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business
financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Describe finished goods inventory.
Describe the differences between merchandising and manufacturing company balance sheets.
Prepare a statement of cost of goods manufactured.
Prepare an income statement for a manufacturing company.
Describe examples of how managerial accounting aids managers in decision making.
For a manufacturer, what is the description of the account that is comparable to a merchandising business’s cost of merchandise sold?
Management process OBJ. 1 Three phases of the management process are controlling, planning, and decision making.Match the following descriptions to the proper phase:Phase of management process
Management process OBJ. 1 Three phases of the management process are planning, directing, and controlling. Match the following descriptions to the proper phase:Phase of management process Description
Direct materials, direct labor, and factory overhead OBJ. 2 Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead(FO) for an automobile manufacturer:a. Wages
Direct materials, direct labor, and factory overhead OBJ. 2 Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead(FO) for a magazine publisher:a. Staples used
Prime and conversion costs OBJ. 2 Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for an automobile manufacturer:a. Wages of employees that operate painting
Prime and conversion costs OBJ. 2 Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for a magazine publisher:a. Paper used for the magazineb. Wages of printing
Product and period costs OBJ. 2 Identify the following costs as a product cost or a period cost for an automobile manufacturer:a. Steelb. Wages of employees that operate painting equipmentc. Rent on
Product and period costs OBJ. 2 Identify the following costs as a product cost or a period cost for a magazine publisher:a. Sales salariesb. Paper used for the magazinec. Maintenance on printing
Classifying costs as materials, labor, or factory overhead OBJ. 2 Indicate whether the following costs of Procter & Gamble, a maker of consumer products, would be classified as direct materials cost,
Classifying costs as factory overhead OBJ. 2 Which of the following items are properly classified as part of factory overhead for Ford Motor Company, a maker of heavy automobiles and trucks?a. Plant
Classifying costs as product or period costs OBJ. 2 For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost:a. Research and
Concepts and terminology OBJ. 1, 2 From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:a. Advertising costs are usually viewed as
Concepts and terminology OBJ. 1, 2 From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:a. The phase of the management process that
Classifying costs in a service company OBJ. 2 A partial list of the costs for Wisconsin and Minnesota Railroad, a short hauler of freight, follows. Classify each cost as either indirect or direct.
Classifying costs OBJ. 2, 3 The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report.Marching Ants
Financial statements of a manufacturing firm OBJ. 3 The following events took place for Video Wave Manufacturing Company during January 2016, the first month of its operations as a producer of
Manufacturing company balance sheet OBJ. 3 Partial balance sheet data for Flat Top Company at December 31, 2016, are as follows:Finished goods inventory $ 40,250 Supplies $ 71,300 Prepaid insurance
Cost of direct materials used in production for a manufacturing company OBJ. 3 Rextacular Manufacturing Company reported the following materials data for the month ending June 30, 2016:Materials
Cost of goods manufactured for a manufacturing company OBJ. 3 Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the
Cost of goods manufactured for a manufacturing company OBJ. 3 The following information is available for Ethtridge Manufacturing Company for the month ending January 31, 2016:Cost of direct materials
Income statement for a manufacturing company OBJ. 3 Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine
Cost of goods sold, profit margin, and net income for a manufacturing OBJ. 3 company The following information is available for Crouching Alligator Manufacturing Company for the month ending October
Cost flow relationships OBJ. 3 The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils:Sales $792,000 Gross profit 462,000
Uses of managerial accounting in a service company Priceline.com allows customers to bid on hotel rooms by “naming their price.” This “name your price” process allows customers to obtain a
Classifying costs OBJ. 2 The following is a list of costs that were incurred in the production and sale of large commercial airplanes:a. Salary of chief compliance officer of companyb. Power used by
Classifying costs OBJ. 2 The following is a list of costs incurred by several businesses:a. Cost of fabric used by clothing manufacturerb. Maintenance and repair costs for factory equipmentc. Rent
Cost classifications for a service company OBJ. 2 A partial list of Foothills Medical Center’s costs follows:a. Cost of patient mealsb. Nurses’ salariesc. Depreciation of X-ray equipmentd.
Manufacturing income statement, statement of cost of goods OBJ. 2, 3 manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different
Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 manufacturing company The following information is available for The NewQuest Corporation for 2016:Inventories January 1
Classifying costs OBJ. 2 The following is a list of costs that were incurred in the production and sale of lawn mowers:a. Premiums on insurance policy for factory buildingsb. Tires for lawn mowersc.
Classifying costs OBJ. 2 The following is a list of costs incurred by several businesses:a. Salary of quality control supervisorb. Packing supplies for products sold. These supplies are a very small
Cost classifications for a service company OBJ. 2 A partial list of The Grand Hotel’s costs follows:a. Cost to mail a customer surveyb. Wages of convention setup employeesc. Pay-per-view movie
Manufacturing income statement, statement of cost of goods OBJ. 2, 3 manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different
Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 manufacturing company The following information is available for Shanika Company for 2016:Inventories January 1 December
Ethics and professional conduct in business H. Jeckel Manufacturing Company allows employees to purchase, at cost, manufacturing materials, such as metal and lumber, for personal use. To purchase
Financial versus managerial accounting The following statement was made by the vice president of finance of The Muppet Company: “The managers of a company should use the same information as the
Managerial accounting in the management process For each of the following managers, describe how managerial accounting could be used to satisfy strategic or operational objectives:1. The vice
Classifying costs Geek Chic Company provides computer repair services for the community. Obie Won’s computer was not working, and he called Geek Chic for a home repair visit. Geek Chic Company’s
Using managerial accounting information The following situations describe decision scenarios that could use managerial accounting information:1. The manager of High Times Restaurant wishes to
Classifying costs Group Project With a group of students, visit a local copy and graphics shop or a pizza restaurant. As you observe the operation, consider the costs associated with running the
Describe a cost accounting system.
Describe a job order cost system.
Describe a process cost system.
Describe the flow of materials and how materials costs are assigned.
Prepare the journal entry to record materials used in production.
Describe how factory labor hours are recorded and how labor costs are assigned.
Prepare the journal entry to record factory labor used in production.
Describe and illustrate how factory overhead costs are accumulated and assigned.
Compute the predetermined overhead rate.
Describe and illustrate how to dispose of the balance in the factory overhead account.
Describe and illustrate how costs are accumulated for work in process and finished goods inventories.
Describe how costs are assigned to the cost of goods sold.
Describe and illustrate the flow of costs.
Describe and illustrate how job cost sheets can be used to investigate possible reasons for increased product costs.
Describe how service businesses use a job order cost system.
What is the difference between a clock card and time ticket?
Issuance of materials OBJ. 2 On April 6, Almerinda Company purchased on account 60,000 units of raw materials at$12 per unit. On April 21, raw materials were requisitioned for production as
Issuance of materials OBJ. 2 On August 4, Rothchild Company purchased on account 12,000 units of raw materials at$14 per unit. On August 24, raw materials were requisitioned for production as
Direct labor costs OBJ. 2 During April, Almerinda Company accumulated 20,000 hours of direct labor costs on Job 50 and 24,000 hours on Job 51. The total direct labor was incurred at a rate of $20.00
Direct labor costs OBJ. 2 During August, Rothchild Company accumulated 3,500 hours of direct labor costs on Job 40 and 4,200 hours on Job 42. The total direct labor was incurred at a rate of $25.00
Factory overhead costs OBJ. 2 During April, Almerinda Company incurred factory overhead costs as follows: indirect materials, $42,000; indirect labor, $90,000; utilities cost, $16,000; and factory
Factory overhead costs OBJ. 2 During August, Rothchild Company incurred factory overhead costs as follows: indirect materials, $17,500; indirect labor, $22,000; utilities cost, $9,600; and factory
Applying factory overhead OBJ. 2 Almerinda Company estimates that total factory overhead costs will be $1,750,000 for the year. Direct labor hours are estimated to be 500,000. For Almerinda
Applying factory overhead OBJ. 2 Rothchild Company estimates that total factory overhead costs will be $810,000 for the year. Direct labor hours are estimated to be 90,000. For Rothchild Company, (a)
Job costs OBJ. 2 At the end of April, Almerinda Company had completed Jobs 50 and 51. Job 50 is for 23,040 units, and Job 51 is for 26,000 units. Using the data from Practice Exercises determine (a)
Job costs OBJ. 2 At the end of August, Rothchild Company had completed Jobs 40 and 42. Job 40 is for 10,000 units, and Job 42 is for 11,000 units. Using the data from Practice Exercises determine (a)
Cost of goods sold OBJ. 2 Hosmer Company completed 312,000 units during the year at a cost of $7,800,000. The beginning finished goods inventory was 22,000 units at $440,000. Determine the cost of
Cost of goods sold OBJ. 2 Skeleton Company completed 200,000 units during the year at a cost of $3,000,000. The beginning finished goods inventory was 25,000 units at $310,000. Determine the cost of
Transactions in a job order cost system OBJ. 2 Five selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting
Cost flow relationships OBJ. 2 The following information is available for the first month of operations of Kellman Inc., a manufacturer of art and craft items:Sales $3,600,000 Gross profit 650,000
Cost of materials issuances under the FIFO method OBJ. 2 An incomplete subsidiary ledger of materials inventory for May is as follows:RECEIVED Receiving Report Number 40 44 130 91 97 365 May 1 285
Entry for issuing materials OBJ. 2 Materials issued for the current month are as follows:Requisition No. Material Job No. Amount 201 Aluminum 500 $88,700 202 Plastic 503 27,600 203 Rubber 504 3,650
Entries for materials OBJ. 2 Eclectic Ergonomics Company manufactures designer furniture. Eclectic Ergonomics uses a job order cost system. Balances on April 1 from the materials ledger are as
The glue is not a significant cost, so it is treated as indirect materials (factory overhead).a. Journalize the entry to record the purchase of materials in April.b. Journalize the entry to record
Entry for factory labor costs OBJ. 2 The weekly time tickets indicate the following distribution of labor hours for three direct labor employees:Hours Job 301 Job 302 Job 303 Process Improvement Tom
Entries for direct labor and factory overhead OBJ. 2 Dash Industries Inc. manufactures recreational vehicles. Dash uses a job order cost system.The time tickets from April jobs are summarized as
Factory overhead rates, entries, and account balance OBJ. 2 Tiny Biggs Company operates two factories. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on
Predetermined factory overhead rate OBJ. 2 Spring Street Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming
Predetermined factory overhead rate OBJ. 2 Poehling 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
Entry for jobs completed; cost of unfinished jobs OBJ. 2 The following account appears in the ledger prior to recognizing the jobs completed in August:Work in Process Balance, August 1 $ 60,000
Entries for factory costs and jobs completed OBJ. 2 Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to
Financial statements of a manufacturing firm OBJ. 2 The following events took place for Chi-Lite Inc. during June 2016, the first month of operations as a producer of road bikes:Purchased $400,000 of
Decision making with job order costs OBJ. 3 Alvarez Manufacturing Inc. is a job shop. The management of Alvarez Manufacturing Inc.uses the cost information from the job sheets to assess cost
Decision making with job order costs OBJ. 3 Raneri Trophies Inc. uses a job order cost system for determining the cost to manufacture award products (plaques and trophies). Among the company’s
Job order cost accounting for a service company OBJ. 4 The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions
Job order cost accounting for a service company OBJ. 4 The Fly Company provides advertising services for clients across the nation. The Fly Company is presently working on four projects, each for a
Entries for costs in a job order cost system OBJ. 2 DiSalvio Co. uses a job order cost system. The following data summarize the operations related to production for May:a. Materials purchased on
Entries and schedules for unfinished jobs and completed jobs OBJ. 2 Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January
Job order cost sheet OBJ. 2, 3 Remnant Carpet Company sells and installs commercial carpeting for office buildings.Remnant Carpet Company uses a job order cost system. When a prospective customer
Analyzing manufacturing cost accounts OBJ. 2 Fire Rock Company manufactures designer paddle boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to
Flow of costs and income statement OBJ. 2 Ginocera Inc. is a designer, manufacturer, and distributor of low-cost, high-quality stainless steel kitchen knives. A new kitchen knife series called the
Entries for costs in a job order cost system OBJ. 2 Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March:a. Materials
Entries and schedules for unfinished jobs and completed jobs OBJ. 2 Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April 2016,
Job order cost sheet OBJ. 2, 3 Stretch and Trim Carpet Company sells and installs commercial carpeting for office buildings. Stretch and Trim Carpet Company uses a job order cost system. When a

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