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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

Allocating service centers’ costs to operating departments—direct method Strait Corporation, a book publisher, has two service departments: editing and typesetting. Strait also has three
Cost accumulation and allocation Peavy Tools Company has two production departments in its manufacturing facilities. Home tools specializes in hand tools for individual home users, and professional
Cost allocation in a service industry Dean, Ivy, and Associates provides legal services for its local community. In addition to its regular attorneys, the firm hires some part-time attorneys to
Cost allocation in a manufacturing company Gwin Door Corporation makes a particular type of door. The labor cost is $90 per door and the material cost is $160 per door. Gwin rents a factory building
Fairness in the allocation process Ponter Furniture Company has two production departments. The parts department uses automated machinery to make parts; as a result, it uses very few employees. The
Allocation to accomplish smoothing Lawson Corporation’s overhead costs are usually $24,000 per month. However, the company pays$54,000 of real estate tax on the factory facility in March. Thus, the
Allocating indirect cost between products Bennett Corporation has hired a marketing representative to sell the company’s two products: Marvelous and Wonderful. The representative’s total salary
Allocating joint product cost Mountain Tea Co. makes two products: a high-grade tea branded Wulong and a low-grade tea branded San Tea for the Asian market. Mountain purchases tea leaves from tea
Allocating service center costs—step method and direct method Ryan Corporation has three production departments: forming, assembly, and packaging. The maintenance department supports only the
Business Applications Case Allocating fixed costs at Porsche During its fiscal year ending on July 31, 2005, the Dr. Ing. h.c. F. Porsche AG, commonly known as“Porsche” manufactured 90,954
Research Assignment Cost accounting issues at real-world companies The July 2003 issue of Strategic Finance contains the article “Roles and Practices in Management Accounting Today: Results From
Writing Assignment Selection of the appropriate cost driver Bullions Enterprises, Inc. (BEI), makes gold, silver, and bronze medals used to recognize outstanding athletic performance in regional and
Ethical Dilemma Allocation to achieve fairness The American Acupuncture Association offers continuing professional education courses for its members at its annual meeting. Instructors are paid a fee
Spreadsheet Assignment Using Excel Brook Health Care Center, Inc., has three clinics servicing the Birmingham metropolitan area. The company’s legal services department supports the clinics.
Spreadsheet Assignment Mastering Excel Phillips Paints manufactures three types of paint in a joint process: rubberized paint, rust-proofing paint, and aluminum paint. In a standard batch of 250,000
Spreadsheet Assignment Mastering Excel Required Build the spreadsheet pictured in Exhibit 3.2. Be sure to use formulas that will automatically calculate profitability if fixed cost, variable cost, or
Spreadsheet Assignment Using Excel Bishop Company has provided the estimated data that appear in rows 4 to 8 of the following spreadsheet.Required Construct a spreadsheet as follows that would allow
Ethical Dilemma Manipulating reported earnings The article “Garbage In, Garbage Out” (Fortune, May 25, 1998, pp. 130–38) describes a litany of questionable accounting practices that ultimately
Writing Assignment Operating leverage, margin of safety, and cost behavior The article “Up Front: More Condensing at the Digest?” in the October 19, 1998, issue of BusinessWeek reported that
Research Assignment Effect of costs changes An article in the January 26, 2004, issue of BusinessWeek explains how automobile manufacturers in the United States are beginning to adopt a practice
Group Assignment Effect of changes in fixed and variable cost on profitability In a month when it sold 200 units of product, Queen Manufacturing Company (QMC) produced the following internal income
Business Applications Case Cost-volume-profit behavior at Apple Computer, Inc.On April 14, 2004, Apple Computer announced that revenues for the second quarter of its 2004 fiscal year rose 29 percent,
Determining the break-even point and margin of safety for a company with multiple products Executive officers of Collier Company have prepared the annual budgets for its two products, Washer and
Assessing simultaneous changes in CVP relationships Vanhorn Company sells tennis racquets; variable costs for each are $75, and each is sold for $105.Vanhorn incurs $270,000 of fixed operating
Comprehensive CVP analysis Choate Company makes a product that it sells for $150. Choate incurs annual fixed costs of $160,000 and variable costs of $100 per unit.Required The following requirements
Analyzing sales price and fixed cost using the equation method Medlock Company is analyzing whether its new product will be profitable. The following data are provided for analysis.Expected variable
Analyzing change in sales price using the contribution margin ratio Kahn Company reported the following data regarding the one product it sells.Required Use the contribution margin ratio approach and
Effect of converting variable to fixed costs Perdue Company manufactures and sells its own brand of cameras. It sells each camera for $42. The company’s accountant prepared the following
Determining the break-even point and preparing a break-even graph Executive officers of Bozeman Company are assessing the profitability of a potential new product.They expect that the variable cost
Determining the break-even point and preparing a contribution margin income statement Dade Company manufactures radio and cassette players and sells them for $100 each. According to the company’s
Multiple product break-even analysis Gardner Company makes two products. The budgeted per unit contribution margin for each product follows:Gardner expects to incur fixed costs of $115,000. The
Target costing After substantial marketing research, Ingram Corporation management believes that it can make and sell a new battery with a prolonged life for laptop computers. Management expects the
Understanding the global economy through CVP relationships An article published in the April 2, 2001, issue of BusinessWeek summarized several factors that had contributed to the economic slowdown
Cost-volume-profit relationship Larusso Corporation manufactures faucets. The variable costs of production are $7 per faucet. Fixed costs of production are $81,000. Larusso sells the faucets for a
Margin of safety Noel Company manufactures scanners that sell for $135 each. The company pays $55 per unit for the variable costs of the product and incurs fixed costs of $1,600,000. Noel expects to
Evaluating simultaneous changes in fixed and variable costs Ramirez Company currently produces and sells 10,000 units of a telephone per year that has a variable cost of $13 per unit and a fixed cost
Components of break-even graph Peter, a 10-year-old boy, wants to sell lemonade on a hot summer day. He hopes to make enough money to buy a new iPod. John, his elder brother, tries to help him
Change in sales price Zucco Company manufactures a product that has a variable cost of $13 per unit. The company’s fixed costs total $280,000. Zucco had net income of $80,000 in the previous year.
Contribution margin per unit approach for break-even and desired profit Information concerning a product produced by Willowby Company appears here:Required Determine the following:a. Contribution
Determining variable cost from incomplete data Talentino Corporation produced 75,000 tires and sold them for $60 each during 2007. The company determined that fixed manufacturing cost per unit was
Fixed and variable cost per unit Seibel Corporation broke even by producing and selling 20,000 units of product during 2007. It earned a contribution margin of $80,000 on sales of $480,000. The
Equation method Madden Company manufactures a product that sells for $71 per unit. It incurs fixed costs of $390,000.Variable cost for its product is $50 per unit. Madden desires to earn a target
Contribution margin ratio Craw Company incurs annual fixed costs of $140,000. Variable costs for Craw’s product are $12 per unit, and the sales price is $20 per unit. Craw desires to earn a profit
Equation method Gann Corporation manufactures products that it sells for $29 each. Variable costs are $20 per unit, and annual fixed costs are $450,000.Required Use the equation method to determine
Per unit contribution margin approach Hunt Corporation manufactures products that have variable costs of $6 per unit. Its fixed cost amounts to $75,000. It sells the produce for $9 each.Required Use
Determining the break-even point and margin of safety for a company with multiple products Mendoza Company produces two products. Budgeted annual income statements for the two products are provided
Assessing simultaneous changes in CVP relationships Hinkle Corporation sells hammocks; variable costs are $75 each, and the hammocks are sold for $125 each. Hinkle incurs $250,000 of fixed operating
Comprehensive CVP analysis Kersh Company makes and sells products with variable costs of $40 each. Kersh incurs annual fixed costs of $32,000. The current sales price is $60.Required The following
Margin of safety and operating leverage Triozzl Company is considering the addition of a new product to its cosmetics line. The company has three distinctly different options: a skin cream, a bath
Analyzing sales price and fixed cost using the equation method Abdur Company is considering adding a new product. The cost accountant has provided the following data.The administrative vice president
Analyzing change in sales price using the contribution margin ratio Bonin Company reported the following data regarding the product it sells.Required Use the contribution margin ratio approach and
Effect of converting variable to fixed costs Hoskins Manufacturing Company reported the following data regarding a product it manufactures and sells. The sales price is $32.Requireda. Use the per
Determining the break-even point and preparing a break-even graph Purcell Company is considering the production of a new product. The expected variable cost is $45 per unit. Annual fixed costs are
Determining the break-even point and preparing a contribution margin income statement Latoma Manufacturing Company makes a product that it sells for $45 per unit. The company incurs variable
Multiple product break-even analysis O’Clair Company manufactures two products. The budgeted per unit contribution margin for each product follows.O’Clair expects to incur annual fixed costs of
Target costing The marketing manager of Wei Corporation has determined that a market exists for a telephone with a sales price of $29 per unit. The production manager estimates the annual fixed costs
Understanding of the global economy through CVP relationships An article published in the December 8, 1997, issue of U.S. News & World Report summarized several factors likely to support a continuing
Cost-volume-profit relationship Tribble Corporation is a manufacturing company that makes small electric motors it sells for $30 per unit.The variable costs of production are $24 per motor, and
Margin of safety Roscoe Company makes a product that sells for $18 per unit. The company pays $8 per unit for the variable costs of the product and incurs annual fixed costs of $150,000. Roscoe
Evaluating simultaneous changes in fixed and variable costs Kendall Company currently produces and sells 9,000 units annually of a product that has a variable cost of $15 per unit and annual fixed
Components of break-even graph Required Match the numbers shown in the graph with the following items.a. Fixed cost lined. Area of profitb. Total cost linee. Revenue linec. Break-even pointf. Area of
but assume that in addition to increasing its market share by lowering its selling price to $11.60, Smith desires to increase its net income by $14,000 Required Determine the number of units the
Simultaneous change in sales price and desired profit Use the cost data presented in
Changing sales price Smith Company produces a product that has a variable cost of $6 per unit; the product sells for $13 per unit. The company’s annual fixed costs total $350,000; it had net income
Contribution margin per unit approach for break-even and desired profit Information concerning a product produced by Morris Company appears here.Sales price per unit $200 Variable cost per unit $110
Determining variable cost from incomplete cost data Bostany Corporation produced 150,000 watches that it sold for $24 each during 2006. The company determined that fixed manufacturing cost per unit
Determining fixed and variable cost per unit Wolfe Corporation produced and sold 30,000 units of product during October. It earned a contribution margin of $90,000 on sales of $240,000 and determined
Equation method Robinson Company produces a product that sells for $21 per unit and has a variable cost of $15 per unit. Robinson incurs annual fixed costs of $230,000. It desires to earn a profit of
Contribution margin ratio Mozon Company incurs annual fixed costs of $90,000. Variable costs for Mozon’s product are $6 per unit, and the sales price is $10 per unit. Mozon desires to earn an
Equation method Hamby Corporation produces products that it sells for $7 each. Variable costs per unit are $4, and annual fixed costs are $81,000.Required Use the equation method to determine the
Per unit contribution margin approach Coburn Corporation sells products for $12 each that have variable costs of $9 per unit. Coburn’s annual fixed cost is $240,000.Required Use the per unit
Perform multiple-product break-even analysis(Appendix).
Use the contribution margin ratio and the equation method to conduct cost-volume-profit analysis.
Conduct sensitivity analysis for cost-volume-profit relationships.
Calculate margin of safety.
Draw and interpret a cost-volume-profit graph.
Use the contribution margin per unit to conduct cost-volume-profit analysis.
Set selling prices by using cost-plus, prestige, and target pricing.
Use the contribution margin per unit approach to calculate the sales volume required to break even or earn a target profit.
Spreadsheet Assignment Mastering Excel Siwa Company makes and sells a decorative ceramic statue. Each statue costs $50 to manufacture and sells for $75. Siwa spends $3 to ship the statue to customers
Spreadsheet Assignment Using Excel Charlie Stork rented a truck for his business on two previous occasions. Since he will soon be renting a truck again, he would like to analyze his bills and
Ethical Dilemma Profitability versus social conscience (effects of cost behavior)Advances in biological technology have enabled two research companies, Bio Labs, Inc., and Scientific Associates, to
Writing Assignment Cost averaging Candice Sterling is a veterinarian. She has always been concerned for the pets of low-income families.These families love their pets but frequently do not have the
Research Assignment Fixed versus variable cost The March 8, 2004, edition of BusinessWeek contained an article titled “Courting the Mass Affluent”(see page 68). The article discusses the efforts
Group Assignment Operating leverage The Parent Teacher Association (PTA) of Meadow High School is planning a fund-raising campaign.The PTA is considering the possibility of hiring Eric Logan, a
Business Applications Operating leverage The following information was taken from the Form 10-K SEC filings for CSX Corporation and Starbucks Corporation. It is from the 2004 fiscal year reports, and
Estimating fixed and variable cost using the regression method Kenny Loftin, the production manager of Newton Construction Components, is trying to figure out the cost behavior of his factory
Estimating fixed and variable cost Deluxe Frames Company (DFC), which manufactures ornate frames for original art work, began operations in January 2007. Ed McDowell, the owner, asks for your
Estimating fixed and variable costs Berger Legal Services provides legal advice to clients. The following data apply to the first six months of operation.Requireda. What is the average service
Identifying relevant issues for cost averaging Southwest Tours, Inc., organizes adventure tours for people interested in visiting a desert environment.A desert tour generally lasts three days.
Selecting the appropriate time period for cost averaging The Bullion Amusement Park is considering signing a contract to hire a circus at a cost of $2,700 per day. The contract requires a minimum
Analysis of operating leverage Michelle Welch has invested in two start-up companies. At the end of the first year, she asks you to evaluate their operating performance. The following operating data
Effects of fixed and variable cost behavior on the risk and rewards of business opportunities Green Club and Wood Club are competing health and recreation clubs in Chicago. They both offer tennis
Effects of operating leverage on profitability CMAs R Us conducts CMA review courses. Public universities that permit free use of a classroom support the classes. The only major expense incurred by
Context-sensitive nature of cost behavior classifications Leo White sells a newly developed camera, Superb Image. He purchases the cameras from the manufacturer for $150 each and rents a store in a
Context-sensitive nature of cost behavior classifications Richardo and Griffin Tax Services’ Development Department is responsible for establishing new community branches. Each branch opens with
Cost behavior and averaging Paul Ditto asks you to analyze the operating cost of his lawn services business. He has bought the needed equipment with a cash payment of $27,000. Upon your
Identifying cost behavior Required Identify the following costs as fixed or variable.Costs related to operating a retail gasoline companya. The company’s cost of national TV commercials relative to
Estimating fixed and variable costs using the high-low method Payne Ice Cream Company produces various ice cream products for which demand is highly seasonal.The company sells more ice cream in
Averaging costs Cooper Entertainment Company operates a movie theater that has monthly fixed expenses of $5,000.In addition, the company pays film distributors $2.00 per ticket sold. The following

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