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managerial accounting decision making

Questions and Answers of Managerial Accounting Decision Making

Trackers Inc. is a manufacturer of various specially designed radar devices. During May, Trackers completed Job 66 and began work on Job 67. Partial information concerning the two jobs is as
Small Company produces custom manufacturing equipment. The company uses job-order objs. 2, 3 costing in conjunction with normal costing. Information pertaining to a recently completed job is as
Basic Closet Company manufactures stand-alone cedar-lined wardrobe closets. Basic received Obj. 3 an order for ten specially designed wardrobes to be delivered in eight weeks. The order was assigned
Rocky Mountain Outfitters manufactures cowboy boots. Information related to a recent production period is as follows:During September, 500 pairs of boots were produced.\section*{Required}A. Using
Objs. 1,2 Triple Play Sports manufactures baseball gloves. Information related to a recent production period is as follows:1) uring ()etober, 2,000 glowes were produced.\section*{Required}A. Using
TCC Inc. has prepared the following estimates for the current year:\section*{Required}A. Compute the predetermined overhead rate based on (1) direct labor hours, (2) direct labor cost, and (3)
Granger Shirt Assembly Company runs a printing operation that produces customized T-shirts. These shirts usually are manufactured with either hand-created embroidery, individual holograms, or
Pike Skateboard Company makes specialized skateboards. Pike seeks to be the leader in designs for skateboards and produces designs in lot sizes of 1,000 units. Pike sells the full batch of
Art's Custom Cabinetry manufactures and installs custom cabinetry built to customer specifications. The prices of cabinets depend on the quality of the lumber selected by the customers and the
Handywoman Holly builds log cabins based on customer specifications. The only job still in process on January 1, 2005, was job 100. That job had been charged with direct materials of \(\$ 40,000\),
The law firm of Dewey, Louie, and Howe has six lawyers and ten support people. The firm Objs. 2, 3 uses a job-order costing system to accumulate costs by client. There are two departments, research
PPGV provides auditing services. PPGV developed the following estimates for the current year:\section*{Required}A. Compute the predetermined overhead rate based on (1) direct labor hours and (2)
Cape Horn Yacht Company produces custom sailboats. A potential client has selected a design that is estimated to cost the company \(\$ 300,000\) to manufacture. To establish the selling price, the
Music Makers uses a job-order system for its production process. Orders are received for specific CDs, and costs are tracked for each order. Job A310 was completed in April. Costs associated with the
1. Overapplied overhead would result if:a. the plant was operated at less than full capacity.b. factory overhead costs incurred were less than estimated overhead costs.c. factory overhead costs
Managerial accounting refers to accounting information developed for use by decision makers inside the company.a. Managerial accounting is different from financial accounting.b. Managerial accounting
Managerial accounting interacts with decisions by other functions, notably marketing and operations.a. Marketing decisions often are based on the cost of manufacturing a product.b. Operations
Businesses' needs for accounting information are changing.a. Global competition and the need for higher quality are driving U.S. businesses to control costs and produce higher-quality products,
The traditional view of managerial accounting needs to be changed to fit the new business environment.a. Managerial accounting has been traditionally viewed in the context of planning and control at
Managerial accounting involves nonfinancial as well as financial measures of business activities.a. Measures of activity, such as material usage and defect rates, are useful for understanding and
The kinds of decisions made by the three managers differ; therefore, the information they need differs. Miko needs information for making and evaluating strategic decisions. Lars needs information
Poor financial performance often is a symptom of poor communication within an organiza- tion. If accounting and marketing communicated about product costs and profits, the mar- keting department
The basic problem in this situation was that division management failed to take its manage- ment accounting system into consideration when it implemented a new manufacturing sys- tem. The division
Managerial accounting is useful only to profit-oriented manufacturing companies. Do you agree? Why or why not?
Rita Patterson went into the marketing field because she "hated accounting." Rita has been working for a large multinational company and is being promoted to assistant product manager. In h er new
James and Hanna are senior accounting students at the state university. James plans to find a job in financial accounting, whereas Hanna wants to work in managerial accounting. What is the difference
If managerial accounting is primarily concerned with costs of business activities, why are both financial and nonfinancial measures of business activities important?
Managerial accounting is important for all forms of business. How is managerial accounting different for retail, manufacturing, and service companies?
It is important for middle- and upper-level managers throughout an organization to under- stand accounting information. Do you agree or disagree? Why?
An accounting classmate notes that adherence to GAAP is not required for managerial ac- counting reports. She observes, "If it's so darned important for financial accounting, it seems reasonable that
Why does the accounting system used for financial statement preparation not always provide the information that managers need for decision-making purposes?
Tri-States Manufacturing produces a line of electric fans. Over the past several years, the com- pany has seen its profit margin on fans decline from 12% to 8%. How has the decrease in profit margin
In order to meet increasing demand for its product, Hathaway Industries is considering an expansion of its manufacturing facilities. What sort of planning does this decision represent, strategic or
Webco Products manufactures a line of small ice chests. The production department has ex- perienced problems working with some of the raw materials used in the production process.The company is
Advent Technologies, Inc., has developed a detailed planning and budgeting program that in- volves almost every layer of management. Tina Riser, plant manager, made this comment: "I don't know why we
Why is accounting important for planning and control decisions?
Why must marketing and production managers have accounting information to make deci- sions? Are there any other managers needing accounting information?
If marketing and operations managers need information for decision making, why don't they collect and keep the information themselves instead of relying on the accounting department to provide the
Virgil Cartwright is a medical doctor with a small family practice. Each time a patient visits the doctor, certain medical and administrative costs are incurred. Would you agree that patients are a
The annual accounts of the Wholesale Textile Company Ltd have been summarized for 2011 and 2012 as follows: You are informed that:1. All sales were from stocks in the company’s warehouse.2. The
Chonky Ltd is a private company manufacturing and supplying spares to the motor trade. The following is a summary of the results of the business for the last four years together with year-end balance
It is 30 January 2013 and Worthy Ltd’s board of directors is meeting to discuss the 2012 accounts (summarized below together with those of 2011). Worthy Ltd is a manufacturing business and all its
BKZ Ltd is a new company about to launch its business-to-business service on the Internet. The launch will take place in April and it hopes to achieve monthly sales of £100,000 in only four months!
Vic Rogers is a sole trader running a vehicle parts business for the motor trade. All his sales are on credit terms. During 2011, he reduced his selling prices in order to increase the volume of
Bodgit Ltd makes 200 wooden kitchen chairs every month and sells them for £50 each. Fixed monthly overheads are £3,000 and the standard cost of one chair is as
The Concord Toy Company has two separate strategic business units. A draft plan, incorporating a target return on capital employed (ROCE) of 20% per annum, has been created by the managing director.
Burgabar Corporation owns and operates a range of fast food outlets throughout the East End of London. A summary of next year’s budget (before head office costs are taken into account) is given
The following comments were broadcast on a television news programme in the first week of February 1999: Rover’s future depends on the success of their latest model, codename R75. They intend to
Profoot currently makes and sells two types of protective shoe, model P1 and model P2. Annual total fixed costs are currently £300,000. For the next financial year, Profoot intends to keep model P1
The current annual budget for King & Co., makers of baseball caps, is summarized as
BBQ Ltd manufactures two types of barbecue – the Deluxe BBQ and the Standard BBQ. Both undergo similar production processes and use similar materials and types of labour. However, a shortage of
Burton Brothers manufactures machine tools for metal-based industries. One of its customers, Wey Ltd, has placed a £590,000 order for a machine, including £10,000 for delivery and installation. Wey
Eezikum is a duo of rap artists currently touring the UK. They still have 11 venues remaining when they are asked to fill in at short notice on a tour of the USA, starting in two days’ time. They
Carbotest Corporation manufactures equipment to test for the presence of carbon monoxide in confined spaces. It has just been offered a contract to build some specialized monitoring equipment to test
MOV plc produces custom-built sensors. Each sensor has a standard circuit board (SCB) in it. The current average contribution from a sensor is £400. MOV plc’s business is steadily expanding and in
Frynas & Co. are considering buying a mobile drilling rig to expand the range of services the company provides for the water, gas and oil industries. The rig would cost £620,000 and last for
Binley Blades specializes in the manufacture of rotor blades for helicopters. It has just spent £50,000 developing a new type of blade based on a mixture of carbon fibre and naturally occurring
Stobo plc is a well-known national chain of high-street chemists. Its traditional markets of pharmaceuticals and beauty products are becoming increasingly competitive due to the aggressive entry of
MN plc has a rolling programme of investment decisions. One of these investment decisions is to consider mutually exclusive investments A, B and C. The following information has been produced by the
CAF plc is a large multinational organization that manufactures a range of highly engineered products/components for the aircraft and vehicle industries. The directors are considering the future of
Lewington Ltd makes a variety of kitchen fittings and equipment. It uses a three-stage process involving cutting, assembly and finishing. The following figures are extracted from its budget for the
Graham and Sara are partners in a clothes manufacturing firm. Graham manages menswear and Sara controls ladies fashions. They have just received last year’s accounts which are summarized
Stellar Showers Co. Ltd manufactures domestic electric showers. It moulds its own plastic casings but buys in the other components from a variety of sources. In addition to 54 production operatives,
Hinj Ltd manufactures and sells four products: arms, brackets, clips and D-rings. This year, for the first time, it is operating an activity-based costing system in parallel with its long-standing
Numan Travel plc started trading 10 years ago with its cheap airfare brand Flygo. Since then, it has expanded to offer three different types of holiday: Best Beaches, Cosy Cottages and Great Golfing.
Wilcock & Co. is a firm of solicitors which currently operates an absorption costing system but is experimenting with an activity-based costing system. The current annual budget shows the
DFR operates a number of retail outlets selling a range of audio-visual products. These products range in size and value from small items such as portable radios that are easily displayed on shelves,
S & P Products plc purchases a range of good-quality gift and household products from around the world; it then sells these products through ‘mail order’ or retail outlets. The company
Clamco makes car clamps. The following information is from January’s budget, which is based on a production volume of 6,000
Rivilin is a uni-product firm with the following budgeted amounts:.............................................................................................. £Unit selling
The Valley Fireworks Corporation manufactures special firework display kits to sell to responsible organizations only. The following information is taken from its budget for 2002: Opening stock of
Brafire manufactures small, portable electric fires. It has operated an absorption costing system since it started many years ago. However, the new managing director (who is studying part time for an
P Ltd manufactures a specialist photocopier. Increased competition from a new manufacturer has meant that P Ltd has been operating below full capacity for the last two years. The budgeted information
Demarco makes miniature mobile generators and has a standard profit margin of 20% for all its products. Its annual budget includes marketing, administration and production overhead allowances of
WSM Enterprises introduced the Wizkid in 1991 to compete with Action Man. Although the peak demand for these products occurred several years ago, sales have stabilized and WSM sells 15,000 Wizkids a
Ride-on makes and sells a mini-tractor lawn mower called the Luxon. The company is just about to start its new financial year for which the budget (recently approved by its holding company) shows the
The table below shows the annual results for the four divisions of a group company. Tasks 1. Calculate the return on capital employed for each of the four divisions and rank them accordingly.2.
Gorgon Group plc is a manufacturer with a divisional structure. The Odeen division makes a single product which it sells outside the Gorgon Group as well as to the Trey division. Odeen’s product
MCP plc specializes in providing marketing, data collection, data processing and consulting services. The company is divided into divisions that provide services to each other and also to external
CTD Ltd has two divisions – FD and TM. FD is an iron foundry division which produces mouldings that have a limited external market and are also transferred to TM division. TM division uses the
M Ltd has two divisions, X and Y. Division X is a chip manufacturer and Division Y assembles mobile phones. Division X currently manufactures many different types of chip, one of which is used in the
Kellaway Ltd makes aluminium junction boxes for the electrical industry. It makes the boxes in three different sizes: small, medium and large. The following details are taken from next quarter’s
Pierce Pommery specializes in the manufacture of dry cider. The 1-litre bottles sell for £3.00 each, with 25% of sales on cash terms and 75% on one month’s credit. The budget shows the following
The sales budget for next year for a particular type of rope manufactured by Norman Ropes is as follows: The stock of finished rope at the start of each period is to be equal to 25% of the sales
ST plc produces three types of processed foods for a leading food retailer. The company has three processing departments (Preparation, Cooking and Packaging). After recognizing that the overheads
Welco Ltd manufactures one type of hydraulic jack. The labour force, who are all paid at the same rate, assemble and finish two bought-in components. Each jack uses two metal castings and one rubber
Stanley & Co. manufactures door frames from a bought-in wooden moulding. The budget for one door frame has costs of £20 for materials and £6 for labour. Each frame has a standard usage of 5
Bigcheque Ltd has created a new computer game called Ivanblast. It knows it will only have a five-week period from launch in order to market this successfully before pirating will reduce its sales to
JK plc operates a chain of fast-food restaurants. The company uses a standard marginal costing system to monitor the costs incurred in its outlets. The standard cost of one of its most popular meals
TBS produces two products in a single factory. The following details have been extracted from the standard marginal cost cards of the two products: TBS uses a standard marginal costing system linked
How are cash flows affected as a result of the tax consequences of depreciation?
What is the cost of equity financing?
What are the two approaches for evaluating investments that take into account the time value of money?
Below is an excerpt from Bell’s Management Discussion and Analysis from its 10K for the year ended 12/31/2020: Gross margin as a percentage of net revenue improved slightly to 19.1% during
Financial information for Bell and Gangway (two computer manufacturers) follows: Required a. Compare Bell and Gangway in terms of their percentage changes in sales and gross
Balmer is a West Coast company with more than 400 drug stores. Financial information for fiscal 2020 and 2019 follows: An excerpt from management discussion and analysis (MD&A) in the fiscal
Venture Auto Parts is a chain of 40 stores offering a full line of auto parts and supplies to consumers and independent auto repair shops. Danny’s Brake and Muffler has over 90 stores in the cities
HG Lang Designs operates an exclusive bridal boutique in Manhattan. All gowns are designed by Lang but are manufactured by various small firms in France and Italy. The following financial information
HG Lang Designs operates an exclusive bridal boutique in Manhattan. All gowns are designed by Lang but are manufactured by various small firms in France and Italy. The following financial information
HG Lang Designs operates an exclusive bridal boutique in Manhattan. All gowns are designed by Lang but are manufactured by various small firms in France and Italy. The following financial information

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