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managerial accounting tools for business decision making
Questions and Answers of
Managerial Accounting Tools For Business Decision Making
What might be the reason that movie studios do not produce G-rated movies as much as R-rated ones?
Describe a situation in which a business "sells as much as it can" but cannot "keep its employees paid."
What approach did Time Warner use to prepare the old budget? What approach did it use to prepare the new budget?
Why does it matter whether the Olympic Games exceed their budget?
In Mussatto Company, direct labor is \(\$ 20\) per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2010, direct labor totaling \(\$ 203,000\) is incurred in
Wasson, Inc. reports the following financial information.Compute the return on investment and the residual income. Average operating assets Controllable margin Minimum rate of return $3,000,000 $
The Sports Equipment Division of Brandon McCarthy Company is operated as a profit center. Sales for the division were budgeted for 2008 at \(\$ 900,000\). The only variable costs budgeted for the
Presented below is selected information for three regional divisions of Yono Company.Instructions:(a) Compute the return on investment for each division.(b) Compute the residual income for each
Krause Farm Supply Company manufactures and sells a fertilizer called Basic II. The following data are available for preparing budgets for Basic II for the first 2 quarters of 2010 .1. Sales: Quarter
Mercer Inc. is preparing its annual budgets for the year ending December 31, 2010. Accounting assistants furnish the following data.An accounting assistant has prepared the detailed manufacturing
Litwin Industries has sales in 2010 of \(\$ 4,900,000\) (700,000 units) and gross profit of \(\$ 1,187,500\). Management is considering two alternative budget plans to increase its gross profit in
Orton Company prepares monthly cash budgets. Relevant data from operating budgets for 2011 are:All sales are on account. Collections are expected to be \(60 \%\) in the month of sale, \(30 \%\) in
Soriano Company is preparing its budgeted income statement for 2010. Relevant data pertaining to its sales, production, and direct materials budgets can be found in the Do It! exercise on page
Besides increasing their conversion rates, what steps can online merchants use to lower their break-even points?
Why do you suppose restaurants are so eager to sell' beverages and desserts?
What is the limited resource for a retailer, and what implications does this have for sales mix?
As a result of being in business for a long time, the established airline giants also must pay very large retirement payments, a cost the newer airlines do not face. What impact do these payments
In the month of June, Angela's Beauty Salon gave 3,500 haircuts, shampoos, and permanents at an average price of \(\$ 30\). During the month, fixed costs were \(\$ 16,800\) and variable costs were
Ger Company reports the following operating results for the month of August: Sales \(\$ 300,000\) (units 5,000); variable costs \(\$ 210,000\); and fixed costs \(\$ 70,000\). Management is
Hall Company had sales in 2010 of \(\$ 1,500,000\) on 60,000 units. Variable costs totaled \(\$ 720,000\), and fixed costs totaled \(\$ 400,000\).A new raw material is available that will decrease
Moctezuma Inc. produces and sells three products. Unit data concerning each product is shown below.The company has 2,000 hours of labor available to build inventory in anticipation of the company's
Hardwood Inc. produces wooden crates used for shipping products by ocean liner. In 2010, Hardwood incurred the following costs.Assume Hardwood used an average 500 kilowatt-hours each month over the
Griffey Manufacturing's sales slumped badly in 2010. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 500,000 units
Washington Corporation has collected the following information after its first year of sales. Net sales were \(\$ 2,400,000\) on 200,000 units; selling expenses \(\$ 360,000\) ( \(30 \%\) variable
Zaki Metal Company produces the steel wire that is used for the production of paper clips. In 2009, the first year of operations, Zaki produced 40,000 miles of wire and sold 30,000 miles. In 2010 ,
In Astoria Company, data concerning two products are: Contribution margin per unit-Product A \$10, Product B \$12; machine hours required for one unitProduct A 2, Product B 3. Compute the
Ron's Shingle Corporation is considering the purchase of a new automated shingle-cutting machine. The new machine will reduce variable labor costs but will increase depreciation expense. Contribution
Logan Corporation manufactures two products with the following characteristics.If Logan's machine hours are limited to 2,000 per month, determine which product it should produce. Product 1 Product 2
Are the costs associated with use of the computer-driven cutting machines fixed or variable?
How did Flight Serve determine that it would break even with 3.3 seats full per flight?
What amount of sales dollars are required for the promoter to break even?
Garner Manufacturing Inc. sold 20,000 units and recorded sales of $800,000 for the first quarter of 2010. In making the sales, the company incurred the fol- lowing costs and expenses.(a) Prepare a
Krisanne Company reports the following operating results for the month of June.To increase net income, management is considering reducing the selling price by \(10 \%\), with no changes to unit
Manzeck Bicycles International produces and sells three different types of mountain bikes. Information regarding the three models is shown below.The company's total fixed costs to produce the
Carolina Corporation manufactures and sells three different types of high- quality scaled ball bearings. The bearings vary in terms of their quality specifications- primarily with respect to their
Justin and Andrea Doll Company produces and sells tennis balls. The following costs are available for the year ended December 31, 2010. The company has no beginning inventory. In 2010, 8,000,000
The Galena Barber Shop employs four barbers. One barber, who also serves as the manager, is paid a salary of \(\$ 3,200\) per month. The other barbers are paid \(\$ 1,400\) per month. In addition,
Wilks Company bottles and distributes No-FIZZ, a fruit drink. The beverage is sold for 50 cents per 16 -ounce bottle to retailers, who charge customers 70 cents per bottle. For the year 2010,
Milner Manufacturing had a bad year in 2010. For the first time in its history it operated at a loss. The company's income statement showed the following results from selling 60,000 units of product:
Anne Ogilvie is the advertising manager for Thrifty Shoe Store. She is currently working on a major promotional campaign. Her ideas include the installation of a new lighting system and increased
Washington Corporation has collected the following information after its first year of sales. Net sales were \(\$ 2,400,000\) on 200,000 units; selling expenses \(\$ 360,000\) ( \(30 \%\) variable
Bruno Manufacturing Inc. had sales of \(\$ 2,200,000\) for the first quarter of 2010. In making the sales, the company incurred the following costs and expenses.Prepare a CVP income statement for the
Turgro Corp. had total variable costs of \(\$ 180,000\), total fixed costs of \(\$ 160,000\), and total revenues of \(\$ 300,000\). Compute the required sales in dollars to break even.
For MeriDen Company, variable costs are \(60 \%\) of sales, and fixed costs are \(\$ 195,000\). Management's net income goal is \(\$ 75,000\). Compute the required sales in dollars needed to achieve
For Dousmann Company actual sales are \(\$ 1,200,000\) and break-even sales are \(\$ 840,000\). Compute (a) the margin of safety in dollars and (b) the margin of safety ratio.
PCB Corporation has fixed costs of \(\$ 480,000\). It has a unit selling price of \(\$ 6\), unit variable cost of \(\$ 4.50\), and a target net income of \(\$ 1,500,000\). Compute the required sales
The controller of Gutierrez Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs.Instructions:(a) Determine the fixed and variable
In 2008, Hadicke Company had a break-even point of \(\$ 350,000\) based on a selling price of \(\$ 7\) per unit and fixed costs of \(\$ 105,000\). In 2009 , the selling price and the variable cost
Utech Company bottles and distributes Livit, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2010,
Why does using direct labor as the basis for overhead allocation result in lower direct labor costs for Japanese companies?
What positive implications does application of \(\mathrm{ABC}\) have for the employees of this company?
What are the benefits of reducing setup time?
Waves Galore, Inc. manufactures hair curlers and blow-dryers. The handheld hair curler is Waves Galore's high volume product ( 80,000 units annually). It is a "large barrel," 20-watt, triple-heat
Kitchen Kabinets Company designs and builds upscale kitchen cabinets for luxury homes. Many of the kitchen cabinet and counter arrangements are custom made, but occasionally the company does mass
Vino Verite Corporation produces two grades of wine from grapes that it buys from California growers. It produces and sells, in 1 -gallon jugs, roughly 800,000 gallons per year of a low-cost,
Farm and Home Veterinary Clinic is a small-town partnership that offers two primary services, farm animal services and pet care services. Providing veterinary care to farm animals requires travel to
Wilkins Corporation manufactures safes-large mobile safes, and large walk-in stationary bank safes. As part of its annual budgeting process, Wilkins is analyzing the profitability of its two
Dewey and Cheatam is a law firm that is initiating an activity-based costing system. Jim Dewey, the senior partner and strong supporter of ABC, has prepared the following list of activities performed
Lift Jack Company, as shown in Illustration 17-3, page 869, has seven activity cost pools and two products. It expects to produce 200,000 units of its automo- bile scissors jack and 80,000 units of
Gomez Company identifies three activities in its manufacturing process: machine setups, machining, and inspections. Estimated annual overhead cost for each activity is \(\$ 180,000, \$ 325,000\), and
Computer Parts, Inc., a manufacturer of computer chips, employs activity-based costing. The following budgeted data for each of the activity cost pools is provided below for the year 2010.For 2010,
Jerry Lewis Novelty Company identified the following activities in its production and support operations. Classify each of these activities as either value-added or non-value-added. (a) Purchasing.
Rowan and Martin is an architectural firm that is contemplating the installation of activity-based costing. The following activities are performed daily by staff architects. Classify these activities
Atkins Corporation manufactures in separate processes refrigerators and freezers for homes. In each process, materials are entered at the beginning and conversion costs are incurred uniformly.
McNally Company manufactures a nutrient, Everlife, through two manufacturing processes: Blending and Packaging. All materials are entered at the beginning of each process. On August 1, 2010,
Crosby Company has several processing departments. Costs charged to the Assembly Department for October 2010 totaled \(\$ 1,354,400\) as follows.Production records show that 25,000 units were in
Kiley Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost
Some of you may ultimately own or manage a small manufacturing company. Suppose you manage Logan Company, which manufactures bird houses in four departments. The first department is Sawing. It is
What is the result if a company uses the wrong "cost driver" to assign manufacturing overhead?
In what ways has cost accounting probably become more critical for Microsoft in recent years?
What criteria should be considered when selecting a cost accounting system for a service company?
Silva Co. started and completed 2,000 units for the period. Its beginning inventory is 600 units \(25 \%\) complete and its ending inventory is 400 units \(20 \%\) complete. Silva uses the FIFO
The Welding Department of Hirohama Manufacturing Company has the following production and manufacturing cost data for February 2010. All materials are added at the beginning of the process. Hirohama
In a production cost report, units to be accounted for are calculated as:(a) Units started into production + Units in ending work in process.(b) Units started into production - Units in beginning
Lowry Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2010, Job No. 25 was the only job in process. The costs incurred
Chris Duncan is a contractor specializing in custom-built jacuzzis. On May 1, 2010 , his ledger contains the following data.The Manufacturing Overhead account has debit totals of \(\$ 12,500\) and
Eckstein Manufacturing uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A, direct
What type of costs do you think the company had been underestimating?
What types of costs will service companies report in job order cost systems?
What feature of these businesses creates an incentive to misstate cost accounting data on particular jobs? What can customers do to protect themselves from overbilling?
Ladoca Company, a manufacturer of tennis rackets, started proctuction in November 2010. For the preceding 5 years Ladoca had been a retailer of sports equipment. After a thorough survey of tennis
The following data were taken from the records of Ruiz Manufacturing Company for the year ended December 31, 2010.Instructions:(a) Prepare a cost of goods manufactured schedule. (Assume all raw
Agler Company is a manufacturer of toys. Its controller, Joyce Rotzen, resigned in August 2010. An inexperienced assistant accountant has prepared the following income statement for the month of
What are some of the steps that this company has taken in order to ensure that production meets demand?
Why might Nissan production require significantly fewer labor hours?
Why is it important to keep track of costs that are incurred to improve product quality?
Medina Manufacturing Company uses a simple manufacturing accounting system. At the end of its fiscal year on August 31, 2010, the adjusted trial balance contains the following accounts.Physical
Direct materials are a: Product Cost Manufacturing Overhead Period Cost (a) Yes Yes No (b) Yes No No (c) Yes Yes Yes (d) No No No
The formula to determine the cost of goods manufactured is:(a) Beginning raw materials inventory + Total manufacturing costs - Ending work in process inventory.(b) Beginning work in process inventory
Examples of recent trends in the economic environment of U.S. businesses are:(a) increasing deregulation, decreasing global conpetition, and a shift toward providing services rather than goods.(b)
If a company takes a large restructuring charge, what is the effect on the company's current income statements versus future ones?
How might management influence a company's current ratio?
Why might adding extra pages to the annual report not be beneficial to investors and analysts? What should be management's overriding objective in financial reporting?
Plano Corporation reported net income \(\$ 24,000\); net sales \(\$ 400,000\); and average assets \(\$ 600,000\) for 2010. What is the 2010 profit margin ratio?(a) \(6 \%\)(c) \(40 \%\).(b) \(12
Compute the days in inventory for 2010.(a) 64.4 days(b) 60.8 days.(c) 6 days.(d) 24 days
Compute the current ratio for 2010.(a) \(1.26: 1\)(b) \(3.0: 1\)(c) \(0.80: 1\)(d) \(3.75: 1\)
Compute the profit margin ratio for 2010.(a) \(17.1 \%\)(b) \(18.1 \%\)(c) \(37.9 \%\)(d) \(5.9 \%\)
Compute the return on common stockholders' equity for 2010(a) \(47.9 \%\).(b) \(51.7 \%\)(c) \(40.7 \%\)(d) \(44.0 \%\)
Compute the times interest earned for 2010.(a) 11.2 times(b) 65.3 times(c) 14.0 times(d) 13.0 times
What amount did Tootsie Roll Industries report as "Other comprehensive earnings" in 2007? By what percentage did Tootsie Roll's "Comprehensive earnings" differ from its "Net earnings"?
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