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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

Budget responsibility Wes Snowden, the controller of Howard Industries, is very popular. He is easygoing and does not offend anybody. To develop the company’s most recent budget, Mr. Snowden first
Preparing a sales budget Addison Restaurant is opening for business in a new shopping center. Mathew Hill, the owner, is preparing a sales budget for the next three months. After consulting friends
Preparing a schedule of cash receipts Blair Imports, Inc., sells goods imported from the Far East. Using the second quarter’s sales budget, Steve Lang is trying to complete the schedule of cash
Preparing sales budgets with different assumptions Raine International Company has three subsidiaries, Falcon Trading Company, Ammons Medical Supplies Company, and Ocean Shipping Company. Because the
Determining cash receipts from accounts receivable Wasson Corporation is about to start a business as an agricultural products distributor. Because its customers will all be retailers, Wasson will
Using judgment in making a sales forecast Love Greetings Corporation sells greeting cards for various occasions.Required Write a brief memo describing the sales pattern that you would expect Love
Preparing an inventory purchases budget Kain Drugstores, Inc., sells prescription drugs, over-the-counter drugs, and some groceries. The purchasing manager prepared the following inventory purchases
Preparing a schedule of cash payments for inventory purchases Major Grocery buys and sells groceries in a community far from any major city. Tim Major, the owner, budgeted the store’s purchases as
Determining the amount of inventory purchases and cash payments Hart Oil Corporation, which distributes gasoline products to independent gasoline stations, had$400,000 of cost of goods sold in
Preparing a schedule of cash payments for selling and administrative expenses The controller for White Laundry Services prepared the following list of expected operating expenses.All expenses
Preparing inventory purchases budgets with different assumptions Jenny Neal has been at odds with her brother and business partner, Haley, since childhood. The sibling rivalry is not all bad,
Determining the amount of cash payments for selling and administrative expenses Victor Conway, managing partner of Conway Business Consulting, is preparing a budget for January 2008, the first month
Preparing a cash budget Peter Latta, the accounting manager of Jordan Antique Company, is preparing his company’s cash budget for the next quarter. Jordan desires to maintain a cash cushion of
Determining amount to borrow and pro forma statement balances Vladmir Yushanko, the president of Yuri Corporation, has been working with his controller to manage the company’s cash position. The
Preparing pro forma income statements with different assumptions Burch Corporation’s budget planning meeting is like a zoo. Brian Stull, the credit manager, is naturally conservative and May
Preparing a sales budget and schedule of cash receipts Larimer Corporation sells mail-order computers. In December 2006, it has generated $700,000 of sales revenue; the company expects a 20 percent
Preparing the inventory purchases budget and schedule of cash payments Hoskin Company’s purchasing manager, Scott Medina, is preparing a purchases budget for the next quarter. At his request, Larry
Preparing pro forma income statements with different assumptions Kent Lowery, a successful entrepreneur, is reviewing the results of his first year in business. His accountant delivered the following
Preparing a schedule of cash payments for selling and administrative expenses Antoin’s Travel Services has prepared its selling and administrative expenses budget for the next quarter. It pays all
Preparing a cash budget Pope Company has budgeted the following cash flows:Pope had a $36,000 cash balance on April 1. The company desires to maintain a $60,000 cash cushion before paying interest.
Preparing budgets with multiple products Silva Enterprises, Inc., has two products, palm-size computers and programmable calculators. Jean Zeigler, the chief executive officer, is working with her
Preparing a master budget for retail company with no beginning account balances World Gifts Corporation begins business today, December 31, 2007. Geraldine Lear, the president, is trying to prepare
Behavioral impact of budgeting Bianca Pender, the director of Hume Corporation’s Mail-Order Division, is preparing the division’s budget proposal for next year. The company’s president will
Business Applications Case Preparing and using pro forma statements Nancy Chen and Tim Hoffer recently graduated from the same university. After graduation they decided not to seek jobs with
Group Assignment Master budget and pro forma statements The following trial balance was drawn from the records of Havel Company as of October 1, 2007.Requireda. Divide the class into groups, each
Research Assignment Simplifying the budget process By their nature, large entities often generate big, complex budgets. There is a danger, however, that budgets can become so detailed and complex
Spreadsheet Assignment Using Excel The accountant for Nelly’s Dress Shop prepared the fourth quarter 2007 cash budget that appears on the following spreadsheet. Nelly’s has a policy to maintain a
Spreadsheet Assignment Mastering Excel Spitzer Company has collected sales forecasts for next year from three people.They have estimated that the cost of goods sold is 70 percent of sales. The
Describe flexible and static budgets.
Classify variances as being favorable or unfavorable.
Compute and interpret sales volume variances.
Compute and interpret flexible budget variances.
Explain standard cost systems.
Calculate price and usage variances.
What is the primary cause of an unfavorable overhead volume variance?
What is the primary cause of a favorable overhead spending variance?
Preparing master and flexible budgets Trent Manufacturing Company established the following standard price and cost data.Trent planned to produce and sell 1,100 units. Actual production and sales
Determining sales volume variances Required Use the information provided in Exercise 8-3A.a. Determine the volume variances.b. Classify the variances as favorable (F) or unfavorable (U).c. Comment on
Determining flexible budget variances Use the standard price and cost data provided in Exercise 8-3A. Assume that the actual sales price is$9.60 per unit and that the actual variable cost is $4.10
Using a flexible budget to accommodate market uncertainty According to its original plan, Graham Consulting Services Company would charge its customers for service at $200 per hour in 2006. The
Evaluating a decision to increase sales volume by lowering sales price Camden Educational Services had budgeted its training service charge at $100 per hour. The company planned to provide 40,000
Responsibility for sales volume variance Boyd Company expected to sell 400,000 of its pagers during 2006. It set the standard sales price for the pager at $30 each. During June, it became obvious
Responsibility for variable manufacturing cost variance Meyer Manufacturing Company set its standard variable manufacturing cost at $24 per unit of product. The company planned to make and sell 4,000
Calculating the materials usage variance Katherin Justice is the manager of the Lakeshore Bagel Shop. The corporate office had budgeted her store to sell 4,000 ham sandwiches during the week
Determining materials price and usage variances Nellie’s Florals produced a special Mother’s Day arrangement that included six roses. The standard and actual costs of the roses used in each
Responsibility for materials usage variance Meadow Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow.Meadow actually
Responsibility for labor price and usage variances Duffey Manufacturing Company incurred a favorable labor price variance and an unfavorable labor usage variance.Requireda. Describe a scenario in
Calculating and explaining labor price and usage variances Lowell and Sons, a CPA firm, established the following standard labor cost data for completing what the firm referred to as a Class 2 tax
Determining the standard labor price Sullivan Car Wash, Inc., expected to wash 900 cars during the month of August. Washing each car was expected to require 0.25 hours of labor. The company actually
Calculating the variable overhead variance Crumbley Company established a predetermined variable overhead cost rate at $10.00 per direct labor hour. The actual variable overhead cost rate was $9.60
Determining and interpreting fixed overhead variances Stanley Company established a predetermined fixed overhead cost rate of $24 per unit of product. The company planned to make 9,000 units of
Determining sales volume variances Humphrey Publications established the following standard price and costs for a hardcover picture book that the company produces.Humphrey planned to make and sell
Determining and interpreting flexible budget variances Use the standard price and cost data supplied in Problem 8-18A. Assume that Humphrey actually produced and sold 31,000 books. The actual sales
Flexible budget planning Clyde Chen, the president of Creek Computer Services, needs your help. He wonders about the potential effects on the firm’s net income if he changes the service rate that
Determining materials price and usage variances Hancock Fruit Drink Company planned to make 400,000 containers of apple juice. It expected to use two cups of frozen apple concentrate to make each
Determining labor price and usage variances Valarie’s Doll Company produces handmade dolls. The standard amount of time spent on each doll is 1.5 hours. The standard cost of labor is $8 per hour.
Computing fixed overhead variances In addition to other costs, Gulfsouth Telephone Company planned to incur $425,000 of fixed manufacturing overhead in making 340,000 telephones. Gulfsouth actually
Computing materials, labor, and overhead variances The following data were drawn from the records of Cowley Corporation.Requireda. Prepare a materials variance information table showing the standard
Computing materials, labor, and overhead variances Garland Manufacturing Company produces a component part of a top secret military communication device. Standard production and cost data for the
Computing variances Jett Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product.Requireda. Determine
Computing standard cost and analyzing variances Gate Company manufactures molded candles that are finished by hand. The company developed the following standards for a new line of drip candles.During
Analyzing not-for-profit entity variances The North Accounting Association held its annual public relations luncheon in April 2008. Based on the previous year’s results, the organization allocated
Preparing master and flexible budgets Irvin Manufacturing Company established the following standard price and cost data.Requireda. Prepare the pro forma income statement that would appear in a
Determining sales activity (volume) variances Required Use the information provided in Exercise 8-3B.a. Determine the volume variances.b. Classify the variances as favorable or unfavorable.c. Comment
Determining flexible budget variances Use the standard price and cost data provided in Exercise 8-3B. Assume the actual sales price was$11.90 per unit and the actual variable cost was $7.95 per unit.
Using a flexible budget to accommodate market uncertainty Escott Cable Installation Services, Inc., is planning to open a new regional office. Based on a market survey Escott commissioned, the
Evaluating a decision to increase sales volume by reducing sales price At the beginning of its most recent accounting period, Coleman Roof had planned to clean 400 house roofs at an average price of
Responsibility for sales volume (activity) variance Vincent Manufacturing Company had an excellent year. The company hired a new marketing director in January. The new director’s great motivational
Assessing responsibility for a labor cost variance Gilliam Technologies Company’s 2008 master budget called for using 60,000 hours of labor to produce 180,000 units of software. The standard labor
Calculating the materials usage variance Natalie Ketali manages the Sweet Candy Shop, which was expected to sell 4,000 servings of its trademark candy during July. Each serving was expected to
Responsibility for materials price variance Cream Delight, Inc., makes ice cream that it sells in 5-gallon containers to retail ice cream parlors.During 2008, the company planned to make 100,000
Responsibility for labor rate and usage variance Adams Manufacturing Company incurred an unfavorable labor rate variance.Requireda. Describe a scenario in which the personnel manager is responsible
Calculating and explaining labor price and usage variances Perez Landscaping Company established the following standard labor cost data to provide complete lawn care service (cutting, edging,
Determining standard labor hours Hair Fashion is a hair salon. It planned to provide 120 hair color treatments during December. Each treatment was planned to require 0.5 hours of labor at the
Calculating a variable overhead variance Hughes Manufacturing Company established a predetermined variable overhead cost rate of $10 per direct labor hour. The actual variable overhead cost rate was
Determining and interpreting fixed overhead variances Clayton Manufacturing Company established a predetermined fixed overhead cost rate of $135 per unit of product. The company planned to make
Determining sales volume variances Jones Food Corporation developed the following standard price and costs for a refrigerated TV dinner that the company produces.Jones plans to make and sell 200,000
Determining and interpreting flexible budget variances Use the standard price and cost data supplied in Problem 8-18B. Assume that Jones actually produced and sold 216,000 units. The actual sales
Flexible budget planning Executive officers of Gulf Seafood Processing Company are holding a planning session for fiscal year 2008. They have already established the following standard price and
Determining materials price and usage variances Sabrina Swimsuit Specialties, Inc., makes fashionable women’s swimsuits. Its most popular swimsuit, with the Sarong trade name, uses a standard
Determining labor price and usage variances As noted in Problem 8-21B, Sabrina Swimsuit makes swimsuits. In 2008, Sabrina produced its most popular swimsuit, the Sarong, for a standard labor price of
Computing fixed overhead variances Gallo Sporting Goods Co. manufactures baseballs. According to Gallo’s 2007 budget, the company planned to incur $600,000 of fixed manufacturing overhead costs to
Computing materials, labor, and overhead variances Sean Ferlitto was a new cost accountant at Chapman Plastics Corporation. He was assigned to analyze the following data that his predecessor left
Computing materials, labor, and overhead variances Burch Corporation makes mouse pads for computer users. After the first year of operation, Angie Burch, the president and chief executive officer,
Computing variances A fire destroyed most of Sherif Products Corporation’s records. Clara Thornton, the company’s accountant, is trying to piece together the company’s operating results from
Computing standard cost and analyzing variances Porzio Manufacturing Company, which makes aluminum alloy wheels for automobiles, recently introduced a new luxury wheel that fits small sports cars.
Analyzing not-for-profit organization variances The Marketing Department of Sexton State University planned to hold its annual distinguished visiting lecturer (DVL) presentation in October 2008. The
Business Applications Case Static versus flexible budget variances Kevin Delo is the manufacturing production supervisor for Value-Tech Headset Company. Trying to explain why he did not get the
Research Assignment Nonfinancial performance measures The article “He Wrote the Book on Debugging” (BusinessWeek, May 9, 2005) by Otis Port is based on an interview of Watts Humphrey, an expert
Ethical Dilemma Budget games Melody Lovelady is the most highly rewarded sales representative at Swift Corporation. Her secret to success is always to understate your abilities. Ms. Lovelady is
Spreadsheet Assignment Using Excel Irvine Publications established the following standard price and costs for a hardcover picture book that the company produces.Irvine planned to make and sell 30,000
Spreadsheet Assignment Mastering Excel Wilkin Fruit Drink Company planned to make 400,000 containers of apple juice. It expected to use two cups of frozen apple concentrate to make each container of
Describe the concept of decentralization.
Describe the differences among cost, profit, and investment centers.
Prepare and use responsibility reports.
Relate management by exception to responsibility reports.
Evaluate investment opportunities using return on investment.
Identify factors that affect return on investment.
Evaluate investment opportunities using residual income.
Describe how transfer prices may be established(Appendix).

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