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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Income statement with variances OBJ. 5 Prepare a 2016 income statement through gross profit for Dvorak Company, using the variance data in Practice Exercises -1B, -2B, -3B, and -4B. Assume Dvorak
The following are inputs and outputs to the copying process of a copy shop:Number of employee errors Number of times paper supply runs out Copy machine downtime (broken)Number of pages copied per
Activity inputs and outputs OBJ. 6 The following are inputs and outputs to the cooking process of a restaurant:Number of times ingredients are missing Number of customer complaints Number of hours
Standard direct materials cost per unit OBJ. 2 Choco La Ti-Da Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs
Standard product cost OBJ. 2 Wood You Lie To Me Furniture Company manufactures designer home furniture. Wood You Lie To Me uses a standard cost system. The direct labor, direct materials, and factory
Budget performance report OBJ. 2 Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows:Cost
Direct materials variances OBJ. 3 The following data relate to the direct materials cost for the production of 4,000 automobile tires:Actual: 72,500 lbs. at $3.30 Standard: 75,160 lbs. at $3.15a.
Direct materials variances OBJ. 3 The Silicone Engine Inc. produces wrist-worn tablet computers. The company uses Thin Film Crystal (TFC) LCD displays for its products. Each tablet uses one display.
Standard direct materials cost per unit from variance data OBJ. 2, 3 The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun
Standard product cost, direct materials variance OBJ. 2, 3 H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (3,128 pounds) has the following
Direct labor variances OBJ. 3 The following data relate to labor cost for production of 20,000 cellular telephones:Actual: 8,450 hrs. at $22.50 Standard: 8,400 hrs. at $23.00a. Determine the direct
Direct labor variances OBJ. 3, 5 Reincarnation Bicycle Company manufactures commuter bicycles from recycled materials.The following data for April of the current year are available:Quantity of direct
Direct labor variances OBJ. 3 The Greeson Clothes Company produced 25,000 units during June of the current year.The Cutting Department used 6,380 direct labor hours at an actual rate of $10.90 per
Direct labor standards for nonmanufacturing expenses OBJ. 3 Englert Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as
Direct labor standards for a service company OBJ. 2, 3 One of the operations in the United States Postal Service is a mechanical mail sorting operation. In this operation, letter mail is sorted at a
Direct labor variances for a service company Hit-n-Run Food Trucks, Inc. owns and operates food trucks (mobile kitchens) throughout the west coast. The company’s employees have varying wage levels
Direct materials and direct labor variances OBJ. 3 At the beginning of June, Bezco Toy Company budgeted 5,000 toy action figures to be manufactured in June at standard direct materials and direct
Flexible overhead budget OBJ. 4 Leno Manufacturing Company prepared the following factory overhead cost budget for the Press Department for October of the current year, during which it expected to
Flexible overhead budget OBJ. 4 Wiki Wiki Company has determined that the variable overhead rate is $4.50 per direct labor hour in the Fabrication Department. The normal production capacity for the
Factory overhead cost variances OBJ. 4 The following data relate to factory overhead cost for the production of 10,000 computers:Actual: Variable factory overhead $262,000 Fixed factory overhead
Factory overhead cost variances OBJ. 4 Blumen Textiles Corporation began April with a budget for 90,000 hours of production in the Weaving Department. The department has a full capacity of 100,000
Factory overhead variance corrections OBJ. 4 The data related to Shunda Enterprises Inc.’s factory overhead cost for the production of 100,000 units of product are as follows:Actual: Variable
Factory overhead cost variance report OBJ. 4 Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to
Recording standards in accounts OBJ. 5 Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the
Recording standards in accounts OBJ. 5 The Assembly Department produced 5,000 units of product during March. Each unit required 2.20 standard direct labor hours. There were 11,500 actual hours used
Income statement indicating standard cost variances OBJ. 5 The following data were taken from the records of Griggs Company for December 2016:Administrative expenses $100,800 Cost of goods sold (at
Nonfinancial performance measures OBJ. 6 Diamond Inc. is an Internet retailer of woodworking equipment. Customers order woodworking equipment from the company, using an online catalog. The company
Nonfinancial performance measures OBJ. 6 Alpha University wishes to monitor the efficiency and quality of its course registration process.a. Identify three input and three output measures for this
Direct materials and direct labor variance analysis OBJ. 2, 3 Fancy Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 100
Flexible budgeting and variance analysis OBJ. 1, 2, 3 I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information
Direct materials, direct labor, and factory overhead cost variance OBJ. 3, 4 analysis Adamantane Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials,
Factory overhead cost variance report OBJ. 4 Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of
Standards for nonmanufacturing expenses OBJ. 3, 6 CodeHead Software Inc. does software development. One important activity in software development is writing software code. The manager of the WordPro
Direct materials and direct labor variance analysis OBJ. 2, 3 Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently
Flexible budgeting and variance analysis OBJ. 1, 2, 3 I’m Really Cold Coat Company makes women’s and men’s coats. Both products require filler and lining material. The following planning
Direct materials, direct labor, and factory overhead cost variance OBJ. 3, 4 analysis Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct
Factory overhead cost variance report OBJ. 4 Feeling Better Medical Inc., a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly
Ethics and professional conduct in business using nonmanufacturing standards Dash Riprock is a cost analyst with Safe Insurance Company. Safe is applying standards to its claims payment operation.
Nonfinancial performance measures The senior management of Tungston Company has proposed the following three performance measures for the company:1. Net income as a percent of stockholders’ equity
Variance interpretation You have been asked to investigate some cost problems in the Assembly Department of Ruthenium Electronics Co., a consumer electronics company. To begin your investigation, you
Variance interpretation Vanadium Audio Inc. is a small manufacturer of electronic musical instruments. The plant manager received the following variable factory overhead report for the period:Actual
Group Project Municipal governments are discovering that you can control only what you measure. As a result, many municipal governments are introducing nonfinancial performance measures to help
Describe the advantages of decentralization.
Describe the disadvantages of decentralization.
Describe the common types of responsibility centers and the role of responsibility accounting.
Describe cost centers.
Describe the responsibility reporting for a cost center.
Compute the costs over (under) budget for a cost center
Describe profit centers.
Determine how service department charges are allocated to profit centers.
Describe the responsibility reporting for a profit center.
Compute income from operations for a profit center.
Describe investment centers.
Describe the responsibility reporting for an investment center.
Compute the profit margin, investment turnover, and rate of return on investment (ROI).
Compute residual income.
Describe how companies determine the price used to transfer products or services between divisions.
Determine transfer prices using the market price approach.
Determine transfer prices using the negotiated price approach.
Describe the cost price approach to determining transfer price
Budgetary performance for cost center OBJ. 2 Caroline Company’s costs were over budget by $319,000. The company is divided into West and East regions. The East Region’s costs were under budget by
Budgetary performance for cost center OBJ. 2 Conley Company’s costs were under budget by $198,000. The company is divided into North and South regions. The North Region’s costs were over budget
Service department charges OBJ. 3 The centralized employee travel department of Camtro Company has expenses of $528,000.The department has serviced a total of 6,000 travel reservations for the
Service department charges OBJ. 3 The centralized computer technology department of Lee Company has expenses of$264,000. The department has provided a total of 2,500 hours of service for the
Income from operations for profit center OBJ. 3 Using the data for Camtro Company from Practice Exercise along with the following data, determine the divisional income from operations for the
Income from operations for profit center OBJ. 3 Using the data for Lee Company from Practice Exercise along with the following data, determine the divisional income from operations for the Division
Profit margin, investment turnover, and ROI OBJ. 4 Cash Company has income from operations of $112,500, invested assets of $750,000, and sales of $1,875,000. Use the DuPont formula to compute the
Profit margin, investment turnover, and ROI OBJ. 4 Briggs Company has income from operations of $36,000, invested assets of $180,000, and sales of $720,000. Use the DuPont formula to compute the rate
Residual income OBJ. 4 The Consumer Division of Hernandez Company has income from operations of $90,000 and assets of $450,000. The minimum acceptable rate of return on assets is 10%. What is the
Residual income OBJ. 4 The Commercial Division of Herring Company has income from operations of $420,000 and assets of $910,000. The minimum acceptable rate of return on assets is 8%. What is the
Transfer pricing OBJ. 5 The materials used by the North Division of Horton Company are currently purchased from outside suppliers at $60 per unit. These same materials are produced by Horton’s
Transfer pricing OBJ. 5 The materials used by the Multinomah Division of Isbister Company are currently purchased from outside suppliers at $90 per unit. These same materials are produced by the
Budget performance reports for cost centers OBJ. 2 Partially completed budget performance reports for Saskatoon Company, a manufacturer of light duty motors, follow:Saskatoon Company Budget
Divisional income statements OBJ. 3 The following data were summarized from the accounting records for Jersey Coast Construction Company for the year ended June 30, 2016:Cost of goods sold: Service
Service department charges and activity bases OBJ. 3 For each of the following service departments, identify an activity base that could be used for charging the expense to the profit center:a.
Activity bases for service department charges OBJ. 3 For each of the following service departments, select the activity base listed that is most appropriate for charging service expenses to
Service department charges OBJ. 3 In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll
Service department charges and activity bases OBJ. 3 Middler Corporation, a manufacturer of electronics and communications systems, uses a service department charge system to charge profit centers
Divisional income statements with service department charges OBJ. 3 Yozamba Technology has two divisions, Consumer and Commercial, and two corporate service departments, Tech Support and Purchasing.
Corrections to service department charges for a service company OBJ. 3 Wild Sun Airlines Inc. has two divisions organized as profit centers, the Passenger Division and the Cargo Division. The
Profit center responsibility reporting OBJ. 3 XSport Sporting Goods Co. operates two divisions—the Winter Sports Division and the Summer Sports Division. The following income and expense accounts
Rate of return on investment OBJ. 4 The income from operations and the amount of invested assets in each division of Magentic Zero Industries are as follows:Income from Operations Invested Assets
Residual income OBJ. 4 Based on the data in Exercise assume that management has established a 10%minimum acceptable rate of return for invested assets.a. Determine the residual income for each
Determining missing items in rate of return computation OBJ. 4 One item is omitted from each of the following computations of the rate of return on investment:Rate of Return on Investment = Profit
Profit margin, investment turnover, and rate of return on investment OBJ. 4 The condensed income statement for the Consumer Products Division of Bantastic Industries Inc. is as follows (assuming no
Rate of return on investment OBJ. 4 The Walt Disney Company has four profitable business segments, described as follows:Media Networks: The ABC television and radio network, Disney channel, ESPN,
Determining missing items in rate of return and residual OBJ. 4 income computations Data for Uberto Company are presented in the following table of rates of return on investment and residual
Determining missing items from computations OBJ. 4 Data for the North, South, East, and West divisions of Free Bird Company are as follows:Sales Income from Operations Invested Assets Rate of Return
Rate of return on investment, residual income for a service company OBJ. 4 Starwood Hotels & Resorts Worldwide provides lodging services around the world. The company is separated into two major
Balanced scorecard for a service company OBJ. 4 American Express Company is a major financial services company, noted for its American Express® card. Some of the performance measures used by the
Decision on transfer pricing OBJ. 5 Materials used by the Instrument Division of XPort Industries are currently purchased from outside suppliers at a cost of $210 per unit. However, the same
Decision on transfer pricing OBJ. 5 Based on XPort Industries’ data in Exercise assume that a transfer price of $190 has been established and that 60,000 units of materials are transferred, with no
Budget performance report for a cost center OBJ. 2 Valotic Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer
Profit center responsibility reporting for a service company OBJ. 3 Traxonia Railroad Inc. has three regional divisions organized as profit centers. The chief executive officer (CEO) evaluates
Divisional income statements and rate of return on investment analysis OBJ. 4 The Crunchy Granola Company is a diversified food company that specializes in all natural foods. The company has three
Effect of proposals on divisional performance OBJ. 4 A condensed income statement for the Commercial Division of Maxell Manufacturing Inc.for the year ended December 31, 2016, is as follows:Sales
Divisional performance analysis and evaluation OBJ. 4 The vice president of operations of Pavone Company is evaluating the performance of two divisions organized as investment centers. Invested
Transfer pricing OBJ. 5 Garcon Inc. manufactures electronic products, with two operating divisions, the Consumer and Commercial divisions. Condensed divisional income statements, which involve no
Budget performance report for a cost center OBJ. 2 The Eastern District of Adelson Inc. is organized as a cost center. The budget for the Eastern District of Adelson Inc. for the month ended December
Profit center responsibility reporting for a service company OBJ. 3 Thomas Railroad Company organizes its three divisions, the North (N), South (S), and West (W)regions, as profit centers. The chief

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