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introduction to management accounting

Questions and Answers of Introduction To Management Accounting

The following information is presented for the Anne Reed Manufacturing Company.• Standard variable manufacturing overhead rate is \($7\) per direct labor hour.• Direct labor efficiency standard
The following information is presented for the Willie Kemp Manufacturing Company.• Standard variable manufacturing overhead rate is \($2\) per direct labor hour.• Direct labor efficiency standard
Information from the Systems Manufacturing Company is as follows:Required:a. Determine the variable manufacturing overhead spending variance.b. Determine the variable manufacturing overhead
Information from the Altos Manufacturing Company is as follows:Required:a. Determine the variable manufacturing overhead spending variance.b. Determine the variable manufacturing overhead efficiency
Information from the Aspen Manufacturing Company is as follows:Required:a. Determine the variable manufacturing overhead spending variance.b. Determine the variable manufacturing overhead efficiency
The Hill Manufacturing Company applies fixed manufacturing overhead at the rate of \($5.50\) per direct labor hour. Fixed manufacturing overhead is budgeted to be \($330,000\) per month. The direct
The Johnson Manufacturing Company applies fixed manufacturing overhead at the rate of \($4.60\) per direct labor hour. Fixed manufacturing overhead is budgeted to be \($910,800\) per month. The
The Quality Manufacturing Company applies fixed manufacturing overhead at the rate of \($7\) per direct labor hour. Fixed manufacturing overhead is budgeted to be \($336,000\) per month. The direct
The following information is presented for the Oddo Manufacturing Company.• Standard fixed manufacturing overhead rate is \($2\) per direct labor hour.• Direct labor efficiency standard is four
The following information is presented for the Alexander Manufacturing Company.• Standard fixed manufacturing overhead rate is \($6.50\) per direct labor hour.• Direct labor efficiency standard
The following information is presented for the Adcox Manufacturing Company.• Standard fixed manufacturing overhead rate is \($9.50\) per direct labor hour.• Direct labor efficiency standard is
Information from the Michael Manufacturing Company is as follows:Required:a. Determine the fixed manufacturing overhead budget variance.b. Determine the fixed manufacturing overhead volume variance
Information from the Jennings Manufacturing Company is as follows:Required:a. Determine the fixed manufacturing overhead budget variance.b. Determine the fixed manufacturing overhead volume variance
Information from the Cathy Manufacturing Company is as follows:Required:a. Determine the fixed manufacturing overhead budget variance.b. Determine the fixed manufacturing overhead volume variance in
Todd Manufacturing Company’s budgeted production is 200,000 units per month.Budgeted monthly fixed manufacturing overhead is \($2,400,000\) and is applied to production at a rate of \($4\) per
The E. O. Mast Manufacturing Company applies fixed manufacturing overhead at the rate of \($20\) per direct labor hour. Fixed manufacturing overhead is budgeted to be \($4,000,000\) per month. The
The Annie Manufacturing Company applies fixed manufacturing overhead at the rate of \($10\) per direct labor hour. Fixed manufacturing overhead is budgeted to be \($418,000\) per month. The direct
The St. Hill Manufacturing Company applies fixed manufacturing overhead at the rate of \($15\) per direct labor hour. Fixed manufacturing overhead is budgeted to be \($247,500\) per month. The direct
Information from the South Manufacturing Company is as follows:Required:a, Determine the fixed manufacturing overhead budget variance.b. Determine the fixed manufacturing overhead volume variance in
Information from the North Manufacturing Company is as follows:Required:a. Determine the fixed manufacturing overhead budget variance.b. Determine the fixed manufacturing overhead volume variance in
Information from the West Manufacturing Company is as follows:Required:a. Determine the fixed manufacturing overhead budget variance.b. Determine the fixed manufacturing overhead volume variance in
Information from the Quintana Company is as follows:Required: Determine the following variances:a. Direct material price varianceb. Direct material quantity variance in dollarsc. Direct labor rate
Information from the Holzmann Company is as follows:Required: Determine the following variances:a. Direct material price varianceb. Direct material quantity variance in dollarsc. Direct labor rate
Information from the Collins Company is as follows:Required: Determine the following variances:a. Direct material price varianceb. Direct material quantity variance in dollarsc. Direct labor rate
In what other ways do you think a company might benefit from preparing an operating budget?
In what ways do you think the cash budget described earlier differs from the budgeted statement of cash flows?
From what you have learned so far about the operating budget, which of the budgets for Pam’s Flower Shop will the amounts in this sales forecast affect? Explain how each is affected.
Which of the budgets for Pam’s Flower Shop will the changes in her sales forecast affect? Explain how each is affected.
In what ways, if any, do you think the federal government’s use of incremental budgeting contributes to wasteful spending?
What possible positive results do you think can come from more empowerment:a. for the company? Explain your reasoning.b. for managers and employees? Explain your reasoning.
What possible negative results do you think can come from more empowerment:a. for the company? Explain your reasoning.b. for managers and employees? Explain your reasoning.
If you were the chief executive officer of your company, would you prefer a top down or bottom-up budgeting process? Why?
If you were in middle management, would you prefer a top-down or bottom-up budgeting process? Why?
If you were the company CEO, do you think it would be wise for you to spend time tending to the details of the various budgets, given all your other responsibilities?
What other factors can you think of that would influence the accuracy of a company’s sales forecast?
What factors should Marcy’s management consider when setting the \($200\) budgeted selling price for its surfboards?
What are the similarities?
What are the differences?
If you were preparing a selling and administrative expense budget, what are some of the things you would consider as you mapped out strategies to increase sales?
Besides those included in Exhibit 9-9, what are some other administrative costs you think would normally be included in a selling and administrative expense budget?
What do you think might explain the increase in anticipated depreciation expense in September from \($100\) to $104?
Can you tell by looking at the purchases budget in Exhibit 9-11 how many surfboards Marcy’s has forecasted it will sell in October? Explain your reasoning.Exhibit 9-11 Marcy's Surf Shop Purchases
The purchases budget in Exhibit 9-11 indicates that Marcy’s desires ending inventory equal to 40 percent of the next month’s sales requirements. Because sales in July are expected to be 30
In our assumptions about cash payments, we said that June purchases of merchandise totaled \($5,200\) so it is easy to see where the July payment originated. Where do you suppose the payment amounts
Look back at the selling and administrative expense budget in Exhibit 9-9. All the expense items included in that budget are included in the cash payments schedule except depreciation. Why do you
What do the words favorable and unfavorable mean to you?
During the budgeting process, not all budgets are prepared at the same time. Following are several budgets included in the operating budget.Required: Indicate a logical sequence for the preparation
The master budget can be prepared using either the top-down or bottom-up approach.Following in random order are several advantages and disadvantages of each approach.Required: For each of these
Following are approaches to budgeting, with a partial definition of those items in scrambled order.a. Perpetual budgetingb. Incremental budgetingc. Zero-based budgetingd. Top-down budgetinge.
For 2005, Tom Norris Computer Company expects to sell 6,000 games in the first quarter, 7,000 games in the second quarter, 9,000 games in the third quarter, and 12,000 games in the fourth quarter.
For 2005, Paul Elsea’s Barber Supply Company expects to sell 100 hair dryers in the first quarter, 90 hair dryers in the second quarter, 130 hair dryers in the third quarter, and 150 hair dryers in
For the first quarter of 2005, Taub Yo Yo Company expects to sell 20,000 units in January, 25,000 units in February, and 30,000 units in March. Each unit sells for $1.20.Required: Prepare the sales
The Golden Bird Cage Company intends to sell 11,500 bird cages during 2005. The budgeted selling price per cage is \($88\). The following sales forecast is available:Required: Prepare the 2005 sales
Easy-Glide Strollers intends to sell 73,000 baby strollers in the first quarter of 2005. The budgeted selling price per stroller is \($59\). The following sales forecast is available:Required:
Florence Marie’s Hat Shop plans to sell the following quantity of hats during the first four months of 2005.At the beginning of January, Florence plans to have 40 hats on hand, and to maintain an
Refer to the information in problem 9-31.Required:a. Prepare a sales budget for the first quarter of 2005 for Florence Marie’s Hat Shop.b. Prepare a cost of goods sold budget for the first quarter
Cathy Norris Art Supplies plans to sell the following quantity of model AB222 airbrush during the first four months of 2005:The company pays \($44\) for each airbrush and sells them for \($65\). At
Refer to the information in problem 9-33.Required:a. Prepare a sales budget for the first quarter of 2005 for Cathy Norris Art Supplies.b. Prepare a cost of goods sold budget for the first quarter of
Diaz Lumber plans to sell the following quantity of BC Grade 1/2-inch plywood during the first four months of 2005:Diaz pays \($7\) for each sheet of plywood and sells them for \($12\). At the
Smith Manufacturing has prepared the following budgeted information for January 2005:Required: Prepare a budgeted income statement for January 2005 for Smith Manufacturing. Budgeted Sales in Units
Gomez Sales Company has prepared the following budgeted information for March 2005:Required: Prepare a budgeted income statement for March 2005 for Gomez Sales Company. Budgeted Sales in Units x
Copas Company has prepared the following budgeted information for December 2005:Required: Prepare a budgeted income statement for December 2005 for Copas Company. Budgeted Sales in Units Budgeted
For January 2005, Edwardo Manufacturing has budgeted sales of \($1,200,000\) and budgeted cost of goods sold of \($980,000\). In addition, the budget for January 2005 includes sales salaries of
For the year 2005, Martin Sales Corporation has budgeted sales of \($3,500,000\) and budgeted cost of goods sold of \($2,800,000\). In addition, the budget for 2005 includes sales salaries of
The following budgets were prepared for Gary’s Jean Store:Required: Prepare a budgeted income statement for the second quarter of 2004 for Gary’s Jean Store. Gary's Jean Store Sales Budget For
Franco’s Cart Company manufactures small carts that are designed to be pulled behind a small tractor or riding lawn mower. The following budgets were prepared for Franco’s Cart Company:Required:
The following budgets were prepared for Byrne Manufacturing:Required: Prepare a budgeted income statement for the third quarter of 2005 for Byrne Manufacturing. Byrne Manufacturing Sales Budget For
The Deacon Company is preparing a cash receipts schedule for the first quarter of 2004.Sales for November and December 2003 are expected to be \($180,000\) and \($200,000\), respectively. Budgeted
The V&A Velez Company is preparing a cash receipts schedule for the first quarter of 2004. Sales for November and December 2003 are expected to be \($300,000\) and \($310,000\), respectively.
The Arauz Company is preparing a cash receipts schedule for the first quarter of 2005.Sales for November and December 2004 are expected to be \($30,000\) and \($50,000\), respectively.Budgeted sales
The Phillips Company is preparing a cash receipts schedule for the first quarter of 2005.Sales for November and December 2004 are expected to be \($33,000\) and \($55,000\), respectively.Budgeted
The Aimin Company is preparing a cash receipts schedule for the first quarter of 2005.Sales for November and December 2004 are expected to be \($40,000\) and \($80,000\), respectively.Budgeted sales
The Gabriel Diaz Company is preparing a cash receipts schedule for the first quarter of 2005. Sales on account for November and December 2004 are expected to be \($500,000\) and\($750,000\),
The Lila Steinman Company is preparing a cash receipts schedule for the first quarter of 2005. Sales on account for November and December 2004 are expected to be \($200,000\) and \($400,000\),
The Lowensohn Company is preparing a cash receipts schedule for the first quarter of 2005. Sales on account for November and December 2004 are expected to be \($320,000\) and \($550,000\),
The S. R. Jackson Company is preparing a cash receipts schedule for the second quarter of 2005. Sales on account for February and March 2005 are expected to be \($50,000\) and \($60,000\),
The Hodson Company is preparing a cash receipts schedule for the third quarter of 2005.Sales on account for May and June 2005 are expected to be \($100,000\) and \($120,000\), respectively.Budgeted
The A. R. Oddo Company is preparing a cash receipts schedule for the fourth quarter of 2005. Sales on account for August and September 2005 are expected to be \($200,000\) and \($220,000\),
The law firm of Hendricks & Hendricks is preparing a cash receipts schedule for the first quarter of 2005. Service revenue for November and December 2004 are expected to be\($90,000\) and
The medical practice of Healit & Quick is preparing a cash receipts schedule for the first quarter of 2005. Service revenue for November and December 2004 are expected to be\($120,000\) and
Marcy Steinmann and Company has prepared the following budgets for the first quarter of 2005:Selling and administrative expenses are paid in the month incurred and purchases are paid in the month
Jackson Sales Company has prepared the following budgets for the second quarter of 2005:Required: Prepare a cash payment schedule for the second quarter of 2005. Jackson Sales Company Selling and
The following budgeted information is available for the Top Coat Clothing Company for January 2005.Selling and administrative expenses are paid in the month incurred and purchases are paid in the
The following budgeted information is available for Jack’s Feed Store in June 2005.Selling and administrative expenses are paid in the month incurred and purchases are paid in the month following
The following information is available for the Art Kriner Company for the first quarter of 2005:Beginning cash balance for January 2005 is expected to be \($1,500\). The company intends to maintain a
The following information is available for the Dixon Company for the second quarter of 2005.Required: Prepare a cash budget for the second quarter of 2005. Apr May Jun Budgeted Receipts from Credit
The following information is available for the Ortega Company for the first quarter of 2005:Beginning cash balance for January 2005 is expected to be \($20,000\). The company intends to maintain a
The following information is available for November 2005.Beginning cash balance for November is expected to be \($5,800\). The company intends to maintain a cash balance of at least \($5,000\). The
The following information is available for October 2005.Beginning cash balance for October is expected to be \($60,000\). The company intends to maintain a cash balance of at least \($50,000\). The
The following information is available for July 2005.Beginning cash balance for July is expected to be \($95,000\). The company intends to maintain a cash balance of at least \($75,000\). The company
The following information is available for the Perlmuter Printing Supply Company.Required:a. Prepare budgeted balance sheets for July, August, and September 2004.b. Prepare budgeted statements of
Following is a partial performance report:Required: Provide the missing information. Description Budget Actual Wages $5,000 $5,200 Store Rent 6,000 ? Utilities Expense ? 1,200 Variance $ ? 200 F 50 U
Following is a partial performance report.Required: Calculate the variances for this information and indicate whether they are favorable (F) or unfavorable (U). Description Budget Actual Variance
Following is a partial performance report.Required: Calculate the variances for this information and indicate whether they are favorable (F) or unfavorable (U). Description Budget Actual Variance
Robin Wince owns a small chain of frame shops. All the frames and other merchandise the company sells is purchased by the company’s central purchasing department. A partial performance report
Matt Lehti owns the Zap Record Shop. He is in the process of examining the following performance report:Matt is very pleased that the company had favorable variances for sales and income.However, he
For the first quarter of 2005, Philip’s Sales Corporation has budgeted sales of \($390,000\) and budgeted cost of goods sold of \($280,000.\) In addition, the budget for the first quarter of 2005
Consider the hospital’s nonfinancial goals. What financial effect will occur if the hospital does work toward those goals?
What financial effect will result if the hospital does not work toward those goals?
Review the hospital’s nonfinancial goals. How would you determine when those goals have been reached?

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