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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

7-9 Understand the implications of activity-based costing for CVP analysis.
7-8 Explain the role of cost structure and operating leverage in CVP relationships.
7-7 Prepare and interpret a contribution income statement.
7-6 List and discuss the key assumptions of CVP analysis.
7-5 Compute the break-even point and prepare a profit-volume graph for a multiproduct enterprise.
7-4 Apply CVP analysis to determine the effect on profit of changes in fixed expenses, variable expenses, sales prices, and sales volume.
7-3 Prepare a cost-volume-profit (CVP) graph and explain how it is used.
7-2 Compute the contribution-margin ratio and use it to find the break-even point in sales dollars.
The Department of Natural Resources is responsible for maintaining the state’s parks and forest lands, stocking the lakes and rivers with fish, and generally overseeing the protection of the
Refer to Exhibit 2–3, and answer the following questions.Required:1. List the major differences between the income statements shown for Caterpillar, Inc., Walmart Stores, Inc., and Southwest
Several costs incurred by Bayview Hotel and Restaurant are given in the following list. For each cost, indicate which of the following classifications best describe the cost. More than one
The following terms are used to describe various economic characteristics of costs.a. Opportunity costb. Out-of-pocket costc. Sunk costd. Differential coste. Marginal costf. Average cost Required:
Consider the following cost items:1. Salaries of players on the Boston Red Sox.2. Year-end completed goods of Levi Strauss jeans.3. Executive compensation costs at Home Depot.4. Advertising costs for
Orbital Communications, Inc. manufactures communications satellites used in TV signal transmission.The firm currently purchases one component for its satellites from a European firm. An Orbital
Martin Shrood purchased a vacant lot outside of London for £13,500, because he heard that a shopping mall was going to be built on the other side of the road. He figured that he could make a bundle
Consider the following costs that were incurred during the current year:1. Tire costs incurred by Ford Motor Company.2. Sales commissions paid to the sales force of Dell Inc.3. Wood glue consumed in
2–23. Indicate whether each of the following costs is a direct cost or an indirect cost of the restaurant in a hotel.a. Cost of food served.b. Chef’s salary and fringe benefits.c. Part of the
2–22. Two years ago the manager of a large department store purchased new bar code scanners costing $39,000. A salesperson recently tried to sell the manager a new computer-integrated checkout
2–21. Think about the process of registering for classes at your college or university. What additional information would you like to have before you register? How would it help you? What sort of
2–20. Distinguish between marginal and average costs.
2–19. Define the terms sunk cost and differential cost.
2–18. Distinguish between out-of-pocket costs and opportunity costs.
2–17. Which of the following costs are likely to be controllable by the chief of nursing in a hospital?a. Cost of medication administered.b. Cost of overtime paid to nurses due to scheduling
2–16. List three costs that are likely to be controllable by a city’s airport manager. List three costs that are likely to be uncontrollable by the manager.
2–15. List three direct costs of the food and beverage department in a hotel. List three indirect costs of the department.
2–14. Would each of the following characteristics be a volume-based or an operations-based cost driver in a college:(a) number of students, (b) number of disciplines offered for study, and (c)
2–13. Distinguish between volume-based and operationsbased cost drivers in the airline industry.
2–12. How does the variable cost per unit change as the level of activity (or cost driver) increases? Why?
2–11. How does the fixed cost per unit change as the level of activity (or cost driver) increases? Why?
2–10. Distinguish between fixed costs and variable costs.
2–9. Give examples to illustrate how the city of Tampa could use cost information in planning, controlling costs, and making decisions.
2–8. What is meant by the phrase “different costs for different purposes”?
2–7. Explain why an overtime premium is included in manufacturing overhead.
2–6. Why is the cost of idle time treated as manufacturing overhead?
2–5. List, describe, and give an example of each of the four different types of production processes.
2–4. List several product costs incurred in the production of a backpack.
2–3. What is the most important difference between a manufacturing firm and a service industry firm, with regard to the classification of costs as product costs or period costs?
2–2. Why are product costs also called inventoriable costs?
2–1. Distinguish between product costs and period costs.
Problem 2 Listed below are several costs incurred in the loan department of Suwanee Bank and Trust Company.For each cost, indicate which of the following classifications best describe the cost. More
Several costs incurred by Myrtle Beach Golf Equipment, Inc. are listed below. For each cost, indicate which of the following classifications best describe the cost. More than one classification may
2-10 Define and give examples of an opportunity cost, an out-of-pocket cost, a sunk cost, a differential cost, a marginal cost, and an average cost.
2-9 Distinguish among direct, indirect, controllable, and uncontrollable costs.
2-8 Describe the behavior of variable and fixed costs, in total and on a per-unit basis.
2-7 Understand the importance of identifying an organization’s cost drivers.
2-6 Prepare a schedule of cost of goods manufactured, a schedule of cost of goods sold, and an income statement for a manufacturer.
2-5 Give examples of three types of manufacturing costs.
2-4 List and describe four types of manufacturing processes.
2-3 Describe the role of costs in published financial statements.
2-2 Distinguish among product costs, period costs, and expenses.
2-1 Explain what is meant by the word cost.
4-1 List and explain the similarities and important differences between job-order and process costing.
4-2 Prepare journal entries to record the flow of costs in a process-costing system with sequential production departments.
4-3 Prepare a table of equivalent units under weighted-average process costing.
4-4 Compute the cost per equivalent unit under the weighted-average method of process costing.
4-5 Analyze the total production costs for a department under the weighted-average method of process costing.
4-6 Prepare a departmental production report under weighted-average process costing.
4-7 Describe how an operation costing system accumulates and assigns the costs of direct-material and conversion activity in a batch manufacturing process.
The following data have been compiled for MVP’s Cutting Department for the month of June. Conversion activity occurs uniformly throughout the production processRequired: Prepare the Cutting
4–1. Explain the primary differences between job-order and process costing.
4–4. What are the purposes of a product-costing system?
4–5. Define the term equivalent unit and explain how the concept is used in process costing.
4–6. List and briefly describe the purpose of each of the four process-costing steps.
4–8. What are transferred-in costs?
4–10. Explain the reasoning underlying the name of the weighted-average method.
4–11. How does process costing differ under normal or actual costing?
4–12. How would the process-costing computations differ from those illustrated in the chapter if overhead were applied on some activity base other than direct labor?
4–13. Explain the concept of operation costing. How does it differ from process or job-order costing? Why is operation costing well suited for batch manufacturing processes?
4–14. What is the purpose of a departmental production report prepared using process costing?
Rainbow Glass Company manufactures decorative glass products. The firm employs a process-costing system for its manufacturing operations. All direct materials are added at the beginning of the
Terra Energy Company refines a variety of petrochemical products. The following data are from the firm’s Lodi plant.Required: Compute the equivalent units of direct material and conversion for the
Otsego Glass Company manufactures window glass for automobiles. The following data pertain to the Plate Glass Department.The equivalent units of activity for June were as follows: 17,000 equivalent
Savannah Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data pertain to the Weaving Department for the month of September.The cost data for
The following data pertain to Tulsa Paperboard Company, a manufacturer of cardboard boxes.The equivalent units of activity for February were as follows:Required: Compute the following amounts using
Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry. The following data have been compiled for the month of June. Conversion
The following data pertain to the Vesuvius Tile Company for July.Additional Information:a. Direct material is added at the beginning of the production process, and conversion activity occurs
Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process.Required:
Goodson Corporation assembles various components used in the telecommunications industry. The company’s major product, a relay switch, is the result of assembling three parts: XY634, AA788, and
A-1 Products manufactures wooden furniture using an assembly-line process. All direct materials are introduced at the start of the process, and conversion cost is incurred evenly throughout
The following data pertain to the Hercules Tire and Rubber Company for the month of May.Additional Information:a. Direct material is added at the beginning of the production process, and conversion
Scrooge and Zilch, a public accounting firm in London, is engaged in the preparation of income tax returns for individuals. The firm uses the weighted-average method of process costing for internal
GroFast Company manufactures a high-quality fertilizer, which is used primarily by commercial vegetable growers. Two departments are involved in the production process. In the Mixing Department,
(Contributed by Roland Minch.) Glass Glow Company manufactures a variety of glass windows in its Egalton plant. In department I, clear glass sheets are produced, and some of these sheets are sold as
Laredo Leather Company manufactures high-quality leather goods. The company’s profits have declined during the past nine months. In an attempt to isolate the causes of poor profit performance,
5-1 Compute product costs under a traditional, volume-based product-costing system.
5-2 Explain how an activity-based costing system operates, including the use of a twostage procedure for cost assignment, the identification of activity cost pools, and the selection of cost drivers.
5-3 Explain the concept of cost levels, including unit-level, batch-level, product-sustaining-level, and facility-level costs.
5-4 Compute product costs under an activity-based costing system.
5-5 Explain why traditional, volume-based costing systems tend to distort product costs.
5-6 Explain three criteria for selecting cost drivers.
5-7 Discuss several key issues in activity-based costing, including data collection and storyboarding.
5-8 Explain the concepts of activity-based management and two-dimensional ABC.
5-9 Explain and execute a customer-profitability analysis.
5-10 Understand and discuss how activity-based costing is used in service-industry organizations.
5–1. Briefly explain how a traditional, volume-based product-costing system operates.
5–3. Explain how an activity-based costing system operates.
5–4. What are cost drivers? What is their role in an activitybased costing system?
5–9. Explain the concept of a pool rate in activity-based costing. (Refer to Exhibit 5-6.)
5–10. Briefly explain two factors that tend to result in product cost distortion under traditional, volume-based productcosting systems.
5–11. List three factors that are important in selecting cost drivers for an ABC system.

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