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managerial accounting the cornerstone of business decision making

Questions and Answers of Managerial Accounting The Cornerstone Of Business Decision Making

Cochabamba Inc. manufactures chocolate syrup in three departments: cooking, mixing, and bottling. Cochabamba uses the weighted average method. The following are cost and production data for the
The mixing department incurred $46,000 of manufacturing costs during the month of September. The department transferred out 2,300 units and had 500 units in EWIP, 40% complete. There was no BWIP.The
Leche Dairy produces a variety of dairy products. In Department 12, cream (transferred in from Department 6) and other materials (sugar and flavorings) are mixed at the beginning of the process and
The mixing department incurred $46,000 of manufacturing costs during the month of September. The department transferred out 2,300 units and had 500 units in EWIP, 40% complete. There was no BWIP.The
Suppose that Patron Company sells a product for $24. Unit costs are as follows:Direct materials............................................... $4.98Direct labor
Define the term break-even point.
The controller of Jeong Company prepared the following projected income statement:Sales............................................... $92,000Total variable cost..........................
Explain why contribution margin per unit becomes profit per unit above the break-even point.
Amarok Company sold 18,300 units last year at $16.00 each. Variable cost was $13.70, and total fixed cost was $34,500.Required:1. Prepare an income statement for Amarok for last year.2. Calculate the
Belham Company produces and sells disposable foil baking pans to retailers for $3.45 per pan. The variable cost per pan is as follows:Direct materials................................. $0.67Direct
The use of fixed costs to extract higher percentage changes in profits as sales activity changes involvesa. Margin of safety.b. Unit contribution margin.c. Degree of operating leverage.d. Sensitivity
Ciganda Company produces and sells strings of colorful indoor/outdoor lights for holiday display to retailers for $8.10 per string. The variable costs per string are as follows:Direct materials
Andrews Sporting Goods, Inc., produces and sells children’s softball mitts: vinyl mitts and basic leather mitts. Last year, Andrews sold 24,000 vinyl mitts and 12,000 leather mitts. Information on
Dartmouth Company produces a single product with a price of $12, variable cost per unit of $3, and total fixed cost of $7,200.Refer to the information for Dartmouth above. Dartmouth’s break-even
Andrews Sporting Goods, Inc., produces and sells children’s softball mitts: vinyl mitts and basic leather mitts. Last year, Andrews sold 24,000 vinyl mitts and 12,000 leather mitts. Information on
Dartmouth Company produces a single product with a price of $12, variable cost per unit of $3, and total fixed cost of $7,200.The variable cost ratio and the contribution margin ratio for Dartmouth
If a company’s total fixed cost decreases by $10,000, which of the following will be true?a. The break-even point will increase.b. The variable cost ratio will increase.c. The break-even point will
Which of the following is a use of data analytics in cost-volume-profit analysis?a. Developing a cost-volume-profit graph.b. Performing sensitivity analysis on variable costs.c. Performing
Gonzales Company produces a single product. The projected income statement for the coming year is as follows:Sales (46,000 @ $40)................. $1,840,000Total variable cost.......................
Hungry Hannah’s is a small start-up company that delivers food and beverages to customers in business and residential locations via a fleet of autonomous motorized devices, including self-driving
The accounting team at Dakota Inc. conducted a sentiment analysis of customer content posted on the company’s social media platform to help uncover the underlying causes of a recent trend in
Limone Motors manufactures hybrid sports utility vehicles (SUVs). Limone incurs monthly depreciation costs of $25,000,000 on its highly automated plant machinery and warehousing facility. Also, each
Alisha Incorporated manufactures medical stents for use in heart bypass surgery. Based on past experience, Alisha has found that its total maintenance costs can be represented by the following
Shafer Company has gathered data on its overhead activities and associated costs for the past 10 months. Theodore, a member of the controller’s department, has convinced management that overhead
Shafer Company has gathered data on its overhead activities and associated costs for the past 10 months. Theodore, a member of the controller’s department, has convinced management that overhead
Shafer Company has gathered data on its overhead activities and associated costs for the past 10 months. Theodore, a member of the controller’s department, has convinced management that overhead
During the most recent year, Osterman Company had the following data:Refer to the data for Osterman Company above.Required:1. Calculate the cost of goods sold under absorption costing.2. Prepare an
Briefly discuss how using data visualization (an aspect of data analytics) can help accountants and other business decision makers better understand important cost behavior patterns.
Shafer Company has gathered data on its overhead activities and associated costs for the past 10 months. Theodore, a member of the controller’s department, has convinced management that overhead
Sophia operates a full service day spa in a small college town. Recently, Sophia rented space next to her spa and opened a spray tanning salon. She anticipated that the costs for the spray tanning
The total cost for monthly supervisory cost in a factory is $4,500 regardless of how many hours the supervisor works or the quantity of output achieved. This costa. Is strictly variable.b. Is
Sophia operates a full service day spa in a small college town. Recently, Sophia rented space next to her spa and opened a spray tanning salon. She anticipated that the costs for the spray tanning
Jefferson Inc.’s accountants use their sophisticated knowledge of the company’s cost behaviors, such as variable, fixed, mixed, semi-variable, and step costs, to build statistical models
Fixit Company recently entered the competitive home improvement industry. Fixit’s accountant, Woody Splinters, wants to use various types of data analytics to understand and improve the company’s
Explain the meaning of the coefficient of determination.
The method of least squares was used to develop a cost equation to predict the cost of receiving purchased parts at a video game manufacturer. Ninety-six data points from monthly data were used for
Susan Lewis, owner of a florist shop, is interested in predicting the cost of delivering floral arrangements. She collected monthly data on the number of deliveries and the total monthly delivery
At the beginning of the year, Kraisee Company estimated the following costs:Overhead: $720,000Direct labor cost: $900,000Kraisee uses normal costing and applies overhead on the basis of direct labor
Kim Company is a job-order costing firm that uses a plantwide overhead rate based on direct labor hours. Estimated information for the year is as follows:Overhead:
At the end of the year, Kraisee Company provided the following actual information:Overhead: $731,000Direct labor cost:
At the beginning of the year, Tseng Company estimated the following:Overhead $834,000Direct labor hours
Folsom Company manufactures specialty tools to customer order. There are three producing departments. Departmental information on budgeted overhead and various activity measures for the coming year
On July 1, Job 46 had a beginning balance of $1,200. During July, prime costs added to the job totaled $800. Of that amount, direct materials were four times as much as direct labor. The ending
For each of the following independent situations, give the source document that would be referred to for the necessary information.Required:1. Direct materials costing $460 are requisitioned for use
Duweynie Company designs landscape plans and plants the material for clients. On April 1, there were three jobs in process, Jobs 39, 40, and 41. During April, two more jobs were started, Jobs 42 and
Wilson Company has a predetermined overhead rate of $5 per direct labor hour. The job-order cost sheet for Job 145 shows 500 direct labor hours costing $10,000 and materials requisitions totaling
Woods Company is divided into two operating divisions: Battery and Small Motors. The company allocates power and general factory costs to each operating division using the direct method. Power costs
What is product diversity?
Morrisom National Bank has requested an analysis of checking account profitability by customer type. Customers are categorized according to the size of their accounts: low balances, medium balances,
Castle Dale Company uses activity-based costing (ABC). The controller identified two activities and their budgeted costs:Setting up equipment: $ 864,000Other overhead:
Assume that Woods uses the sequential method to allocate support department costs to the operating divisions. General Factory is allocated first in the sequential method for the company.Required:1.
Blusas Company produces two types of women’s blouses: casual and formal. There are four activities associated with the two products. Drivers for the four activities are as follows:Refer to the
Blusas Company produces two types of women’s blouses: casual and formal. There are four activities associated with the two products. Drivers for the four activities are as follows:Refer to the
Valentina Company incurred the following costs last year:Required:1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct
Define manufacturing overhead.
Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling
Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling
Setting objectives and identifying methods to achieve those objectives is calleda. Planning.b. Decision making.c. Controlling.d. Performance evaluation.e. None of these.
What is meant by controlling?
Which of the following items does the IMA’s Management Accounting Competency Framework include as an important role, skill, or ability for successful managerial accountants?a. Data visualizationb.
The objective of profit maximization should be constrained by the requirement that profits be achieved througha. Legal means only.b. Ethical means only.c. Any means possible.d. Both legal and ethical
Explain the difference between cost and expense.
Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $32,000 were put into production. Direct labor of $28,000 (10 workers × 200 hours ×
Clear Water Drinking Company manufactures high-quality drinking flasks for use in dorm rooms, apartments, classrooms, offices, and travel situations where customers desire to transport hot or cold
Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $32,000 were put into production. Direct labor of $28,000 (10 workers × 200 hours ×
Clear Water Drinking Company manufactures high-quality drinking flasks. On March 1, Clear Water had $50,000 of materials in inventory. During the month of March, the company purchased $2,000,000 of
Clear Water Drinking Company manufactures high-quality drinking flasks. During the month of March, the company purchased $2,000,000 of materials. Also during the month of March, Clear Water incurred
Clear Water Drinking Company manufactures high-quality drinking flasks. During the month of March, 200,000 flasks were completed at a cost of goods manufactured of $4,030,000. Suppose that on March
What is allocation?
Clear Water Drinking Company manufactures high-quality drinking flasks and sold 201,000 flasks during the month of March at a total cost of $4,045,000. Each flask sold at a price of $50. Clear Water
How is the practice of data analytics used within management accounting? Provide an example.

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