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business
introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Record journal entries (Learning Objective 1)Record the following process costing transactions in the general journal:a. Purchase of raw materials on account, $9,000b. Requisition of direct materials
Analyze flow of costs through inventory T-accounts (Learning Objective 1)Healthy Start Bakery mass-produces bread using three sequential processing departments: Mixing, Baking, and Packaging. The
Summarize physical units and compute equivalent units (process costing Steps 1 and 2) (Learning Objective 2)Alice’s Apple Pies collected the following production information relating to June’s
Compute equivalent units in a second processing department (Learning Objectives 2, 4)Mogyardy’s Mayonnaise uses a process costing system to determine its product’s cost. The last of the three
Complete five-step procedure in first department (Learning Objective 3)Color World prepares and packages paint products. Color World has two depart¬ ments: (1) blending and (2) packaging. Direct
Continuation of E4-28: journal entries (Learning Objectives 1, 3)Return to the Blending Department for Color World in E4-28.Requirements 1. Present the journal entry to record the use of direct
Compute equivalent units and assign costs (Learning Objectives 2, 3)The Assembly Department of ZAP Surge Protectors began September with no work in process inventory. During the month, production
Complete five-step procedure in first department (Learning Objective 3)Royal Vine Winery in Kingston, New York, has two departments: Fermenting and Packaging. Direct materials are added at the
Continuation of E4-31: journal entries (Learning Objectives 1, 3)Return to the Fermenting Department for Royal Vine Winery in E4-31.Requirements 1. Present the journal entries to record the use of
Complete five-step procedure and journalize result (Learning Objectives 1, 3) The following information was taken from the ledger of Denver Roping:The Forming Department had 10,000 partially complete
Compute equivalent units in two later departments (Learning Objectives 2, 4) Selected production and cost data of Martha’s Fudge follow for May:On May 31, the Mixing Department’s ending work in
Complete five-step procedure in second department (Learning Objective 4)Alpha Semiconductors experienced the following activity in its Photolithography Department during December. Materials are added
Process costing in a single processing department (Learning Objectives 1, 2, 3) Winter Lips produces a lip balm used for cold-weather sports. The balm is manufac¬ tured in a single processing
Process costing in a first department (Learning Objectives 1, 2, 3)The New England Furniture Company produces dining tables in a three-stage process: sawing, assembly, and staining. Costs incurred in
Five-step process: materials added at different points (Learning Objectives 1,2, 3) Kun Pow produces canned chicken a la king. The chicken a la king passes through three departments: (1) Mixing, (2)
Prepare a Production Cost report and journal entries (Learning Objectives 1, 4) Off Road manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the
Complete five-step process in a later department (Learning Objectives 2, 4)Sidcrome uses four departments to produce plastic handles for screwdrivers: Mixing, Molding, Drying, and
Process Costing in a first department (Learning Objectives 1, 2, 3)E-Z Solutions makes electronic personal data assistants (PDAs) in three processes: assembly, programming, and packaging. The
Process Costing in a first department (Learning Objectives 1, 2, 3)Papyrus produces the paper used by wallpaper manufacturers. Papyrus’s four-stage process includes mixing, cooking, rolling, and
Five-step process: materials added at different points (Learning Objectives 1,2,3) Ply-Wall produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into
Prepare a production cost report and journal entries (Learning Objectives 1, 4)Athena Carpeting manufactures broadloom carpet in seven processes: spinning, dyeing, plying, spooling, tufting,
Complete five-step process in last department (Learning Objectives 2, 4)Waterwise uses three processes to manufacture lifts for personal watercraft: forming a lift’s parts from galvanized steel,
Cost per unit and gross profit (Learning Objective 4)Jimmy Jones operates Jimmy’s Cricket Farm in Eatonton, Georgia. Jimmy’s raises about 1 8 million crickets a month. Most are sold to pet
Ethical dilemma regarding percentage of completion (Learning Objectives 2, 4)Rick Penn and Joe Lopus are the plant managers for Pacific Lumber’s particle board division. Pacific Lumber has
Calculating costs for a customer order (Learning Objective 4) Hermiston Food Processors in Hermiston, Oregon, processes potatoes into French fries. Production requires two processes: cutting and
Which of the following is false?a. The distinguishing feature of ABC is that it focuses on allocating indi¬ rect costs.b. Advances in information technology have made it feasible for more com¬
What is the activity cost allocation rate for kitting and boxing?a. $0.00625/part, $0.50/cubic footb. $0.0125/part, $0.25/cubic footc. $0.50/part, $40/cubic footd. $160/part, $2/cubic foot Two of
What are the kitting and boxing costs assigned to one desktop computer?a. $0,625, $2.50b. $0.9375, $3.50c. $1.25, $1.25d. $50.00, $200.00 Two of Dell’s primary pro¬ duction activities are kitting
Dell contracts with its suppliers to pre-kit certain component parts before delivering them to Dell. Assume that this saves $1.5 million of the kitting activ¬ ity cost and that it reduces the total
Dell can use ABC information for what decisions?a. pricingb. cost cuttingc. evaluating managers’ performanced. all of the above
Dell enjoys many benefits from committing to JIT. Which is not a benefit of adopting JIT?a. lower inventory carrying costsb. more space available for productionc. ability to respond more quickly to
(Appendix:) The following account is not used in JIT costing:a. Raw and In Process Inventoryb. Conversion Costsc. Work In Process Inventoryd. Finished Goods Inventory
The cost of lost future sales after a customer finds flaws in a product or service is which of the following quality costs?a. external failure costb. internal failure costc. appraisal costd.
Dell’s spending on testing its computers before shipping them to customers helps reduce which of the following costs?a. prevention costb. appraisal costc. external failure costd. none of the above
Would the advertising agency Saatchi & Saatchi use job or process costing? What about a Georgia-Pacific paper mill?a. Saatchi & Saatchi—job costing Georgia-Pacific—-job costingb. Saatchi &
When Dell uses direct materials, it traces the cost by debiting:a. Raw Materials Inventoryb. Direct Materialsc. Manufacturing Overheadd. Work in Process Inventory
When Dell uses indirect materials, it assigns the cost by debiting:a. Raw Materials Inventoryb. Indirect Materialsc. Manufacturing Overheadd. Work in Process Inventory
When Dell uses direct labor, it traces the cost by debiting:a. Direct Laborb. Manufacturing Wagesc. Manufacturing Overheadd. Work in Process Inventory
What is Dell’s predetermined manufacturing overhead rate?a. $9.00/machine hourb. $7.50/machine hourc. $0.13/machine hourd. $0.ll/machine hour Assume that Dell’s Austin, Texas, plant allocates
What is Dell’s actual manufacturing overhead cost (in millions)?a. $85b. $120c. $160d. $220 Assume that Dell’s Austin, Texas, plant allocates manufacturing overhead based on machine hours.
How much manufacturing overhead would Dell allocate (in millions)?a. $85b. $90c. $108d. $220 Assume that Dell’s Austin, Texas, plant allocates manufacturing overhead based on machine hours. Suppose
What entry would Dell make to close the Manufacturing Overhead account (in millions)?Assume that Dell’s Austin, Texas, plant allocates manufacturing overhead based on machine hours. Suppose Dell
Decide on product costing system (Learning Objective 1)Would the following companies use job costing or process costing?a. A manufacturer of plywoodb. A manufacturer of wakeboardsc. A manufacturer of
Calculate job cost, billing, and profit at a car care center (Learning Objectives 2, 6) Conrad’s Car Care Center specializes in providing car tune-ups, brake jobs, and tire replacements for most
Record purchase and use of materials (Learning Objective 3)Trekker manufactures backpacks. Its plant records include the following matenals-related transactions:Make the journal entries to record
Determine transactions from T-accounts (Learning Objective 3)Use the following T-accounts to determine the cost of direct materials used and indi¬ rect materials used. Raw Materials Inventory Work
Record manufacturing labor costs (Learning Objective 3)Art Glass reports the following labor-related transactions at its plant in Seattle, Washington.Record the journal entries for the incurrence and
Record journal entries (Learning Objectives 3, 4)The following transactions were incurred by Dutch Fabricators during January, the first month of its fiscal year. Record the proper journal entry for
Identify and accumulate manufacturing overhead costs (Learning Objective 4)Classic Outdoor Furniture manufactures wood patio furniture. The company reports the following costs for January 2009. What
Ramifications of overallocating and underallocating jobs (Learning Objective 4) Answer the following questions:1. Why do managers use a predetermined manufacturing overhead allocation rate rather
Allocate manufacturing overhead to a job (Learning Objective 4)In the E-Z-Boy job cost record (Exhibit 3-11), how much manufacturing overhead cost will be allocated to Job 293 if the predetermined
Compute various manufacturing overhead rates (Learning Objective 4)Therrien Pools manufactures swimming pool equipment. Therrien estimates total man¬ ufacturing costs next year to be $1,200,000.
Continuation of S3-10: compute total allocated overhead (Learning Objective 4) Use your answers from S3-10 to determine the total manufacturing overhead allo¬ cated to Therrien’s manufacturing
Continuation of S3-11: determine over- or underallocation (Learning Objective 4) Use your answers from S3-11 to determine the total overallocation or underallocation of manufacturing overhead during
Calculate rate and analyze year-end results (Learning Objective 4)Rainbow manufactures wooden backyard playground equipment. Rainbow estimated $1,785,000 of manufacturing overhead and $2,100,000 of
Analyze Manufacturing Overhead (Learning Objectives 4, S)In the E-Z-Boy T-accounts shown on page 121 and 126, actual manufacturing overhead was $210,000. Suppose instead that the actual manufacturing
Recompute job cost at a legal firm (Learning Objective 6)In the Barnett Associates example on pages 134-136, suppose Fox’s annual salary is $110,000 rather than $100,000. Also suppose the
Understanding key terms (Learning Objective 1)Listed below are several terms. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be
Determine the cost of a job and use it for pricing (Learning Objectives 2, 4)Playtime Industries manufactures custom-designed playground equipment for schools and city parks. Playtime expected to
Compare bid prices under two different allocation bases (Learning Objectives 2, 4) Middleton Recycling recycles newsprint, cardboard, and so forth, into recycled pack¬ aging materials. For the
Determine the cost of a job and record entries (Learning Objectives 2, 3, 4, S)E-Z-Boy started and finished Job 310 during April. The company’s records show that the following direct materials were
Prepare the journal entries for Job 293 (Learning Objectives 3, 4, S)The chapter followed Job 293 through E-Z-Boy’s job costing system. The completed job cost record for Job 293 is shown in Exhibit
Diagram flow of costs through T-accounts (Learning Objectives 3, 4, S)For a manufacturer that uses job costing, diagram the flow of costs through T-accounts. Label each transaction. Include the
Analyze T-accounts (Learning Objectives 3, 4, 5)Touch Enterprises produces LCD touch screen products. The company reports the fol¬ lowing information at December 31, 2008. Touch Enterprises began
Prepare journal entries (Learning Objectives 3, 4, 5)Record the following transactions in Micro Speakers’ general journal.a. Received bill for Web site expenses, $3,400.b. Incurred manufacturing
Determine transactions from T-accounts (Learning Objectives 3, 4, S) Describe the lettered transactions in the following manufacturing accounts: (a) (h) Manufacturing Wages Manufacturing Overhead
Back into unknown information (Learning Objective 4)At the end of the 2008 fiscal year, Rave Kayaks’ manufacturing records show the fol¬ lowing unadjusted ending account balances (and the
Analyze manufacturing overhead (Learning Objective 4)Freeman Foundry in Charleston, South Carolina, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on
Record manufacturing overhead (Learning Objectives 4, 5)Refer to the data in Exercise 3-26. Freeman’s accountant found an error in her 2008 expense records. Depreciation on manufacturing plant and
Account for manufacturing overhead (Learning Objectives 4, 5)Selected cost data for Star Poster are as follows:Requirements 1. Compute the predetermined manufacturing overhead rate assuming that Star
Record completion and sale of jobs (Learning Objective SJ September production generated the following activity in Digital Connection’s Work in Process Inventory:Completed production in September,
Job cost and bid price at a consulting firm (Learning Objective 6)Black Consulting, a real estate consulting firm, specializes in advising companies on potential new plant sites. Black Consulting
Determine flow of costs through accounts (Learning Objectives 2, SJ CarNut reconditions engines. Its job cost records yield the following information. CarNut uses a perpetual inventory
Determine and record job costs (Learning Objectives 2, 3, 4, 5)Getaway Homes manufactures prefabricated chalets in Colorado. The company uses a perpetual inventory system and a job cost system in
Prepare job cost record and journal entries (Learning Objectives 2, 3, 4, S)Geolander manufactures tires for all-terrain vehicles. Geolander uses job costing and has a perpetual inventory system.On
Analyze Manufacturing Overhead (Learning Objectives 4, 5)Suit Up produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Suit Up reports the
Use job costing at an advertising agency (Learning Objective 6)Adnet.com is an Internet advertising agency. The firm uses a job cost system in which each client is a different “job.” Adnet.com
Determine flow of costs through accounts (Learning Objectives 2, SJ Serenity Manufacturing makes headphones for portable electronic devices. Its job cost records yield the following
Determine and record job costs (Learning Objectives 2, 3, 4, 5)Aloha Construction is a home builder in Hawaii. Aloha uses a perpetual inventory system and a job cost system in which each house is a
Prepare job cost record and journal entries (Learning Objectives 2, 3, 4, S)Guandong Technology manufactures CDs and DVDs for computer software and entertainment companies. Guandong Technology uses
Analyze manufacturing overhead (Learning Objectives 4, 5)Precious Treasures manufactures jewelry boxes. The primary materials (wood, brass, and glass) and direct labor are traced directly to the
Use job costing at a consulting firm (Learning Objective 6)WB Design is a Web site design and consulting firm. The firm uses a job cost system in which each client is a different “job.” WB Design
Issues with cost of job (Learning Objective 2)Hegy Chocolate is located in Cleveland. The company prepares gift boxes of choco¬ lates for private parties and corporate promotions. Each order
Issues with the manufacturing overhead rate (Learning Objective 4) All Natural manufactures organic fruit preserves sold primarily through health food stores and on the Web. The company closes for
Finding the cost of flight routes (Learning Objective 2)Major airlines such as American, Delta, and Continental are struggling to meet the challenges of budget carriers such as Southwest and
Which of these companies would use process costing?a. Saatchi & Saatchi advertising firmb. Pace Foods, producer of Pace picante saucec. Accenture management consultantsd. Amazon.com
Which of the following statements describes Jelly Belly’s process costing system?a. Direct materials and direct labor are traced to each specific order.b. Costs flow directly from a single Work in
Compute the equivalent units of sugar used.a. 8,000b. 8,700c. 9,300d. 10,000 Suppose Jelly Belly’s Centers process adds sugar at the beginning of the process and flavorings 75% of the way through
How many equivalent units of flavorings did Jelly Belly use?a. 8,000b. 8,700c. 9,300d. 10,000 Suppose Jelly Belly’s Centers process adds sugar at the beginning of the process and flavorings 75% of
What are the equivalent units of conversion costs?a. 8,000b. 8,700c. 9,300d. 10,000 Suppose Jelly Belly’s Centers process adds sugar at the beginning of the process and flavorings 75% of the way
If the cost per equivalent unit is $0.50 for sugar, $1.00 for flavorings, and $0.40 for conversion costs, what is the cost assigned to the Centers’ ending work in process inventory?a. $1,520b.
Suppose Jelly Belly’s second process, Shells, starts out with 3,000 pounds of jelly beans in its beginning work in process inventory. Assume that the Shells process has 1,500 pounds of jelly beans
In general, transferred-in costs include:a. costs incurred in the previous periodb. costs incurred in all prior periodsc. costs incurred in only the previous processd. costs incurred in all prior
Which of the following describes the $22,900 transferred-in costs in beginning inventory?a. costs incurred in October in the Shaping Departmentb. costs incurred prior to October in the Shaping
Which of the following best describes the swim masks associated with the$22,900 transferred-in costs in the Insertion Department’s beginning work in process inventory?a. masks that are partway
Wal-Mart is a:a. service companyb. retailerc. wholesalerd. manufacturer
Which is not an element of Nissan’s value chain?a. administrative costsb. cost of shipping cars to dealersc. salaries of engineers who update car designd. cost of print ads and television
For Nissan, which is a direct cost with respect to the Xterra?a. depreciation on plant and equipmentb. cost of vehicle enginec. salary of engineer who rearranges plant layoutd. cost of customer
Which of the following is not part of Nissan’s manufacturing overhead?a. insurance on plant and equipmentb. depreciation on its North American corporate headquarters in Nashvillec. plant property
In computing cost of goods sold, which of the following is the manufacturer’s counterpart to the merchandiser’s purchases?a. direct materials usedb. total manufacturing costs incurred during the

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