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business
introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Condensed data in millions of dollars from Apple’s 2014 and 2015 income statements follow: Requireda. Develop a cost-estimation equation for Apple’s annual cost of revenues and operating
College Avenue Bookstore sells new college textbooks at the publishers’ suggested retail prices. It then pays the publishers an amount equal to 75 percent of the suggested retail price. The
SKYZ Company produces two models of basketball hoops, Ausom Garage Mount and Delux Ground Mount. Presented is sales information for the year 2017.Requireda. Determine the current break-even point in
Currently, Corner Lunch Counter sells only Super Burgers for \($2.50\) each. During a typical month, the Counter reports a profit of \($9,000\) with sales of \($50,000\) and fixed costs of
AccuMeter manufactures and sells its only product (Z1) in lot sizes of 500 units. Because of this approach, lot (batch)-level costs are regarded as variable for CVP analysis. Presented is sales and
Art Conroy is the assistant controller of New City Muffler, Inc., a subsidiary of New City Automotive, which manufactures tailpipes, mufflers, and catalytic converters at several plants throughout
Presented are the 2017 and 2018 functional income statements of Regional Distribution Inc.:Requireda. Determine Regional Distribution’s break-even point in sales dollars.b. What dollar sales volume
Describe the components of the profit equation.
You are asked to find the break-even point in units and in sales dollars. What does this mean?
You are asked to find the target profit in units and in sales dollars. What does this mean?
For a company with one product, describe the equation used to calculate the break-even point or target profit in (a) units, and (b) sales dollars.
What does the term margin of safety mean? How might management use this information?
Review the Business in Action box entitled “Measuring the Break-Even Point for Airlines.” How do airlines measure break-even points? In 2001, which airline had the lowest break-even point?
How does the break-even point equation change for a company with multiple products or services compared to a single-product company?
Describe the assumptions made to simplify the cost-volume-profit analysis described in the chapter.
What is sensitivity analysis and how might it help those performing costvolume-profit analysis?
Review the Business in Action box entitled “Performing Sensitivity Analysis for a Brewpub.” What were the owners concerned about with regards to projected profits? What were the results of the
If you are asked to review the cost structure of an organization, what are you being asked to do?
When might the contribution margin per unit of constraint be more effective than the contribution margin per unit for making decisions?
Describe the three steps used to calculate the target profit for companies that incur income tax costs.
Why do some organizations use variable costing?
Refer to the dialogue at Snowboard Company presented at the beginning of the chapter. What information is Recilia, vice president of sales, requesting from Lisa, the company accountant? How does
Calculations Ace Company sells lawn mowers for \($200\) per unit. Variable cost per unit is \($40,\) and fixed costs total \($4,000.\) Find(a) the contribution margin per unit, and(b) the
Calculation Radio Control Inc. sells radio controlled cars tor \($300\) per unit representing 80 percent of total sales, and radio controlled boats for \($400\) per unit representing 20 percent of
Refer to the base case for Snowboard Company presented in the first column of Table 6.4. Assume the unit sales price decreases by 10 percent. Calculate(a) the new projected profit,(b) the dollar
Refer to the base case for Snowboard Company presented in the first column of Table 6.4. Assume the number of units sold increases by 10 percent. Calculate(a) the new projected profit,(b) the dollar
High operating leverage means:(1) The company has relatively low fixed costs.(2) The company has relatively high fixed costs.(3) The company will have to sell more units than a comparable company
Paint Toys Company sells paint ball guns for $100 per unit. Variable cost is $60 per unit. Each paint ball gun requires 1.25 machine hours and 2.00 direct labor hours to produce. Calculate the
Management of Lakewood Company would like to achieve a target profit after taxes of \($300,000.\) The company’s income tax rate is 40 percent. What target profit before taxes is required to achieve
Describe the difference between absorption costing and variable costing. Which approach yields the highest profit when the units produced are greater than the units sold? Explain your answer.
Nellie Company has monthly fixed costs totaling \($100,000\) and variable costs of \($20\) per unit. Each unit of product is sold for \($25.Requireda.\) Calculate the contribution margin per unit.b.
Nellie Company has monthly fixed costs totaling \($100,000\) and variable costs of \($20\) per unit. Each unit of product is sold for \($25\).Requireda. Calculate the contribution margin ratio.b.
Nellie Company has monthly fixed costs totaling \($100,000\) and variable costs of \($20\) per unit. Each unit of product is sold for \($25.\) These data are the same as in the previous exercise.
Phan Incorporated has annual fixed costs totaling \($6,000,000\) and variable costs of \($350\) per unit. Each unit of product is sold for \($500\).Requireda. Calculate the contribution margin per
Phan Incorporated has annual fixed costs totaling \($6,000,000\) and variable costs of \($350\) per unit. Each unit of product is sold for \($500\).Requireda. Calculate the contribution margin
Phan Incorporated has annual fixed costs totaling \($6,000,000\) and variable costs of \($350\) per unit. Each unit of product is sold for \($500\).Assume that Phan Incorporated expects to sell
Hi-Tech Incorporated produces two different products with the following monthly data.Assume the sales mix remains the same at all levels of sales.Requireda. Calculate the weighted average
Hi-Tech Incorporated produces two different products with the following monthly data.Assume the sales mix remains the same at all levels of sales.Required Round your answers to the nearest hundredth
Hi-Tech Incorporated produces two different products with the following monthly data.Requireda. If the sales mix shifts to 50 percent Cell and 50 percent GPS, would the breakeven point in units
Advanced Products Company produces three different CDs with the following annual data.Assume the sales mix remains the same at all levels of sales.Required Round all answers to the nearest cent and
Break-Even Point and Target Profit Measured in Sales Dollars (Multiple Products) Advanced Products Company produces three different CDs with the following annual data.Assume the sales mix remains the
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.
Why is presenting all costs of an organization as a function of a single independent variable, although useful in obtaining a general understanding of cost behavior, often not accurate enough to make
Explain the term “relevant range” and why it is important in estimating total costs.
How are variable and fixed costs determined using the high-low method of cost estimation?
Distinguish between cost estimation and cost prediction.
Why is a scatter diagram helpful when used in conjunction with other methods of cost estimation?
Identify two advantages of least-squares regression analysis as a cost estimation technique.
Why is it important to match activity and costs within a single observation? When is this matching problem most likely to exist?
During the past century, how have direct materials, direct labor, and manufacturing overhead changed as a portion of total manufacturing costs? What is the implication of the change in manufacturing
Distinguish between the unit-, batch-, product-, and facility-level activities of a manufacturing organization.
Classify the total costs of each of the following as variable, fixed, mixed, or step. Sales volume is the cost driver.Salary of the department manager Memory chips in a computer assembly plant Real
Classify the total costs of each of the following as variable, fixed, mixed, or step.a. Straight-line depreciation on a buildingb. Maintenance costs at a hospitalc. Rent on a photocopy machine
For each of the following situations, select the most appropriate cost behavior pattern (as shown in the illustrations following this problem) where the lines represent the cost behavior pattern, the
For each of the graphs displayed following this problem, select the most appropriate cost behavior pattern where the lines represent the cost behavior pattern, the vertical axis represents total
Computing Average Unit Costs The total monthly operating costs of Salads to Go are:\($10,000\) + \($0.30X\) where X = Number of salads Requireda. Determine the average cost per salad at each of the
Automatic versus Manual Processing Image Solutions operates a printing service for customers with digital cameras. The current service, which requires employees to download photos from customer
Automatic versus Manual Processing Red Star Copy Service processes 2,100,000 photocopies per month at its service center. Approximately 50 percent of the photocopies require collating. Collating is
High-Low Cost Estimation Assume the local YRC Worldwide delivery service hub has the following information available about fleet miles and operating costs:Required Use the high-low method to develop
Scatter Diagrams and High-Low Cost Estimation Assume the local Pearle Vision has the following information on the number of sales orders received and order-processing costs.Required a Use
Scatter Diagrams and High-Low Cost Estimation From April 1 through October 31, Coles County Highway Department hires temporary employees to mow and clean the right-of-way along county roads. The
Cost Behavior Analysis in a Restaurant: High-Low Cost Estimation Potbelly’s Assume a Potbelly’s restaurant has the following information available regarding costs at levels of monthly
Developing an Equation from Average Costs Paradise Pup is a high-end dog hotel located in New York. Assume that in March, when dog-days occupancy was at an annual low of 500 days, the average cost
Selecting an Independent Variable: Scatter Diagrams Eclipse Co. produces backpacks that are designed specifically for business executives and managers. The backpacks are sold to department stores
Selecting a Basis for Predicting Shipping Expenses (Requires Computer Spreadsheet’) LO2,3 Boom Company assembles and sells portable speaker systems throughout the midwest. In an effort to improve
High-Low and Scatter Diagrams with Implications for Regression Signature Cookies produces and sells gourmet cookies at each of its restaurants. Presented is monthly cost and sales information for one
Multiple Cost Drivers Lettuce Serve manufactures a variety of specialty salad dressings. Production runs are both high-volume and low-volume activities, depending on customer orders. Presented is
Unit- and Batch-Level Cost Drivers KC, a fast-food restaurant, serves fried chicken, fried fish, and French fries. The managers have estimated the costs of a batch of fried chicken for KC’s
Significance of High R-Squared LO3 Drew Conner had always been suspicious of “newfangled mathematical stuff,” and the most recent suggestion of his new assistant merely confirmed his belief that
Estimating Machine Repair Costs LOS In an attempt to determine the best basis for predicting machine repair costs, the production supervisor accumulated daily information on these costs and
Ethical Problem Uncovered by Cost Estimation Sounders Management Company owns and provides management services for several shopping — Brunswick centers. After five years with the company, James
Activity Cost Drivers and Cost Estimation Market Street Soup Company produces ten varieties of soup in large vats, several thousand gallons at a time. The soup is distributed to several categories of
Multiple Regression Analysis for a Special Decision (Requires Computer Spreadsheet’)For billing purposes, Galaxy Health Clinic classifies its services into one of four major procedures, X1 through
Cost Estimation, Interpretation, and Analysis (Requires Computer Spreadsheet")Brady Table Company produces two styles of modern dining room and kitchen tables. Presented is monthly information on
Dan Mullen is employed by a mail-order distributor and reconditions used desktop computers, broadband routers, and laser printers. Dan is paid \($12\) per hour, plus an extra \($6\) per hour for work
With fixed costs of $20,000/month and variable costs of $3/unit, Ace reported a monthly profit of\($5,000\) at a volume of 12,500 units. The unit selling price was:a. \($1.60\) Bb, $3.00c. $4.60d.
Presented is information from Wayne’s contribution income statement:With a functional income statement Wayne would have reported a gross margin of:a. $35,000b. $40,000c. $47,000d. $50,000 Sales.
Based on the information in question 2, if Wayne had a \($5,000\) increase in sales, profits would increase by:a. $5,000b. $3,570e. $2,857d. $2,500
Penn Company produces a product sold for \($40\) per unit. Variable and fixed cost information is presented below:The sales volume required for a monthly profit of \($36,000\) is:a. 900 unitsb. 2,050
Based on the information in question 4, with an income tax rate of 40 percent the sales volume required for a monthly after-tax profit of \($36,000\) is:a. 2,000 unitsb. 3,500 unitsc. 3,700 unitsd.
The Pitch sells 1 select style soccer ball for every 3 classic style balls. The select and classic style balls, respectively, sell for \($40\) and \($20\) and have unit variable costs of \($20\) and
Each of the following is true except:a. Operating leverage is a measure of a firm’s fixed costs.b. Operating leverage is a measure of risk and opportunity.c. The lower the degree of operating
Refer to the dialogue at Bikes Unlimited presented at the beginning of the chapter. What is the first step to be taken by Susan and her accounting staff to help in estimating profit for August?
Vasquez Incorporated is trying to identify the cost behavior of the three costs shown below. Cost information is provided for three months.Requireda. Calculate the cost per unit, and then identify
Cordova Company would like to estimate production costs on an annual basis. Costs incurred for direct materials and direct labor are variable costs. The accounting records indicate that the following
The city of Rockville reported the following annual cost data for maintenance work performed on its fleet of trucks.Requireda. Use the four steps of the high-low method to estimate total fixed costs
Refer to the data in Brief Exercise 4.Requireda. Use the five steps of the scattergraph method to estimate total fixed costs per year and the variable cost per mile. State your results in the cost
Regression analysis was run using the data in Brief Exercise 4.The output is shown below.Requireda. Use the regression output above to develop the cost equation Y = f+ vX.b. What would the city of
Last year Pod Products Inc. sold its product for \($250\) per unit. Production costs totaled \($40,000\) (25% fixed, 75% variable). Selling and administrative costs totaled \($150,000\) (10% fixed,
Jersey Company produces jerseys for athletic teams, typically between 1,000 and 5,000 jerseys annually. The accountant is asked to estimate production costs for next year assuming 9,000 jerseys will
Zhang Corporation wants to identify the behavior of the three costs shown below. Cost information is provided for six months.Requireda. Calculate the cost per unit (rounded to the nearest cent), and
Identifying Cost Behavior Ivanov Inc. is trying to identify the cost behavior of the three costs shown below. Cost information is provided for six months.Requireda. Calculate the cost per unit, and
Suppose you own and operate a bike repair shop.Your company has grown significantly over the past three years, and you are in the process of establishing a budget for the next fiscal year. Because
Baker Advertising Incorporated would like to estimate costs associated with its clients on an annual basis. Assume costs for supplies and advertising staff are variable costs. The accounting records
Swim-Safe Company hires several instructors who provide weekly one-hour private swim lessons to individuals. The company would like to estimate costs associated with its swimming lessons on a weekly
Castanza Company produces computer printers. Management wants to estimate the cost of production equipment used to produce printers. The company reported the following monthly cost data related to
Castanza Company produces computer printers. Management wants to estimate the cost of production equipment used to produce printers. The company reported the following monthly cost data related to
Regression analysis was run for Castanza Company, resulting in the following output (this is based on the data used in the previous exercise).Requireda. Use the regression output above to develop the
Quality Tools Incorporated would like to estimate costs associated with its sales personnel. Salespeople are paid a salary plus commission. Commission rates vary among products and are based on sales
Quality Tools Incorporated would like to estimate costs associated with its sales personnel. Salespeople are paid a salary plus commission. Commission rates vary among products and are based on sales

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