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managerial accounting decision making

Questions and Answers of Managerial Accounting Decision Making

Contribution Approach Income Statement. Amabala, Inc. provides the following information regarding operations for the year ended December 31, 20x4: Sales Finished goods inventory- $1,500,000 January
Contribution Approach Income Statement. Newjay Corporation manufactured and sold 80,000 units of product at $12.00 each for the year ended December 31, 20x0). Cost of goods sold on an absorption
Expected Net Income. Trendy's Trinket Company manufactures and sells boxes of trinkets for parties, parades, and similar activities. A box of trinkets sells for 56.00. Trendy's has calculated its
Income Statement Items; Expected Net Income. Sellco Sales Company sold 60,000 units of product for $5.00 per unit in 20x2. Its variable costs per unit were $3.00; its fixed costs per unit. $1.50.a.
Expected Net Income. The Noof Company sells a product that provides a contribution margin ratio of 40 percent. How will net income be affected by a proposal that is expected to increase sales by
Required Sales. Douglas Williams wants to sell hot dogs at the local football stadium. To do this. he will incur fixed costs of $750 for the season. Each hot dog sells for $3.00 and has a variable
Net Income under Absorption Costing and Variable Costing. (Appendix A company produced 120,000 units and sold 100.000 units of product in 20x3. Fixed factory overhead for the year totaled $240,000.
Net Income under Absorption and Variable Costing. (Appendix). A Company produced 80,000 units and sold 90,000 units of product in 2015. Fixed factory overhead for the year totaled $100.000.
Net Income under Variable Costing for Two Years. (Appendix). Abvar Company incurred fixed factory overhead of $50,000 in both 20x1 and 20x2. Unit sales and production for each year were as follows:
Net Income ander Absorption Costing for Two Years. (Appendix). Varab Company computes its net income on a variable costing basis for internal purposes. For 20x3, this amount was $65,000, for 20x4,
What is the primary purpose of a budget?
A retail firm that had no budget recently ran out of a very popular product. How could a budget have helped prevent this problem?
The credit department of a retail store had a budget of $500 for office supplies in a recent month. The department actually spent $1,000 for office supplies that month, but nothing was said to the
Explain. A manufacturing firm recently forecast a 30 percent decrease in sales for the next year. During the year, inventories increased significantly, although the sales forecast was right on
What is a performance report, and how is it used?
Is a significant unfavorable variance on a performance report a sign that the manager responsible has done a poor job?
Explain. "A favorable variance indicates good managerial performance." Comment on the validity of this statement.
What role does human relations play in budgeting?
Why is the sales forecast considered the cornerstone of the budgeting process?
A firm's cash budget projected that $100,000 of excess cash would be on hand at year-end. Of what value is the budget to the firm in this case?
A firm expects record net income for the year. However, it expects a loss in the second quarter, How might the budgeted income statement provide stability to the firm's dividend policy in this
A firm has bonds outstanding that require that its current assets always be at least twice its current liabilities. How might a budgeted balance sheet assist the firm in insuring that this
Performance Report. A partial performance report for a department is as follows: Direct materials Director Totals Budget $20,000 $15.000 Actual Variance $5.000 F 45000 $65.000 50.000 $15.000 5.000 U
Schedule of Accounts Receivable Collections. Alton Corporation expects credit sales for next year as follows: first quarter. $50,000, second quarter, $70,000; third quarter. $140,000; fourth quarter,
Schedule of Cash Receipts. Riley Company has projected sales for next year as follows: first quarter. $250,000; second quarter, $400,000; third quarter, $350,000; fourth quarter, $500,000. Beginning
Schedule of Accounts Receivable Collections. Cook Company sells 70 percent of its merchandise os credit. Accounts are normally collected in the following pattern: 65 percent in the month following
Schedule of Accounts Receivable Collections. Varsity Company is preparing its cash budget for the month of May. The following information on accounts receivable collections is available from
Schedule of Required Production Davis Manufacturing Company pouces a single product. Current finished goods inventory is 20,000 units; and the company expectsanit sales next year as follows: first
Schedule of Required Production. Malco, Inc., has 6,000 units of finished goods inventory as of December 31.Sales for the first four months of next year are projected as follows: January. 30.000
Schedule of Required Purchases. Gino's Jeans Store has 1,000 pairs of jeans on hand as of December 31.Unit sales for the first four months of next year are projected as follows: January, 6,000 pairs:
Schedule of Required Purchases. Tryler Company anticipates credit sales for the first four months of next year as follows: January, $25,000; February, $35,000; March, $20,000: April, 530.000.
Schedule of Required Parchuses. Byron's Clothing Store anticipates sales for the next year a follows: first quarter. $30,000: second quarter. $45.000 third quarter. S60.000: fourth quarter. $80,000,
Schedule of Payments for Purchases. Mayfield Company anticipates purchases for the next quarter as follows: January, $30,000, February, $50.000: March. $60,000. Purchases in December totaled $20,000.
Cash Payments for Inventories. Terry Company is preparing its cash budget for the month of April. The following information is available concerning its inventories. Inventories at beginning of April
Salaries and Commission Expense for Payments. McHugh Sales Company pays to each of its five salespersons a salary of $800 per month plus a commission of 10 percent of sales. The salary is paid in the
Schedule of Cash Receipts. Thurmond Company has projected sales for the year as follows: fin quarter, $40,000; second quarter, $30,000: third quarter, $50,000; fourth quarter, $80,000. Thin percent
Schedule of Cash Receipts. Webber Company has projected sales for the first quarter of next year as follows: January, $90,000; February, $70,000; March, $100,000. Forty percent of sales are cash
Schedules of Direct Materials Purchases and Payment. Ellner Company estimated production of finished units for next year as follows: first quarter, 40,000; second quarter, 55,000, third quarter.
Schedules of Production and Direct Materials Purchases and Payments. Atkins Manufacturing Company anticipates unit sales next year as follows: first quarter, 20,000; second quarter, 25,000, third
Schedules for Purchases and Payments. Del's Discount Store's sales in November and December und its projected sales for the next four months are as follows: November, $150,000: December $200,000;
Janson Company expected total variable costs of $10,000 for budgeted production of 2,000 units. It produced only 1,500 units. What should variable costs be, based on the flexible budget?
The manager of Cole Company recently prepared an income statement in which she compared actual results from sales of 125,000 units with a budget for 150,000 units. She could not understand why all
What is a sales variance? What information does it provide management?
If the sales variance is favorable, must the net income variance also be favorable? Explain.
Define standard cost and standard cost system. How are standard costs used in budgeting?
Distinguish between ideal standards and currently attainable standards. Which are normally better to use? Why?
What do you think is meant by the terms loose standards and tight standards?
Which standard is probably the most difficult to set? Why?
The materials price variance at Kerr Company is consistently favorable. Does that indicate that the purchasing agent is doing a good job in buying? Explain.
The supervisor of a manufacturing department had a significantly high favorable labor rate variance. When questioned about it, the supervisor replied that, because of a shortage of skilled labor, he
The manager of a large division of a company never questions his department supervisor about variances as long as the total departmental variance is within limits. Is this a good policy? Explain.
What is the significance of the overhead efficiency variance? How can overhead be efficient or inefficient?
How does a standard cost system help control costs? After all, even if the variances are unfavorable, the costs already have been incurred; and the firm can't get that money back.
Where is cost control generally focused in an automated manufacturing environment??
List the "costs of quality."
Materials Variances. Standard materials costs and usage for Kelly Company are $2.00 per gallon and three gallons per finished unit. In a recent month, the company purchased and used 14.8001 gallons
Material Variances. Blannery Corporation purchased 5,000 pounds of direct materials at $3.55 per pound. It used 2,900 pounds in manufacturing 6,000 finished units. Standard materials cost is $3.50
Labor Variances. Standard direct labor costs for Stanley Company are $8 per hour. The labor efficiency standard is two hours per finished imit. In a recent month, the company completed 3,000 units
Variable Overhead Variances. Drake Company applies variable factory overhead on the basis of 5.80 per direct labor hour. The labor efficiency standard is three hours per finished unit. Last month,
Labor and Variable Overhead Variances. Hatfield Corporation uses a standard costsystem. Standard direct labor costs are $9.00 per hour, with an efficiency standard of 25 hour per finished unit.
Why is it important to analyze individual items of variable factory overhead? 2 A portion of a departmental performance report for variable overhead prepared on a flexible budget basis is shown
Name four cost drivers that can be used for applying variable factory overhead.
In a highly automated manufacturing company that does not use activity-based costing, what is probably the most appropriate cost driver to ase in applying variable overhead? Why?
Since an unfavorable materials usage variance indicates possible waste in the use of direct materials, and since an unfavorable labor efficiency variance indicates possible waste in the use of direct
Explain why there is no variable overhead efficiency variance when units are used as the basis for applying variable overhead.
Why is fixed overhead a problem in a standard cost system?
Which fixed overhead variance reflects the fact that more was spent on fixed overhead items than was planned?
Upon looking at a performance report that showed a $40,000 unfavorable fixed overhead volume variance, a manufacturing division supervisor was heard to say. "This is outrageous! This overspending has
Why is there no fixed overhead volume variance when variable costing is used?
If a firm consistently has a significant unfavorable fixed overhead volume variance, would it be appropriate to increase the fixed overhead application rate? Explain.
How does a standard cost system differ from an actual/normal cost system? How are they similar?
How does a standard cost system help in taking a physical inventory?
What is activity-based costing? Why is it superior to traditional cesting for firms that manufacture more than one product?
Variable Overhead Variance. Clark Company developed the following variable overhead budget for expected production requiring 50,000 direct labor hours: Indiect materials. Indirect labor Ulites
Variable Overhead Variances: Performance Reports. Thompson Tent Company applies variable overhead at the following rates per direct labor hour.
Supples Indirect labor Power Total $1.25 The standard direct labor efficiency standard is 1.5 hours per tent. In March, the company produced 6,000 tents using 8.600 direct labor hours. Actual
Variable Overhead Variances Madison Mop and Broom Company applies variable factory overhead at the rate of $3.00 per mop or broom. Last month, the company made 850 mops and 1,200 brooms. Total
Fixed Overhead Variances. Barbara's Beauty Products Company applies fixed factory overhead at the rate of $2.50 per direct labor hour. The fixed overhead budget is $20,000 per month. The standard
Find Overhead Variances. Landry Corporation budgeted fixed factory overhead in October at $80.000. It planned to produce 20,000 units but only produced 19,500. Fixed overhead is applied at the rate
Fixed Overhead Variances. Hasley Book Company incurred $221,500 of fixed overhead costs in the first quarter of the year. It produced 148,000 books-2.000 less than budgeted. The fixed overhead
Variable and Fixed Overhead Variances. Information on Fire Company's overhead costs is as follows: Actual variable overhead Actual fixed overhead Standard hours allowed for actual producion Standard
Volume Variance. Information on Ripley Company'soverhead costs for the January 20x1 production activity is as follows:Budgeted fixed overhead.. Standard ved overhead rate per direct late hour.
Variable and Fixed Overhead Variances. Grady Company budgeted fixed factory overhead cost at $50,000 a month. Fixed factory overbead is applied at the rate of $2 per direct labor hour and variable at
Division Evaluation. As the manager of the Plastic Parts Division of your company, you have received the following performance reports from the departments in your division, all of which are cost
Types of Responsibility Centers. Indicate whether each of the following responsibility centers would be considered a cost center, a profit center, or an investment center.a. Painting department of an
Segment Margin. Using the appropriate format, calculate the segment margin for each of the following independent companies: Company A Branch 1 Branch 2 Company B Branch Branch 2 Costs of goods sold
Division Evaluation Partial performance reports for two divisions of Marcelle's Marvels, Inc. are presented below: Division Dsion A 8 Contribution margin $20,000 $40,000 Faed selling and
Types of Cast. Below are listed ten items of cost at the Malcom Manufacturing Company. Across the top are listed the titles of several individuals employed by the company. Painting Vice Department
What is meant by cost-volume-profit-analysis?
If prices are determined by the marketplace, how can CVP analysis help management to determine prices?
Explain how CVP analysis might be used by a firm in determining how many units to produce.
Why is CVP analysis applied differently for multiple products than for single products?
What will be the effect on a firm's break even point if selling price per unit increases by the same amount as variable cost per unit increases?
A firm's unit contribution margin is 5.25. Fixed costs increase by $1.000 per year. What is the effect on the break-even point in terms of units?
A retailer, whose only variable cost is cost of goods sold, buys an item for $6 and sells it for $10. He remarks, "I make a $4 profit on every unit sold." Is he correct? Explain.
How is a firm with a high volume of sales often able to sell at a lower price than a firm with a low volume of sales, while earning the same total profit?
What is meant by sales mix? How does sales mix affect a firm's break-even point?
DEF Corporation sells Product A, with a 45 percent contribution margin, and Product B, with a 30 percent contribution margin, Current total sales are composed of 60 percent Product A, and 401 pescent
Can the total costs line of a CVP graph ever be above the total sales line at any point to the right of the break-even point? Explain.
Refer to the profit-volume graph in Exhibit 9-6. Determine the firm's net income or loss for the following sales levels:a. 50,000 units.b. 100,000 units.c. 150,000 units.

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