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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

E 11. Dacahr Bros., Inc., is an automobile maintenance and repair company with outlets throughout the western United States. Henley Turlington, the company controller, is starting to assemble the
E 10. Carole Dahl is chief financial officer of the Phoenix Division of Dahl Corporation, a multinational company with three operating divisions. As part of the budgeting process, Dahl’s staff is
E 9. Paige Metals Company has two departments—Cutting and Grinding—and manufactures three products. Budgeted unit production for the coming year is 21,000 of Product T, 36,000 of Product M, and
E 8. Hard Corporation projects sales of $230,000 in May, $250,000 in June,$260,000 in July, and $240,000 in August. Since the dollar value of the company’s cost of goods sold is generally 65
E 7. The U-Z Door Company manufactures garage door units. The units include hinges, door panels, and other hardware. Prepare a direct materials purchases budget for the first quarter of the year
E 6. Santa Fe Corporation produces and sells a single product. Expected sales for September are 12,000 units; for October, 15,000 units; for November, 9,000 units; for December, 10,000 units; and for
E 4. Identify the order in which the following budgets are prepared. Use the letter a to indicate the first budget to be prepared, b for the second, and so on.1. Production budget 2. Direct labor
E 3. Assume that you work in the accounting department of a small wholesale warehousing company. Inspired by a recent seminar on budgeting, the company’s president wants to develop a budgeting
E 2. Effective planning of long- and short-term goals has contributed to the success of Multitasker Calendars, Inc. Described below are the actions that the company’s management team took during a
E 1. You recently attended a workshop on budgeting and overheard the following comments as you walked to the refreshment table:1. “Budgets are the same regardless of the size of an organization or
SE 10. Wellman Corporation’s budgeted balance sheet for the coming year shows total assets of $4,650,000 and total liabilities of $1,900,000. Common stock and retained earnings make up the entire
SE 9. Alberta Limited needs a cash budget for the month of November. The following information is available:a. The cash balance on November 1 is $6,000.b. Sales for October and November are $80,000
SE 8. The projections of direct materials purchases that follow are for the Stromboli Corporation.Purchases on Cash Account Purchases December, 2010 $40,000 $20,000 January, 2011 60,000 30,000
SE 7. KDP Insurance Company specializes in term life insurance contracts. Cash collection experience shows that 30 percent of billed premiums are collected in the month before they are due, 60
SE 6. Operating budgets for the Paolo Company reveal the following information:net sales, $450,000; beginning materials inventory, $23,000; materials purchased, $185,000; beginning work in process
SE 5. Ulster Company expects to sell 50,000 units of its product in the coming year. Each unit sells for $45. Sales brochures and supplies for the year are expected to cost $9,000. Two sales
SE 4. Isobel Law, the controller for Aberdeen Lock Company, is preparing a production budget for the year. The company’s policy is to maintain a finished goods inventory equal to one-half of the
SE 3. A master budget is a compilation of forecasts for the coming year or operating cycle made by various departments or functions within an organization. What is the most important forecast made in
SE 2. Andi Kures owns a tree nursery. She analyzes her business’s results by comparing actual operating results with figures budgeted at the beginning of the year.When the business generates large
SE 1. Sam Zubac is the manager of the shoe department in a discount department store. During a recent meeting, Zubac and his supervisor agreed that Zubac’s goal for the next year would be to
LO4 Prepare a budgeted income statement, a cash budget, and a budgeted balance sheet.
LO3 Prepare the operating budgets that support the financial budgets.
LO2 Identify the elements of a master budget in different types of organizations and the guidelines for preparing budgets.
LO1 Define budgeting, and explain budget basics.
LO1 Describe the process costing system, and identify the reasons for its use.
LO2 Relate the patterns of product flows to the cost flow methods in a process costing environment, and explain the role of the Work in Process Inventory accounts.
LO3 Define equivalent production, and compute equivalent units.
LO4 Prepare a process cost report using the FIFO costing method.
LO5 Prepare a process cost report using the average costing method.
A process costing system is a product costing system used by companies that produce large amounts of similar products or liquid products or that have long, continuous production runs of identical
During production in a process costing environment, products flow in a first-in, first-out (FIFO) fashion through several processes, departments, or work cells.As they do, the process costing system
Equivalent production is a measure that applies a percentage-of-completion factor to partially completed units to compute the equivalent number of whole units produced in an accounting period for
In a process cost report that uses the FIFO costing method, the cost flow follows the logical physical flow of production—that is, the costs assigned to the first products processed are the first
The average costing method is an alternative method of accounting for production costs in a manufacturing environment characterized by a continuous production flow. The difference between a process
SE 1. Indicate whether the manufacturer of each of the following products should use a job order costing system or a process costing system to accumulate product costs:1. Plastics 2. Ocean cruise
SE 2. Indicate whether each of the following is a characteristic of job order costing or of process costing:1. Several Work in Process Inventory accounts are used, one for each department or work
SE 3. Chemical Pro uses an automated mixing machine in its Mixing Department to combine three raw materials into a product called Triogo. On average, each unit of Triogo contains $3 of Material X, $6
SE 4. Blue Blaze adds direct materials at the beginning of its production process and adds conversion costs uniformly throughout the process. Given the following information from Blue Blaze’s
SE 5. Using the information from SE 4 and the following data, compute the total cost per equivalent unit:Beginning Work in Process Costs for the Period Direct materials $20,400 $7,600 Conversion
SE 6. Using the data in SE 4 and SE 5, assign costs to the units transferred out and to the units in ending inventory for July.Equivalent Production: Average Costing Method
SE 7. Using the same data as in SE 4 but Steps 1 and 2 of the average costing method, compute the equivalent units of production for the month.Determining Unit Cost: Average Costing Method
SE 8. Using the average costing method and the information from SE 4, SE 5, and SE 7, compute the total cost per equivalent unit.Assigning Costs: Average Costing Method
SE 9. Using the data in SE 4, SE 5, SE 7, and SE 8 and assuming that Blue Blaze uses the average costing method, assign costs to the units completed and transferred out and to the units in ending
E 2. Tom’s Bakery makes a variety of cakes, cookies, and pies for distribution to five major chains of grocery stores in the area. The company uses a standard manufacturing process for all items
E 3. Gilbert, Inc., which uses a process costing system, makes a chemical used as a food preservative. The manufacturing process involves Departments A and B.The company had the following total costs
E 4. McQuary Stone Company produces bricks. Although the company has been in operation for only 12 months, it already enjoys a good reputation. During its first 12 months, it put 600,000 bricks into
E 5. O’Leon Enterprises makes Perfect Shampoo for professional hair stylists. On July 31, it had 5,200 liters of shampoo in process that were 80 percent complete in regard to conversion costs and
E 6. Paper Savers Corporation produces wood pulp that is used in making paper.The following data pertain to the company’s production of pulp during September:Percentage Complete Tons Direct
E 7. Scientists at Anschultz Laboratories, Inc., have just perfected Dentalite, a liquid substance that dissolves tooth decay. The substance, which is generated by a complex process involving five
E 9. The Bakery produces tea cakes. It uses a process costing system. In March, its beginning inventory was 450 units, which were 100 percent complete for direct materials costs and 10 percent
E 10. Toy Country Corporation produces children’s toys using a liquid plastic formula and a continuous production process. In the company’s toy truck work cell, the plastic is heated and fed into
E 11. Using the data in E 4 and assuming that the company uses the average costing method, compute the equivalent units of production for direct materials and conversion costs for the year ended
E 12. Using the data in E 5 and assuming that the company uses the average costing method, compute the equivalent units of production for direct materials and conversion for August.Equivalent
E 13. Using the data in E 6 and assuming that the company uses the average costing method, compute the equivalent units of production for direct materials and conversion for September.Determining
E 14. Using the data in E 8 and the average costing method, determine the cost per equivalent set for August. Assume equivalent sets are 16,900 for direct materials costs and 17,039 for conversion
P 1. Lightning Industries specializes in making Flash, a high-moisture, low-alkaline wax used to protect and preserve skis. The company began producing a new, improved brand of Flash on January 1.
P 2. Liquid Extracts Company produces a line of fruit extracts for home use in making wine, jams and jellies, pies, and meat sauces. Fruits enter the production process in pounds; the product emerges
P 3. Wash Clean Laboratories produces biodegradable liquid detergents that leave no soap film. The production process has been automated, so the product can now be produced in one operation instead
P 4. Lid Corporation produces a line of beverage lids. The production process has been automated, so the product can now be produced in one operation rather than in the three operations that were
P 5. Hurricane Products, Inc., makes high-vitamin, calorie-packed wafers that are popular among professional athletes because they supply quick energy. The company produces the wafers in a continuous
P 6. Sunshine Soda Company manufactures and sells several different kinds of soft drinks. Direct materials (sugar syrup and artificial flavor) are added at the beginning of production in the Mixing
P 7. Canned fruits and vegetables are the main products made by Good Foods, Inc.All direct materials are added at the beginning of the Mixing Department’s process.When the ingredients have been
P 8. Honey Dews Company produces organic honey, which it sells to health food stores and restaurants. The company owns thousands of beehives. No direct materials other than honey are used. The
P 9. Carton Corporation produces a line of beverage cartons. The production process has been automated, so the product can now be produced in one operation rather than in the three operations that
C 1. For more than 60 years, Dow Chemical Company has made and sold a tasteless, odorless, and calorie-free substance called Methocel. When heated, this liquid plastic (methyl cellulose) has the
C 3. Ready Tire Corporation makes several lines of automobile and truck tires.The company operates in a competitive marketplace, so it relies heavily on cost data from its FIFO-based process costing
C 4. For the past four years, three companies have dominated the soft drink industry, holding a combined 85 percent of market share. Wonder Cola, Inc., ranks second nationally in soft drink sales.
C 5. You are the production manager for Great Grain Corporation, a manufacturer of four cereal products. The company’s best-selling product is Smackaroos, a sugar-coated puffed rice cereal.
LO1 Explain why managers use value-based systems, and discuss the relationship of these systems to the supply chain and value chain.
LO2 Define activity-based costing, and explain how a cost hierarchy and a bill of activities are used.
LO3 Define the elements of a lean operation, and identify the changes in inventory management that result when a firm adopts its just-in-time operating philosophy.
LO4 Define and apply backflush costing, and compare the cost flows in traditional and backflush costing.
LO5 Compare ABM and lean operations as value-based systems.
SE 1. Thom Lutz started a retail clothing business two years ago. Lutz’s first year was very successful, but sales dropped 50 percent in the second year. A friend who is a business consultant
SE 2. Which of the following activities would be part of the value chain of a manufacturing company? Which activities do not add value?1. Product marketing 5. Product packing 2. Machine drilling 6.
SE 3. Jack DuBois is developing plans to open a restaurant called Ribs ‘n Slaw.He has located a building and will lease all the furniture and equipment he needs for the restaurant. Food Servers,
SE 4. Indicate whether the following activities of a submarine sandwich shop are value-adding (V) or non-value-adding (NV):1. Purchasing sandwich ingredients 4. Cleaning up the shop 2. Storing
SE 5. Engineering design is an activity that is vital to the success of any motor vehicle manufacturer. Identify the level at which engineering design would be classified in the cost hierarchy used
SE 7. Maintaining minimum inventory levels and using pull-through production are important elements of a just-in-time operating environment. How does pullthrough production help minimize
SE 8. Aromatherapy Products Company is in the process of adopting the just-intime operating environment for its lotion-making operations. Indicate which of the following overhead costs are
SE 9. For work done during August, Pansey Company incurred direct materials costs of $120,000 and conversion costs of $260,000. The company employs a justin-time operating philosophy and backflush
SE 10. Hwang Corp. recently installed three just-in-time work cells in its screenmaking division. The work cells will make large quantities of similar products for major window and door
E 1. The reports that follow are from a department in an insurance company.Which report would be used for financial purposes, and which would be used for activity-based decision making? Why?Salaries
E 2. Indicate which of the following persons and activities associated with a lawn and garden nursery are part of the supply chain (S) and which are part of the value chain (V):1. Plant and tree
E 3. The items in the following list are associated with a bank. Indicate which are part of the supply chain (S) and which are part of the value chain (V).1. Federal Reserve Bank 4. ATM 2. Student
E 4. Libbel Enterprises has been in business for 30 years. Last year, the company purchased Chemcraft Laboratory and entered the chemical processing business.Libbel’s controller prepared a process
E 5. When Courtney Tybee prepared a process value analysis for her company, she identified the following primary activities. Identify the value-adding activities(VA) and the non-value-adding
E 6. Copia Electronics makes speaker systems. Its customers range from new hotels and restaurants that need specifically designed sound systems to nationwide retail outlets that order large
E 8. Compute the activity cost rates for materials handling, assembly, and design based on these data:Materials Cloth $26,000 Fasteners 4,000 Purchased parts 40,000 Materials handling Labor 8,000
E 9. The following numbered items are concepts that underlie value-based systems, such as ABM and lean. Match each concept to the related lettered element(s)of a lean operating environment.1.
E 10. Identify which of the following exist in a traditional manufacturing environment and which exist in a JIT environment:1. Large amounts of inventory 2. Complex manufacturing processes 3. A
E 11. The cost categories in this list are typical of many manufacturing operations:Direct materials: Direct labor Depreciation–machinery Sheet steel Engineering labor Supervisory salaries Iron
E 12. Conda Products Company implemented a JIT work environment in its trowel division eight months ago, and the division has been operating at near capacity since then. At the beginning of May, Work
E 13. Good Morning Enterprises produces digital alarm clocks. It has a just-in-time assembly process and uses backflush costing to record production costs. Overhead is assigned at a rate of $17 per
E 14. Identify each of the following as a characteristic of ABM or lean:1. Backflush costing 2. ABC used to assign overhead costs to the product cost 3. ABC integrated with job order or process
E 15. The following are excerpts from a conversation between two managers about their companies’ activity-based systems. Identify the manager who works for a company that emphasizes ABM and the one
P 4. Funz Company, which produces wooden toys, is about to adopt a lean operating environment. In anticipation of the change, Letty Hernandez, Funz’s controller, prepared the following list of
C 1. MUF, a CPA firm, has provided audit and tax services to businesses in the London area for over 50 years. Recently, the firm decided to use ABM and activity-based costing to assign its overhead
C 2. Sandee Star, the owner of Star Bakery, wants to know the profitability of each of her bakery’s customer groups. She is especially interested in the State Institutions customer group, which is
C 3. Refer to the income statement in C 2 for the State Institutions customer group for the year ended December 31. Sandee Star, the owner of Star Bakery, is in the process of budgeting income for

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