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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Prepare a contribution margin report by sales territory.
Describe management’s uses of contribution margin reports by segment.
Describe management’s use of variable and absorption costing for controlling costs, pricing products, planning production, analyzing contribution margins, and analyzing market segments.
Determine absorption costing and variable costing income under different planned levels of production for a given sales level.
Evaluate the difference between the variable and absorption costing income statements when sales exceed production.
Evaluate the difference between the variable and absorption costing income statements when production exceeds sales.
Prepare a variable costing income statement for a manufacturer.
Describe the difference between absorption and variable costing.
Break-even analysis Group Project Break-even analysis is one of the most fundamental tools for managing any kind of business unit. Consider the management of your university or college. In a group,
Variable costs and activity bases in decision making Sales volume has been dropping at Mumford Industries. During this time, however, the Shipping Department manager has been under severe financial
Variable costs and activity bases in decision making The owner of Warwick Printing, a printing company, is planning direct labor needs for the upcoming year. The owner has provided you with the
Break-even analysis Somerset Inc. has finished a new video game, Snowboard Challenge. Management is now considering its marketing strategies. The following information is available:Anticipated sales
Break-even sales, contribution margin“For a student, a grade of 65 percent is nothing to write home about. But for the airline . . . [industry], filling 65 percent of the seats . . . is the
Ethics and professional conduct in business Edward Seymour is a financial consultant to Cornish Inc., a real estate syndicate. Cornish Inc. finances and develops commercial real estate (office
Contribution margin, break-even sales, cost-volume-profit chart, OBJ. 2, 3, 4, 5 margin of safety, and operating leverage Belmain Co. expects to maintain the same inventories at the end of 2016 as at
Sales mix and break-even sales OBJ. 5 Data related to the expected sales of two types of frozen pizzas for Norfolk Frozen Foods Inc. for the current year, which is typical of recent years, are as
Break-even sales and cost-volume-profit chart OBJ. 3, 4 Last year, Parr Co. had sales of $900,000, based on a unit selling price of $200. The variable cost per unit was $125, and fixed costs were
Break-even sales under present and proposed conditions OBJ. 2, 3 Howard Industries Inc., operating at full capacity, sold 64,000 units at a price of $45 per unit during the current year. Its income
Classify costs OBJ. 1 Cromwell Furniture Company manufactures sofas for distribution to several major retail chains. The following costs are incurred in the production and sale of sofas:a. Fabric for
Contribution margin, break-even sales, cost-volume-profit chart, OBJ. 2, 3, 4, 5 margin of safety, and operating leverage Wolsey Industries Inc. expects to maintain the same inventories at the end of
Sales mix and break-even sales OBJ. 5 Data related to the expected sales of laptops and tablets for Tech Products Inc. for the current year, which is typical of recent years, are as follows:Products
Break-even sales and cost-volume-profit chart OBJ. 3, 4 Last year, Hever Inc. had sales of $500,000, based on a unit selling price of $250. The variable cost per unit was $175, and fixed costs were
Break-even sales and cost-volume-profit chart OBJ. 3, 4 For the coming year, Cleves Company anticipates a unit selling price of $100, a unit variable cost of $60, and fixed costs of
Break-even sales under present and proposed conditions OBJ. 2, 3 BeeGee Company, operating at full capacity, sold 150,000 units at a price of $116 per unit during the current year. Its income
Classify costs OBJ. 1 Seymour Clothing Co. manufactures a variety of clothing types for distribution to several major retail chains. The following costs are incurred in the production and sale of
Appendix Absorption costing income statement On June 30, 2016, the end of the first month of operations, Tudor Manufacturing Co.prepared the following income statement, based on the variable costing
Appendix Variable costing income statement On July 31, 2016, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing
Appendix Items on variable costing income statement In the following equations, based on the variable costing income statement, identify the items designated by X:a. Sales – X = Manufacturing
Operating leverage OBJ. 5 Beck Inc. and Bryant Inc. have the following operating data:Beck Inc. Bryant Inc.Sales $1,250,000 $2,000,000 Variable costs 750,000 1,250,000 Contribution margin $ 500,000 $
Break-even and margin of safety relationships OBJ. 5 At a recent staff meeting, the management of Boost Technologies Inc. was considering discontinuing the Rocket Man line of electronic games from
Margin of safety OBJ. 5a. If Canace Company, with a break-even point at $960,000 of sales, has actual sales of $1,200,000, what is the margin of safety expressed (1) in dollars and (2) as a
Break-even sales and sales mix for a service company OBJ. 5 Zero Turbulence Airline provides air transportation services between Los Angeles, California, and Kona, Hawaii. A single Los Angeles to
Sales mix and break-even sales OBJ. 5 Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves.The fixed costs are $620,000, and the sales mix is 40% bats and 60%
Profit-volume chart OBJ. 4 Using the data for Loudermilk Inc. in Exercise , (a) determine the maximum possible operating loss, (b) compute the maximum possible operating profit, (c) construct a
Cost-volume-profit chart OBJ. 4 For the coming year, Loudermilk Inc. anticipates fixed costs of $600,000, a unit variable cost of $75, and a unit selling price of $125. The maximum sales within the
Break-even analysis for a service company OBJ. 3 Sprint Nextel is one of the largest digital wireless service providers in the United States. In a recent year, it had approximately 32.5 million
Break-even analysis OBJ. 3 Media outlets such as ESPN and Fox Sports often have Web sites that provide in-depth coverage of news and events. Portions of these Web sites are restricted to members who
Break-even analysis OBJ. 3 The Junior League of Yadkinville, California, collected recipes from members and published a cookbook entitled Food for Everyone. The book will sell for $18 per copy. The
Break-even sales OBJ. 3 Currently, the unit selling price of a product is $160, the unit variable cost is $120, and the total fixed costs are $725,000. A proposal is being evaluated to increase the
Break-even sales OBJ. 3 Anheuser-Busch InBev Companies, Inc., reported the following operating information for a recent year (in millions):Sales $39,758 Cost of goods sold $16,447 Selling, general
Break-even sales and sales to realize income from operations OBJ. 3 For the current year ended March 31, Benatar Company expects fixed costs of $1,250,000, a unit variable cost of $140, and a unit
Contribution margin and contribution margin ratio OBJ. 2 For a recent year, McDonald’s company-owned restaurants had the following sales and expenses (in millions):Sales $18,602.5 Food and
Contribution margin ratio OBJ. 2a. Segar Company budgets sales of $3,200,000, fixed costs of $700,000, and variable costs of $2,240,000. What is the contribution margin ratio for Segar Company?b. If
High-low method for a service company OBJ. 1 Boston Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of
High-low method OBJ. 1 Diamond 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
Relevant range and fixed and variable costs OBJ. 1 Quigley Inc. manufactures memory chips for electronic toys within a relevant range of 200,000 to 600,000 memory chips per year. Within this range,
Identify fixed and variable costs OBJ. 1 Intuit Inc. develops and sells software products for the personal finance market, including popular titles such as Quickbooks® and TurboTax®. Classify each
Identify activity bases OBJ. 1 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
Identify activity bases OBJ. 1 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
Identify cost graphs OBJ. 1 The following cost graphs illustrate various types of cost behavior:$0 Total Units Produced$0 Total Units Produced Cost Graph One Cost Graph Two$0 Total Units Produced
Margin of safety OBJ. 5 Junck Company has sales of $550,000, and the break-even point in sales dollars is $385,000.Determine the company’s margin of safety as a percent of current sales.SHOW ME HOW
Margin of safety OBJ. 5 Melton Inc. has sales of $1,750,000, and the break-even point in sales dollars is $875,000.Determine the company’s margin of safety as a percent of current sales.
Operating leverage OBJ. 5 Westminster Co. reports the following data:Sales $875,000 Variable costs 425,000 Contribution margin $450,000 Fixed costs 150,000 Income from operations $300,000 Determine
Operating leverage OBJ. 5 SungSam Enterprises reports the following data:Sales $340,000 Variable costs 180,000 Contribution margin $160,000 Fixed costs 80,000 Income from operations $ 80,000
Sales mix and break-even analysis OBJ. 5 Einhorn Company has fixed costs of $105,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products
Sales mix and break-even analysis OBJ. 5 Wide Open Industries Inc. has fixed costs of $475,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s
Target profit OBJ. 3 Scrushy Company sells a product for $150 per unit. The variable cost is $110 per unit, and fixed costs are $200,000. Determine (a) the break-even point in sales units and(b) the
Target profit OBJ. 3 Versa Inc. sells a product for $100 per unit. The variable cost is $75 per unit, and fixed costs are $45,000. Determine (a) the break-even point in sales units and (b) the
Break-even point OBJ. 3 Elrod Inc. sells a product for $75 per unit. The variable cost is $45 per unit, while fixed costs are $48,000. Determine (a) the break-even point in sales units and (b) the
Break-even point OBJ. 3 Santana sells a product for $115 per unit. The variable cost is $75 per unit, while fixed costs are $65,000. Determine (a) the break-even point in sales units and (b) the
Contribution margin OBJ. 2 Weidner Company sells 22,000 units at $30 per unit. Variable costs are $24 per unit, and fixed costs are $40,000. Determine (a) the contribution margin ratio, (b) the unit
Contribution margin OBJ. 2 Michigan Company sells 10,000 units at $100 per unit. Variable costs are $75 per unit, and fixed costs are $125,000. Determine (a) the contribution margin ratio, (b) the
High-low method OBJ. 1 The manufacturing costs of Carrefour Enterprises for the first three months of the year follow:Total Costs Units Produced June $300,000 2,700 units July 440,000 5,500 August
High-low method OBJ. 1 The manufacturing costs of Lightfoot Industries for three months of the year follow:Total Costs Units Produced January $640,000 30,000 units February 900,000 40,000 March
What does operating leverage measure, and how is it computed?
How does the sales mix affect the calculation of the break-even point?
Both Austin Company and Hill Company had the same unit sales, total costs, and income from operations for the current fiscal year; yet, Austin Company had a lower break-even point than Hill Company.
If the unit cost of direct materials is decreased, what effect will this change have on the break-even point?
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 information, suggest a likely
If fixed costs increase, what would be the impact on the (a) contribution margin? (b) income from operations?
Describe how total fixed costs and unit fixed costs behave with changes in the level of activity.
Compute the margin of safety.
Compute operating leverage.
Compute the break-even point for a mix of products.
Describe factors affecting the reliability of cost-volume-profit analysis.
Determine the break-even point, using a profit-volume chart.
Describe how to construct a profit-volume chart.
Determine the break-even point, using a cost-volumeprofit chart.
Describe how to construct a cost-volume-profit chart.
Modify the break-even equation to compute the unit sales required to earn a target profit.
Describe how a change in the unit selling price affects the break-even point.
Describe how changes in unit variable costs affect the break-even point.
Describe how changes in fixed costs affect the break-even point.
Compute the break-even point in units.
Compute the unit contribution margin.
Compute the contribution margin ratio.
Describe the contribution margin.
Group Project The following categories represent typical process manufacturing industries:Beverages Metals Chemicals Petroleum refining Food Pharmaceuticals Forest and paper products Soap and
Decision making Jamarcus Bradshaw, plant manager of Georgia Paper Company’s papermaking mill, was looking over the cost of production reports for July and August for the Papermaking Department. The
Analyzing unit costs Midstate Containers Inc. manufactures cans for the canned food industry. The operations manager of a can manufacturing operation wants to conduct a cost study investigating the
Accounting for materials costs In papermaking operations for companies such as International Paper Company, wet pulp is fed into paper machines, which press and dry pulp into a continuous sheet of
Ethics and professional conduct in business Assume you are the division controller for Auntie M’s Cookie Company. Auntie M has introduced a new chocolate chip cookie called Full of Chips, and it is
Cost of production report: average cost method Blue Ribbon Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the
Work in process account data for two months; cost of production OBJ. 1, 2, 3, 4 reports Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum,
Equivalent units and related costs; cost of production report; OBJ. 2, 3, 4 entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being
Cost of production report OBJ. 2, 4 Bavarian Chocolate Company processes chocolate into candy bars. The process begins by placing direct materials (raw chocolate, milk, and sugar) into the Blending
Entries for process cost system OBJ. 1, 3 Preston & Grover Soap Company manufactures powdered detergent. Phosphate is placed in process in the Making Department, where it is turned into granulars.
Cost of production report: average cost method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are
Work in process account data for two months; cost of production OBJ. 1, 2, 3, 4 reports Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking
Equivalent units and related costs; cost of production report; OBJ. 2, 3, 4 entries White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being

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