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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Distinguish between under- and overapplied manufacturing overhead.AppendixLO1
A job order cost sheet for Lowry Company is shown below.Job No. 92 For 2,000 Units (LO 2, 3, 4, 5), AP Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 1 5,000 6,000 5,100 8
Prepare entries for jobs completed and sold.AppendixLO1
Indicate how the predetermined overhead rate is determined and used.AppendixLO1
Explain the nature and importance of a job cost sheet.AppendixLO1
Describe the fl ow of costs in a job order cost system.AppendixLO1
Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.Case A Case B Case C Direct materials used $ (a) $ 83,000 $ 63,150 Direct labor 50,000 140,000
Explain the characteristics and purposes of cost accounting.AppendixLO1
Phillips Company is a manufacturer of computers. Its controller resigned in October 2014. An inexperienced assistant accountant has prepared the following income statement for the month of October
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014.Raw Materials Factory Insurance $ 4,600 Inventory 7/1/13 $ 48,000 Factory Machinery Raw
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.Direct materials used $ 9,600 $ (g)Direct labor 5,000 8,000 Manufacturing overhead 8,000 4,000 Total
Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $325,000 for the year, and machine usage is estimated at 125,000
Bell Company, a manufacturer of audio systems, started its production in October 2014. For the preceding 3 years, Bell had been a retailer of audio systems. After a thorough survey of audio system
Lott Company specializes in manufacturing a unique model of bicycle helmet.The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets
A job cost sheet of Sandoval Company is given below.Job Cost Sheet JOB NO. 469 Quantity 2,500 ITEM White Lion Cages Date Requested 7/2 FOR Todd Company Date Completed 7/31 Direct Direct Manufacturing
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2014.Inventories Beginning Ending Raw materials $9,000 $13,100 Work in
Torre Corporation incurred the following transactions.1 Purchased raw materials on account $46,300.2 Raw materials of $36,000 were requisitioned to the factory. An analysis of the materials
The following information is available for Aikman Company.January 1, 2014 2014 December 31, 2014 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods
Cepeda Corporation has the following cost records for June 2014.Indirect factory labor $ 4,500 Factory utilities $ 400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter’s production.1 Materials purchased on account $192,000, and factory wages
Incomplete manufacturing cost data for Colaw Company for 2014 are presented as follows for four different situations.Total Cost of Direct Direct Manufac- Manufac- Work in Work in Goods Materials
Manufacturing cost data for Copa Company are presented below.Case A Case B Case C Direct materials used $ (a) $68,400 $130,000 Direct labor 57,000 86,000 (g)Manufacturing overhead 46,500 81,600
An incomplete cost of goods manufactured schedule is presented below.MOLINA COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 Work in process (1/1) $210,000 Direct
Lopez Corporation incurred the following costs while manufacturing its product.Materials used in product $120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant
Kwik Delivery Service reports the following costs and expenses in June 2014.Indirect materials $ 5,400 Drivers’ salaries $16,000 Depreciation on delivery equipment 11,200 Advertising 3,600
At May 31, 2014, the accounts of Mantle Company show the following. 1. May 1 inventories—fi nished goods $12,600, work in process $14,700, and raw materials$8,200. 2. May 31 inventories—fi nished
Knight Company reports the following costs and expenses in May.Factory utilities $ 15,500 Direct labor $69,100 Depreciation on factory Sales salaries 46,400 equipment 12,650 Property taxes on factory
Ryan Corporation incurred the following costs while manufacturing its product.Materials used in product $100,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant
Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory.1 Salaries for assembly line inspectors.2 Insurance on factory
Tierney Company begins operations on April 1. Information from job cost sheets shows the following.Manufacturing Costs Assigned Job Month Number April May June Completed 10 $5,200 $4,400 May 11 4,100
The following information is available for Fishel Company.April 1 April 30 Raw materials inventory $10,000 $14,000 Work in process inventory 5,000 3,500 Materials purchased in April $ 98,000 Direct
A music company has these costs:Advertising Paper inserts for CD cases Blank CDs CD plastic cases Depreciation of CD image Salaries of sales representatives burner Salaries of factory maintenance
Use the same data from BE14–10 above and the data below. Determine the missing amounts.Total Work Work Costs of Manufacturing in Process in Process Goods Cost (1/1) (12/31) Manufactured(1) ?
Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations.Direct Direct Total Materials Labor Factory Manufacturing Used Used Overhead
In alphabetical order below are current asset items for Ruiz Company’s balance sheet at December 31, 2014. Prepare the current assets section (including a complete heading).Accounts receivable
Francum Company has the following data: direct labor $209,000, direct materials used $180,000, total manufacturing overhead $208,000, and beginning work in process $25,000. Compute (a) total
Presented below are Dieker Company’s monthly manufacturing cost data related to its personal computer products.(a) Utilities for manufacturing equipment $116,000(b) Raw material (CPU, chips, etc.)
Identify whether each of the following costs should be classified as product costs or period costs.(a) ______ Manufacturing overhead. (d) ______ Advertising expenses.(b) ______ Selling expenses. (e)
Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their manufacturing equivalents:Law Firm Accounts Manufacturing Firm Accounts Supplies Raw Materials Salaries
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials, direct labor, or manufacturing overhead.(a) ______ Windshield. (e) ______ Factory
Determine whether each of the following costs should be classified as direct materials (DM), direct labor (DL), or manufacturing overhead (MO).(a) ______ Frames and tires used in manufacturing
The Sarbanes-Oxley Act (SOX) has important implications for the financial community. Explain two implications of SOX.AppendixLO1
Complete the following comparison table between managerial and financial accounting.Financial Accounting Managerial Accounting Primary users of reports Types of reports Frequency of reports Purpose
What is activity-based costing, and what are its potential benefits?AppendixLO1
Explain what is meant by “balanced” in the balanced scorecard approach.AppendixLO1
Why is product quality important for companies that implement a just-in-time inventory system?AppendixLO1
What is an enterprise resource planning (ERP) system?What are its primary benefits?AppendixLO1
What is the value chain? Describe, in sequence, the main components of a manufacturer’s value chain.AppendixLO1
Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November.Listed below are data
Discuss whether the product costing techniques discussed in this chapter apply equally well to manufacturers and service companies.AppendixLO1
How does the output of manufacturing operations differ from that of service operations?AppendixLO1
In what order should manufacturing inventories be listed in a balance sheet?AppendixLO1
Using the data in Question 17, what are (a) the total cost of work in process and (b) the cost of goods manufactured?AppendixLO1
Tate Inc. has beginning work in process $26,000, direct materials used $240,000, direct labor $220,000, total manufacturing overhead $180,000, and ending work in process $32,000. What are the total
Sealy Company has beginning raw materials inventory$12,000, ending raw materials inventory $15,000, and raw materials purchases $170,000. What is the cost of direct materials used?AppendixLO1
The determination of the cost of goods manufactured involves the following factors: (A) beginning work in process inventory, (B) total manufacturing costs, and(C) ending work in process inventory.
Identify the differences in the cost of goods sold section of an income statement between a merchandising company and a manufacturing company.AppendixLO1
Pure Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client’s consultation is treated as a separate job. Overhead is applied to each job based
Tina Burke is confused about the differences between a product cost and a period cost. Explain the differences to Tina.AppendixLO1
Mel Finney claims that the distinction between direct and indirect materials is based entirely on physical association with the product. Is Mel correct? Why?AppendixLO1
How are manufacturing costs classified?AppendixLO1
Jerry Lang is unclear as to the difference between the balance sheets of a merchandising company and a manufacturing company. Explain the difference to Jerry.AppendixLO1
Tony Andres is studying for his next accounting examination.Explain to Tony what he should know about the differences between the income statements for a manufacturing and for a merchandising
What new rules were enacted under the Sarbanes-Oxley Act to address unethical accounting practices?AppendixLO1
Explain the primary difference between line positions and staff positions, and give examples of each.AppendixLO1
“Decision-making is management’s most important function.” Do you agree? Why or why not?AppendixLO1
Linda Olsen is studying for the next accounting midterm examination. Summarize for Linda what she should know about management functions.AppendixLO1
In what ways can the budgeting process create incentives for unethical behavior?AppendixLO1
How do the content of reports and the verification of reports differ between managerial and financial accounting?AppendixLO1
Distinguish between managerial and financial accounting as to (a) primary users of reports, (b) types and frequency of reports, and (c) purpose of reports.AppendixLO1
(a) “Managerial accounting is a field of accounting that provides economic information for all interested parties.” Do you agree? Explain.(b) Joe Delong believes that managerial accounting serves
Corporate social responsibility refers to:(a) the practice by management of reviewing all business processes in an effort to increase productivity and eliminate waste.(b) an approach used to allocate
Which of the following managerial accounting techniques attempts to allocate manufacturing overhead in a more meaningful fashion?(a) Just-in-time inventory.(b) Total quality management.(c) Balanced
A manufacturer may report three inventories on its balance sheet: (1) raw materials, (2) work in pro cess, and (3) finished goods. Indicate in what sequence these inventories generally appear on a
The formula to determine the cost of goods manufactured is:(a) Beginning raw materials inventory 1 Total manufacturing costs 2 Ending work in process inventory.(b) Beginning work in process inventory
A cost of goods manufactured schedule shows beginning and ending inventories for:(a) raw materials and work in process only.(b) work in process only.(c) raw materials only.(d) raw materials, work in
Cost of goods available for sale is a step in the calculation of cost of goods sold of:(a) a merchandising company but not a manufacturing company.(b) a manufacturing company but not a merchandising
For the year, Redder Company has cost of goods manufactured of $600,000, beginning finished goods inventory of $200,000, and ending finished goods inventory of $250,000. The cost of goods sold is:(a)
Which of the following costs are classified as a period cost?(a) Wages paid to a factory custodian.(b) Wages paid to a production department supervisor.(c) Wages paid to a cost accounting department
Indirect labor is a:(a) nonmanufacturing cost.(b) raw material cost.(c) product cost.(d) period cost.AppendixLO1
Which of the following is not an element of manufacturing overhead?(a) Sales manager’s salary.(b) Plant manager’s salary.(c) Factory repairman’s wages.(d) Product inspector’s
Which of the following costs would a computer manufacturer include in manufacturing overhead?(a) The cost of the disk drives.(b) The wages earned by computer assemblers.(c) The cost of the memory
Direct materials are a:Product Manufacturing Period Cost Overhead Cost(a) Yes Yes No(b) Yes No No(c) Yes Yes Yes(d) No No No AppendixLO1
After passage of the Sarbanes-Oxley Act:(a) reports prepared by managerial accountants must by audited by CPAs.(b) CEOs and CFOs must certify that financial statements give a fair presentation of the
The management of an organization performs several broad functions. They are:(a) planning, directing, and selling.(b) planning, directing, and controlling.(c) planning, manufacturing, and
Managerial accounting:(a) is governed by generally accepted accounting principles.(b) places emphasis on special-purpose information.(c) pertains to the entity as a whole and is highly aggregated.(d)
Identify trends in managerial accounting.AppendixLO1
Explain the difference between a merchandising and a manufacturing balance sheet.AppendixLO1
Indicate how cost of goods manufactured is determined.AppendixLO1
Explain the difference between a merchandising and a manufacturing income statement.AppendixLO1
Distinguish between product and period costs.AppendixLO1
Defi ne the three classes of manufacturing costs.AppendixLO1
Identify the three broad functions of management.AppendixLO1
Explain the distinguishing features of managerial accounting.AppendixLO1
Identify the items that affect retained earnings.AppendixLO1
Kinder Company has these comparative balance sheet data:KINDER COMPANY Balance Sheets December 31 2014 2013 Cash $ 15,000 $ 30,000 Accounts receivable (net) 70,000 60,000 Inventory 60,000 50,000
Wyne Incorporated had the following transactions involving current assets and current liabilities during February 2014.Feb. 3 Collected accounts receivable of $15,000.7 Purchased equipment for
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2014 are presented below.End of Year Beginning of Year Cash and cash
Here are the comparative income statements of Eudaley Corporation.EUDALEY CORPORATION Comparative Income Statements For the Years Ended December 31 2014 2013 Net sales $598,000 $500,000 Cost of goods
Suppose the comparative balance sheets of Nike, Inc. are presented here.NIKE, INC.Comparative Balance Sheets May 31($ in millions)Assets 2014 2013 Current assets $ 9,734 $ 8,839 Property, plant, and

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