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horngrens accounting managerial

Questions and Answers of Horngrens Accounting managerial

Compute and Evaluate Overhead Variances? P897
Describe How Companies Use Variance Analysis?? P897
8.1 What two components are needed to determine a standard for materials?
8.1 What two components are needed to determine a standard for labor?
8.1 What elements require consideration before establishing an overhead standard?
8.1 What is a variance?
8.2 What causes the material price variance?
8.2 What causes the material quantity variance?
8.2 What are some possible causes of a material price variance?
8.2 What are some possible causes of a material quantity variance?
8.3 What is the direct labor rate variance?
8.3 What is the direct labor time variance?
8.3 What are some possible causes of a direct labor rate variance?
8.3 What are some possible causes of a direct labor time variance?
8.3 How is the total direct labor variance calculated?
8.4 What causes the variable overhead rate variance?
8.4 What causes the variable overhead efficiency variance?
8.4 What is the main difference between a flexible budget and a master budget?
8.5 What causes a favorable variance?
8.5 What causes an unfavorable variance?
8.5 When might a favorable variance not be a good outcome?
8.5 When might an unfavorable variance be a good outcome?
8.5 Identify several causes of a favorable material price variance.
8.5 Identify several causes of an unfavorable material price variance.
8.5 Identify several causes of a favorable material quantity variance.
8.5 Identify several causes of an unfavorable material quantity.
8.5 Identify several causes of a favorable labor rate variance.
8.5 Identify several causes of an unfavorable labor rate variance.
8.5 Identify several causes of a favorable labor efficiency variance.
8.5 Identify several causes of an unfavorable labor efficiency variance.
8.2 Use the information provided to answer the questions.All material purchased was used in production.A. What is the standard price paid for materials?B. What is the direct materials quantity
8.3 Penny Company manufactures only one product and uses a standard cost system. The following information is from Penny’s records for May:During May, the company used 12.5% more hours than the
8.2 Lizbeth, Inc., makes ice cream. The toffee coffee ice cream takes 4 quarts of cream, 3 cups of sugar, 2 tablespoons of toffee flavoring, and 1.5 tablespoons of coffee flavoring per gallon. The
8.1 The comptroller wants to set the standards according to a study done by a consulting firm for a company. The consulting firm used the following assumptions: The machines never break down. Workers
8.2 Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown.Large Small Rubber 3 feet at $0.25
8.4 Prepare a flexible budget for overhead based on the following data:
8.4 ABC Inc. spent a total of $48,000 on factory overhead. Of this, $28,000 was fixed overhead. ABC Inc. had budgeted $27,000 for fixed overhead. Actual machine hours were 5,000. Standard hours for
8.5 Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the material and $14 as the standard labor cost per hour. How has your explanation of the
8.5 Use the following standard cost card for 1 gallon of ice cream to answer the questions.Actual direct costs incurred to make 50 gallons of ice cream:• 275 quarts of cream at $1.05 per quart•
8.5 Use the following standard cost card for 1 gallon of ice cream to answer the questions.Actual direct costs incurred to make 50 gallons of ice cream:• 275 quarts of cream at $1.05 per quart•
8.1 How do you balance a firm’s need to succeed and the need for not asking the workers for perfection?
8.1 What type of firm would use standard costing? What type of firm would not use standard costing?
8.2 You started your own construction business and need to determine the cost of materials used to build one house, and how many materials you will need to do so.• Where would you begin to
8.3 Is labor a true variable cost?
8.4 Why would managers use a flexible budget? What information does it provide that a regular budget does not?
8.4 Fill in the blanks in the following flexible budget:
8.4 Before automation became more prevalent, overhead was often calculated and allocated as a function of direct labor costs or direct labor hours. Why was this the case, and has this pattern changed?
8.5 In your opinion, is it important that an organization set standards and measure them monthly?Why or why not?
Differentiate between Centralized and Decentralized Management? L0874
Describe How Decision-Making Differs between Centralized and Decentralized Environments? L0874
Describe the Types of Responsibility Centers? L0874
Describe the Effects of Various Decisions on Performance Evaluation of Responsibility Centers?? L0874
What would be the transfer price per unit under each of the following scenarios?? L0874
9.1 What is a management control system? What are its components and how does the system help the business?
9.1 Identify and describe the levels of management, including the various types of decisions managers at each level make.
9.2 Define segments and describe how identifying segments within a business might help manage the business.
9.2 Assume you are the manager of a local Starbucks. What factors do you feel would be relevant to hiring workers (including pay), assuming Starbucks is a decentralized organization?
9.2 Assume you are the manager of a local Starbucks. What factors do you feel would be relevant to hiring workers (including pay), assuming Starbucks is a centralized organization?
9.3 Describe the concept of responsibility accounting.
9.4 Discuss the concept of transfer pricing.
9.4 Discuss the advantages and disadvantages of a market-based transfer pricing approach.
9.4 Discuss the advantages and disadvantages of a cost-based transfer pricing approach.
9.4 Discuss the advantages and disadvantages of a negotiated transfer pricing approach.
9.4 Assume you are the department B manager for Marley’s Manufacturing. Marley’s operates under a cost-based transfer structure. Assume you receive the majority of your raw materials from
9.4 As manager of department B in Marley’s Manufacturing, based on the costs you identified in the previous exercise for further research, how does this impact the financial performance of your
9.4 Based on your research of the market in the previous exercises, you have determined the market price for the items your department purchase is 15% below what you are being charged by department A
9.4 Using the information in the previous exercises about Marley's Manufacturing, determine the operating income for department B, assuming department A “sold” department B 1,000 units during the
9.4 Assume you are the warehouse manager for Vinnie’s Vinyls, a multi-location business specializing in vinyl records. Vinnies’s operates under a cost-based transfer structure and the warehouse
9.3 Use the following information to answer the questions that follow?A. Calculate the operating income percentage for each of the courses. Comment on how your analysis has changed for each course.B.
9.4 Using the information from BDS Enterprises, prepare the income statement to include all costs, but separate out uncontrollable costs. Insert subtotals where appropriate (include one for operating
9.3 Use the following information to answer the questions that follow.A. Calculate the operating income percentage for each of the stores. Comment on how your analysis has changed for each store.B.
9.3 Assume you are the manager for the semi-trucks division at the Speedy Delivery Company. The semi-truck division is a cost center and you are reviewing the driver overtime costs for the previous
9.4 Using the information for Lighthizer Trading Company, prepare the income statement to include all costs, but separate out uncontrollable costs. Insert subtotals where appropriate (include one for
9.1 You have just been elected president of a brand-new service club on campus. The club is part of a national organization, but the organization charter gives the local organization a fair amount of
9.3 Consider these two companies: Apple and ExxonMobil. Write a summary of your perception of each company’s financial position. Consider the levels of revenue, profitability, and any other
3.2 Roald is the sales manager for a small regional manufacturing firm you own. You have asked him to put together a plan for expanding into nearby markets. You know that Roald’s previous job had
3.1 Mariana Manufacturing and Bellow Brothers compete in the same industry and in all respects their products are virtually identical. However, most of Mariana’s costs are fixed while Bellow’s
3.5 Fire Company is a service firm with current service revenue of $900,000 and a 40% contribution margin. Its fixed costs are $200,000. Ice Company has current sales of $420,000 and a 30%
3.4 Tim-Buck-II rents jet skis at a beach resort. There are three models available to rent: Junior, Adult, and Expert. The rental price and variable costs for these three models are as follows:The
3.4 Abilene Industries manufactures and sells three products (XX, YY, and ZZ). The sales price and unit variable cost for the three products are as follows:Their sales mix is reflected as a ratio of
3.3 Karen’s Quilts is considering the purchase of a new Long-arm Quilt Machine that will cost $17,500 and will increase her fixed costs by $119. What would happen if she purchased the new quilt
3.2 Wellington, Inc., reports the following contribution margin income statement for the month of May. The company has the opportunity to purchase new machinery that will reduce its variable cost per
3.2 West Island distributes a single product. The company’s sales and expenses for the month of June are shown.Using the information presented, answer these questions:A. What is the break-even
3.1 A company manufactures and sells blades that are used in riding lawnmowers. The 18-inch blade sells for $15 and has per-unit variable costs of $4 associated with its production. The company has
3.1 A company sells mulch by the cubic yard. Grade A much sells for $150 per cubic yard and has variable costs of $65 per cubic yard. The company has fixed expenses of $15,000 per month. In August,
3.5 Jakarta Company is a service firm with current service revenue of $400,000 and a 40% contribution margin. Its fixed costs are $80,000. Maldives Company has current sales of $6,610,000 and a 45%
3.4 Manatoah Manufacturing produces 3 models of window air conditioners: model 101, model 201, and model 301. The sales price and variable costs for these three models are as follows:The current
3.3 Kylie’s Cookies is considering the purchase of a larger oven that will cost $2,200 and will increase her fixed costs by $59. What would happen if she purchased the new oven to realize the
3.2 Markham Farms reports the following contribution margin income statement for the month of August. The company has the opportunity to purchase new machinery that will reduce its variable cost per
3.2 Fill in the missing amounts for the four companies. Each case is independent of the others.Assume that only one product is being sold by each company.
3.1 A company manufactures and sells racing bicycles to specialty retailers. The Bomber model sells for $450 and has per-unit variable costs of $200 associated with its production. The company has
3.1 A company sells small motors as a component part to automobiles. The Model 101 motor sells for$850 and has per-unit variable costs of $400 associated with its production. The company has fixed
3.5 Best Wholesale recently calculated their break-even point for their Midwest operations. The national sales manager has asked them to include a $10,500 margin of safety in their calculations.
3.5 Company A has current sales of $4,000,000 and a 45% contribution margin. Its fixed costs are$600,000. Company B is a service firm with current service revenue of $2,800,000 and a 15% contribution
3.4 Use the information from the previous exercises involving JJ Manufacturing to determine their break-even point in sales dollars.
3.3 Shonda & Shonda is a company that does land surveys and engineering consulting. They have an opportunity to purchase new computer equipment that will allow them to render their drawings and
3.2 Delta Co. sells a product for $150 per unit. The variable cost per unit is $90 and fixed costs are$15,250. Delta Co.’s tax rate is 36% and the company wants to earn $44,000 after taxes.A. What
3.2 Kerr Manufacturing sells a single product with a selling price of $600 with variable costs per unit of$360. The company’s monthly fixed expenses are $72,000.A. What is the company’s
3.2 Cadre, Inc., sells a single product with a selling price of $120 and variable costs per unit of $90. The company’s monthly fixed expenses are $180,000.A. What is the company’s break-even
3.1 A product has a sales price of $90 and a per-unit contribution margin of $30. What is the contribution margin ratio?

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