the finished goods for June 30.2.
chell, Pickings, and Matthews is a law firm that focuses on environmental law. It employs ten lawyers and three partners. During the last year, each lawyer and partner charged 1,500 billable hours to
The Big Table Co. produced a batch of 20 tables during June on Job 2487.The following materials were issued to Job 2487:Twenty hours of labour were charged to the job. The labour cost is \($20\) per
(Job Costing) Fisher Ltd. manufactures custom furniture and uses a job costing system. On January 1, 2012, there were no balances in work-in-process or finished goods inventories. The following
For each of the following companies, identify whether it would use a process or job costing system.a) Lawyer's officeb) Oil and gas companyc) Newspaperd) Catering companye) Textbook publisherf)
Smiley Homes recently purchased a large piece of land and has begun construction of ten new homes, which are anticipated to cost a total of \($280,000\) each to manufacture. At the end of Year 1,
The Children’s Hospital has hired Fared Construction as the contractor to build the new cancer wing for the hospital. The project, earning Fared Construction\($52,000,000\) in revenues, is expected
Houston Publishing purchases paper by the ream for the production of textbooks for colleges and universities. One ream of paper is equivalent to approximately 500 pages of paper. The publisher
A cellphone manufacturer orders batteries in lot sizes of 15,000 batteries. Each phone manufactured by the company requires one battery. The annual demand for cellphones is 250,000 phones. The
UltraFit Organic Foods orders many of its grocery items in lot sizes of 50 units. Average demand for organic coffee is 20,000 one-kilogram bags per year. Ordering cost is \($12.50\) per order, with
Mayo Manufacturing had the following activity levels and costs for the last two months:Assuming both activity levels are within the relevant range, what are the variable costs, fixed costs, and mixed
At Goldfish Enterprises, the costs for 15,000 hours of consultant services are $345,000 and the costs for 7,000 hours are $185,000. What are the variable costs per unit for Goldfish?a. $20.00b.
What is the variable cost of producing one unit?a. $100b. $202¢. $267d. $265
What is the total production cost for one unit?a. $106.50b. $297.00c. $347.00d. $267.00
Corporate Document Service incurs variable costs of \($7\) every time a document is pro- cessed. The company also has fixed costs of \($100,000\) per month. The selling price for each service is
Relay Co. makes baseballs. It can make 300,000 baseballs a year at a variable cost of \($750,000\) and a fixed cost of \($450,000.\) Relay predicts that next year it will sell 240,000 baseballs at
Yorkstar plans for a profit of \($40,000\) and expects to sell 20,000 units. Variable cost is \($8\) per unit and total fixed costs are \($100,000.\) Calculate the selling price per
Ryanna's Flowershop sells her flower arrangements for an average price of \($30\) per bunch, with an average cost of \($20.\) Her fixed costs are \($66,000\) per year. How many flower arrangements
Jasper Technology Consultants have fixed costs of \($450,000\) per year. There are 10,000 hours billed on average per year. If variable costs are \($35\) per hour, calculate the breakeven charge rate
Hong Long Ltd. has a product that is sold for \($75;\) variable costs are \($30\) and fixed costs are \($1,000\) per month. Calculate how many products must be sold to obtain a profit of \($10,000\)
Victory Sales Co. predicts its selling price to be \($20\) per unit. Estimated costs include: direct materials, \($8\) per unit; direct labour, \($5\) per unit; and fixed overhead, \($7,000.\)
Hall Company produces 1,000,000 widgets per year and has a total plant capacity of 1,200,000 widgets. Based on making 1,000,000 widgets a year, the revenues and costs for one widget areThe company
Gigantic Motors has just developed a new SUV—the Rage. The costs associated with making the Rage includeWhat is its prospective selling price, using cost-plus pricing, if the company wants a
Division A sells tomato paste internally to Division B, which, in turn, makes tomato sauce that is sold for \($3\) per jar. The costs to manufacture tomato paste are \($2.50\) per kg. Approximately
Goods that are completed in the production process of a manufacturing businessa. Increase work-in-process inventory and decrease finished goods inventory b. Decrease work-in-process inventory and
In a retail organization, salesa. Increase inventory and increase cost of goods soldb. Increase inventory and decrease cost of goods soldc. Decrease inventory and decrease cost of goods soldd.
National Retail Stores has identified the following data from its accounting records for the year ended December 31: Sales, \($1,100,000;\) purchases, \($650,000;\) and general and administrative
Backflush costing does not account fora. Raw materials inventory b. Work-in-process inventoryc. Finished goods inventoryd. Cost of goods sold
The key advantage of a just-in-time inventory management system isa. The reduction in carrying costsb. Improved relationships with suppliersc. Greater employee satisfactiond. All of the above
An item of inventory is purchased for \($1,500.\) The sales price was \($2,000,\) but as the item has now been replaced by a new model, it can only be sold for a discounted price of \($1,350.\) The
The cost of 8, 000 units sold in the month and the value of ending inventory using the weighted average method area. $16,873; $6,327b. $16,400; $6,800c. $17,000; $7,000d. $52,000; $19,500 Purchases
The cost of 8,000 units sold in the month and the value of ending inventory using the FIFO method area. $16,400; $6,800b. $16,873; $6,327c. $52,000; $19,500d. $18,400; $6,900 Purchases made during
Bluesky Limited’s Assembly Department had 20,000 units in its WIP inventory on March 1,2012. Direct materials are added at the beginning of the assembly process. An additional 60,000 units were
Jerry's Engineering has a three-year contract to construct a large piece of capital equipment for its client. The contract price is \($4\) million. At the end of the first financial year of the
Kurt's Kitchen orders 1,000 packages of ketchup per month to meet customer demand. Kurt used all of the ketchup packages in the given month. The ketchup ordering cost is \($50\) per order, while the
The following information has been recorded for Model B manufactured by JKL Enterprises:The EOQ for Model B isa. 1,639b. 300 c. 110d. None of the above Annual ordering costs $4,000 Annual carrying
Management control encompasses which of the following activities?a. Creating goals, strategies, and policies for an organizationb. Implementing strategiesc. Managing the performance of individual
____________ is used by an organization to assess the internal and external environments.a. Environmental scanningb. Environmental managementc. Evaluation and controld. Internal and external
Which of the following items would NOT be a part of management control system?a. Budgetsb. Plans and objectivesc. Policies and proceduresd. Incentives and reward structurese. Published financial
Which of the following is an example of a feedback system?a. flashing engine warning symbol on the dashboard of a carb. An employee manual outlining the steps to assemble an electronic toyc. Standard
Feedforward control systems: can be characterized bya. Predesigned standardsb. A process where errors are identified and actions are taken to correct the errorsc. Involvement of management in
Intangible asset would NOT includea. Organizational cultureb. Employee skills and knowledgec. owned by the businessd. Goodwill
Which of the following tools translates an organization’s strategy) into a number of performance measures (both financial and non-financial)?a. Balanced scorecardb. Operations budgetc. Mission and
Carol's Cupcakes would like to report a measure of profitability on her BSC. Under ‘Which perspective should she include this measure?a. Customer perspectiveb. Internal business process
Andrew Finning, the CFO for New Bank, wants to measure the increase in the number of loan applications on the bank's BSC. In which perspective should this measure be included?a. Customer
Manufacturing cycle time is a measure that could be included under which perspective?a. Customer perspectiveb. Internal business process perspectivec. Financial perspectived. Learning and growth
One of the objectives of the learning and growth perspective isa. Increasing customer satisfactionb. Increasing market sharec. Improving knowledge of employeesd. Lowering costs of manufacture
A more holistic approach to performance management that supports the strategic management process and aims to overcome the difficulties of integrating information from diverse systems is calleda.
Ethan Coleman, the president and CEO of High-Tech Inc., recently stated:We are in the business of innovation! If we don’t innovate and encourage creative thinking in our employees, we are doomed.
Identify if each of the following is a control system. Why or why not?a. The employees of Hadden Industries respect their employer and always try to make a high quality product.b. Benjamin Quarin
The following discussion took place between Harold ‘Adams, the Garcia Industries plant supervisor, and Serena Garcia, the company president:Harold: “Serena, I think we have some very good
According to Anthony and Govindarajan (2000), every control system as at least four elements:1. A detector or sensor that measures what is happening 2. An assessor that determines the significance of
Robert Kaplan and David Norton (2004) state that “intangible assets almost never create value by themselves.” The value of intangible assets is strong only if the intangible assets support the

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