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horngrens cost accounting a managerial emphasis

Questions and Answers of Horngrens Cost Accounting A Managerial Emphasis

How are the main components of materials variances interrelated in a flexible budget?
Comment on the following statement made by a management accountant: “The plant manager has little knowledge of the individual impacts of the purchase department, the sales department, and the
What is the material price variance?a. €11,000 favorable b. €12,650 favorablec. €1,650 unfavorable d. €23,650 unfavorableThe following data relate to the budget and actual results
What is the labor price variance?a. €62,250 favorable b. €72,625 unfavorablec. €134,875 favorable d. €10,375 unfavorableThe following data relate to the budget and actual results of
What is the material efficiency variance?a. €11,000 favorable b. €400 unfavorablec. €10,600 unfavorable d. €21,600 favorableThe following data relate to the budget and actual
“Benchmarking is about comparing your firm’s performance against the best levels of performance in the market and has nothing to do with variance analyses.” Do you agree?
What is the labor efficiency variance?a. €62,250 unfavorable b. €1,350 favorablec. €63,600 favorable d. €125,850 favorableThe following data relate to the budget and actual results
L’Accessorio, an Italian manufacturer of leather belts, budgeted prices for direct materials, direct manufacturing labor, and direct marketing (distribution) labor per luxury belt—€41, €5,
What is the fixed overhead variance?a. €1,400 favorable b. €11,600 actualc. €13,000 favorable d. €24,600 actualhe following data relate to the budget and actual results of Oscar
Dartford Enterprises Ltd manufactures just one product line of scientific calculators for engineers. The current standard cost of one unit of the product is as follows:During last month, due to an
The Alpha Company manufactures designer jewelry for jewelry stores. A new accountant intern at Alpha Company has accidentally deleted the calculations on the company’s variance analysis
Consider the following data collected for Theta Homes, Inc.:RequiredCompute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor. Cost incurred:
McKenzie Ltd produces chairs and employs three workers. The staff normally work 40 hours per week for €12 per hour (including social security). It takes four hours for a worker to produce a
Limerick Fare is a furniture manufacturer in Dublin, Ireland. For August 2020, Limerick had the following standards for one of its products, a coffee table:The following data were compiled regarding
SallyMay, Inc., designs and manufactures T-shirts. It sells its T-shirts to brand-name clothes retailers in lots of one dozen. SallyMay’s May 2020 static budget and actual results for direct inputs
Modern Tiles Ltd. manufactures ceramic tiles. For January 2020, it budgeted to purchase and use 10,000 pounds of clay at $0.70 a pound. Actual purchases and usage for January 2020 were 11,000 pounds
Topiary Co. produces molded plastic garden pots and other plastic containers. In June 2020, Topiary produces 1,000 lots (each lot is 12 dozen pots) of its most popular line of pots, the 14-inch
Student Finance (StuFi) is a start-up that aims to use the power of social communities to transform the student loan market. It connects participants through a dedicated lending pool, enabling
Milan Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static
Andrew Scheid Ltd manufactures kitchen cabinets. The company’s budget for fixed costs per month is $7,500 and budgeted variable costs per cabinet are:The company had budgeted to make and sell 1,000
Marcus McQueen has run In-A-Flash Car Detailing for the past 10 years. His static budget and actual results for June 2020 are provided next. Marcus has one employee who has been with him for all 10
Katharine Johnson is the owner of Best Bikes, a company that produces high-quality cross-country bicycles. Best Bikes participates in a supply chain that consists of suppliers, manufacturers,
You have been invited to interview for an internship with an international food manufacturing company. When you arrive for the interview, you are given the following information related to a
Young Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $223 per board. This includes 40 pounds of direct materials, at the
GoodFoods produces snack mixes for the gourmet and natural foods market. Its most popular product is Tempting Trail Mix, a mixture of peanuts, dried cranberries, and chocolate pieces. For each batch,
On May 1, 2020, Lowell Company began the manufacture of a new paging machine known as Qwik. The company installed a standard costing system to account for manufacturing costs. The standard costs for
Trevor Joseph employs two workers in his guitar-making business. The first worker, George, has been making guitars for 20 years and is paid $30 per hour. The second worker, Earl, is less experienced
The Shirt Company produces cotton/polyester blend T-shirts to supply a custom T-shirt customer. The company experienced a computer failure and some of the data were lost and could not be recovered.
Cathy Jeffries operates Relaxing Day, a day spa with 15 employees. Jim Ryan has recently been hired by Jeffries as a controller. Relaxing Day’s previous accountant had done very little in the area
Sunto Scientific manufactures GPS devices for a chain of retail stores. Its most popular model, the Magellan XS, is assembled in a dedicated facility in Savannah, Georgia. Sunto is keenly aware of
What are the main features to be considered in planning variable overhead costs and fixed overhead costs?
Explain why standard costing should not be used to report results in year-end financial statements. Why would managers use standard costing?
Describe some of the characteristics of a flexible budget.
What needs to be calculated to explain a variable flexible-budget variance? Explain what an €8,000 unfavorable flexible-budget variance indicates.
Explain how the analysis of fixed manufacturing overhead costs differs for (a) Planning and control and (b) Inventory costing for financial reporting.
“Overhead variances are interdependent rather than independent.” Give an example.
How can flexible-budget variance analysis be used to control costs of activity areas?
Which of the following is indicated by an unfavorable fixed overhead spending variance?a. There was more excess capacity than plannedb. The price of fixed overhead items cost more than budgetedc. The
Culpepper Corporation had the following inventories at the beginning and end of January:The following additional manufacturing data were available for the month of January.Culpepper Corporation
Kim’s Corporation manufactured 36,000 units during February. The actual production budget was 36,000 units, while the static budget included 34,000 units. In February, Kim’s static budget’s
As part of her annual review of her company’s budgets versus actuals, Mary Gerard isolates unfavorable variances with the hope of getting a better understanding of what caused them and how to avoid
Ostrich Enterprise is a small production firm that operates in Sweden. The company produces meatballs for canteens. During June 2020, the standard variable overhead has been budgeted as
Base Accountancy is an audit and consultancy firm that operates in New Queensland, Australia. The followings relate to its operation in August 2020. RequiredCalculate the variable overhead cost
Which of the following statements is/are correct?a. The flexible budget amount for fixed overhead does not change with changes in production, so this amount remains the same regardless of actual
Baking Bad bakes tarts for distribution to upscale grocery stores. The company has two direct-cost categories: direct materials and direct manufacturing labor. Variable manufacturing overhead is
Baking Bad also allocates fixed manufacturing overhead to products on the basis of standard direct manufacturing labor-hours. For 2020, fixed manufacturing overhead was budgeted at £4.00 per direct
The Principles Corporation is a manufacturer of centrifuges. Fixed and variable manufacturing overheads are allocated to each centrifuge using budgeted assembly-hours. Budgeted assembly time is 2
Healthy-U Ltd is a pharmaceutical and biotechnology company. It has the following data for manufacturing overhead costs during August 2020:Fill in the blanks. Use F for favorable and U for
Dru Automobiles Ltd manufactures car accessories. For 2020, budgeted variable overhead is $90,000 for 12,000 direct labor-hours. Budgeted total overhead is $110,000 at 8,000 direct labor-hours. The
Chef Whiz manufactures premium food processors. The following are some manufacturing overhead data for Chef Whiz for the year ended December 31, 2020:Budgeted number of output units: 588Planned
Delta Rubber Plastic Company Ltd manufactures rubber chairs and tables. The company’s accountant, has prepared the overhead budget shown below:The company had a great year with the actual sales of
Consider the following two situations—cases A and B—independently. Data refer to operations for April 2020. For each situation, assume standard costing. Also assume the use of a flexible budget
The Ramirez Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 4,000 output units per year, included
Foodies operates a meal home-delivery service. It has agreements with 20 restaurants to pick up and deliver meals to customers who place orders on the Foodies website. Foodies allocates variable and
Alpha Capital Company provides financial services to their clients. Recently, Alpha has experienced rapid growth rate due to expansion and is becoming concerned as to their rising costs, particularly
Mercy Enterprise is a knitting company based in Dublin, Ireland. The following is the static budget and actual results of Mercy Ltd. for the month of April 2020.Mercy’s management is pleased with
Omega’s Fleet Feet, Inc., produces dance shoes for stores all over the world. While the pairs of shoes are boxed individually, they are crated and shipped in batches. The shipping department
Grant Manufacturing uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of standard direct manufacturing labor-hours (DMLH). Grant develops
Johns Manufacturing Company manufactures and sells rolling suitcases. After several years of increased sales, Johns experiences a drop in sales in 2020 from increased competition. Johns uses
Ronaldo’s Ice Cream produces summer ice creams for school pupils in Alaska. The company has identified three significant activities and established three standard rates to allocate variable
The Beal Manufacturing Company’s costing system has two direct-cost categories: direct materials and direct manufacturing labor. Manufacturing overhead (both variable and fixed) is allocated to
The Delta Company started business on January 1, 2020. The company adopted a standard absorption costing system to produce ergonomic backpacks. Delta chose direct labor as the application base for
BlueBox Company uses standard costing. The company has two manufacturing plants, one in Shanghai and the other in Shenzhen. For the Shanghai plant, BlueBox has budgeted annual output of 2,000,000
PostNews.com offers its subscribers several services, such as an annotated TV guide and local-area information on weather, restaurants, and movie theaters. Its main revenue sources are fees for
Contemporary Interiors (CI) manufactures high-quality furniture in factories in North Carolina for sale to top American retailers. In 2005, CI purchased a lumber operation in Indonesia, and shifted
“Management accounting should not align with the restrictions inherent in financial accounting.” Explain with a relevant example.
How can management accounting information help managers formulate strategies?
How does cost accounting help organizations assess their competitive advantage in value chain analysis?
Discuss the role of management accounting in decision-making activities in an organization.
Describe the five-step decision-making process.
Henry Maddox was recently promoted to Controller of Research and Development for Pharmex, a Fortune 500 pharmaceutical company that manufactures prescription drugs and nutritional supplements. The
Phoenix Press produces consumer magazines. The house and home division, which sells home-improvement and home-decorating magazines, has seen a 15% reduction in operating income over the past 15
“Technical and basic analytical competence are necessary but not sufficient conditions to becoming a successful management accountant.” Do you agree? Why?
As the new controller, reply to the following comment made by your plant manager: “When I install a proper accounting software, which can process all my daily accounting records and provide me with
Dalworth Construction Company provides construction services for major projects. Managers at the company believe that construction is a people-management business, and they list the following as
Due to the significance of the information they’re trusted with, management accountants are expected to observe well-defined professional ethical standards. Professional management accountant
Explain the impact of having weak ethics on suppliers, customers, and the market. Provide an example to illustrate your answer.
Which of the following is not a function of a management accountant in an organization?a. Preparation of cost estimates, project planning, and analysisb. Budgetary controls and investigationc.
Taco Bell, a fast-food restaurant, incurs the following costs:a. Cost of oil for the deep fryerb. Wages of the counter help who give customers the food they orderc. Cost of tortillas and lettuced.
Vortex Consulting has issued a report recommending changes for its newest high-tech manufacturing client, Precision Instruments. Precision currently manufactures a single product, a surgical robot
Fred Harris is the president of United Maintenance Service. He takes the following actions, not necessarily in the order given. For each action (a–e) state whether it is a planning decision or a
State the five-step decision-making process in an organization. Josephine and Amira are planning to expand their bakery business, this will require an additional $15,000 which they hope to obtain
Consider the following series of independent situations in which a firm is about to make a strategic decision.Decisionsa. Stila Cosmetics is considering introducing an anti-aging facial cream with
Explain the three main management accounting guidelines.
For each of the following items, identify which of the management accounting guidelines applies: cost–benefit approach, behavioral and technical considerations, or different costs for different
Discuss the roles of the chief financial officer and the controller.
Discuss the core professional standards governing management accountants.

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