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business
management and cost accounting

Questions and Answers of Management And Cost Accounting

The Noton Company has operated a comprehensive budgeting system for many years. This system is a major component of the company's program to control operations and costs at its widely scattered
George Johnson was hired on July 1, 2009, as assistant general manager of the Botel Division of Staple, Inc. It was understood that he would be elevated to general manager of the division on January
Scott Weidner, the Controller in the Division of Social Services for the state, recognizes the importance of the budgetary process for planning, control and motivation purposes. He believes that a
Kelly Petroleum Company has a large oil and natural gas project in Oklahoma. The project has been organized into two production centers (petroleum production and natural gas production ) and one
Many organizations evaluate the performance of a manager in charge of a division by the performance of the division. What potential problems exist in doing this?
Distinguish between (a) contribution margin, (b) segment margin, and (c) performance margin. Why should such a distinction be made in performance reporting?
Describe how the use of return on investment as a measure of managerial performance can result in a lack of goal congruence.
What are the components of the return on investment? How do these components point to methods of improving ROI?
Return on investment is sometimes used to evaluate opportunities for capital investment. Why are discounted cash flow methods (net present value, internal rate of return) preferable for this purpose?
Both return on investment and residual income require a determination of the amount of invested capital. Distinguish between four methods of establishing an investment base in determining this amount.
Describe five ways of placing a monetary value on the investment base in arriving at a measure of invested capital.
What is meant by "economic value added"?
One division in a decentralized company sometimes sells goods or services to another division in the same company. What are the advantages of this practice? the disadvantages?
What are four methods of establishing prices for interdivisional transfers of goods or services?
What method of pricing interdivisional sales best achieves the objective of: (1) fairness to each division; (2) measuring divisional performance; (3) motivation for cost control; (4) maintaining
List three performance measures for each of the four perspectives in the balanced scorecard.
What are the features of a properly desinged scorecard?
A decentralized company utilizes each of the following account descriptions for certain of its expense accounts. Identify each account as either a separable cost/asset or a common cost/asset.(a)
Performance and Segment Margin Division \(\mathrm{X}\) of Competitive Corp. had sales of \(\$ 4,000,000\) during the third quarter of 20X2. The following costs were recorded for Division
The Southeastern Division of the Worldwide Company is operated as an investment center. During 20X1 the Division had income (before tax) of \(\$ 250,000\), and the following balance sheet shows its
Buckeye Enterprises is composed of two major divisions. Division I is a relatively new manufacturer of electronic subassemblies for the computer industry. Although its market is highly competitive,
Major Manufacturing \(\mathrm{Co}\). is a producer and distributor of a wide variety of consumer products. Major is a decentralized corporation, and evaluates the performance of its segments using
Drexell Industries is a medium-sized diversified manufacturing company which operates subsidiaries in several different industries. Top management has established corporate goals which include a
Return on Investment, Residual Income and Economic Value Added Agnes Company has the following data available for two of its segments for year 20X9:The company's weighted average cost of capital and
Anne Company has two divisions for which the following data is available for year \(20 \times 8\) : Income before taxes........ Division X $ 200,000 1,000,000 Division Y $ 300,000 1,200,000 Total
Mar Company has two decentralized divisions, \(\mathrm{X}\) and \(\mathrm{Y}\). Division \(\mathrm{X}\) has always purchased certain units from Division \(\mathrm{Y}\) at \(\$ 75\) per unit. Because
Elwood Bank is a large municipal bank with several branch offices. The bank has a computer department which handles all data processing for the bank's operations. In addition, the bank acts as a
Bundt Foods Company produces and sells many products in each of its 35 different product lines. From time to time a product or an entire product line is dropped because it ceases to be profitable.
The Ajax Division of Gunnco, operating at capacity, has been asked by the Defco Division of Gunnco Corporation to supply it with Electrical Fitting No. 1726. Ajax sells this part to its regular
A common measure of a management's performance is "return on net worth." This is a particularly important measure from the shareholder's point of view. This ratio can be expressed as the product of
Berton Inc. is a large, decentralized electronics firm. Berton uses a multiple criteria performance evaluation system in measuring the achievements of its divisions. The criteria used to evaluate
Segment Income Statement-Caprice Company manufactures and sells two products: a small portable office file cabinet that it has made for over 15 years and a home/ travel file introduced more recently.
The Texon Co. is organized into autonomous divisions along regional market lines. Each division manager is responsible for sales, cost of operations, acquisition and financing of divisional assets
A.R. Oma, Inc. manufactures a line of men's perfumes and after-shaving lotions. The manufacturing process is basically a series of mixing operations with the addition of certain aromatic and coloring
Clarkson Company is a large multi-division firm with several plants in each division. A comprehensive budgeting system is used for planning operations and measuring performance. The annual budgeting
During your examination of the financial statements of Benjamin Industries, the president requested your assistance in the evaluation of several financial management problems in his home appliances
The Justa Corporation produces and sells three products. The three products: A, B, and \(\mathrm{C}\), are sold in a local market and in a regional market. At the end of the first quarter of the
DePaolo Industries manufactures carpets, furniture, and foam in three separate divisions. DePaolo's operating statement for 20XX is reproduced below.Additional information regarding DePaolo's
Identify four activity capacity concepts that are used in determining a fixed factory overhead application rate, and for each describe the interpretation of the volume variance.
With variable costing, what is the contribution? Does it have a more descriptive name?
What advantages over absorption costing does variable costing offer for internal reporting?
In a standard absorption costing system, how is the fixed factory overhead rate determined? The variable factory overhead rate?
Describe the differences in the income statement presentation between absorption costing and variable costing.
How do net incomes reported under absorption costing and variable costing compare when: (a) Inventory quantities increase during the reporting period? Why? (b) Inventory quantities decrease during
Identify the costs which are considered as product costs under (a) absorption costing, and (b) variable costing. Explain the rationale for any differences.
Cost accounting systems may exist in many different forms. What are the factors which distinguish between the different types of cost accounting systems?
Why is absorption costing sometimes called full costing system? Why is variable costing system sometimes called direct costing system? Are direct costs always varaible costs?
The use of normal activity capacity as the activity level in computing fixed overhead rates has been practiced by some major corporations in the automobile and steel industries. Why might the use of
What reasons can you suggest that variable costing is not acceptable for purposes of external reporting?
How does throughput costing differ from absorption costing and variable costing?
The following standards have been developed for the product of Gimlet Corp.Required:(a) Calculate inventoriable unit cost under absorption costing.(b) Calculate inventoriable unit cost under variable
Diamond Company manufactures a single product: Product A, at its western plant. The corporate planning staff has projected the following annual sales and production plan for Product A over the
During September the Brewer Corporation recorded direct materials costs of \(\$ 18,000\). A total of 5,000 direct labor hours were expended at an average rate of \(\$ 6.00\) per hour. Variable
Midway Manufacturing Company produces a single product and utilizes a direct costing system, based on historical costs, for internal reporting purposes. During 20X1, 200,000 units were sold at a
JV Company began its operations on January 1, 20X1, and produces a single product that sells for \(\$ 7.00\) per unit. Standard capacity is 100,000 units per year. 100,000 units were produced and
Fleet, Inc. manufactured 700 units of Product A, a new product, in 20X1. Product A's variable and fixed manufacturing costs per unit were \(\$ 6.00\) and \(\$ 2.00\), respectively. The inventory of
A company had income of \(\$ 50,000\) using variable costing for a given period. Beginning and ending inventories for that period were 13,000 units and 18,000 units, respectively.Required:Ignoring
The following information is available for Keller Corporation's new product line:\There was no inventory at the beginning of the year. During the year 12,500 units were produced and 10,000 units were
Sarah Manufacturing Co. is a producer of men's slacks in a variety of styles, colors, and price ranges, which uses a standard direct costing system for internal reporting. During October Job \#423
Maypool Corporation is the major consumer appliance manufacturer in a country that experiences no inflation. The company produces a variety of large appliances for the home such as stoves,
The following annual flexible budget has been prepared for use in making decisions relating to Product \(\mathrm{X}\).The 200,000 unit budget has been adopted and will be used for allocating fixed
Blaine Company produces and sells a single product, called X. The following data are available for the year ended December 31, 20X1:{Required:}(1) Determine the cost per unit if variable costing is
On August 5, 20X2, Jack Jackson, controller for Wixson Company, arrived at his office to find the company president in a rage. "These income statements you've prepared for June and July are
Management of Bicent Company uses the following unit costs for the one product it manufactures:Required:Prepare projected income statements for June 20X1 for management purposes under each of the
The following data relate to a year's budgeted activity for Patsy Corporation, a single product company:{Required:}Total fixed costs remain unchanged within the relevant range of 25,000 units. Total
Playtime, Inc. is a nationwide manufacturer of leisure products. In September of 20X2, the manager of the Men's Swimwear Division is considering the division's production schedule for the fourth
Norwood Corporation is considering changing its method of inventory valuation from absorption costing to direct costing and engaged you to determine the effect of the proposed change on the \(20
Sun Company, a wholly owned subsidiary of Guardian, Inc., produces and sells three main product lines. The company employs a standard cost accounting system for record-keeping purposes.At the
Milner Manufacturing Company uses a job order costing system and standard costs. It manufactures one product whose standard cost is as follows:Required:(a) Based on the standard costs, compute the
The S.T. Shire Company uses direct costing for internal management purposes and absorption costing for external reporting purposes. Thus, at the end of each year financial information must be
Forward Corporation is a progressive and fast-growing company. The company's executive committee consists of the president and the four vice presidents who report to the president-marketing,
BBG Corporation is a manufacturer of a synthetic element. Gary Voss, President of the company, has been eager to get the operating results for the just completed fiscal year. He was surprised when
Caprice Company manufactures and sells two products-a small portable office file cabinet that it has made for over 15 years and a home/travel file introduced recently. The files are made in Caprice's
Throughput Costing, Variable Costing and Absorption Costing The following data relates to year 20XX for Plano Manufacturing Company:Required:(a) Calculate cost of goods sold under throughput costing,
What characteristics distinguish project planning decisions from other types of managerial decisions? What are some examples of project planning decisions?
Give some examples of decision making situations in which qualitative factors may affect management's choice of alternatives.
What is the role of the cost accountant in making project planning decisions?
Describe the advantages of the contribution approach over absorption costing methods in evaluating decision alternatives.
In what situations might the use of the relevant cost approach to project planning decisions be preferred over the contribution approach?
How can limitations on production capacity affect the choice of alternatives in (a) a special order decision, and (b) a make or buy decision?
What types of costs may be relevant to a project planning decision even though they will never be recorded in the accounts?
What is a "sunk cost?" When is such a cost relevant to a project planning decision?
Is depreciation on equipment ever an incremental cost? Should the amount of depreciation ever affect the choice between alternatives in a project planning decision?
Some project planning decisions involve incremental cash flows over an extended period of time. What modifications should be made to the relevant cost approach in such situations?
Evaluate the following statement: "A firm should always attempt to maximize production and sale of the product with the highest contribution margin."
Why is a linear programming model useful in solving the product mix problem?
Distinguish between the corner points approach and the iso-profit line approach for finding the optimal solution in a linear programming problem.
Why are fixed costs not incorporated in linear programming models? How should fixed costs be treated in evaluating the profitability of the optimal solution?
Identify the basic assumptions underlying any linear programming model.
Valley Plumbing Co. has 500 rusted plumbing fixtures that are carried in inventory at a purchase cost of \(\$ 3,000\). If the fixtures are reworked for \(\$ 1,000\), they can be sold for \(\$
The Lantern Corporation has 1,000 obsolete lanterns that are carried in inventory at a manufacturing cost of \(\$ 20,000\). If the lanterns are re-machined for \(\$ 5,000\), they could be sold for
Marathon Manufacturing, which produces running shoes, has enough idle capacity available to accept a special order of 1,000 pairs of shoes at \(\$ 24\) per pair. The following data has been obtained
Relay Corporation manufactures batons. Relay can manufacture 300,000 batons a year at a variable cost of \(\$ 750,000\) and a fixed cost of \(\$ 450,000\). Based on Relay's predictions, 240,000
American Motor Company annually manufactures 100,000 units of its Part No. 42356, a bearing, for use in the production of its automobiles. The following costs will be incurred for this part in the
The Reno Company manufactures Part No. 498 for use in its production cycle. The cost per unit for 20,000 units of Part No. 498 is as follows:The Tray Company has offered to sell 20,000 units of Part
Standard costs and other data for two component parts used by Griffon Electronics are presented below:In past years, Griffon has manufactured all of its required components; however, in \(20
Maxwell Company has an opportunity to acquire a new machine to replace one of its present machines. The new machine would cost \(\$ 90,000\), have a five-year life, and no estimated salvage value.
Joe Carolina is considering the purchase of a new car. His current vehicle is a 9 year old Mercedes which has a resale value of \(\$ 3,500\) and has a remaining life of approximately 3 years. Joe has
Contribution Approach to Production Decisions}The officers of Bradshaw Company are reviewing the profitability of the company's four products and the potential effect of several proposals for varying
Berg and Sons build custom made pleasure boats which range in price from \(\$ 10,000\) to \(\$ 250,000\). For the past 30 years, Mr. Berg, Sr. has determined the selling price of each boat by

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