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managerial accounting

Managerial Accounting 1st Edition Stacey WhitecottonRobert LibbyRobert Libby, Patricia LibbyRobert Libby, Fred Phillips - Solutions

Information technology has made it easier for managers to perform all of the following tasks except:a. Sensitivity analysesb. Rolling up individual units' budgets into the companywide budgetc. Removing slack from the budgetd. Preparing responsibility center performance reports that identify
Which of the following managers is at the highest level of the organization?a. Investment center managerb. Revenue center managerc. Profit center managerd. Cost center manager
Suppose a company budgets \(\$ 5\) million for customer service costs but actually spends \(\$ 4\) million.a. Because this \(\$ 1\) million variance is favorable, management does not need to investigate further.b. Management will investigate this \(\$ 1\) million unfavorable variance to try to
Petra prepared a budget for her summer break. She planned to earn \(\$ 3,000\) working for 3 months in a restaurant in Vail, Colorado. She planned to spend \(\$ 2,700\) on housing, food, and other expenses. At the end of the summer, she reviewed her bank account and found that she earned \(\$
Identify the order in which you would prepare the following components of the operating budget. Number from 1 to 4 to indicate first to last in preparation. (p. 1105)a. Budgeted income statementb. Operating expenses budgetc. Sales budgetd. Inventory, purchases, and cost of goods sold budget
Eagle Outfitters expects to sell 5,000 water bottles in January and 6,000 water bottles in February for \(\$ 10\) each. Prepare the sales budget for January and February.
Eagle Outfitters expects revenue of \(\$ 2,000\) in June, \(\$ 1,500\) in July, and \(\$ 1,800\) in August for sales of hiking socks. Suppose the cost of goods sold averages \(40 \%\) of sales. Beginning inventory in June is expected to be \(\$ 100\). Ending inventory is \(50 \%\) of next month's
Eagle Outfitter's store in Butte, Montana, is projecting sales as follows: January, \$50,000; February, \$80,000; March, \$40,000; April, \$50,000. Cash sales are \(60 \%\) of total sales; credit sales are \(40 \%\). Prepare the sales budget showing the portion of total sales estimated as cash
Refer to the information in S22-6. Suppose cost of goods sold averages \(75 \%\) of sales. Ending inventory is \(\$ 20,000\) plus \(80 \%\) of cost of goods sold for next month. January 1 inventory balance is \(\$ 48,000\). Prepare the Butte store's inventory; purchases, and cost of goods sold
Waterking sells crystal vases. Budgeted sales are \(\$ 40,000\) for March and \(\$ 50,000\) for April. Sales are planned to be \(80 \%\) cash and \(20 \%\) on credit. The balance of Accounts Receivable on February 28 is \(\$ 9,000\). Credit sales are collected in the following month. Prepare a
Waterking sells crystal vases. Budgeted purchases are \(\$ 25,000\) for May and \(\$ 30,000\) for June. Waterking pays for \(60 \%\) of inventory purchases in the month of the purchase and \(40 \%\) in the next month. The balance of Accounts Payable on April 30 is \(\$ 8,000\). Prepare the budgeted
Petra is preparing a budget for her first semester in college. She has saved \(\$ 2,000\) from her summer job. She will receive \(\$ 5,000\) in scholarships and \(\$ 2,500\) from the university as a work study. Her dorm will cost \(\$ 3,500\); food, \(\$ 1,200\); and transportation, \(\$ 1,000\).
Coles has \(\$ 8,300\) cash on hand on January 1. The company requires a minimum cash balance of \(\$ 7,500\). Budgeted January cash collections are \(\$ 548,330\). Total cash payments for January are expected to be \(\$ 563,200\). Prepare a cash budget for January. Will Coles need to borrow cash
Daniel Garcia owns a chain of travel goods stores. Last year, his sales staff sold 10,000 suitcases at an average sale price of \(\$ 150\). Variable expenses were \(80 \%\) of sales revenue, and the total fixed expense was \(\$ 120,000\). This year the chain sold more-expensive product lines. Sales
Spencer Inc. sells tire rims. Its sales budget for the nine months ended September 30, 2008, follows:In the past, cost of goods sold has been \(60 \%\) of total sales. The director of marketing and the financial vice president agree that each quarter's ending inventory should not be below \(\$
Olivas International, Inc., is an exotic car dealership. Suppose that its Los Angeles office projects that 2007 quarterly sales will increase by \(3 \%\) in quarter 1 , by \(4 \%\) in quarter 2 , by \(6 \%\) in quarter 3 , and by \(5 \%\) in quarter 4. Management expects operating expenses to be
Agua Ole is a distributor of bottled water. For each of items a through c, compute the amount of cash receipts or payments Agua Olé will budget for September. The solution to one item may depend on the answer to an earlier item.a. Management expects to sell equipment that cost \(\$ 16,000\) at a
Lim Auto Parts, a family-owned auto parts store, began January with \(\$ 10,500\) cash. Management forecasts that collections from credit customers will be \(\$ 11,000\) in January and \(\$ 15,000\) in February. The store is scheduled to receive \(\$ 6,000\) cash on a business note receivable in
Use the following March operating information and February 28 account balances to prepare a budgeted balance sheet for Oleanders at March 31, 2008.March operating activity information Budgeted sales, \(\$ 12,200\), all on credit Cost of goods sold, \(60 \%\) of sales March depreciation expense,
WebTouch is a Fresno company that sells cell phones and PDAs on the Web. WebTouch has assistant managers for its digital and video cell phone operations. These assistant managers report to the manager of the total cell phone product line, who with the manager of PDAs reports to the manager for
24/7, Inc. is an international company that provides customer call services to the United States, Great Britain, and Canada. The following reports have been partially completed. Calculate the amounts for items (a) through \((\mathrm{g}). Operating Income by Country China India Operating income CEO
Representatives of the various departments of Go Cycles have assembled the following data. As the business manager, you must prepare the budgeted income statements for August and September 2008.Sales budget information: Sales in July were \(\$ 196,000\). You forecast that monthly sales will
Refer to P22-23A. You have gathered information to complete the cash budget for Go Cycles.Budgeted cash collections information: Sales are 50\% cash and \(50 \%\) credit. (Use sales on the last two lines of P22-23A, Req. 2.) Credit sales are collected in the month after the sale.Budgeted cash
The Pottery Store has applied for a loan. First Central Bank has requested a budgeted balance sheet at June 30, 2009, and a budgeted statement of cash flows for June. As the controller (chief accounting officer) of The Pottery Store, you have assembled the following information:May 31 balance sheet
EStore is a chain of home electronics stores. Each store has a manager who answers to a city manager, who in turn reports to a statewide manager. The actual income statements of Store No. 23, all stores in the Phoenix area (including Store No. 23), and all stores in the state of Arizona (including
Is each of the following most likely a cost center, a revenue center, a profit center, or an investment center?a. Purchasing Department of Milliken, a textile manufacturerb. Quality Control Department of Mayfield Dairiesc. European subsidiary of Coca-Colad. Payroll Department of the University of
The budget committee of Omaha Office Supply Co. has assembled the following data. As the business manager, you must prepare the budgeted income statements for May and June 2008.Sales budget information: Sales in April were \(\$ 42,100\). You forecast that monthly sales will increase \(2.0 \%\) in
Refer to P22-28B. You have gathered the following information to complete the cash budget for Omaha Office Supply:Budgeted cash collections information: Sales are 70\% cash and 30\% credit. (Use the rounded sales on the last two lines of P22-28B, Req. 2.) Credit sales are collected in the month
Greely Printing of Albany has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2009, and a budgeted statement of cash flows for April. As Greely's controller, you have assembled the following information:March 31 balance sheet information: Cash, \(\$ 45,600\);
Doggy World operates a chain of pet stores in the South. The manager of each store reports to the region manager, who in turn reports to headquarters in Atlanta, Georgia. The actual income statements for the Miami store, the Florida region (including the Miami store), and the company as a whole
Is each of the following most likely a cost center. a revenue center. a profit center, or an investment center?a. Shipping department of Amazon.comb. Eastern district of a salesperson's territoryc. Hurricane victims relief activities of a church or synagogued. Catering operation of Sonny's BBQ
Boxer Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:Required:1. Using the weighted average method of process costing, complete each of the following steps:a. Reconcile the number of
Refer to the information for Boxer Corporation in PA3-1.Required:Complete all requirements for PA3-1 using the FIFO method.Data from PA3-1Boxer Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following
Seemore Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows:Required:1. Using the weighted average method of process costing, complete each of the following
Refer to the information in PA3-3 for Seemore Company.Required:Prepare Seemore’s journal entries to record each of the following transactions.(a) Added direct materials to production during March.(b) Applied conversion cost during March.(c) Transferred costs of completed units to Finished Goods
Refer to the information in PA3-3 for Seemore Company.Required:Complete all requirements for PA3-3 using the FIFO method.Data from PA3-3Seemore Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information
Gotcha Co. makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginning of the manufacturing process. Information for the month of September follows:Required:1. Using the weighted average method of process costing, complete each of the following
Refer to the information in PA3-6 for Gotcha Company.Required:Complete all requirements for PA3-6 using the FIFO method.Data from PA3-6Gotcha Co. makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginning of the manufacturing process. Information
Zoinks Inc. produces a popular brand of energy drink. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:Required 1. Using the weighted average method of process costing, complete each of the following steps:a. Reconcile the
Refer to the information about Zoinks Inc. in PB3-1.Required:Complete all requirements for PB3-1 using the FIFO method.Data from PB3-1Zoinks Inc. produces a popular brand of energy drink. It adds all materials at the beginning of the manufacturing process. The company has provided the following
Firelight Company makes camping tents in a single production department. All direct materials are added at the beginning of the manufacturing process. Information for the month of July follows:Required:1. Using the weighted average method of process costing, complete each of the following steps:a.
Refer to the information in PB3-3 for Firelight Company Required:Prepare Firelight’s journal entries to record each of the following transactions.(a) Added direct materials to production during July.(b) Applied conversion cost during July.(c) Transferred costs of completed units to Finished Goods
Refer to the information in PB3-3 for Firelight Company.Required:Complete all requirements for PB3-3 using the FIFO method.Data from PB3-3Firelight Company makes camping tents in a single production department. All direct materials are added at the beginning of the manufacturing process.
Bright Line Inc. makes one model of lighted baby toy. All direct materials are added at the beginning of the manufacturing process. Information for the month of September follows.Required:1. Using the weighted average method of process costing, complete each of the following steps:a. Reconcile the
Refer to the information in PB3-6 for Bright Line Inc.Required:Complete all requirements for PB3-6 using the FIFO method.Data from PB3-6Bright Line Inc. makes one model of lighted baby toy. All direct materials are added at the beginning of the manufacturing process. Information for the month of
Chicago Acoustics builds innovative loudspeakers for music and home theater. Identify the following costs as variable or fixed. Indicate \(\mathrm{V}\) for variable costs and F for fixed costs. 1. Depreciation on routers used to cut wood enclosures 2. Wood for speaker enclosures 3. Patents on
Sally's DayCare has been in operation for several years. She needs your help to classify the following as variable costs or fixed costs. Indicate V for variable costs and \(\mathrm{F}\) for fixed costs.1. Building rent 2. Toys 3. Playground equipment 4. Afternoon snacks 5. Sally's salary 6.
Suppose Global-Link offers an international calling plan that charges \(\$ 5.00\) per month plus \(\$ 0.35\) per minute for calls outside the United States. 1. Under this plan, what is your monthly international long-distance cost if you call Europe fora. 20 minutes?b. 40 minutes?c. 80 minutes?2.
Mike owns a machine shop. In reviewing his utility bill for the last 12 months he found that his highest bill \((\$ 2,400)\) occurred in August when his machines worked 1,000 machine hours. His lowest utility bill of \(\$ 2,200\) occurred in December when his machines worked 500 machine
Playtime Park competes with Disney World by providing a variety of rides. Playtime sells tickets at \(\$ 60\) per person as a one-day entrance fee. Variable costs are \(\$ 20\) per person, and fixed costs are \(\$ 275,000\) per month. Compute the number of tickets Playtime must sell to break even.
Complete the calculations using the information provided for each scenario. A Number of units 1,000 B 3,000 8,000 Sale price per unit $ 10 $ 16 $ 30 Variable costs per unit 6 8 21 Total fixed costs 50,000 21,000 180,000 Target operating income 50,000 70,000 90,000 Calculate: Contribution margin
WetNWild Swim Park sells individual and family tickets, which include a meal, 3 beverages, and unlimited use of the swimming pools. WetNWild has the following ticket prices and variable costs for 2008:WetNWild expects to sell 1 individual ticket for every 3 family tickets. Compute the
Match the term with the definition.a. Breakevenb. Contribution marginc. Cost behaviord. Margin of safetye. Relevant rangef. Sales mix g. Fixed costs h. Variable costs 1. Costs that do not change in total despite wide changes in volume 2. The sales level at which operating income is zero: total
LubeNGo provides sereral services, including oil changes. Lube \(\\) Go operates in a building with space for the service work and a waiting room for customers. Classify each of the following as a variable cost (V) or a fixed cost (F).1. Oil filter 2. Building rent 3. Oil 4. Wages of maintenance
For its top managers, Aussie Travel formats its income statement as follows:Aussie's relevant range is between sales of \(\$ 250,000\) and \(\$ 360,000\).Requirements1. Calculate the contribution margin ratio. 2. Prepare two contribution margin income statements: one at the \(\$ 250,000\) level and
Gordon's Steel Parts produces parts for the automobile industry. The company has monthly fixed costs of \(\$ 640,000\) and a contribution margin of \(80 \%\) of revenues.Requirements 1. Compute Gordon's monthly breakeven sales in dollars. Use the contribution margin ratio approach.2. Use
Zac Hill is considering starting a Web-based educational business, e-Prep MBA. He plans to offer a short-course review of accounting for students entering MBA programs. The materials would be available on a password protected Web site; students would complete the course through self-study. Hill
Mi Tierra Driving School charges \(\$ 200\) per student to prepare and administer written and driving tests. Variable costs of \(\$ 120\) per student include trainers' wages, study materials, and gasoline. Annual fixed costs of \(\$ 50,000\) include the training facility and fleet of cars. For each
Fox Club Clothiers is managed as traditionally as the button-down shirts that have made it famous. Arch Fox founded the business in 1972 and has directed operations "by the seat of his pants" ever since. Approaching retirement, he must turn over the business to his son, Ralph. Recently Arch and
The contribution margin income statement of Krazy Kustard Donuts for March 2008 follows:Krazy: Kustard sells 2 dozen plain donuts for every dozen custard-filled donuts. A dozen plain donuts sells for \(S 6\), with a variable cost of \(S 2\) per dozen. A dozen custard-filled donuts sells for
Saffron Restaurant Supply is opening early next year. The owner is considering two plans for paying her employees. Plan 1 calls for paying employees straight salaries. Under plan 2, Saffron would pay employees low salaries but give them a big part of their pay in commissions on sales. Discuss the
Go Spirit imprints calendars with college names. The company has fixed costs of \(\$ 1,104,000\) each month plus variable costs of \(\$ 3.60\) per carton of calendars. Go Spirit sells each carton of calendars for \(\$ 10.50\).Requirements 1. Use the income statement equation approach to compute
Retirement Investors is opening an office in Denver. Fixed monthly costs are office rent ( \(\$ 2,500\) ), depreciation on office furniture ( \(\$ 260\) ), utilities ( \(\$ 380\) ), special telephone lines ( \(\$ 500\) ), a connection with an online brokerage service ( \(\$ 640\) ), and the salary
Suppose your sister Sandra and her three best friends start a small business making headed bracelets. They plan to purchase the materials, assemble the jewelry themselves, and sell the finished pieces to friends at school. Other than minor color and design differences, the bracelets will be
Hunter Company adds all materials at the beginning of its manufacturing process. Production information for selected months of the year follows:Required:1. Reconcile the number of physical units worked on during the period.2. Calculate the number of equivalent units for both materials and
Neechi Company adds all materials at the beginning of its manufacturing process. Production information for the third quarter of the year follows:Required:1. Reconcile the number of physical units worked on during the period.2. Calculate the number of equivalent units for both materials and
GoFly Company manufactures kites and has the following information available for the month of April:Required:Using the weighted average method, complete each of the following steps:1. Reconcile the number of physical units worked on during the period.2. Calculate the number of equivalent units.3.
Refer to E3-4 for information regarding GoFly Company.Required:Complete all requirements for E3'4 using the FIFO method.Data from E3-4GoFly Company manufactures kites and has the following information available for the month of April: Work in process, April 1 (100% complete for materials, 40% for
Tien Company manufactures plastic storage crates and has the following information available for the month of April:Required:Using the weighted average method of process costing, complete each of the following steps:1. Reconcile the number of physical units worked on during the period.2. Calculate
Refer to E3-6 for information regarding Tien Company.Required:Complete all requirements for E3-6 using the FIFO method.Data from E3-6Tien Company manufactures plastic storage crates and has the following information available for the month of April: Work in process, April 1 (100% complete for
Raindrop Company manufactures umbrellas and has the following information available for the month of May:Required:Using the weighted average method of process costing, complete each of the following steps:1. Reconcile the number of physical units worked on during the period.2. Calculate the number
Refer to E3-8 for information regarding Raindrop Company.Required:Complete all requirements for E3-8 using the FIFO method.Data from E3-8Raindrop Company manufactures umbrellas and has the following information available for the month of May: Work in process, May 1 (100% complete for materials, 90%
Smith Company manufactures pencils and has the following information available for the month of July:Required:Using the weighted average method of process costing, complete each of the following steps:1. Reconcile the number of physical units worked on during the period.2. Calculate the number of
Refer to E3-10 for information regarding Smith Company.Required:Complete all requirements for E3-10 using the FIFO method of process costing.Data from E3-10Smith Company manufactures pencils and has the following information available for the month of July: Work in process, July 1 (100% complete
Hanson Company manufactures handheld calculators and has the following information available for the month of July.Required:Using the weighted average method of process costing, complete each of the following steps:1. Reconcile the number of physical units worked on during the period.2. Calculate
Refer to E3-12 for information regarding Hanson Company.Required:Complete all requirements for E3-12 using the FIFO method of process costing.Data from E3-12Hanson Company manufactures handheld calculators and has the following information available for the month of July. Work in process, July 1
Crandall’s Ceramic Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process.Production Beginning inventory of3,000 units that are 100 percent complete for materials and 25 percent complete for conversion.14,000
Brockton Company’s Assembly department has the following production and manufacturing information for February:Units:14,000 in beginning inventory that are 100 percent complete for material and 20 percent for conversion.22,300 units finished and transferred out.8,750 units in ending inventory
Forrest Co. makes wooden tables.Required:Prepare the journal entries to record each of the following transactions:(a) Purchased $20,000 of raw materials on credit.(b) Issued $18,000 of direct materials into production.(c) Applied $47,500 of conversion cost.(d) Paid in full the raw materials
Rock'On Company produces wooden rocking chairs. The company has two sequential produc- tion departments, Cutting and Assembly. The wood is cut and sanded in Cutting and then trans- ferred to Assembly to be assembled and painted. From Assembly, the chairs are transferred to Finished Goods Inventory
Chico Company makes pinatas for children’s birthday parties. Information for Chico s last six months of operation follows:Required:Prepare the journal entries to record each of the following transactions.(a) Purchased \($7,800\) of raw materials on credit.(b) Issued \($4,600\) of direct materials
Jambo Company produces homemade jam. The company has two sequential production depart¬ ments, Cooking and Canning. The fruit is washed and cooked in the Cooking department and then transferred to Canning to be packaged in glass jars. From Canning, the jars are transferred to Finished Goods
Which of the following is most likely to use a process costing system?a. A company that builds and installs custom cabinetry.b. A company that makes one style of office chair.c. A janitorial service.d. A paving company.
Work in process includesa. Direct materials.b. Direct labor.c. Manufacturing overhead.d. All of the above.
Suppose Shadow Company has 250 units in beginning inventory, 400 units started in production, and 175 units in ending inventory. How many units did Shadow complete?a. 25.b. 325.c. 475.d. Number cannot he determined.
If Wilson Corp. has 450 units that are estimated to be 60 percent complete, how many equivalent units are there?a. 270.b. 210.c. 100.d. 450.
Masterson Company has calculated a cost per unit of \($4-00\) for materials and \($8.50\) for conversion to manufacture a specific product. Ending work in process has 1,000 units that are fully complete for materials and 70 percent complete for conversion. What amount will Masterson have in its
Testa Company has no beginning work in process; 12,000 units were transferred out and 6,000 units in ending work in process are 100% complete for materials and 40% com¬ plete for conversion. If total materials cost is $90,000, the direct materials cost per unit is:a. $4.b. $5.c. $6.d. None of
Anderson, Inc., has 1,000 units of ending work in process that are 100% complete for materials and 60% complete for conversion. If the cost per equivalent unit is \($3\) for materials and \($6\) for conversion, what is the total value of Work in Process Inventory?a.
The primary difference between FIFO and weighted average methods of process costing has to do with the treatment ofa. Beginning inventory.b. Ending inventory.c. Number of units started.d. Direct materials.
When calculating product cost using the weighted average method, which of the following amounts are combined?a. Ending finished goods and cost of goods sold.b. Beginning finished goods and cost of goods sold.c. Beginning work in process and beginning finished goods.d. Beginning work in process and
The journal entry to record the issuance of direct materials into production includesa. A credit to cash.b. A debit to work in process.c. A credit to finished goods.d. A debit to cost of goods sold.
Identify three manufacturing and three nonmanufacturing firms in which process costing is likely used. For each, explain the characteristics of that company that make it appropriate to use a process costing system.
Roundtree Company had 575 units in work in process on January 1. During the month, Round- tree completed 2,400 units and had 1,000 units in process on January 31. Determine how many units Roundtree started during January.
Bedford Company produces carrying cases for CDs. It has compiled the following information for the month of June:Bedford adds all materials at the beginning of its manufacturing process. During the month, it started 90,000 units.Using the weighted average method, reconcile the number of physical
Incontro Company manufactures file cabinets. The following cost information is available for the month of December.Incontro had 8,500 equivalent units of direct materials and 6,000 equivalent units of conversion activity during the month. Using the weighted average method, calculate Incontro’s
Randolph Company has the following production information for October: 30,000 units trans- ferred out and 10,000 units in ending work in process that are 100 percent complete for materials and 60 percent complete for conversion costs. Materials cost is \($6\) per unit and conversion cost is \($8\)
London Corp. had the following production information for August:London’s ending work in process is 100 percent complete for materials and 30 percent complete for conversion. London uses the weighted average costing method and has computed direct materials cost per unit of \($5\) and conversion
Refer to the information for London Corp. in M3-7. Prepare the journal entry to transfer the cost of completed units to Finished Goods Inventory.Data from M3-7London Corp. had the following production information for August:London’s ending work in process is 100 percent complete for materials and
Refer to M3-4 for information regarding Bedford Company. Using the FIFO method, reconcile the number of physical units and calculate the number of equivalent units.Data from M3-4Bedford Company produces carrying cases for CDs. It has compiled the following information for the month of June:Bedford

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