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business
introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

EXERCISE 3–3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold LO3–3 Primare Corporation has provided the following data concerning last month’s manufacturing operations.. .
EXERCISE 3–2 Prepare T-Accounts LO3–2, LO3–4 Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent month
EXERCISE 3–1 Prepare Journal Entries LO3–1 Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows:Raw materials.... Work in process. $40,000 $18,000 Finished
What disposition is made of these amounts at the end of the period?
What account is credited when overhead cost is applied to Work in Process? Would you expect the amount of overhead applied for a period to equal the actual overhead costs of the period? Why or why
LO3–5 (Appendix 3A) Use Microsoft Excel to summarize the flow of costs in a job-order costing system.
LO3–4 Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts.
LO3–3 Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.
LO3–2 Use T-accounts to show the flow of costs in a job-order costing system.
LO3–1 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
“Two dollars of gross margin per briefcase? That’s ridiculous!”roared Roy Thurmond, president of First-Line Cases, Inc.“Why do we go on producing those standard briefcases when we’re able
Coffee Bean, Inc. (CBI), is a processor and distributor of a variety of blends of coffee. The company buys coffee beans from around the world and roasts, blends, and packages them for resale. CBI
You and your friends go to a restaurant as a group. At the end of the meal, the issue arises of how the bill for the group should be shared. One alternative is to figure out the cost of what each
Your team should visit and closely observe the operations at a fast-food restaurant.Required:Identify activities and costs at the restaurant that fall into each of the following categories:a.
You often provide advice to Maria Graham, a client who is interested in diversifying her company. Maria is considering the purchase of a small manufacturing company that assembles and packages its
PROBLEM 4–18 Contrasting Activity-Based Costing and Conventional Product Costing LO4–2, LO4–3, LO4–4 Adria Company recently implemented an activity-based costing system. At the beginning of
PROBLEM 4–17 Contrast Activity-Based Costing and Conventional Product Costing LO4–2, LO4–3, LO4–4 Puget World, Inc., manufactures two models of television sets, the N 800 XL model and the N
PROBLEM 4–16 Contrasting ABC and Conventional Product Costs LO4–2, LO4–3, LO4–4 For many years, Thomson Company manufactured a single product called LEC 40. Then three years ago, the company
PROBLEM 4–15 Contrasting ABC and Conventional Product Costs LO4–2, LO4–3, LO4–4 Marine, Inc., manufactures a product that is available in both a flexible and a rigid model. The company has
PROBLEM 4–14 Compute and Use Activity Rates to Determine the Costs of Serving Customers LO4–2, LO4–3, LO4–4 Gino’s Restaurant is a popular restaurant in Boston, Massachusetts. The owner of
PROBLEM 4–13 ABC Cost Hierarchy LO4–1 Mitchell Corporation manufactures a variety of products in a single facility. Consultants hired by the company to do an activity-based costing analysis have
PROBLEM 4–12 Contrasting ABC and Conventional Product cost LO4–2, LO4–3, LO4–4 Precision Manufacturing Inc. (PMI) makes two types of industrial component parts—the EX300 and the TX500. It
EXERCISE 4–11 Contrasting Activity-Based Costing and Conventional Product Costing LO4–2, LO4–3, LO4–4 Rusties Company recently implemented an activity-based costing system. At the beginning
EXERCISE 4–10 Contrasting ABC and Conventional Product Costs LO4–2, LO4–3, LO4–4 Rocky Mountain Corporation makes two types of hiking boots—Xactive and Pathbreaker. Data concerning these
EXERCISE 4–9 Compute and Use Activity Rates to Determine the Costs of Serving Customers LO4–2, LO4–3 Med Max buys surgical supplies from a variety of manufacturers and then resells and delivers
EXERCISE 4–8 Computing ABC Product Costs LO4–2, LO4–3 Performance Products Corporation makes two products, titanium Rims and Posts. Data regarding the two products follow:Additional information
EXERCISE 4–7 Contrast ABC and Conventional Product Costs LO4–2, LO4–3, LO4–4 Kunkel Company makes two products and uses a conventional costing system in which a single plantwide predetermined
EXERCISE 4–6 Cost Hierarchy and Activity Measures LO4–1 Various activities at Companhia de Textils, S.A., a manufacturing company located in Brazil, are listed below. The company makes a variety
EXERCISE 4–5 Assigning Overhead to Products in ABC LO4–2, LO4–3 Sultan Company uses an activity-based costing system. At the beginning of the year, the company made the following estimates of
EXERCISE 4–4 Contrast ABC and Conventional Product Costs LO4–4 Pacifica Industrial Products Corporation makes two products, Product H and Product L. Product H is expected to sell 40,000 units
EXERCISE 4–3 Compute ABC Product Costs LO4–3 Larner Corporation is a diversified manufacturer of industrial goods.The company’s activity-based costing system contains the following six activity
EXERCISE 4–2 Compute Activity Rates LO4–2 Rustafson Corporation is a diversified manufacturer of consumer goods. The company’s activity-based costing system has the following seven activity
EXERCISE 4–1 ABC Cost Hierarchy LO4–1 The following activities occur at Greenwich Corporation, a company that manufactures a variety of products:a. Various individuals manage the parts
Greenwood Company manufactures two products—14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering
What are the three major ways in which activity-based costing improves the accuracy of product costs?What are the major limitations of activity-based costing?
Why do departmental overhead rates sometimes result in inaccurate product costs?
LO4–4 Contrast the product costs computed under activity-based costing and conventional costing methods.
LO4–3 Compute product costs using activity-based costing.
LO4–2 Compute activity rates for an activity-based costing system.
Understand the basic approach in activity-based costing and how it differs from conventional costing.
COMMUNICATING IN PRACTICE LO2–1, LO2–2 Search the Internet or contact your local chamber of commerce or local chapter of the Institute of Management Accountants to find the names of manufacturing
CASE 2 Plantwide versus Departmental Overhead Rates; Pricing LO2–1, LO2–2, LO2–3, LO2-4“Blast it!” said David Wilson, president of Teledex Company. “We’ve just lost the bid on the
PROBLEM 2–21 Plantwide Versus Multiple Predetermined Overhead Rates LO2–1, LO2–2 Mason Company has two manufacturing departments—Machining and Assembly. The company considers all of its
PROBLEM 2–20 Plantwide versus Multiple Predetermined Overhead Rates: Service Industry LO2–1, LO2–2, LO2–3, LO2–4 McCullough Hospital uses a job-order costing system to assign costs to its
PROBLEM 2–19 Multiple Predetermined Overhead Rates;Applying Overhead LO2–1, LO2–2, LO2–4 High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company
PROBLEM 2–18 Job-Order Costing for a Service Company LO2–1, LO2–2, LO2–3 Speedy Auto Repairs uses a job-order costing system. The company’s direct materials consist of replacement parts
PROBLEM 2–17 Plantwide and Departmental Predetermined Overhead Rates; Overhead Application LO2–1, LO2–2 Wilmington Company has two manufacturing departments—Assembly and Fabrication. It
PROBLEM 2–16 Plantwide Predetermined Overhead Rates; Pricing LO2–1, LO2–2, LO2–3 Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the
EXERCISE 2–15 Plantwide and Departmental Predetermined Overhead Rates; Job Costs LO2–1, LO2–2, LO2–3, LO2–4 Delph Company uses a job-order costing system with a plantwide predetermined
EXERCISE 2–14 Job-Order Costing for a Service Company LO2–1, LO2–2, LO2–3 Yancey Productions is a film studio that uses a job-order costing system. The company’s direct materials consist of
EXERCISE 2–13 Departmental Predetermined Overhead Rates LO2–1, LO2–2, LO2–4 White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes
EXERCISE 2–12 Computing Predetermined Overhead Rates and Job Costs LO2–1, LO2–2, LO2–3 Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on
EXERCISE 2–11 Varying Plantwide Predetermined Overhead Rates LO2–1, LO2–2, LO2–3 Kingsport Containers Company makes a single product that is subject to wide seasonal variations in demand. The
EXERCISE 2–10 Applying Overhead Cost to a Job LO2–2 Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current
EXERCISE 2–9 Job-Order Costing and Decision Making LO2–1, LO2–2, LO2–3 Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing
EXERCISE 2–8 Applying Overhead Cost; Computing Unit Product Cost LO2–2, LO2–3 Newhard Company assigns overhead cost to jobs on the basis of 125% of direct labor cost. The job cost sheet for Job
EXERCISE 2–7 Job-Order Costing; Working Backwards LO2–1, LO2–2, LO2–3 Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the
EXERCISE 2–6 Job-Order Costing for a Service Company LO2–1, LO2–2, LO2–3 Tech Solutions is a consulting firm that uses a job-order costing system. Its direct materials consist of hardware and
EXERCISE 2–5 Computing Total Job Costs and Unit Product Costs Using Multiple Predetermined Overhead Rates LO2–4 Braverman Company has two manufacturing departments—Finishing and Fabrication.
EXERCISE 2–4 Computing Total Job Costs and Unit Product Costs Using Multiple Predetermined Overhead Rates LO2–4 Fickel Company has two manufacturing departments—Assembly and Testing& Packaging.
EXERCISE 2–3 Computing Total Job Costs and Unit Product Costs Using a Plantwide Predetermined Overhead Rate LO2–3 Mickley Company’s plantwide predetermined overhead rate is $14.00 per direct
EXERCISE 2–2 Apply Overhead Cost to Jobs LO2–2 Luthan Company uses a plantwide predetermined overhead rate of $23.40 per direct labor-hour. This predetermined rate was based on a cost formula
EXERCISE 2–1 Compute a Predetermined Overhead Rate LO2–1 Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the
Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year—Job P and Job Q. The company uses a
What is job-order costing?
LO2–4 Compute the total cost and the unit product cost of a job using multiple predetermined overhead rates.
LO2–3 Compute the total cost and the unit product cost of a job using a plantwide predetermined overhead rate.
LO2–2 Apply overhead cost to jobs using a predetermined overhead rate.
LO2–1 Compute a predetermined overhead rate.
M. K. Gallant is president of Kranbrack Corporation, a company whose stock is traded on a national exchange. In a meeting with investment analysts at the beginning of the year, Gallant had predicted
Milden Company is a merchandiser that plans to sell 12,000 units during the next quarter at a selling price of $100 per unit. The company also gathered the following cost estimates for the next
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month:Variable Direct materials..... Direct labor...
Listed below are costs found in various organizations.1. Property taxes, factory.2. Boxes used for packaging detergent produced by the company.3. Salespersons’ commissions.4. Supervisor’s salary,
Marwick’s Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $2,450 per unit and then sells them to retail customers for an average price of $3,125 each. The
Madison Seniors Care Center is a nonprofit organization that provides a variety of health services to the elderly. The center is organized into a number of departments, one of which is the
5 Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 300,000 Beginning merchandise inventory $ 20,000 Purchases $ 200,000 Ending merchandise
The following cost data pertain to the operations of Montgomery Department Stores, Inc., for the month of July.Corporate legal office salaries.. $56,000 Apparel Department cost of sales- $90,000
Below are listed various costs that are found in organizations.1. Hamburger buns in a Wendy’s restaurant.2. Advertising by a dental office.3. Apples processed and canned by Del Monte.4. Shipping
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:Sales... Selling price per pair of skis. Variable selling
Wollogong Group Ltd. of New South Wales, Australia, acquired its factory building 10 years ago. For several years, the company has rented out a small annex attached to the rear of the building for
EXERCISE 1–13 Variable and Fixed Cost Behavior LO1–4 Munchak Company’s relevant range of production is between 9,000 and 11,000 units. Last month the company produced 10,000 units. Its total
EXERCISE 1–11 Cost Behavior; Contribution Format Income Statement LO1–4, LO1–6 Harris Company manufactures and sells a single product. A partially completed schedule of the company’s total
EXERCISE 1–10 Differential Costs and Sunk Costs LO1–5 Refer to the data given in Exercise 1–7. Answer all questions independently.Required:1. What is the incremental manufacturing cost incurred
Refer to the data given in Exercise 1–7. Answer all questions independently.Required:1. If 18,000 units are produced and sold, what is the variable cost per unit produced and sold?2. If 22,000
Refer to the data given in Exercise 1–7. Answer all questions independently.Required:1. For financial accounting purposes, what is the total amount of product costs incurred to make 20,000 units?2.
Cherokee Inc. is a merchandiser that provided the following information:Number of units sold.... Selling price per unit. . Variable selling expense per unit. . Amount 35,000 $40 $3 Variable
Northeast Hospital’s Radiology Department is considering replacing an old inefficient X-ray machine with a state-of-the-art digital X-ray machine. The new machine would provide higher quality
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $1,200 and the variable cost per cup of coffee served is
Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft.The company,
The PC Works assembles custom computers from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a single facility in a
Northwest Hospital is a full-service hospital that provides everything from major surgery and emergency room care to outpatient clinics.Required:For each cost incurred at Northwest Hospital, indicate
$440 Fixed costs:.. Fixed selling.. $2,500 Fixed administrative.... $1,500 Enter this new data into your worksheet. Make sure that you change all of the data that are different—not just the sales.
What is the contribution margin?
variable costs? Give several examples of activity bases.
What is meant by an activity base when dealing with
Define the following: (a) direct materials, (b) indirect materials, (c) direct labor, (d) indirect labor, and (e)manufacturing overhead.
9. Instead of producing the tables, the company could rent its factory space for $50,000 per year.McFarland, Inc., is a merchandiser that provided the following information:Number of units sold. ...
8. Salespersons are paid a commission of $30 for each table sold.
7. The company spends $250,000 per year to advertise its products.

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