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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Net present value method OBJ. 3 The following data are accumulated by Dillon Company in evaluating the purchase of$39,600 of equipment, having a four-year useful life:Net Income Net Cash Flow Year 1
Net present value method for a service company OBJ. 3 AM Express Inc. is considering the purchase of an additional delivery vehicle for $55,000 on January 1, 2016. The truck is expected to have a
Net present value method—annuity for a service company OBJ. 3 Winter Lake Hotels is considering the construction of a new hotel for $150 million. The expected life of the hotel is 30 years, with no
Net present value method—annuity OBJ. 3 Briggs Excavation Company is planning an investment of $132,000 for a bulldozer. The bulldozer is expected to operate for 1,500 hours per year for five
Net present value method for a service company OBJ. 3 Carnival Corporation has recently placed into service some of the largest cruise ships in the world. One of these ships, the Carnival Breeze, can
Present value index OBJ. 3 Dip N’ Dunk Doughnuts has computed the net present value for capital expenditure at two locations. Relevant data related to the computation are as follows:Ft. Collins
Net present value method and present value index OBJ. 3 Diamond & Turf Inc. is considering an investment in one of two machines. The sewing machine will increase productivity from sewing 150
Average rate of return, cash payback period, net present value OBJ. 2, 3 method for a service company Bi-Coastal Railroad Inc. is considering acquiring equipment at a cost of $520,000. The equipment
Cash payback period, net present value analysis, and qualitative OBJ. 2, 3, 4 considerations The plant manager of Shenzhen Electronics Company is considering the purchase of new automated assembly
Internal rate of return method OBJ. 3 The internal rate of return method is used by Testerman Construction Co. in analyzing a capital expenditure proposal that involves an investment of $113,550 and
Internal rate of return method for a service company OBJ. 3, 4 The Canyons Resort, a Utah ski resort, recently announced a $415 million expansion of lodging properties, lifts, and terrain. Assume
Internal rate of return method—two projects OBJ. 3 Munch N’ Crunch Snack Company is considering two possible investments: a delivery truck or a bagging machine. The delivery truck would cost
Net present value method and internal rate of return method OBJ. 3 for a service company Buckeye Healthcare Corp. is proposing to spend $186,725 on an eight-year project that has estimated net cash
Identify error in capital investment analysis calculations OBJ. 3 Artscape Inc. is considering the purchase of automated machinery that is expected to have a useful life of five years and no residual
Net present value—unequal lives OBJ. 3, 4 Bunker Hill Mining Company has two competing proposals: a processing mill and an electric shovel. Both pieces of equipment have an initial investment of
Net present value—unequal lives OBJ. 3, 4 Daisy’s Creamery Inc. is considering one of two investment options. Option 1 is a $75,000 investment in new blending equipment that is expected to
Average rate of return method, net present value method, OBJ. 2, 3 and analysis for a service company The capital investment committee of Touch of Eden Landscaping Company is considering two capital
Cash payback period, net present value method, and analysis OBJ. 2, 3 Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows:Year
Net present value method, present value index, and analysis OBJ. 3 for a service company Continental Railroad Company is evaluating three capital investment proposals by using the net present value
Net present value method, internal rate of return method, OBJ. 3 and analysis for a service company The management of Advanced Alternative Power Inc. is considering two capital investment projects.
Alternative capital investments OBJ. 3, 4 The investment committee of Sentry Insurance Co. is evaluating two projects, office expansion and upgrade to computer servers. The projects have different
Capital rationing decision for a service company involving OBJ. 2, 3, 5 four proposals Renaissance Capital Group is considering allocating a limited amount of capital investment funds among four
Average rate of return method, net present value method, and OBJ. 2, 3 analysis for a service company The capital investment committee of Ellis Transport and Storage Inc. is considering two
Cash payback period, net present value method, and analysis OBJ. 2, 3 for a service company Social Circle Publications Inc. is considering two new magazine products. The estimated net cash flows from
Net present value method, present value index, and analysis OBJ. 3 for a service company First United Bank Inc. is evaluating three capital investment projects by using the net present value method.
Net present value method, internal rate of return method, and analysis OBJ. 3 for a service company The management of Style Networks Inc. is considering two TV show projects. The estimated net cash
Alternative capital investments OBJ. 3, 4 The investment committee of Auntie M’s Restaurants Inc. is evaluating two restaurant sites. The sites have different useful lives, but each requires an
Capital rationing decision for a service company involving OBJ. 2, 3, 5 four proposals Clearcast Communications Inc. is considering allocating a limited amount of capital investment funds among four
thics and professional conduct in business Danielle Hastings was recently hired as a cost analyst by CareNet Medical Supplies Inc.One of Danielle’s first assignments was to perform a net present
Personal investment analysis for a service company A Masters of Accountancy degree at Central University costs $12,000 for an additional fifth year of education beyond the bachelor’s degree. Assume
Qualitative issues in investment analysis The following are some selected quotes from senior executives:CEO, Worthington Industries (a high-technology steel company): “We try to find the best
Net present value method for a service company Metro-Goldwyn-Mayer Studios Inc. (MGM) is a major producer and distributor of theatrical and television filmed entertainment. Regarding theatrical
Capital investment analysis Group Project In one group, find a local business, such as a copy shop, that rents time on desktop computers for an hourly rate. Determine the hourly rate. In the other
List the three methods for allocating factory overhead costs to products.
Compute the single plantwide factory overhead rate and use it to allocate factory overhead costs to products.
Identify the conditions that favor the use of a single plantwide factory overhead rate for allocating factory overhead costs to products.
Compute multiple production department overhead rates and use these rates to allocate factory overhead costs to products.
Identify and describe the two conditions that favor the use of multiple production department factory overhead rates for allocating factory overhead costs to products as compared to the single
Compute activity rates and use these rates to allocate factory overhead costs to products.
Identify the conditions that favor the use of activitybased rates for allocating factory overhead costs to products, as compared to the other two methods of cost allocation.
Compare the three factory overhead allocation methods and describe the causes of cost allocation distortion.
Compute selling and administrative activity rates and use these rates to allocate selling and administrative expenses to either a product or customer.
Identify the conditions that would favor the use of activity-based costing for allocating selling and administrative expenses.
Compute activity rates for service offerings and use these rates to allocate indirect costs to either a service product line or a customer.
Prepare a customer profitability report using the cost of activities.
Describe how activity-based cost information can be used in a service business for improved decision making.
What would happen to net income if the activities noted in Discussion Question 6 were allocated to products for financial statement reporting and the inventory increased?
Single plantwide factory overhead rate OBJ. 2 The total factory overhead for Diva-nation Inc. is budgeted for the year at $180,000.Diva-nation manufactures two types of men’s pants: jeans and
Single plantwide factory overhead rate OBJ. 2 The total factory overhead for Bardot Marine Company is budgeted for the year at$600,000. Bardot Marine manufactures two types of boats: speedboats and
Multiple production department factory overhead rates OBJ. 3 The total factory overhead for Diva-nation is budgeted for the year at $180,000, divided into two departments: Cutting, $60,000, and
Multiple production department factory overhead rates OBJ. 3 The total factory overhead for Bardot Marine Company is budgeted for the year at$600,000 divided into two departments: Fabrication,
Activity-based costing: factory overhead costs OBJ. 4 The total factory overhead for Diva-nation is budgeted for the year at $180,000, divided into four activities: cutting, $18,000; sewing, $36,000;
Activity-based costing: factory overhead costs OBJ. 4 The total factory overhead for Bardot Marine Company is budgeted for the year at $600,000, divided into four activities: fabrication, $204,000;
Activity-based costing: selling and administrative expenses OBJ. 5 Fancy Feet Company manufactures and sells shoes. Fancy Feet uses activity-based costing to determine the cost of the sales order
Activity-based costing: selling and administrative expenses OBJ. 5 Jungle Junior Company manufactures and sells outdoor play equipment. Jungle Junior uses activity-based costing to determine the cost
Activity-based costing for a service business OBJ. 6 Draper Bank uses activity-based costing to determine the cost of servicing customers.There are three activity pools: teller transaction
Activity-based costing for a service business OBJ. 6 Sterling Hotel uses activity-based costing to determine the cost of servicing customers.There are three activity pools: guest check-in, room
Single plantwide factory overhead rate OBJ. 2 Nixon Machine Parts Inc.’s Fabrication Department incurred $560,000 of factory overhead cost in producing gears and sprockets. The two products
Single plantwide factory overhead rate OBJ. 2 Matt’s Music Inc. makes three musical instruments: trumpets, tubas, and trombones. The budgeted factory overhead cost is $188,000. Factory overhead is
Single plantwide factory overhead rate OBJ. 2 Salty Sensations Snacks Company manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the
Product costs and product profitability reports, using a single plantwide OBJ. 2 factory overhead rate Orange County Engine Parts Inc. (OCEP) produces three products—pistons, valves, and cams—for
Multiple production department factory overhead rate method OBJ. 3 Hand Armour, Inc. produces three types of high performance sports gloves: small, medium, and large. A glove pattern is first
Single plantwide and multiple production department factory OBJ. 2, 3 overhead rate methods and product cost distortion Pineapple Motor Company manufactures two types of specialty electric motors, a
Single plantwide and multiple production department factory OBJ. 2, 3 overhead rate methods and product cost distortion The management of Firebolt Industries Inc. manufactures gasoline and diesel
Identifying activity bases in an activity-based cost system OBJ. 4 Select Foods Inc. uses activity-based costing to determine product costs. For each activity listed in the left column, match an
Product costs using activity rates OBJ. 4 Nozama.com Inc. sells consumer electronics over the Internet. For the next period, the budgeted cost of the sales order processing activity is $540,000 and
Product costs using activity rates OBJ. 4 Endurance Enterprises Inc. manufactures elliptical exercise machines and treadmills. The products are produced in its Fabrication and Assembly production
Activity rates and product costs using activity-based costing OBJ. 4 Lightsquare Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures.
Activity cost pools, activity rates, and product costs using OBJ. 4 activity-based costing Hipster Home Appliances Inc. is estimating the activity cost associated with producing ovens and
Activity-based costing and product cost distortion OBJ. 2, 4 Digital Storage Concept Inc. is considering a change to activity-based product costing.The company produces two products, cell phones and
Multiple production department factory overhead rate method OBJ. 3 Four Finger Appliance Company manufactures small kitchen appliances. The product line consists of blenders and toaster ovens. Four
Activity-based costing and product cost distortion OBJ. 4 The management of Four Finger Appliance Company in has asked you to use activity-based costing to allocate factory overhead costs to the two
Single plantwide rate and activity-based costing OBJ. 2, 4 Whirlpool Corporation conducted an activity-based costing study of its Evansville, Indiana, plant in order to identify its most profitable
Evaluating selling and administrative cost allocations OBJ. 5 Gordon Gecco Furniture Company has two major product lines with the following characteristics:Commercial office furniture: Few large
Construct and interpret a product profitability report, OBJ. 5 allocating selling and administrative expenses Volt-Gear Inc. manufactures power equipment. Volt-Gear has two primary
Activity-based costing and customer profitability OBJ. 5 Schneider Electric manufactures power distribution equipment for commercial customers, such as hospitals and manufacturers. Activity-based
Activity-based costing for a service company OBJ. 6 Crosswinds Hospital plans to use activity-based costing to assign hospital indirect costs to the care of patients. The hospital has identified the
Activity-based costing for a service company OBJ. 5, 6 Safety First Insurance Company carries three major lines of insurance: auto, workers’compensation, and homeowners. The company has prepared
Single plantwide factory overhead rate OBJ. 2 Orange County Chrome Company manufactures three chrome-plated products—automobile bumpers, valve covers, and wheels. These products are manufactured in
Multiple production department factor overhead rates OBJ. 3 The management of Orange County Chrome Company, described in Problem now plans to use the multiple production department factory overhead
Activity-based and department rate product costing and OBJ. 3, 4 product cost distortions Black and Blue Sports Inc. manufactures two products: snowboards and skis. The factory overhead incurred is
Activity-based product costing OBJ. 4 Teldar Manufacturing Company is a diversified manufacturer that manufactures three products (M5, Z4, and I8) in a continuous production process. Senior
Allocating selling and administrative expenses using activity-based OBJ. 5 costing Cold Zone Mechancial Inc. manufactures cooling units for commercial buildings. The price and cost of goods sold for
Product costing and decision analysis for a service company OBJ. 6 Pleasant Stay Medical Inc. wishes to determine its product costs. Pleasant Stay offers a variety of medical procedures (operations)
Single plantwide factory overhead rate OBJ. 2 Spotted Cow Dairy Company manufactures three products—whole milk, skim milk, and cream—in two production departments, Blending and Packing. The
Multiple production department factory overhead rates OBJ. 3 The management of Spotted Cow Dairy Company, described in Problem now plans to use the multiple production department factory overhead
Activity-based department rate product costing and product cost OBJ. 3, 4 distortions Big Sound Inc. manufactures two products: receivers and loudspeakers. The factory overhead incurred is as
Activity-based product costing OBJ. 4 Sweet Sugar Company manufactures three products (white sugar, brown sugar, and powdered sugar) in a continuous production process. Senior management has asked
Allocating selling and administrative expenses using activity-based OBJ. 5 costing Shrute Inc. manufactures office copiers, which are sold to retailers. The price and cost of goods sold for each
Product costing and decision analysis for a service company OBJ. 6 Blue Star Airline provides passenger airline service, using small jets. The airline connects four major cities: Charlotte,
Ethics and professional conduct in business The controller of Tri Con Global Systems Inc. devised a new costing system based on tracing the cost of activities to products. The controller was able to
Identifying product cost distortion Beachside Beverages Company manufactures soft drinks. Information about two products is as follows:Sales Price Gross Profit Volume per Case per Case Storm Soda
Activity-based costing for a service company Wells Fargo Insurance Services (WFIS) is an insurance brokerage company that classified insurance products as either “easy” or “difficult.” Easy
Using a product profitability report to guide strategic decisions The controller of Boom Box Sounds Inc. prepared the following product profitability report for management, using activity-based
Allocating administrative costs for a service company Banks have a variety of products, such as savings accounts, checking accounts, certificates of deposit (CDs), and loans. Assume that you were
Describe the relationships among setup time, batch size, inventory, and lead time.
Compute lead time and the value-added ratio.
Identify the characteristics of a lean manufacturing environment and compare it to traditional approaches.
Identify the implications of the lean philosophy for lean accounting.
Prepare lean accounting journal entries for material purchases, application of cell conversion cost, and transfer of cell costs to finished goods.

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