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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Lorge Corporation manufactures and sells three different models of exterior doors. Although the doors vary in terms of quality and features, all are good sellers. Lorge is currently operating at full
ComfortCraft manufactures swivel seats for customized vans. It currently manufactures 10,000 seats per year, which it sells for $480 per seat. It incurs variable costs of $180 per seat and fixed
In a recent report, the Del Monte Foods Company reported three separate operating segments: consumer products (which includes a variety of canned foods including tuna, fruit, and vegetables); pet
Expected direct materials purchases in Read Company are $70,000 in the first quarter and $90,000 in the second quarter. Forty percent of the purchases are paid in cash as incurred, and the balance is
The Bozeman Inn is trying to determine its break-even point. The inn has 75 rooms that are rented at $50 a night. Operating costs are as follows.Instructions (a) Determine the inn’s break-even
Lake Electronix sells television sets and DVD players. The business is divided into two divisions along product lines. CVP income statements for a recent quarter’s activity are presented below.(a)
Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.Polk Company sells the fishing lures for $25.
Langdon Company produced 10,000 units during the past year, but only 9,000 of the units were sold. The following additional information is also available.There was no work in process inventory at the
Pearson Inc. produces wooden crates used for shipping products by ocean liner.In 2012, Pearson incurred the following costs.Assume Pearson used an average 500 kilowatt-hours each month over the past
Thakin Stairs Co. of Moore designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of
Kinnard Electronics manufactures two home theater systems: the Elite which sells for $1,400, and a new model, the Preferred, which sells for $1,100. The production cost computed per unit under
Luxury Furniture designs and builds factory-made, premium, wood armoires for homes. All are of white oak. Its budgeted manufacturing overhead costs for the year 2012 are as follows.For the last 4
East Valley Hospital is a primary medical care facility and trauma center that serves 11 small, rural midwestern communities within a 40-mile radius. The hospital offers all the medical/surgical
Ideal Manufacturing Company of Sycamore, Illinois, has supported a research and development(R&D) department that has for many years been the sole contributor to the company’s new farm machinery
Hewlett-Packard (HP) is considered one of the best-managed and most innovative companies in the world. It continually has shown an ability to adapt to global competitive challenges through technical
Activity-based costing methods are constantly being improved upon, and many websites discuss suggestions for improvement. The article in this activity outlines an alternative perspective on
Your phone service provider offers a plan that is classified as a mixed cost. The cost per month for 1,000 minutes is $50. If you use 2,000 minutes this month, your cost will be:(a) $50. (c) more
Cournot Company sells 100,000 wrenches for $12 a unit. Fixed costs are $300,000, and net income is$200,000. What should be reported as variable expenses in the CVP income statement?(a) $700,000. (c)
Gossen Company is planning to sell 200,000 pliers for $4 per unit. The contribution margin ratio is 25%.If Gossen will break even at this level of sales, what are the fixed costs?(a) $100,000. (c)
Marshall Company had actual sales of $600,000 when break-even sales were $420,000. What is the margin of safety ratio?(a) 25%. (c)33 1⁄3%.(b) 30%. (d) 45%.
Hadicke Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,000 units. The utilities and maintenance
Green Forever provides environmentally friendly lawn services for homeowners.Its operating costs are as follows.Green Forever charges $60 per treatment for the average single-family lawn.Instructions
The San Marcos Inn is trying to determine its break-even point. The inn has 50 rooms that it rents at $60 a night. Operating costs are as follows.Instructions Determine the inn’s break-even point
Airport Connection provides shuttle service between four hotels near a medical center and an international airport. Airport Connection uses two 10-passenger vans to offer 12 round trips per day. A
Hardwood Seating Co., a manufacturer of chairs, had the following data for 2012.Instructions (a) What is the contribution margin ratio?(b) What is the break-even point in dollars?(c) What is the
Stephen Thorne owns the Fredonia Barber Shop. He employs five barbers and pays each a base rate of $1,000 per month. One of the barbers serves as the manager and receives an extra $500 per month. In
Lyman 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 2012,
Colaw 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 2012,
Martinez Company has decided to introduce a new product. The new product can be manufactured by either a capital-intensive method or a labor-intensive method. The manufacturing method will not affect
The Coca-Cola Company hardly needs an introduction. A line taken from the cover of a recent annual report says it all: If you measured time in servings of Coca-Cola, “a billion Coca-Cola’s ago
Ganong Bros. Ltd., located in St. Stephen, New Brunswick, is Canada’s oldest independent candy company. Its products are distributed worldwide. In 1885, Ganong invented the popular “chicken
Your roommate asks your help on the following questions about CVP analysis formulas.(a) How can the mathematical equation for break-even sales show both sales units and sales dollars?(b) How do the
Which one of the following is the format of a CVP income statement? (a) Sales - Variable costs Fixed costs + Net income. Fixed costs - Variable costs - Operating (b) Sales Net income. expenses (c)
The following information is available for Chap Company.Sales $350,000 Cost of goods sold $120,000 Total fixed expenses $60,000 Total variable expenses $100,000 Which amount would you find on
Gabriel Corporation has fixed costs of $180,000 and variable costs of $8.50 per unit. It has a target income of $268,000. How many units must it sell at $12 per unit to achieve its target net
If the contribution margin per unit is $15 and it takes 3.0 machine hours to produce the unit, the contribution margin per unit of limited resource is:(a) $25.(b) $5.(c) $4.(d) No correct answer is
When a company has a limited resource, it should apply additional capacity of that resource to providing more units of the product or service:(a) that has the highest contribution margin.(b) that has
Montana Company produces basketballs. It incurred the following costs during the year.What are the total product costs for the company under variable costing? Direct labor Direct materials Fixed
Rich 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. (e)
Santana Corporation manufactures snowmobiles in its Blue Mountain, Wisconsin, plant. The following costs are budgeted for the first quarter’s operations.Instructions Classify the above costs of
Wilmington, Inc. is interested in using its activity-based costing system to improve its operating efficiency and its profit margins by applying activity-based management techniques. As part of this
Lasso and Markowitz is a law firm that is initiating an activity-based costing system. Sam Lasso, the senior partner and strong supporter of ABC, has prepared the following list of activities
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
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
Kwik Delivery Service reports the following costs and expenses in June 2012 Indirect materials $ 5,400 Drivers’ salaries $16,000 Depreciation on delivery equipment 11,200 Advertising 3,600
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
An incomplete cost of goods manufactured schedule is presented below.Instructions Complete the cost of goods manufactured schedule for Molina Manufacturing Company. Work in process (1/1) Direct
Cepeda Corporation has the following cost records for June 2012.Indirect factory labor $ 4,500 Factory utilities $ 400 Direct materials used 20,000 Depreciation, factory equipment 1,400 Work in
Chambers Manufacturing Company produces blankets. From its accounting records, it prepares the following schedule and financial statements on a yearly basis.(a) Cost of goods manufactured
Data for Roberts Manufacturing are presented inE14-16.Instructions Beginning with the adjusted trial balance, prepare a partial worksheet for Roberts Manufacturing using the format shown in
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
Agler Company specializes in manufacturing motorcycle helmets. The company has enough orders to keep the factory production at 1,000 motorcycle helmets per month.Agler’s monthly manufacturing cost
Anchor Glass Container Corporation, the third largest manufacturer of glass containers in the United States, supplies beverage and food producers and consumer products manufacturers nationwide.
The Institute of Management Accountants (IMA) is an organization dedicated to excellence in the practice of management accounting and financial management.Address: www.imanet.org, or go to
Cost accounting involves the measuring, recording, and reporting of:(a) product costs.(b) future costs.(c) manufacturing processes.(d) managerial accounting decisions.
In accumulating raw materials costs, companies debit the cost of raw materials purchased in a perpetual system to:(a) Raw Materials Purchases.(b) Raw Materials Inventory.(c) Purchases.(d) Work in
The formula for computing the predetermined manufacturing overhead rate is estimated annual overhead costs divided by an expected annual operating activity, expressed as:(a) direct labor cost.(b)
In Crawford Company, the predetermined overhead rate is 80% of direct labor cost. During the month, Crawford incurs $210,000 of factory labor costs, of which $180,000 is direct labor and $30,000 is
Mynex Company completes Job No. 26 at a cost of$4,500 and later sells it for $7,000 cash. A correct entry is:(a) Debit Finished Goods Inventory $7,000 and credit Work in Process Inventory $7,000.(b)
At the end of an accounting period, a company using a job order costing system prepares the cost of goods manufactured:(a) from the job cost sheet.(b) from the Work in Process Inventory account.(c)
At end of the year, a company has a $1,200 debit balance in Manufacturing Overhead. The company:(a) makes an adjusting entry by debiting Manufacturing Overhead Applied for $1,200 and crediting
Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their manufacturing equivalents:Cost data for the month of March follow.1. Purchased supplies on account
Pure Decorating uses a job order costing 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
Stellar Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference.On June 1, 2012, the
Agassi Manufacturing Company 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 D,
Net Play 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
In the course of routine checking of all journal entries prior to preparing year-end reports, Betty Eller discovered several strange entries. She recalled that the president’s son Joe had come in
Founded in 1970, Parlex Corporation is a world leader in the design and manufacture of flexible interconnect products. Utilizing proprietary and patented technologies, Parlex produces custom flexible
The Institute of Management Accountants sponsors a certification for management accountants, allowing them to obtain the title of Certified Management Accountant.Address: www.imanet.org, or go to
The Mixing Department’s output during the period consists of 20,000 units completed and transferred out, and 5,000 units in ending work in process 60%complete as to materials and conversion costs.
In RYZ Company, there are zero units in beginning work in process, 7,000 units started into production, and 500 units in ending work in process 20%completed. The physical units to be accounted for
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 begin- ning
Using the data inBE16-11, prepare the cost section of the production cost report for Sanderson Company.
Kopa Company manufactures CH-21 through two processes: Mixing and Packaging. In July, the following costs were incurred.Mixing Packaging Raw materials used $10,000 $28,000 Factory labor costs 8,000
The Blending Department of Luongo Company has the following cost and production data for the month of April.Units transferred out totaled 17,000. Ending work in process was 1,000 units that are 100%
Kostrivas Company has gathered the following information.Instructions (a) Compute equivalent units of production for materials and for conversion costs.(b) Determine the unit costs of production.(c)
Overton Company has gathered the following information.Instructions (a) Compute equivalent units of production for materials and for conversion costs.(b) Determine the unit costs of production.(c)
Remington Shipping, Inc. is contemplating the use of process costing to track the costs of its operations. The operation consists of three segments (departments): receiving, shipping, and delivery.
Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the month of May are as
Venuchi Cleaner Company uses a weighted-average process costing system and manufactures a single product—an all-purpose liquid cleaner. The manufacturing activity for the month of March has just
Holiday Company manufactures basketballs and soccer balls. For both products, materials are added at the beginning of the production process and conversion costs are incurred uniformly. Holiday uses
Harris Furniture Company manufactures living room furniture through two departments:Framing and Upholstering. Materials are entered at the beginning of each process. For May, the following cost data
The May 10, 2004, edition of the Wall Street Journal includes an article by Evan Ramstad entitled “A Tight Squeeze” (page R9).Instructions Read the article and answer the following questions.(a)
Paintball is now played around the world. The process of making paintballs is actually quite similar to the process used to make certain medical pills. In fact, paintballs were previously often made
An activity that adds costs to the product but does not increase its market value is a:(a) value-added activity. (c) cost–benefit activity.(b) cost driver. (d) non–value-added activity.
A relevant facility-level cost driver for heating costs is:(a) machine hours.(b) direct material.(c) floor space.(d) direct labor cost.
Direct materials are a: Product Manufacturing Period Cost Overhead Cost 3000 (a) Yes Yes No (b) Yes No No (c) Yes Yes Yes (d) No No No
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.
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
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
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)
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
The income statement of Hauser Company is presented on the next page.Additional information:1. Accounts receivable decreased $290,000 during the year, and inventory increased$140,000.2. Prepaid
The income statement of Zamora Inc. reported the following condensed information.Zamora has no depreciable assets. Accounts payable pertain to operating expenses.Instructions Prepare the operating
Presented on the next page are the comparative balance sheets for Lybeck Company at December 31.Additional information:1. Operating expenses include depreciation expense $65,000 and charges from
The financial statements of Tootsie Roll Industries are presented in Appendix A.Instructions Answer the following questions.(a) What was the amount of net cash provided by operating activities for
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll Industries in Appendix A.Instructions(a) Based on the information in
The March 4, 2010, edition of the Wall Street Journal Online contains an article by Jeffrey McCracken and Tom McGinty entitled “With Fistfuls of Cash, Firms on Hunt.”Instructions Read the article
The incredible growth of Amazon.com has put fear into the hearts of traditional retailers. Its stock price has soared to amazing levels. However, in 2001 many investors were very concerned about
Purpose: Use the Internet to view SEC filings.Address: biz.yahoo.com/i, or go to www.wiley.com/college/kimmel Steps 1. Enter a company’s name.2. Choose Quote. Answer questions (a) and (b).3. Choose

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