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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

Typically, which departments are involved in set¬ ting target costs?a. Engineering.b. Marketing.c. Cost accounting.d. All of the above.
Which of the following is an advantage of cost- plus pricing?a. The selection of a markup percent is easily done.b. The method is simple to apply.c. The cost-plus pricing method is inherently
When is it beneficial for companies to accept an order that is priced at less than the product’s full cost?a. When the company is operating at capacity.b. When incremental revenue exceeds more
"Cost-plus” pricing includes which of the follow¬ ing costs?a. Manufacturing costs.b. Selling costs.c. Administrative costs.d. All of the above costs are included in cost-plus pricing.
Accrual accounting is based on the principle that revenue should be reported when earned and that expenses associated with that revenue should be matched against the revenue in the same period. Some
Kate is very pleased with the results of the first year of operations for Kate's Cards. She ended the year on a high note, with the company's reputation for producing quality cards leading to more
During the current year, David Corporation sold a segment of its business at a gain of \($210,000.\) Until it was sold, the segment had a current period operating loss of \($75,000.\) The company had
Myrtle Corporation began the year with a simple capital structure consisting of 480,000 shares of outstanding common stock. On April 1, 10,000 additional common shares were issued, and another 60,000
You have been asked to perform financial statement analysis on the Rush Company. The Rush Company is a large chain of retail outlets that sells a wide range of household items. Last year the company
During the current year, Ediza Corporation sold a segment of its business at a loss of \($175,000\). Until it was sold, the segment had a current period operating loss of \($200,000\). The company
Heart Corporation began the year with a simple capital structure consisting of 35,000 shares of common stock outstanding. On May 1, 5,000 additional common shares were issued, and another 20,000
You have been asked to perform financial statement analysis on the Ian Company. The Ian Company is a large manufacturer of construction machinery and vehicles. Last year the company closed down a
Many organizations have issued guidelines for indirect cost allocations. Using an Internet search engine such as Google.com, search for the term "indirect cost allocation guidelines" and select one
Apex Company's Copy Department, which does almost all of the photocopying for the Sales Department and the Administrative Department, budgets the following costs for the year, based on the expected
Apex Company's Copy Department, which does almost all of the photocopying for the Sales Department and the Administrative Department, budgets the following costs for the year, based on the expected
The building maintenance department for Taylor Bath Manufacturing Company budgets annual costs of \(\$ 3,000,000\) based on the expected operating level for the coming year. The costs are allocated
Marvin Company has three service departments ( \(\mathrm{S} 1, \mathrm{~S} 2, \mathrm{~S} 3\) ) and two production departments (P1, P2). The following data relate to Marvin's allocation of service
Mott Manufacturing allocates factory overhead using one cost pool with direct labor hours as the allocation base. Mott has two production departments (P1 and P2). The new accountant at Mott estimates
What does the operating-cash-flow-to-capital-expenditures ratio measure?
Full costing differs from variable costing in that:a. Full costing excludes selling costs from consideration.b. Full costing excludes administrative costs from consideration.c. Full costing includes
If units produced exceed units sold:a. Full costing yields a higher income than variable costing.b. Full costing yields a lower income than variable costing.c. Full costing and variable costing yield
Use of a just-in-time inventory management system is likely to:a. Increase the difference between variable and full costing income.b. Decrease the difference between variable and full costing
A benefit of variable costing for internal reporting purposes is that it:a. Facilitates CVP analysis.b. Limits the ability to inflate income by producing more units than needed for current sales.c.
If units produced are less than units sold:a. Full costing yields a higher income than variable costing.b. Full costing yields a lower income than variable costing.c. Full costing and variable
Assume that Ajax produces 10,000 items and sells 8,000 items. In this case, the full costing value of ending inventory is:a. $70,000.b. $90,000.c. $130,000.d. $140,000.Ajax Manufacturing has the
Assume that Ajax produces 10,000 items and sells 8,000 items. In this case, the variable costing value of ending inventory is:a. $70,000.b. $90,000.c. $130,000.d. $140,000.Ajax Manufacturing has
Assume that Ajax produces 10,000 items and sells 8,000 items. In this case, the full costing value of cost of goods sold is:a. $360,000.b. $350,000.c. $300,000.d. $280,000.Ajax Manufacturing has the
Assume that Ajax produces 10,000 items and sells 8,000 items. In this case, the variable cost of goods sold is:a. $360,000.b. $350,000.c. $300,000.d. $280,000.Ajax Manufacturing has the following
Assume that Ajax produces 10,000 items and sells 8,000 items. The selling price of Ajax’s product is$90 per unit. In this case, the contribution margin on the income statement prepared using
If the fixed manufacturing overhead per unit under full costing is multiplied by the change in inventory between the beginning of the period and the end of the period, what does the resulting number
Will full costing net income be different from variable costing net income for a service company? Explain.
In a normal year, Wilson Industries has $20,000,000 of fixed manufacturing costs and produces 50,000 units. In the current year, demand for its product has decreased and it appears that the company
Search the Web using the term variable costing. You will find numerous sites where accounting professors discuss variable and full costing (also called absorption costing). Find a site that discusses
During the year, Xenoc produces 1,000 pairs of speakers and sells 900 pairs. What is the value of ending inventory using full costing?Xenoc, Inc. produces stereo speakers. The selling price per pair
During the year, Xenoc produces 1,000 pairs of speakers and sells 900 pairs. What is the value of ending inventory using variable costing?Xenoc, Inc. produces stereo speakers. The selling price per
During the year, Xenoc produces 1,000 pairs of speakers and sells 900 pairs. What is cost of goods sold using full costing?Xenoc, Inc. produces stereo speakers. The selling price per pair of speakers
During the year, Xenoc produces 1,000 pairs of speakers and sells 900 pairs. What is variable cost of goods sold?Xenoc, Inc. produces stereo speakers. The selling price per pair of speakers is \(\$
During the year, Xenoc produces 1,000 pairs of speakers and sells 900 pairs. What is net income using full costing?Xenoc, Inc. produces stereo speakers. The selling price per pair of speakers is \(\$
During the year, Xenoc produces 1,000 pairs of speakers and sells 900 pairs. What is net income using variable costing?Xenoc, Inc. produces stereo speakers. The selling price per pair of speakers is
During the year, Xenoc produces 1,000 pairs of speakers and sells 900 pairs. How much fixed manufacturing overhead is in ending inventory under full costing? Compare this amount to the difference in
During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. What is the value of ending inventory using full costing?Summit Manufacturing, Inc. produces snow shovels. The
During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. What is the value of ending inventory using variable costing?Summit Manufacturing, Inc. produces snow shovels. The
During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. Calculate the difference in full costing net income and variable costing net income without preparing either income
During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. What is cost of goods sold using full costing?Summit Manufacturing, Inc. produces snow shovels. The selling price
During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. What is variable cost of goods sold?Summit Manufacturing, Inc. produces snow shovels. The selling price per snow
During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. What is net income using full costing?Summit Manufacturing, Inc. produces snow shovels. The selling price per snow
During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. What is net income using variable costing?Summit Manufacturing, Inc. produces snow shovels. The selling price per
During the year, Summit produces 42,000 snow shovels and sells 38,500 snow shovels. How much fixed manufacturing overhead is in ending inventory under full costing? Compare this amount to the
Miller Heating Company is a small manufacturer of auxiliary heaters. The units sell for \(\$ 100\) each. In 2008 , the company produced 1,200 units and sold 1,000 units. Below are variable and full
Octavius Company produces a 10 -inch chef knife used by commercial chefs. The knives sell for \(\$ 40\) each. In 2008, the company produced 48,000 units and sold 45,000 units. Below are variable and
Below is a variable costing income statement for Trio Office Supplies, a company well known for its quality high-volume automatic staplers. For the coming year, the company is considering hiring
Renton Tractor Company was formed at the start of 2006 and produces a small garden tractor. The selling price is \(\$ 5,000\), variable production costs are \(\$ 2,000\) per unit, fixed production
Hawthorne Golf, the maker of a sought-after set of golf clubs, was formed in 2006. The selling price for each golf club set is \(\$ 750\), variable production costs are \(\$ 350\) per unit, fixed
The following information relates to Jarden Industries for fiscal 2008, the company's first year of operation:Required a. Calculate the amount of fixed manufacturing overhead that would be expensed
The following information relates to Sinclair Industries for fiscal 2008, the company's first year of operation:Required a. Calculate the amount of fixed manufacturing overhead that would be expensed
Variable and Full Costing Income: Comprehensive Problem The following information relates to Porter Manufacturing for fiscal 2008, the company's first year of operation:Required a. Prepare an income
The following information relates to Dorian Industrial for fiscal 2008, the company's first year of operation:Required a. Prepare an income statement using full costing.b. Prepare an income statement
The following information relates to Jorgensen Manufacturing for fiscal 2008, the company's first year of operation:Required a. Prepare an income statement using full costing.b. Prepare an income
The following information relates to Axar Products for fiscal 2008, the company's first year of operation:Required a. Prepare an income statement using full costing.b. Prepare an income statement
The following information was obtained from Melville Company's comparative balance sheets:Assume that Melville Company's income statement showed depreciation expense of \($10,000,\) a gain on sale of
Calculate the cash flow in each of the following cases:a. Cash paid for rent:b. Cash received as interest:c. Cash paid for merchandise purchased: Rent expense. Prepaid rent, January 1 Prepaid rent,
Use the following information regarding the cash flows of Jack Corporation to prepare a statement of cash flows using the direct method: Cash balance, December 31 Cash paid to employees and
For the fiscal year ended January 28, 2018, Home Depot reports (in millions) cash provided by operating activities of \($12,031.\) For the same period, average cur- rent liabilities were reported to
Kate has just completed her first year running Kate's Cards. She has been preparing monthly income statements and balance sheets, so she knows that her company has been profitable and that there is
Use the following information regarding the Surpa Corporation to(a) prepare a statement of cash flows using the indirect method and(b) compute Surpa's operating-cash-flow-to-current-liabilities
Calculate the cash flow in each of the following cases:a. Cash paid for advertising:b. Cash paid for income taxes:c. Cash paid for merchandise purchased: Advertising expense. $62,000 Prepaid
Use the following information regarding the cash flows of Dixon Corporation to prepare a statement of cash flows using the direct method: Cash balance, December 31 9,000 Cash paid to employees and
Champion Company is considering a contract that would require an expansion of its food processing capabilities. The contract covers five years. To provide the required products, Champion would have
Eastern Incorporated is evaluating a possible \($64,000\) investment in special tools that would increase cash flows from operations for four years. The tools will have no salvage value. The income
Reed Incorporated is considering a proposal to acquire new equipment for its manufacturing division. The equipment will cost \($192,000,\) be useful for four years, and have a \($12,000\) salvage
Manchester Company is considering a proposal to purchase special equipment at a cost of \($740,000.\) The equipment will be useful for five years and has an expected \($60,000\) salvage value.
New Haven Corporation recently identified an investment opportunity involving the purchase of a patent that will permit the company to modify its line of CD recorders.The patent’s purchase price is
Sandy Williams is the manager of General Company’s cutting department, which employs 70 people. The cutting department desperately needs new equipment to increase productivity and thus avoid the
The statement of cash flows provides information that may be useful in predicting future cash flows, evaluating financial flexibility, assessing liquidity, and identifying a company’s financing
Assuming that money is worth 8%, compute the present value of 1. \($7,000\) received 15 years from today.2. The right to inherit \($1,000,000\) 14 years from now.3. The right to receive \($1,000\)
After-Tax Cash Flows For each of the following independent situations, compute the net after-tax cash flow amount by subtracting cash outlays for operating expenses and income taxes from cash
Cooper Corporation must evaluate two capital expenditure proposals. Cooper’s hurdle rate is 10%. Data for the two proposals follow.Using net present value analysis, which proposal is the more
Lakeland Company is considering the purchase of equipment for \($175,000.\) The equipment will expand the company’s production and increase revenue by \($40,000\) per year. Annual cash operating
Athens Manufacturing plans to finance its expansion by raising the needed investment capital from the following sources in the indicated proportions and respective capital cost rates.Calculate the
Assuming that money is worth 12%, compute the present value of 1. \($6,000\) received 15 years from today. 2. The right to inherit \($2,000,000\) 14 years from now. 3. The right to receive
Hermson Company must evaluate two capital expenditure proposals. Hermson's hurdle rate is 12%. Data for the two proposals follow.Using net present value analysis, which proposal do you find to be the
Refer to the data in E12-6B. What is the internal rate of return of Proposal X? For Proposal Y?Data From E12-6B:Hermson Company must evaluate two capital expenditure proposals. Hermson’s hurdle
White Mountain Mining, LLC is considering the purchase of a new piece of machinery. The initial cost of the machine will be \($6,250,000\) and the machine will have a useful life of five years. The
Thompson Furniture is considering the purchase of equipment for \($120,000.\) The equipment will expand the company's production and increase revenue by \($30,000\) per year. Annual cash operating
The following schedule reflects the incremental costs and revenues for a capital project. The company uses straight-line depreciation. The interest expense reflects an allocation of interest on the
An accountant for Stability Inc. must calculate the weighted average cost of capital of the corporation using the following information.What is the weighted average cost of capital of Stability?a.
Kielly Machines Inc. is planning an expansion program estimated to cost \($100\) million. Kielly is going to raise funds according to its target capital structure shown below.Kielly had net income
Which one of the following items is least likely to directly impact an equipment replacement capital expenditure decision?a. The net present value of the equipment that is being replaced.b. The
Wilcox Corporation won a settlement in a lawsuit and was offered four different payment alternatives by the defendant’s insurance company. A review of interest rates indicates that 8% is
Diane Harper, Vice President of Finance for BGN Industries, is reviewing material prepared by her staff prior to the board of directors meeting at which she must recommend one of four mutually
For a given investment project, the interest rate at which the present value of the cash inflows equals the present value of the cash outflows is called thea. hurdle rate.b. payback rate.c. internal
Quint Company uses the payback method as part of its analysis of capital investments. One of its projects requires a \($140,000\) investment and has the following projected before-tax cash
A company is considering the purchase of a new production machine and is not sure whether the project fulfills its investment objective. The company requires that all investments must have a positive
Briefly describe the concept of internal rate of return.
The cutting department of Liberty Manufacturing Company operated during September 2019 with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity:The
The following information was obtained from the ledger of Stillwell Emporium, Inc., at the end of 2019:Stillwell analyzes its operating expenses at the end of each period in order to prepare an
Simonsen Structural Engineers provides engineering consulting services to clients engaged in major commercial construction projects. The company expanded into the wastewater treatment market in 20X1
A company has an 10% required rate of return. It is evaluating the following four mutually exclusive projects as possible investments.Requireda. Calculate each project’s ROI.b. Calculate each
Sell Division makes part JS13 with the following characteristics:Buy Division, another division of the same company, wants to purchase 5,000 units of part OC53 each period from Sell Division. Parts
The monthly sales volume of Shugart Corporation varies from 7,000 units to 9,800 units over the course of a year. Management is currently studying anticipated selling expenses along with the related

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