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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Pete’s Plumbing Supplies would like to expand into a new warehouse at a cost of \($500,000.\) The warehouse is expected to have a life of 20 years, and a salvage value of \($100,000.\) Annual costs
Conway Construction Corporation would like to purchase a fleet of trucks at a cost of \($260,000.\) Additional equipment needed to maintain the fleet of trucks will be purchased at the end of year
The management of Architect Services Inc. would like to purchase a blueprint machine for \($50,000.\) The machine is expected to have a life of four years, and a salvage value of \($10,000.\) Annual
Using Excel Wood Products Company would like to purchase a computerized wood lathe for \($100,000.\) The machine is expected to have a life of five years, and a salvage value of \($5,000.\) Annual
Using Excel Pete’s Plumbing Supplies would like to expand into a new warehouse at a cost of \($500,000.\) The warehouse is expected to have a life of 20 years, and a salvage value of \($100,000.\)
Timberline Company would like to purchase a new machine for \($100,000.\) The machine will have a life of five years with no salvage value, and is expected to generate annual cash revenue of
Quality Chocolate Inc. would like to purchase a new machine for \($200,000.\) The machine will have a life of four years with no salvage value, and is expected to generate annual cash revenue of
Describe the planning phase of budgeting.
Describe the control phase of budgeting.
Refer to the Business in Action box entitled “Challenges of Budgeting for International Operations.” Describe two characteristics that make budgeting difficult for multinational companies.
Why do successful companies tend to use the bottom-up approach to budgeting?
Briefly describe the components of a master budget for a manufacturing organization.
Describe the information used by companies to estimate sales.
Describe how units to be produced is calculated in the production budget.
How does a production budget help the production manager plan for the future?
Why is depreciation deducted at the bottom of the manufacturing overhead budget?
Why do companies that prepare a budgeted income statement also prepare a cash budget?
Refer to the Business in Action box entitled “Moving from Spreadsheets to Intranet Budgeting.” What are the advantages of using Intranet budgeting? What are some possible disadvantages?
Describe the difference between service organization budgets and manufacturing organization budgets.
Refer to the Business in Action box entitled “Budgeting at a Not-for-Profit Organization.” Describe the two procedures that the symphony uses in the control phase of budgeting.
Describe the ethical conflict that can occur between the planning and control phases of the budgeting process.
Why might a sales budget that intentionally underestimates sales have a negative impact on the organization?
Refer to the dialogue at Best Boards Inc. presented at the beginning of the chapter. How does the vice president of operations, Jim Muller, expect to reduce costs and earn his bonus? What was the
Coffee Mugs Inc. currently manufactures ceramic coffee mugs. Management is interested in outsourcing production to a reputable manufacturing company that can supply the cups for \($2\) per unit.
The following segmented annual income statement is for Flash Drive Inc.For items A, B, and C, assign allocated fixed costs to each product line based on sales revenue for each product line as a
Customer Decision Consulting Group LLC has two customers. Customer 1 generates \($150,000\) in income after direct fixed costs are deducted, and Customer 2 generates \($200,000\) in income after
Jerseys Inc. currently produces 10,000 jerseys a year for its regular customers and charges \($10\) per jersey. Jerseys Inc. has capacity to produce an additional 5,000 jerseys if sales grow in the
KJ Home Builders is bidding on a custom home for a potential customer. The company typically charges 15 percent above cost and estimates the home will cost \($500,000\) to build. Calculate the price
Deal Inc. produces two types of computers: Vortex and Zoom. The computers are produced in separate departments and sent to the quality testing department before being packaged and shipped. A
Evaluating Qualitative Factors Assume your company is considering whether to outsource production. What qualitative factors should be considered before making this decision?
Charlotte Company produces two joint chemical products, product A and product B. Prior to the split-off point, the company incurred $100,000 in joint costs. Production totaled 12,000 gallons for
Wheels Inc. currently manufactures its own custom rims for automobiles. Management is interested in outsourcing production of these rims to a reputable manufacturing company that can supply the rims
Quality Glass currently manufactures windshields for automobiles. Management is interested in outsourcing production of these windshields to a reputable manufacturing company that can supply the
The following monthly segmented income statement is for Durango Company.Management is concerned about the losses associated with product line A and is considering dropping this product line.
The following segmented annual income statement is for Office Express. Management is concerned about the significant losses associated with the computers product line and would like to drop this
The following customer segmented quarterly income statement is for Accounting Associates.Management is concerned about the significant losses associated with the Nguyen account and would like to drop
The following customer segmented annual income statement is for Management Consulting Inc.Management is concerned about the losses associated with the Apple LLP account and would like to drop this
The following monthly financial data are for RadioCom Inc., a maker of handheld VHF radios. RadioCom produces and sells 5,000 radios each month to regular customers.RadioCom received an offer from
The following monthly frnancial data are for RadioCom Inc., a maker of handheld VHF radios. RadioCom produces and sells 5,000 radios each month to regular customers. RadioCom received an offer from
The following monthly financial data are for Sport Socks Inc., a maker of socks for runners. The company makes and sells 40,000 pairs each month to regular customers.Sport Socks received an offer
The following monthly financial data are for Sport Socks Inc., a maker of socks tor runners. Sport Socks makes and sells 40,000 pairs each month to regular customers.Sport Socks received an offer
Quality Sounds Inc. makes speakers and headphones for highend sound systems. The marketing department has identified a market for a specific type of headphones that Quality Sounds does not currently
Nature Wood Inc. makes wood tables for commercial use. The marketing department has identified a market for a specific table that the company does not currently produce, and it expects that each
Cycle Inc. produces three types of bicycles: racer, cruiser, and climber. The bicycles are produced in separate departments and sent to the quality testing department before being packaged and
Ratcliff Enterprises produces three types of computers: laptop, desktop, and palmtop. A machine-hour bottleneck has been identified in the production department. Ratcliff would like to optimize its
For each of the following independent scenarios, identify at least one qualitative factor that should be considered before making the decision.a. A company sells three types of computers (laptops,
Clemson Products produces two joint products, product Y and Z. Prior to the split-off point, the company incurred \($60,000\) in joint costs. Ten thousand yards of product Y were produced and 30,000
Elexor Inc. produces two joint products, product A and product B. Prior to the split-off point, the company incurred \($10,000\) in joint costs. Production of product A totaled 400 pounds, and
Jabo Inc. is considering a new bifro-spectra machine for its production plant to replace an old machine that originally cost \($12,000\) and has \($9,000\) of accumulated depreciation. The new
Bruno Company is a Rhode Island company that sells a branded product regionally to retail customers in New England. It normally sells its product for \($30\) per unit; however, it has received a
Sitro, LTD had been making a component for one of its products, but is now considering outsourcing the component to a Chinese company, which has offered to sell an unlimited quantity of components
Mitrex Company makes a semi-finished machine component for the heavy equipment industry that has a unit contribution margin of \($250\) to Mitrex. A major customer has been purchasing 100 units per
Giko, LTD makes three products (Abba, Babba, and Cabba), all of which use a very rare ingredient called Mecogen. Giko can purchase only 500 ounces of Mecogen per month from its East Asian source.
What are differential revenues and costs?
Define what is meant by a “make-or-buy” decision. Describe how differential analysis can be used to assist in making this type of decision.
Tables 7.2 and 7.3 provide two different formats for presenting the same analysis. Describe the similarities and differences in these two formats.Table 7.2Table 7.3 Make-or-Buy Differential Analysis
What is an avoidable cost?
Review the Business in Action box entitled “Outsourcing Construction.” Why did Salt Lake City choose to outsource the concrete panels to a company in Mexico City even though the library was being
How is differential analysis used in deciding whether to keep or drop product lines?
Why are direct fixed costs typically differential costs?
Why are allocated fixed costs typically not differential costs?
What is an opportunity cost? Why is an opportunity cost a differential cost?
Review the Business in Action box entitled “Kmart Sells Stores.” What did Kmart do with 24 of its stores? Why might Kmart have taken this action?
How is differential analysis similar for customer decisions and product line decisions?
Review the Business in Action box entitled “Engineering Firm Fires Its Biggest Customer.” Why did ABCO Automation Inc. fire its biggest client even though the client provided close to 60 percent
What two important assumptions must be considered when evaluating special order scenarios?
What is cost-plus pricing?
Describe the four steps of target costing.
Describe the five steps used to manage constraints according to the theory of constraints.
What is a qualitative advantage of keeping unprofitable customers?
What are joint products and joint costs?
What is cost-volume-profit analysis and when is it particularly useful?
When is it most reasonable to use a single independent variable in cost-volume-profit analysis?
Distinguish between a contribution and a functional income statement.
How is the break-even equation modified to take into account the sales required to earn a desired profit?
How does a profit-volume graph differ from a cost-volume-profit graph? When is a profit-volume graph most likely to be used?
What impact do income taxes have on the sales volume required to earn a desired after-tax profit?
How are profit opportunities and the risk of losses affected by operating leverage?
Profitability Analysis Assume Strands, a local hair salon, provides cuts, perms, and hairstyling services. Annual fixed costs are \($150,000\), and variable costs are 40 percent of sales revenue.
A typical cost-volume-profit graph is presented below.Requireda. Identify each of the following:Il, eras: (OVE Line OR Pine ee The difference between lines OF and OV at any given number of unit sales
A typical profit-volume graph follows.Requireda. Identify each of the following:1. Area BDC 2. Area DEF 3 .Point D 4. Line AC S-0) Lane. BG 6. ~ Line EFb. Indicate the effect of each of the following
Preparing Cost-Volume-Profit and Profit-Volume Graphs Assume a Connie’s Pizza shop has the following monthly revenue and cost functions:Requireda. Prepare a graph (similar to that in Exhibit 3.3)
Preparing Cost-Volume-Profit and Profit- Volume Graphs Tacos Locos is a taco concession business operating at five soccer parks. It sells large carnitas tacos for\($6.00\) each. Variable costs are
Slapshot company sells three styles of youth hockey sticks: Reebok, Bauer and Titan. Presented is Bauer, information for Slapshot’s three products.With monthly fixed costs of $250,000, the company
Contribution Income Statement and Cost-Volume-Profit Graph Kopi Company produces dog cages that are sold for $40 per unit. The company produced and sold 6,000 dog cages during July 2017. There were
The following information is taken from the 2017 records of Hendrix’s Guitar Center.Requireda. Determine the annual break-even dollar sales volume.b. Determine the current margin of safety in
In the year 2017, Pyramid Consulting had the following contribution income statement:Requireda. Determine the annual break-even point in sales revenue.b. Determine the annual margin of safety in
Determine the solution to each of the following independent cases:a. Collings College has annual fixed operating costs of \($12,500,000\) and variable operating costs of\($1,000\) per student.
Assume Sharpie, a brand of Sanford LP, is planning to introduce a new executive pen that can be manufactured using either a capital-intensive method or a labor-intensive method. The predicted
Stateline Berry Farm harvests early-season blueberries for shipment throughout Michigan and Illinois in July. The blueberry farm is maintained by a permanent staff of 10 employees and seasonal
Joe’s Tax Service prepares tax returns for low- to middle-income taxpayers. Its service operates January 2 through April 15 at a counter in a local grocery store. All jobs are classified into one
Following are data from 4 separate companies.RequiredSupply the missing data in each independent case. Case A Case B Case C Case D 800 ? ? ? ? $80,000 $ 1 $ 12 ? ? $800 ? ? ? $82,000 ? ???? $450 ? ?
Following are data from 4 separate companies.Required Supply the missing data in each independent case. Sales revenue.... Contribution margin Fixed costs.. Net income.. Variable cost ratio.
Circle K operates a number of convenience stores worldwide. Assume that an analysis of operating Circle K costs, customer sales, and customer patronage reveals the following:RequiredDetermine the
Multiple-Level Break-Even Analysis Kucera Associates provides marketing services for a number of small manufacturing firms. Kucera receives a commission of 10 percent of sales. Operating costs are as
Profit Planning with Taxes Rebounder Company produces a rebounding net that can be used for soccer, baseball and lacrosse. The net sells for \($40\) per unit. Last year, the company manufactured and
New York Tours (NYT) provides daily sightseeing tours that include transportation, admission to selected attractions, and lunch. Ticket prices are \($85\) each. During June 2017, NYT provided 3,000
Comparative 2017 and 2018 income statements for Bismark Products Inc. follow:Requireda. Determine the break-even point in units.b. Determine the unit sales volume required to earn a profit of
Smoothie Citrus Company buys a variety of citrus fruit from growers and then processes the fruit into a product line of fresh fruit, juices, and fruit flavorings. The most recent year’s sales
Pegasus Shoe Company plans to expand its manufacturing capacity to allow up to 20,000 pairs of a new product each year. Because only one product can be produced, management is deciding between the

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