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business
introduction to management accounting

Questions and Answers of Introduction To Management Accounting

Name four products (other than those mentioned in the text) for which job order costing would be appropriate.
Are any products difficult to classify? List some and explain the difficulty.
The accounts payable department verifies that the information on the vendor’s invoice matches the purchase requisition, the purchase order, and the receiving report. In each of the following
Following is a list of several products.Required: For each item, indicate whether job order costing (J) or process costing (P)would be the preferred costing method. 1.. 2. Commercial jetliners Hair
The Jessie Lynne Company manufactures playground equipment. For 2004, budgeted manufacturing overhead is \($240,000\). Budgeted direct labor is 30,000 hours at a cost of \($384,000\). Budgeted
The Griswald Company allocates manufacturing overhead to production based on direct labor hours. The following information is available for Griswald:Required:a. Compute Griswald’s overhead
This problem is a continuation of problem 3-7 and requires journal entries based on the overhead calculations for the Griswald Company.Required: Appendix: Prepare the following journal entries:1.
The Anderson Company allocates manufacturing overhead to production based on machine hours. The following information is available for Anderson:Required:a. Compute Anderson’s overhead allocation
This problem is a continuation of problem 3-9 and requires journal entries based on the overhead calculations for the Anderson Company.Required: Appendix: Prepare the following journal entries:1.
The Nunez Company allocates manufacturing overhead to production based on cost of direct labor. The following information is available for Nunez:Required:a. Compute the overhead allocation rate for
Slater Industries makes custom optical glass equipment. The company began two jobs during January 2004. There was no beginning inventory. The following information is available:Slater’s estimated
Willig-Davis Cleaning Equipment began two jobs during March 2004. There was no beginning inventory. The following information is available:The company estimated manufacturing overhead for 2004 is
Williams Company began operations in June 2004. During that month, two jobs were started. The following costs were incurred:Factory overhead is applied at 60% of direct labor cost. During the month,
Seth Levine Manufacturing began operations in August 2004. During that month, two jobs were Started. The following costs were incurred:Factory overhead is applied at 50% of direct labor cost. During
Stacy Sexton Manufacturing began operations in September 2004. During that month, two jobs were started. The following costs were incurred:Factory overhead is applied at 120% of direct labor cost.
This problem is a continuation of problem 3-16. Prepare journal entries based on the calculations in problem 3-16 for Stacy Sexton Manufacturing.Required: Prepare the following journal entries:1.
Mendelsohn Manufacturing began two jobs during the month of January 2004. There was no beginning inventory. The following costs were incurred:Mendelsohn’s estimated manufacturing overhead for 2004
This problem is a continuation of problem 3-18. Prepare journal entries based on the calculations in problem 3-18 for Mendelsohn Manufacturing.Required: Appendix: Prepare the following journal
Speace Automotive Security converts regular automobiles to armored cars. Each car is custom made to conform to the needs of each individual customer. Modifications may be as minor as the addition of
Crespin Brothers Equipment Company began two jobs during March 2004. At the beginning of March, Job 303 was the only job in work-in-process inventory. There was no finished goods inventory. The cost
Greenberg and Son Manufacturing began two jobs during July 2004. At the beginning of July, Job 227 was the only job in work-in-process inventory. There was no finished goods inventory. The cost in
Baillie Manufacturing began two jobs during May 2004. At the beginning of May, Job 411 was the only job in work-in-process inventory. There was no finished goods inventory. The cost in beginning
LHE Custom Truck Bodies makes aluminum truck bodies for medium and large trucks.The estimated manufacturing overhead for 2004 is \($40,000\), and the estimated direct labor cost is \($60,000\).
Daysi’s Specialty Food Company makes canned chili. The following cost information is available for March 2004:Required:a. What is the total production cost for Daysi’s Specialty Food Company?b.
The following information relates to the Collins Company for 2005:Required: Calculate the number of equivalent units of production. Percent Units Complete Units completed 138,000 Work-in-process at
The following information relates to the Munter Company for June 2004:Required: Calculate the number of equivalent units of production. Units Percent Complete Units completed 1,850,000
The following information relates to the Holder Company for July 2004:Required: Calculate the number of equivalent units of production. Percent Units Complete Units completed 72,000 Work-in-process
The following information relates to the Mayber Company for May 2004:Required: Calculate the number of equivalent units of production. Work-in-process at May 1 Units started into production Percent
The following information relates to the Strayform Company for August 2004:Required: Calculate the number of equivalent units of production. Percent Units Complete Work-in-process at August 1 Units
The following information relates to the Golden Company for February 2005:Required: Calculate the number of equivalent units of production. Units Percent Complete Work-in-process at February 1 Units
The following information relates to the Smithfield Company for July 2004:Required:a. Calculate the number of equivalent units of production.b. Calculate the cost per equivalent unit of production.c.
The following information relates to the Richard Renick Company for 2005:Required:a. Calculate the number of equivalent units of production.b. Calculate the cost per equivalent unit of production.c.
The following information relates to the Robert Lewis Manufacturing Company for 2004:Required:a. Calculate the number of equivalent units of production.b. Calculate the cost per equivalent unit of
The cost of the work-in-process inventory at January 1 for Ralph Robinson Manufacturing was $7,420. An additional 130,000 units were started into production during the year. The cost of material,
The cost of the work-in-process inventory at January 1 for Jim Mays Manufacturing was\($61,875\). An additional 150,000 units were started into production during the year. The cost of material,
The cost of the work-in-process inventory at January 1 for Hanamura Manufacturing was\($119,805\). An additional 750,000 units were started into production during the year. The cost of material,
The following information relates to the Zhang Manufacturing Company for 2004:The beginning work-in-process inventory is 20% complete, and the ending work-inprocess inventory is 55%
The following information relates to the Mathias Manufacturing Company for 2004:The beginning work-in-process inventory is 30% complete, and the ending work-inprocess inventory is 80%
The following information relates to the Heromi Manufacturing Company for 2004:The beginning work-in-process inventory is 70% complete, and the ending work-inprocess inventory is 20%
Dunn Electronic Manufacturing Company makes low-cost calculators. The following information is available for January 2004:Required:a. What is the number of equivalent units of production for January
The following information is for Suzanne’s Volleyball Manufacturing Company for February 2004:Required:a. What is the number of equivalent units of production for February?b. What is the cost per
Valentine’s Manufacturing makes candy. During 2005, the company’s first year of operations, the company completed 200,000 boxes of candy and incurred direct material cost of$160,800, direct labor
In this case, would the salaries of the 12 store managers be considered direct or indirect costs? Explain your reasoning.
Would the salary of the general manager be considered a direct or an indirect cost? Explain your reasoning.
Why do you think managers at various levels in a company would find it useful to classify costs as direct or indirect?
What costs associated with the marker do you think the bookstore would consider to be product costs? Explain your reasoning for each cost you included.
What costs associated with operating the bookstore do you think would be considered period costs (selling and administrative)? Explain your reasoning for each cost you included.
Accounting for the flow of product cost for a merchandiser seems to be a lot of bother. If all merchandise inventory will eventually be sold anyway, why not just record it as an expense (cost of
Why do you think managers of a manufacturing firm would find it beneficial to separate the amount and cost of inventory items into raw materials, work-inprocess, and finished goods?
In addition to the tires supplied by Goodyear, what other finished products do you think Cessna uses in its production of small aircraft? What companies might produce these products?
Name three additional pairs of manufacturing companies that have a supplier—buyer relationship—that is, the finished product of one company becomes the raw material of another company.
The textbook you are reading was published (manufactured) by Prentice Hall, Inc. What costs of manufacturing this book do you think Prentice Hall would include asa. direct materials?b. direct
Airline companies such as Delta Airlines, often define the routes they fly as cost objects. Given that definition, consider a specific route from New York to Los Angeles and describe the costs you
Brittany operates a small chain of five children’s shoe stores called Baby Feet. She employs a store manager and two sales clerks for each store. In addition, she rents office space which houses
Sue Lee is the president of Baby Care. The company operates a chain of four child care centers in southern Florida. In addition to the four Baby Care locations, the company rents office space which
Blue Water Travel operates a chain of travel agent offices in the eastern United States.Blue Water Travel’s home office is in New York. There are six sales offices and a district office located in
Following are several representative costs incurred in a typical manufacturing company.For each of the costs, indicate in the space provided whether the cost is a direct material(DM), direct labor
Following are several representative costs incurred in a typical manufacturing company.For each of the costs, indicate in the space provided whether the cost is a product cost(PR) or a period cost
The following data pertain to the Anderson Table Manufacturing Company for January 2003. The company made 1,000 tables during January, and there are no beginning or ending inventories.Required:a.
Steinmann Window Company makes aluminum window units. At the beginning of November, the company's direct material inventory included 900 square feet of window glass. During November, Steinmann
Van Kirk Manufacturing Company has been in business for many years. Dottie Van Kirk, the company president, is concerned that the cost of raw material is skyrocketing. The production foreman assured
Ralph Brito opened Brito Auto Sales several years ago. Since then, the company has grown and sales have steadily increased. In the last year, however, income has declined despite successful efforts
Matheis Designs, Inc. manufactures swimming suits. At the beginning of October 2004, the company had $1,450 worth of cloth on hand which was included in its direct material inventory. During October,
The following information relates to the Penny Manufacturing Company.Required:a. Compute the cost of direct material used in production.b. Appendix: Prepare the journal entry dated January 3, 2004,
The following information relates to the Montoya Manufacturing Company.Required:a. Compute the cost of direct material used in production.b. Appendix: Prepare the journal entry dated June 3, 2004, to
The following information relates to Pons Maintenance Service.Required: What was the cost of maintenance supplies consumed by Pons Maintenance Service during 2004? Maintenance supplies at January 1,
On January 1, 2003, Bowden Auto Repair had $3,560 worth of auto parts on hand. During the year, Bowden purchased auto parts costing $286,000. At the end of 2003, the company had parts on hand
On January 1, 2004, the cost of merchandise on hand at Margaret’s Fashions was $56,530.Purchases during the month amounted to $488,668 and the cost of merchandise on hand at the end of January was
The following data pertain to the Hudik Manufacturing Company for the year ended December 31, 2004. The company made 115,000 light fixtures during 2004. There are no beginning or ending
The following data pertain to the Elsea Manufacturing Company for the year ended December 31, 2004. The company made 60,000 SW20 switching units during 2004.Required:a. What is the cost of direct
The following data pertain to the Miami Manufacturing Company for the year ended December 31, 2004.Required:a. What is the cost of direct material used during 2004?b. What is the cost of direct labor
The following data pertain to the Seth Levine Manufacturing Company for the year ended December 31, 2004.Required:a. What is the cost of direct material used during 2004?b. What is the cost of direct
The following data pertain to the Sexton Manufacturing Company for the year ended December 31, 2005.Required:a. What is the cost of direct material used during 2005?b. What is the cost of direct
The following data pertain to the Adler Manufacturing Company for the year ended December 31, 2004.Required:a. Prepare a cost of goods manufactured schedule for 2004.b. Prepare a cost of goods sold
The following data pertain to the Clifford Manufacturing Company for the year ended December 31, 2005.Required:a. Prepare a cost of goods manufactured schedule for 2005.b. Prepare a cost of goods
The following data pertain to the Lowell Manufacturing Company for the year ended December 31, 2005.Required:a. Prepare a cost of goods manufactured schedule for 2005.b. Prepare a cost of goods sold
The following data pertain to the Quintana Manufacturing Company for the year ended December 31, 2005.Required:a. Prepare a cost of goods manufactured schedule for 2005.b. Prepare a cost of goods
The following data pertain to the Rodriguez Manufacturing Company for the year ended December 31, 2004.Required:a. Prepare a cost of goods manufactured schedule for 2004.b. Prepare a cost of goods
The following data pertain to the Avener Manufacturing Company for the year ended December 31, 2004.Required:a. Prepare a cost of goods manufactured schedule for 2004.b. Prepare a cost of goods sold
The following information is for Megan Hat Manufacturing Company.Required:a. What is the cost of direct material used in production?b. Prepare a cost of goods manufactured schedule.c. Prepare a cost
The following information is for Friedman Shelving Manufacturing Company.Required:a. What is the cost of direct material used in production?b. Prepare a cost of goods manufactured schedule.c. Prepare
The following information is for Tatum Manufacturing Company.Required:a. Prepare a cost of goods manufactured schedule.b. Appendix: Prepare journal entries to record the following:1. The purchase of
The following information is for Munter Manufacturing Company.Required:a. Prepare a cost of goods manufactured schedule.b. Appendix: Prepare journal entries to record the following:1. The purchase of
The following information is for Collins Manufacturing Company.Required:a. Prepare a cost of goods manufactured schedule.b. Prepare a multiple-step income statement in good form. Inventory
The following information is for Richard Manufacturing Company.Required:a. Prepare a cost of goods manufactured schedule.b. Prepare a multiple-step income statement in good form. Inventory
Bonnie’s Pet Cage Company has the following information for 2004:Required: Prepare a multiple-step income statement for Bonnie’s Pet Cage Company for 2004. Sales $300,000 Cost of goods
Albert’s Manufacturing Company has the following information for 2004:Required: Prepare a multiple-step income statement for Albert’s Manufacturing Company for 2004. Beginning finished goods
Phillips Merchandising Company has the following information for 2004:Required: Prepare a multiple-step income statement for Phillips Merchandising Company for 2004. Sales Cost of merchandise
Robinson Merchandising Company has the following information for 2005:Required: Prepare a multiple-step income statement for Robinson Merchandising Company for 2005. Beginning merchandise goods
Butterfield’s Bookkeeping Service began operations on January 1, 2005. The following information is taken from its accounting records as of December 31, 2005.Required:a. What is the cost of
Tony’s Film Delivery Service began operations on January 1, 2005. The following information is taken from its accounting records as of December 31, 2005.Required:a. What is the cost of services
Cam’s Swimsuit Shop provided the following information for 2005.Required: Prepare a multiple-step income statement for Cam’s Swimsuit Shop for 2005. Merchandise inventory, January 1, 2005 $16,000
Leroy’s Auto Parts provided the following information for 2005.Required: Prepare a multiple-step income statement for Leroy’s Auto Parts for 2005. Merchandise inventory, January 1, 2005 $19,000
Dan’s Security Service provided the following information for 2005.Required: Prepare a single-step income statement for Dan’s Security Service for 2005. Security revenue $480,000 Advertising
Margaret’s Flower Shop provided the following information for 2005.Required: Prepare a multiple-step income statement for Margaret’s Flower Shop for 2005. Merchandise inventory, January 1, 2005
The management of Diversified Incorporated is concerned that few of its employees understand cost of goods sold. The company president has decided that a series of presentations will be made focusing
Assume that you are the manager of an accounting practice. You are concerned about billing your clients so that the company covers all costs and makes a reasonable profit.Required:a. What information
The inventory of a manufacturer is typically grouped into one of three classifications—raw material inventory, work-in-process inventory, and finished goods inventory.Required: Discuss why it
Assume that you work for the Acme Wire Manufacturing Company. Some employees in the company are unsure of which costs should be included in inventories and which costs should not. There is also some
One year ago, Herb Smith quit his job at Adcox Medical where he earned $28,000 a year as a health care technician to start the Super CD Store. He invested almost his entire life’s savings in the

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