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business
introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Explain target costing and its acceptance in highly competitive industries. (p. 253) LO.1
Describe the relation between target costing and continuous improvement costing. (p. 258) LO.1
Explain how benchmarking enhances quality management, continuous improvement, and process reengineering. (p. 259) LO.1
What are the relationships among an organization’s value chain, processes, and activities? LO.1
What should be the goal of every organization along the value chain? LO.1
Distinguish between the value-added perspective and the value chain perspective. LO.1
—§W hy are economic models seldom used for day-to-day pricing decisions? LO.1
Identify three reasons that cost-based approaches to pricing have traditionally been important. LO.1
Identify four drawbacks to cost-based pricing. LO.1
How does target costing differ from cost-based pricing? LO.1
| Why is cost-based pricing more a technique, and target costing is more a philosophy? Which approach takes a more proactive approach to cost management? LO.1
What is the relationship between target costing and continuous improvement (Kaizen) costing? LO.1
Distinguish between the seller’s and the buyer’s perspective of life cycle costs. LO.1
What advantage is derived from benchmarking against firms other than competitors? LO.1
Developing a Value Chain from the Perspective of the Final Customer (LO1)Prepare a value chain for bottled orange juice that was purchased for personal consumption at an oncampus cafeteria. LO.1
Developing a Value Chain: Upstream and Downstream Entities (LO1)Prepare a value chain for a firm that produces gasoline fuel. Clearly identify upstream and downstream entities in the value chain. LO.1
Classifying Activities Using the Generic Internal Value Chain: Aluminum Cable Manufacturer (LO1)Using the generic internal value chain shown in Exhibit 8.2, classify each of the following activities
Classifying Activities Using the Generic Internal Value Chain: Cable TV Company (LO1)Using the generic internal value chain shown in Exhibit 8.2, classify each of the following activities of a cable
Product Pricing: Single Product (LO2)Sue Bee Honey is one of the largest processors of its product for the retail market. Assume that one of its plants has annual fixed costs total $8,000,000, of
Product Pricing: Single Product (LO2)Assume that you plan to open a soft ice cream franchise in a resort community during the summer months. Fixed operating costs for the three-month period are
Target Pricing (LO3)A few years ago, Marriott International, the large hotel chain, announced that because occupancy rates had declined during the previous quarter, it was raising room rates to cover
Benchmarking (LO5)Your company is developing a new product for the computer printer industry, You have talked to several material vendors about being able to supply quality components for the new
Product Pricing: Single Product (LO2)Presented is the 2012 contribution income statement of Colgate Products.COLGATE PRODUCTS Contribution Income Statement For Year Ended December 31, 2012 SENS (2
Cost-Based Pricing and Markups with Variable Costs (LO2)Compu Services provides computerized inventory consulting. The office and computer expenses are$600,000 annually and are not assigned to
Computing Markups (LO2)The predicted 2012 costs for Osaka Motors are as follows:Manufacturing Costs Selling and Administrative Costs Mana DilGe nee cccrctesscamistras $100,000 Variables cr Aace te
Product Pricing: Two Products (LO2)Quality Data manufactures two products, CDs and DVDs, both on the same assembly lines and packaged 10 disks per pack. The predicted sales are 400,000 packs of CDs
Product Pricing: Two Products (LO2)Refer to the previous exercise, LO.1
Based on your calculations of the selling price and profit for CDs and DVDs, how should Quality Data evaluate the status of these two products? Should either CDs or DVDs be discontinued? What
Target Costing (LO3)Oregon Equipment Company wants to develop a new log-splitting machine for rural homeowners. Market research has determined that the company could sell 5,000 log-splitting machines
Product Pricing: Two Products (LO2)Macquarium Intelligent Communications provides computer-related services to its clients. Its two primary services are are Web page design (WPD), and Internet
Target Costing (LO3)Redback Networks, Inc., a subsidiary of Ericsson, provides networking services and related systems for 75% of the world’s largest telephone companies. Assume that it is
Continuous Improvement (Kaizen) Costing (LO4)Patel Company does contract manufacturing of compact video cameras. At its Pacific plant, cost control has become a concern of management. The actual
Continuous Improvement (Kaizen) Costing (LO4)Assume that GE Capital, a division of General Electric, has been displeased with the costs of servicing its consumer loans. Assume that it has decided to
Price Setting: Multiple Products (LO2)Comtel Electronics Company’s predicted 2012 variable and fixed costs are as follows:_ Variable Costs — Fixed Costs MERULEGIUMING |:9 4.0.4 crm obs adnan aoe
Price Setting: Multiple Products (LO2)Augusta Golf, Inc. produces a wide variety of golfing equipment. In the past, product managers set prices using their professional judgment. Jack Woods, the new
Distinguish between relevant and irrelevant revenues and costs. (p. 98)
Analyze relevant costs and indicate how they differ under alternative decision scenarios. (p. 101)
Apply differential analysis to decision scenarios, including whether to change plans; to accept a special order;to make, buy, or outsource; and to sell or further process a product. (p. 103)
Allocate limited resources for purposes of maximizing short-run profit. (p. 112)
Distinguish between relevant and irrelevant costs.(p. 101)
_—_ In evaluating a cost reduction proposal, what three alternatives are available to management?(p. 101)
| When are outlay costs relevant and when are they irrelevant?(p. 101)
Relate the manufacturing cost hierarchy discussed in Chapter 2 to the concept of relevant costs.Under what conditions would product-level costs be relevant?(p. 131)
Why is a differential analysis of relevant items preferred to a detailed listing of all costs and revenues associated with each alternative?(p. 131)
| How can cost predictions be made when the acquisition of new equipment results in a technological change?(p. 131)
| When are opportunity costs relevant to the evaluation of a special order?(p. 131)
Identify some important qualitative considerations in evaluating a decision to make or buy a part.(p. 131)
In a decision to sell or to process further, of what relevance are costs incurred prior to the decision point? Explain your answer.(p. 131)
How should limited resources be used to achieve short-run profit maximization?(p. 131)
What should performance reports do in support of the theory of constraints?(p. 131)
Relevant Cost Terms: Matching (LO1)A company that produces three products, M, N, and O, is evaluating a proposal that will result in doubling the production of N and discontinuing the production of
Relevant Cost Terms: Matching (LO1)A company that produces and sells 4,000 units per month, with the capacity to produce 5,000 units per month, is evaluating a one-time, special order for 2,000 units
Identifying Relevant Costs and Revenues (LO1)The City of Bluffton operates a power plant on a river that flows through town. The village uses some of this generated electricity to operate a water
Classifying Relevant and Irrelevant Items (LO1)The law firm of Taylor, Taylor, and Tower has been asked to represent a local client. All legal proceedings will be held out of town in Chicago.Required
Relevant Costs for Equipment Replacement Decision (LO1, 2, 3)Health Scan, Inc., paid $50,000 for X-ray equipment four years ago. The equipment was expected to have a useful life of 10 years from the
Special Order (LO1, 2, 3)Shanghai Exporters, LTD produces wall mounts for flat panel television sets. The forecasted income statement for 2012 is as follows:SHANGHAI EXPORTERS, LTD Budgeted Income
Sell or Process Further (LO1, 2, 3)Great Lakes Boat Company manufactures sailboat hulls at a cost of $4,200 per unit. The hulls are sold to boatyards for $5,000. The company is evaluating the
Special Order (LO1, 2, 3)Healthy Foods Farms grows organic vegetables and sells them to local restaurants after processing. The firm’s leading product is Salad-in-a-Bag, which is a mixture of
Special Order (LO1, 2, 3)Nature’s Garden, a new restaurant situated on a busy highway in Pomona, California, specializes in a chet’s salad selling for $7. Daily fixed costs are $1,200, and
Special Order: High-Low Cost Estimation (LO1, 2, 3)SafeRide, Inc. produces air bag systems that it sells to North American automobile manufacturers.Although the company has a capacity of 300,000
Outsourcing (Make-or-Buy) Decision (LO1, 2, 3)Assume a division of Hewlett-Packard currently makes 10,000 circuit boards per year used in producing diagnostic electronic instruments at a cost of $32
Outsourcing (Make-or-Buy) Decision (LO1, 2, 3)Mountain Air Limited manufactures a line of room air purifiers. Management is currently evaluating the possible production of an air purifier for
Make or Buy (LO1, 2, 3)Rashad Rahavy, M.D., is a general practitioner whose offices are located in the South Falls Professional Building. In the past, Dr. Rahavy has operated his practice with a
Sell or Process Further (LO1, 2, 3)Port Allen Chemical Company processes raw material D into joint products E and F.,.Raw material D costs $5 per liter. It costs $100 to convert 100 liters of D into
Limited Resources (LO4)Toledo Manufacturing Company, Ltd., produces three products: X, Y, and Z. A limitation of 220 labo hours per week prevents the company from meeting the sales demand for these
Limited Resources (LO4)Maria Pajet, a regional sales representative for UniTec Systems, Inc., has been working about 80 hours per week calling on a total of 123 regular customers each month. Because
Multiple Changes in Profit Plans (LO1, 2, 3)In an attempt to improve profit performance, Jacobson Company’s management Is considering a number of alternative actions. An August 2012 contribution
Multiple Changes in Profit Plans: Multiple Products (L014, 2, 3)Information on Guadalupe Ltd.’s three products follows:A B Cc Unit sales per month ......... 900 1,400 900 Selling price per
Relevant Costs and Differential Analysis (LO4, 2)College Station Bank paid $50,000 for a check-sorting machine in January 2008. The machine had an estimated life of 10 years and annual operating
Special Order (LO1, 2, 3)Mobile Solutions Company produces a variety of electric scooters. Management follows a pricing policy of manufacturing cost plus 60 percent. In response to a request from
Special Order (LO1, 2, 3)Every Halloween, Glacier Ice Cream Shop offers a trick-or-treat package of 20 coupons for $3. The coupons are redeemable by children 12 years or under, for a single-scoop
Applications of Differential Analysis (LO1, 2, 3)Nantucket Optics Company manufactures high-end sunglasses that it sells to mail-order distributors for$50. Manufacturing and other costs follow:_
Applications of Differential Analysis (L041, 2, 3)Trails Expeditions offers guided back-country hiking/camping trips in British Columbia. Trails provides a guide and all necessary food and equipment
Continue or Discontinue (LO1, 2)Lakeland Eye Clinic primarily performs three medical procedures: cataract removal, corneal implants, and laser keratotomy. At the end of the first quarter of this
Assessing the Impact of an Incentive Plan’? (LO1, 2, 3)Overview Ladbrecks is a major department store with fifty retail outlets. The company’s stores compete with outlets run by companies such as
Describe inventory requirements and measurement issues for service, merchandising, and manufacturing organizations. (p. 134)
Explain the framework of inventory costing for financial reporting. (p. 135)
Describe the production environment as it relates to product costing systems. (p. 140)
Explain the operation of a job costing system. (p. 141)
Explain the operation of a process costing system. (p. 152)
Distinguish among service, merchandising, and manufacturing organizations on the basis of the importance and complexity of inventory cost measurement.MMV AOT Xe (p. 153)
Distinguish between product. costing and service costing. sii LA tology (p. 154)
When is depreciation a product, cost? When is SP lemcatse) period cost? nie ane wy (p. 155)
What ae fhe ee major product cost elements? (p. 157)
How are predetermined overhead rates developed? Why are they widely used? (p. 156)
Briefly distinguish between process ‘manufacturing and job order production. Provide examples of products typically produced under each system. (p. 161)
Briefly describe the role of engineering personnel and production scheduling personnel in the production planning process. (p. 162)
Identify the primary records involved in the operation of a job cost system. (p. 165)
Describe the flow of costs through the accounting system of a labor-intensive manufacturing organization. (p. 172)
Identify two reasons that a service organization should maintain detailed job cost information. (p. 172)
What are the four major elements of a cost of production report? (p. 172)
What are equivalent completed units? (p. 172)
Under what conditions will equivalent units in process be different for materials and conversion costs? (p. 172)
Determine a linear cost estimating equation. (p. 37)
Identify basic patterns of how costs respond to changes in activity cost drivers. (p. 30)
Identify and discuss problems encountered in cost estimation. (p. 42)
Describe and develop alternative classifications for activity cost drivers. (p. 43)
— Briefly describe variable, fixed, mixed, and step costs and indicate how the total cost function of each changes as activity increases within a time period. (p. 54)
Explain the term “relevant range” and why it is important in estimating total costs. (p. 54)
How are variable and fixed costs determined using the high-low method of cost estimation? (p. 54)

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