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business
managerial accounting decision making

Questions and Answers of Managerial Accounting Decision Making

Great Plains Manufacturing Co.'s receiving department received an order of raw materials.How will information about the order affect the various modules of the company's information system?
For each of the functions listed below, identify the module of an ERP system that would proobj. 1 vide that function from the following list.a. financial accountingf. quality managementb. controlling
What does it mean to automate a company's supply chain? What are the advantages of auObj. 1 tomating the supply chain for a manufacturing company?
Computer networks in many organizations include client applications, business management Obj. 2 programs and databases on servers, and connections among the computers running these programs. For each
Modern accounting information systems often are maintained as relational databases. What Obj. 3 is a relational database, and what are the advantages of these database systems? Identify the parts of
Howard Co. manufactures household goods and maintains its accounting system using a re-lational database. In order to prepare information about purchase transactions, the company uses the following
Write a short definition for each of the terms listed in the Terms and Concepts Defined in this Chapter section.
Complete each of the following sentences with the proper term or terms.1 . Managerial accounting information is used primarily by decision makers.2. An accountant who produces information for use
Alberta Enterprises is being audited by a local public accounting firm. The management of Alberta hired an independent accountant to prepare financial statements in good form for presentation to the
Dream Easy, a manufacturer of mattresses, sells 10 different models of mattresses. Each model generates $4,000,000 in sales each year. Dream Easy currently does not have the resources to be able to
An advertising firm has 100 clients, each generating $500,000 in sales. It currently generates profitability reports only by office. One office president suggests that the firm produce profitability
During the planning process, a company identifies its goals, its objectives, and its plans for reaching those goals. To ensure these plans are implemented, managers must control employees'behavior.
Identify each of the following as a planning or control decision:a. Decision to buy new production machinery.b. Decision to change the mix in a chemical compound used to produce a synthetic fiber to
Ally's Bowling produces bowling balls. The company focuses on making high-end, custom 2, 3 balls. Ally's decides to enter a new highly competitive market, in which it will focus on a lowcost
Unisco Products manufactures a line of children's toys that are painted in bright, colorful 2, 3 tones. One of the most popular toy colors is yellow oxide. The company has become aware, however, that
A manufacturer of printers is considering making a new high-end laser printer. Market re-3 search estimates your company could sell 2,000 of these printers per year at $3,000 each, without reducing
The vice president of marketing is struggling at determining the selling price of a new toaster Obj. 3 oven. He estimates that the company could sell 20,000 units if the price is set at $30 each, but
Many business organizations have adopted codes of ethics that describe expected behavior for managers with respect to other stakeholders. For example, United Technologies Corporation publishes an
An-Hour Foto provides film processing at a single store location. The store has a policy that film will be developed in 24 hours, or the processing is free. It also has a policy that it will refund
Ned Bonapart is purchasing manager for a clothing store. On April 12, Ned received the fol- lowing weekly report for men's suits purchased from one of the company's suppliers. Ned im- mediately
Rebecca owns several successful coffeehouses. Each one has its own manager and is operated independently of the others. Rebecca meets with the manager of each location each month to review operating
Workout Enterprises owns a chain of successful fitness centers. The founder and CEO, Sally, sets a company-wide return on assets goal of 30%. In order to meet this objective Sally determines that she
Myrla Rhyman is planning to start a new business as a systems consultant. She has saved $7,000 to invest in the business. She expects to receive $3,800 each month, on average, from sales to
ObJ. 2 Joyce Mercer is manager of the Long-Term Care Division of the Olin County Health Department. The division has a \(\$ 100\) million budget and is responsible for providing long-term care
(All of the knowledge required to solve this problem is not contained in this chapter. The problem is based on material covered in financial accounting and is included here to prompt thinking about
Oo/S. 2. 3 UniversEd employs faculty from various universities on a part-time basis for specific education and consulting jobs. These professors come from many disciplines including accounting,
Ob,s 2.3 (All of the knowledge required to solve this problem is not contained in this chapter. The problem is based on material covered in financial accounting and is included here to prompt
Music Makers produces compact disks for various software and music companies. Music Makers receives a master version of the software or music from a customer in computer form. The company copies the
1. Management accounting is concerned primarily with providing:a. information in accordance with generally accepted accounting principles.b. information to stockholders, creditors, and others outside
Most states now require five years of education for accounting graduates to sit for the Certified Public Accountant (CPA) examination. Many accounting jobs, however, do not require a CPA license, so
Greencut Manufacturing produces energy-efficient lawn mowers for homeowners. Workers at Greencut manufacture the mower bodies from steel sheets and then attach a gasoline-powered engine, a blade, a
To solve this problem, use the information in Self-Study Prob- lem 1. In addition, assume Greencut does not carry work-in- process or finished goods inventory. All units are completed and sold during
Greencut is considering adding a mulching lawn mower to its product line. The new mower cuts grass clippings into fine par- ticles, eliminating raking, bagging, and disposing of lawn wastes. The new
Costs may be classified according to a number of categories including:a. Product cost versus period expense.b. Direct materials, direct labor, or overhead.
Manufacturing costs flow through an accounting system as products physically move through the factory.a. When raw materials are acquired, their value is added to raw materials inventory.b. When raw
Managers use cost information to help them make better decisions.a. Understanding the value chain enables managers to work with their customers and suppliers to minimize costs and to provide
Organizations that produce services instead of tangible products also incur production costs.a. The costs of services are classified as direct or indirect.b. Service organizations often implement
Your textbook is manufactured from a number of materials including paper, ink, and glue. obj. 1 Typically, publishing company accountants consider paper and ink direct materials; however, they
Wendell Fromm Company manufactures hand tools that are used in many factory applicaobj. 1 tions. The company manufactures tools from metal alloys and incurs labor and overhead costs during the
Carlton Industries manufactures orthopedic devices, such as hips and joints, from specialty obj. 1 metals. Each device is produced individually based on the dimensions of a specific patient. The
The nurses on the fourth floor of Western Medical Center care for and administer drugs to obj. 1 patients who have undergone orthopedic surgery. Also located on the fourth floor is a mobile X-ray
If product costs eventually become expenses when a product is sold, why are accountants so obj. 1 careful when making product cost and period expense classifications?
Can service organizations, such as legal and accounting firms, report work-in-process and fin Obj. 1 ished goods inventories on their balance sheets?
How are direct labor costs different from indirect labor costs?
Why do manufacturing companies typically report three kinds of inventory on the balance Obj. 2 sheet, while merchandising companies typically report only one kind of inventory?
What is meant by the term "conversion costs"? What kinds of costs would you classify as a obj. 2 conversion cost?
How does the target costing approach to new product introduction differ from the traditional Obj. 3 cost-plus approach? Are these differences important? Why or why not?
Discuss how IIT and supply chain concepts are related.
What steps are required to develop a target cost? How are these steps different from the costObj. 3 plus approach?
Westco, Inc., has the following costs and expenses. Complete the schedule provided. Indicate the classification of each item listed. The first one is done for you. a. Factory depreciation b.
a. The costs of significant raw materials from which a product is manufactured are classi-fied as \(\qquad\) .b. \(\qquad\) are the costs of activities required to convert materials into products.c.
Classify each of the following costs as either a product cost or a period expense. Briefly jusObj. 1 tify your answers.a. Wages for factory maintenance workersb. Direct materialsc. Sales salaries and
Matt Holgren is the marketing manager for a small manufacturing firm. The salespersons in his division are paid commissions of \(29 \%\) of the gross margin of each product sold. Because a
For all costs you identified as product costs in E2-4, indicate whether each should be classiobj. 1 fied as a direct material, direct labor, or manufacturing overhead cost. Justify your answer.
Exercise 2-5 identifies two forms of transportation cost: raw material transportation and finObj. 1 ished goods transportation. Explain why GAAP require two different accounting treatments for
The partial information that follows pertains to the operations of Good Time Clock Company Obj. 2 for 2004 :Determine (a) the cost of materials purchased, (b) the cost of raw materials used during
Wendy Minor is the plant controller at Medical Supply Company. She is reviewing year-end Obj. 2 balances of raw materials, work in process, and finished goods. In attempting to control inventory
Rowflex manufactures exercise equipment that is sold through major retail chain stores. The Obj. 3 company has developed a new exercise bench. Based on the company's market research, the selling
Calico has the following products. Complete the schedule below. The first one has been done Obj. 3 for you.Target margin is expressed as a percentage of selling price. Item Description Target Unit
April Incorporated is developing a product that will sell for \(\$ 160\) per unit. The unit cost of Obj. 3 the product is expected to include direct materials (\$70), direct labor (\$35), and
Refer to the information in E2-12. If April requires a margin on sales of \(30 \%\), how much cost must be eliminated from the product to reach this margin if there is no change in the sales price?
Assume management intentionally misclassified a period expense as a product cost in order to meet analysts' earnings expectations. The fraud later was discovered during the annual audit.Required
In a widely publicized accounting scandal, management at WorldCom was accused of recording \(\$ 11\) billion of operating expenses as long-term assets on its balance sheet. The action significantly
Tim Ricker lives in Atlanta. He is a toolmaker for Georgia Industries, a manufacturer of heavy equipment such as backhoes, graders, and earthmoving equipment. Tim makes specialty tools and jigs that
Bama Company showed the following balances in its inventory accounts as of January 1, 2004:The following transactions took place during 2004:1. Manufacturing overhead costs of \(\$ 96,000\) were
Clearview Glass Company purchases sand and various chemicals to be melted in the company's glass furnace. The molten glass flows along a conveyor system that defines sheet thickness and width and
ObJ. 2 The accounting firm of Lawton and Smith provides tax preparation services for its clients. Secretaries typically contact the client to schedule an appointment. When a client arrives at the
Ford Motor Company reported the following information in the notes of its 2002 annual report:\section*{Required}A. Speculate on the types of raw materials Ford Motor Company reported in its annual
Objs. 2, 3 O'Neill Company began the year with \(\$ 870,000\) of raw materials inventory, \(\$ 1,390,000\) of workin-process inventory, and \(\$ 620,000\) of finished goods inventory. During the
Go-yo is a company that designs, manufactures, and markets the world's best competition yoyos. The company's engineers have designed a new product to be manufactured using a titanium bearing. Such a
is, 3 Surgery Corporation has developed a surgical instrument that permits less invasive
Happy PC makes personal computers for home consumers. The company decides to switch to a just-in-time manufacturing system. Since Happy PC's manufacturing processes have changed, the managerial
Jenny Smith, the owner of Blasto Walkmans, analyzed the high warranty costs the company was incurring. She determined one of the major defects was the result of a low-priced battery device provided
Music Makers copies software and music to CDs and packages these products for customers. The company's production process includes two departments. The first department copies the software to blank
1. During May 2003, Bennett Manufacturing Company purchased \(\$ 43,000\) of raw materials. The company's manufacturing overhead for the month totaled \(\$ 27,000\) and the total manufacturing costs
The 2002 General Mills annual report disclosed the following information:\section*{Part A.}\section*{TO OUR SHAREHOLDERS:}For General Mills, fiscal 2002 was a year of significant change. On Oct. 31,
Jeff Arnold recently graduated from a business school and joined the family business as a production manager. At his first management meeting with marketing, production, accounting and administrative
Russell Lumber Company uses an actual costing system. The company's controller has been wondering what would be the ef- fect of using a normal costing system to assign overhead. She has determined
Robotool Corporation is a machine shop that manufactures re- placement parts for industrial machinery. Production at Robo- tool is characterized by small lot sizes and precision manufacturing. A
Unit costs have two primary functions.a. Accountants use unit costs to determine the value of ending inventory and cost of goods sold.b. Managers use unit costs as the basis of decisions about
According to GAAP, unit costs must reflect the costs of direct materials, direct labor, and manufacturing overhead.
Most companies use one of two methods for measuring costs.a. Actual costing bases unit costs on actual costs incurred for direct materials, direct labor, and manufacturing overhead.b. Normal costing
Job-order costing yields the unit cost of a particular job or batch of output.a. Job-order costing is most effective when a company produces a variety of products (or services) that incur different
Gloves to Go manufactures one product, a low-priced, no-frills winter glove. The company Obj. 1 has been offering this product for 15 years, and has recently experienced a large decline in market
Explain the importance of unit costs at various stages of a product's life cycle.a
Rene Manzor plans to use a recent inheritance to buy a small factory that produces travel bags.Obj. 2 Rene has done a great deal of reading about managing a business and realizes that she must
Hoy Heating and Air Conditioning Company repairs heating and cooling equipment. Each Obj. 2 time a service technician completes a job, a time sheet is turned in and the job cost is computed. The
Assume fuel oil represents a significant overhead cost for a manufacturing company. Because Obj. 2 of unexpected price increases in the cost per barrel, the company underapplied its overhead cost for
The accounting system of Gardner and Associates, a manufacturer of kitchen utensils and acobj. 3 cessories, has an account called "Over- or Underapplied Overhead." How would you explain this account
Engineers at Rose Company recently designed a new badminton racket for the company's Obj. 3 sporting goods line. The technical drawings were sent to the production department, and the first lot of
Danny Fitchen is the warehouse clerk for Big Chairs Limited. A production apprentice has Obj. 3 asked Danny for a batch of raw materials, but he refuses to release the goods without the appropriate
Assume a service organization, such as an accounting firm, uses job-order costing to keep Obj. 3 track of work performed for clients. Of the three types of product (service) costs-direct materials,
Job-order costing also is used by service organizations. Why might a walk-in medical clinic Obj. 3 use job-order costing to understand the cost of treating their patients?
Rollo Enterprises recorded the following activity in work-in-process inventory for September:1,000 units were started and completed during the month.a. Compute the amount of manufacturing overhead
The M \& S Company uses normal costing. The following information pertains to a recent production period:a. Determine the predetermined overhead rate if the company uses machine hours as the
DuraPlastics Inc. recorded the following activity in work-in-process inventory during July:DuraPlastics uses normal costing. The activity base used to apply manufacturing overhead is direct labor
Montclair Products prepared the following estimates for 2005:a. Assume Montclair uses actual costing. What was the cost of one unit produced during 2005? For parts (b) and (c), assume instead that
Harold Gordon operates a manufacturing company that uses a job-order costing system. The abjs. 1,2 following activity was recorded in work-in-process inventory for August:Harold charges overhead to
Tortolla Company is a manufacturing firm that uses a job-order costing system. The company uses machine hours to apply overhead to work-in-process. On January 1, Tortolla's management estimated that
Tom Brooks, production manager for Clarion Manufacturing, was told that product overhead Obj. 2 costs were too high, and the amount of overhead applied to inventory is less than the actual costs

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