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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

CJ Corporation manufactures steel rebar for use in construction. The accounting staff is currently preparing next year’s budget. Bob Johnson is new to the firm and is interested in learning how
Sassy Cotton Co. produces fine cotton fabrics. The cotton is processed and finished before being shipped out to clothing companies. Material is added in the beginning of processing and conversion
Lindy Glitter uses a process costing system to track the production of the single product they make in one department. At the start of November, there were 8,000 units in process that were 100
Newberry Company accumulates costs for its product using a process costing system. Direct materials are added at the beginning of the production process, and conversion occurs evenly throughout the
Douglas Basket Co. produces a specialty basket used by a gift basket company, Yours Truly Gifts. Douglas uses a just-in-time system and has very little inventories of material, work in process, or
Porter Corporation has just hired Bill Harlow as its new controller. Although Harlow has had little formal accounting training, he professes to be highly experienced, having learned accounting “the
Custom Furniture, manufacturer of handmade furniture, uses standard cost accounting for the company. Standards are developed annually based on input from production workers and supervisors.The
Mabel’s Mobile Pet Grooming Service specializes in providing outrageous dog grooming services, turning the average household pet into a lion, tiger, dinosaur, or other non-canine-looking animal.
McMillian Tire Company produces tires used on small trailers. The month of June ended with 300 tires in process, 85 percent complete as to direct materials and 50 percent complete as to conversion
At the start of July, Classic Car Wax Company had beginning Work in Process of 1,000 units that were 90 percent complete with respect to material and 45 percent complete with respect to conversion
For the month of September, Wilber Pickle Company had cost per equivalent unit of \(\$ 0.50\) for materials (pickles, vinegar, spices, etc.) and \(\$ .90\) for conversion costs (labor and overhead).
MagiClean Vacuum produces a single product, a vacuum cleaner, in a continuous production process. 85 percent of materials are added at the beginning of production and the other 15 percent are added
At the start of November, Penco Refinery had Work in Process Inventory consisting of 3,000 units that were 85 percent complete with respect to materials and 45 percent complete with respect to
Simon Fishing Co. processes salmon for various distributors. The two departments involved are Cleaning and Packing. The table below summarizes the data related to pounds of salmon processed in the
Tempe Chemicals refines a va¬ riety of chemicals for cleaning products. The following data are from the company’s Greenville plant.RequiredCompute the equivalent units for direct material and
The Sacramento plant of Montero Food Corporation produces a gourmet cheese. The following data pertain to the year ended December 31, 2007.During the year the company started 180,000 pounds of
Amigo Glass Company manufactures glass for sliding glass doors. At the start of August, 1,000 units were in-process. During August, 10,000 units were complete and 2,000 units were in process at the
Regal Polish manu- factures a single product in one department and uses a process costing system. At the start of May, there were 5,000 units in process that were 100 percent complete with respect to
Marquita Filters pro¬ duces an air filter for use in jet aircraft. Parts are added at several points in their pro¬ duction process. In August, production began with 600 filters in Work in Process,
Kao Tiles, Inc. is a specialized producer of ceramic tiles. Their production process involves highly skilled workers and top quality ceramic craftsmen. Work in Process is relatively large because
Aussie Yarn Co. is a U.S. producer of woolen yarn made from wool imported from Australia. Raw wool is processed, spun, and finished before being shipped out to knitting and weaving companies.
Wilmont Box Company pro¬ duces a single box used by AirSpeed, an express shipping company. Wilmont uses a just-in-time system and has almost no inventories of material, work in process, or fin¬
Classic 50s Flooring produces linoleum flooring. Below is a partial production cost report for the Mixing Department. In the report, a unit is a gallon of linoleum cement (a mixture of linseed oil,
Marion Chemicals produces a chemical used as a base in paints. In the manufacturing process, all materials are added at the start of the process, whereas labor and overhead are added evenly
Carnival Caramel Company makes a high-quality caramel candy. The manufacturing process involves mixing ingredients (Mixing Department) and shaping the processed mixture into one- pound balls (Shaping
Tropical Sun Ltd. makes suntan lotion in two stages. The lotion is first blended in the Blending Department and then bottled and packed in the Bottling Department. The information below relates to
Bob and Beth Ford retired from the food services industry and began catering wedding receptions on a limited basis. The major costs in setting up their business included: linens, \($1,000\); two
The following cost data relate to the office overhead costs of the Starlight Tax Preparation Company during the just completed year:The company uses a predetermined overhead rate to apply overhead
Rosemont Music is a musical instrument repair facility located in Akron, Ohio. The repair shop uses a job-order costing system and applies overhead costs to repair jobs on the basis of repair
Brixton Surgical Devices, a public company with sales of over $800 million, is one of the world’s largest producers of surgical clamps, saws, screws, and stents. Its business involves production of
Which one(s) of the following characteristics are associated with a process costing system?a. Heterogeneous products.b. Homogeneous products.c. Continuous production.d. Discontinuous production.e.
The best example of a business requiring a process costing system would be a(n):a. Custom cabinet shop.b. Antique furniture restorer.c. Soap manufacturer.d. Automobile repair shop.
The costs in a process cost system are traced to:a. Specific jobs.b. Specific customers.c. Specific company administrators.d. Specific production departments.
Match the following terms with the definitions shown below.a. Conversion costs.b. Equivalent units.c. Transferred-in costs.d. Cost per equivalent unit.(1) The costs associated with units received
Determine the amount of conversion cost in the following list of costs. a. Direct material, $25,000 b. Direct labor, $35,000 c. Manufacturing overhead, $45,000 d. Selling expenses, $10,000 e.
If raw materials are-introduced into a production department at the beginning of the process, which statement is correct about the equivalent units in ending Work in Process for materials?a. All of
A transfer of units from production department one to production department two would be recorded as a:a. Debit to Work in Process, Department 1; credit to Work in Process, Department 2.b. Debit to
The Unit Reconciliation section of a production cost report includes all of the following except:a. Beginning units in process.b. Ending units in process.c. Units in finished goods.d. Units completed
The units as shown in the unit reconciliation sec¬ tion of a production cost report are:a. Equivalent units of production.b. Units without regard to stage of completion.c. Units complete as to
Transferred-in costs occur in:a. All production departments.b. The first and last production departments.c. All production departments after the first.d. None of the above is correct.
What is meant by the term “transferred-in cost”?
Techno Enterprises is a manufacturer of microchips (referred to as chips). Their production process is complex and involves more than 100 steps, starting with production of small, round silicon
Write a paragraph explaining the calculation of the cost per equivalent unit (i.e., explain what goes in the numerator and what goes in the denominator of the calculation). Be sure to explain why the
Go to the Web site for Redhook Brewery (www.redhook.com), click on breweries and then virtual tour to view their production process.Required a. How many steps are there iri the production process?b.
Physical Flow of Units In each case below, fill in the missing amount. Case #1 Case #2 Case #3 Work in process, October 1 Units started during October Units completed during October Work in process,
During August, Panama Paint Company completed 80,000 cans of paint. At the beginning of August, the company had 900 units that were 85 percent complete with respect to material and 50 percent
During August, Wilson Lubricant completed 40,000 gallons of product. At the start of August there were 10,000 gallons in Work in Process, and at the end of August, there were 12,000 gallons in Work
The balance in beginning Work in Process at Bing Rubber Company for direct labor was \(\$ 135,000\). During the month of March, an additional \(\$ 650,000\) of direct labor was incurred, and 25,000
During December, Western Solvent completed 30,000 units and at the end of December, there were 10,000 units in ending Work in Process that were 20 percent complete with respect to labor and overhead
The following information is available for Satterfield’s Custom Glass for the fiscal year ending December 31, 2008.Requireda. Prepare a schedule of cost of goods manufactured.b. Prepare an income
Terra Cotta Designs manufactures custom tiles. The following information relates to the fiscal year ending December 31, 2008.Requireda. Prepare a schedule of cost of goods manufactured. Assume that
Smith Die Company manufactures cutting dies for the shoe industry. Each set of dies is custom designed to a customer’s templates. During the first week of May, six orders were received from
Renton Custom Win¬ dows produces custom windows for business and residential customeis who supply Renton with architectural specifications.At the start of 2008, three jobs were in process:Also at
Retter Shoe Company has expected overhead costs of \($10,000,000.\) The majority of the overhead costs are incurred providing production support to the direct labor force. Direct labor rates vary
Vintage Auto Com¬ pany manufactures parts-to-order for antique cars. Vintage Auto makes everything from fenders to engine blocks. Each customer order is treated as a job. They currently have two
In the past year, Oak Crafters Cabinets had total revenue of \($2,000,000,\) cost of goods sold of \($800,000\) (be¬ fore adjustment for over- or underapplied overhead), administrative expenses of
World Window Company produces custom windows to specifications provided by architects. At the end of their accounting period, their account balances indicated the following:Requireda. Determine the
LePlatt & Associates is an accounting firm that provides audit, tax, and accounting services to medium-sized retail companies. It employs 50 professionals (10 partners and 40 associates) who work
Vulcan Molding produces molded rubber components. At the start of the year, the company estimated that it would incur \($4,000,000\) of direct labor cost and \($8,000,000\) of manufacturing overhead.
Vulcan Molding has three production departments: A, B, and C. At the start of the year, the company estimated that it would incur \($2,000,000\) of direct labor cost and \($6,000,000\) of
Lane Confectioners produce special orders of sugar candies and chocolates for airlines and hotels. During March, they purchased, on credit, 1,900 pounds of confectioners’ sugar @ \($.80\) per
Wolf Manufacturing expects the following overhead costs in 2008:They expect to use 20,000 direct labor hours at a cost of $420,000 and 12,500 machine hours during the year.RequiredJustify the
Which of the following capital budgeting measures requires the discounting of an investment's future cash flows?a. Payback period.b. Net present value.c. Return on average investment.d. All of the
Which of the following is of least importance in determining whether to replace an old piece of equipment?a. The incremental costs and revenue associated with the new piece of equipment.b. The
If the net present value of an investment proposal is positive, what conclusions can be drawn? (Identify all correct answers.)a. The discount rate used is less than the investment's estimated
Western Mfg. Co. is considering two capital budgeting proposals, each with a 10 -year life, and each requiring an initial cash outlay of \(\$ 50,000\). Proposal A shows a higher return on average
Copy Center is considering replacing its old copying machine, which has a \(\$ 3,200\) book value, with a new one. Discounted cash flow analysis of the proposal to acquire the new machine shows an
What factors should an investor consider in appraising the adequacy of the rate of return from a specific investment proposal?
What factors determine the present value of a future cash flow?
Why do firms have to be careful with cash flow and project life span estimates made by employees?
When a manager is deciding between alternative investment proposals, which one will the manager be most likely to choose?
A summary of Martindale Company’s manufacturing variance report for May 2019 follows:Standard materials cost per unit of product is 0.5 pounds at \($8.40\) per pound, and standard direct labor cost
Jacobs Company manufactures a single product and uses a standard costing system. The nature of its product dictates that it be sold in the period it is produced. Thus, no ending work-in-process or
The following summary data relate to the operations of Randolph Company for July, during which 4,500 finished units were produced:Required Determine the following variances and indicate whether each
A summary of Flaker Company’s manufacturing variance report for June 2019 follows.Standard materials cost per unit of product is 4 pounds at \($2.20\) per pound, and standard direct labor cost is
Kent Company manufactures a single product and uses a standard costing system. The nature of its product dictates that it be sold in the period it is produced. Thus, no ending work-in-process or
Sanchez Company planned to produce 10,000 units of its only product during the year. Sanchez established the following standard cost data for this product prior to the beginning of the year:Assume
Poppins Corporation prepares its statement of cash flow using the indirect method. Which of the following items would be deducted from net income when calculating the net cash from operations?a. A
Allyson Corporation uses the indirect method to prepare its statement of cash flows. If the "net cash provided by operations" on its statement was \(\$ 37,500\), what would the net cash provided by
Sacco Pretzel Company uses the direct method to prepare its statement of cash flows.When calculating the net cash provided (used) by operations, which of the following items would be deducted from
How do managers use the statement of cash flows by managers?
Analyzing the percentage changes in comparative financial statements from year to year is known asa. horizontal analysis.b. benchmarking.c. trend analysis.d. vertical analysis.
What technique would you use to help predict future revenues and expenses of a company?a. Capital analysisb. Benchmarkingc. Trend analysisd. Vertical analysis
Showing each item on the income statement as a percentage of sales is an example ofa. horizontal analysis.b. benchmarking.c. trend analysis.d. vertical analysis.
Which of the following amounts is usually used as the base amount when performing a vertical analysis of a balance sheet?a. Current assetsb. Current liabilitiesc. Total liabilitiesd. Total
Analysts can use common-size financial statements toa. compare the relative proportion of assets, liabilities, equity, revenues, and expenses within a company over time or between companies of
Which of the following ratios is a measure of a company's ability to pay long-term debt?a. Times-interest-earned ratiob. Rate of return on total assetsc. Current ratiod. Accounts receivable turnover
Which of the following ratios is a measure of a company's ability to sell inventory and collect receivables?a. Acid-test ratiob. Debt ratioc. Days' sales in receivablesd. Times-interest-earned ratio
Of the following ratios, which would not be effective in judging a company's ability to pay its current bills?a. Quick ratiob. Price-earnings ratioc. Acid-test ratiod. Current ratio
Cash + short-term investments + net current receivables divided by current liabilities is the formula fora. return on assets.b. current ratio.c. working capital ratio.d. acid-test ratio.
If Sarhan Corporation has a current ratio of 2.0, which transaction will normally increase Sarhan's current ratio?a. Making a sale to a customer on accountb. Paying a long-term note payable off with
Which one of the following statements is correct concerning a flexible budget cost formula? Variable costs are stateda. per unit and fixed costs are stated in total.b. in total and fixed costs are
Micah Corporation purchased 3,800 pounds of raw materials on March 1 at a price of \($5.20\) per pound to use in production during March. Micah produced 2,000 units during March though the production
Of the following pairs of variances found in a flexible budget report, which pair is most likely to bea. Materials price variance and variable overhead efficiency variance.b. Labor rate variance and
A company budgets to sell 4,000 units of its product. Actual sales are 4,200 units. The product has a standard price of \($43\). When analyzing its direct labor flexible-budget variance for the
Randall Company uses standard costing and flexible budgeting and is evaluating its direct labor. The total budget variance can usually be broken down into two other variances identified as thea.
Caleb manufacturing produced 3,000 units during June even though the company had anticipated producing 2,800 units. The company's employees actually logged 3,200 hours during the month and were paid
Lee manufacturing uses a standard cost system with overhead applied based on direct labor hours. The manufacturing budget for the production of 5,000 units for the month of June included 10,000 hours
James manufacturing produced 3,000 units during June even though the company had anticipated producing 2,800 units. The company's employees actually logged 3,200 hours during the month. The company's
Milton Company is a steel fabricator, and job 325 consists of producing 600 steel supports for Wendell Construction Company. Over¬ head is applied on the basis of direct labor hours, using a

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