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managerial accounting
Accounting 7th Edition Charles T. Horngren, Walter T. Harrison - Solutions
Why would a company use process costing rather than job order costing to compute product cost?a. The company produces units to customer specifications.b. The company manufactures a product using a series of continuous processes that results in units that are virtually identical from one to the
The source document used to specify the quantity and unit costs of raw materials issued into production is called a:a. Production order form.b. Materials requisition form.c. Direct labor time ticket.d. Predetermined overhe
Which of the following source documents serves as a sub¬ sidiary ledger for the Work in Process Inventory account?a. Production order form.b. Materials requisition form.c. Direct labor time ticket.d. Predetermined overhead rate.e. Job order cost sheet.
Comstock Company uses a predetermined overhead rate based on machine hours to apply manufacturing overhead to jobs. Estimated and actual total manufacturing over¬ head costs and machine hours follow:What is the predetermined overhead rate per machine hour?a. $4-75.b. $5.00.c. $5.25.d. $5.51.
Which of the following cost(s) is (are) recorded directly into the Work in Process Inventory account?a. Direct materials.b. Indirect materials.c. Direct labor.d. Both a and c.e. All of the above.
Actual manufacturing overhead costs are recorded:a. On the left (debit) side of the Work in Process Inventory account.b. On the right (credit) side of the Work in Process Inventory account.c. On the left (debit) of the Manufacturing Overhead account.d. On the right (credit) side of the
Applied manufacturing overhead costs are recorded:a. On the left (debit) of the Work in Process Inventory account.b. On the right (credit) side of the Work in Process Inventory account.c. On the left (debit) of the Manufacturing Overhead account.d. On the right (credit) side of the Manufacturing
The Manufacturing Overhead account has a $10,000 debit balance that is closed directly to Cost of Goods Sold. Which of the following statements is true?a. Actual manufacturing overhead was less than applied manufacturing overhead.b. Actual manufacturing overhead was more than applied manufacturing
Before disposing of its year-end manufacturing overhead balance, Delphi Corporation had the following amounts in Manufacturing Overhead and Cost of Goods Sold:If Delphi closes the balance of its Manufacturing Over¬ head account directly to Cost of Goods Sold, how much is adjusted cost of goods
The primary difference between financial accounting and managerial accounting is thata. Financial accounting is used by internal parties while managerial accounting is used by external parties.b. Financial accounting is future oriented while manage- rial accounting is historical in nature.c.
Which of the following companies is most likely to be considered a manufacturing company:a. Burger King.b. Abercrombie and Fitch.c. Supercuts.d. Maytag.
Which of the four functions of management involves moni¬ toring actual results to see whether the objectives set in the planning stage are being met and, if necessary, taking corrective action to adjust the objectives or implementation of the plan?a. Directing.c. Planning.b. Control.d. Organizing.
Suppose you have decided that you would like to purchase a new home in five years. To do this, you will need a down payment of approximately $20,000, which means that you need to save $350 each month for the next five years. This is an example ofa. Directing.c. Planning.b. Control.d. Organizing.
If the number of units produced increases,a. Unit variable costs will increase.b. Unit fixed costs will decrease.c. Total variable costs will remain the same.d. Total fixed costs will increase.
What is Garcia's total manufacturing cost?a. $25,500.c. $21,500.b. $24,000.d. $10,000.Use the following information regarding Garcia Company for question Factory rent $5,000 Direct labor 8,000 Indirect materials 1,000 Direct materials used 3,500 Sales commissions 2,500 Factory manager's salary
What is Garcia's prime cost?a. $11,500.c. $15,500.b. $12,500.d. $21,000.Use the following information regarding Garcia Company for question Factory rent $5,000 Direct labor 8,000 Indirect materials 1,000 Direct materials used 3,500 Sales commissions 2,500 Factory manager's salary Advertising
What is Garcia's manufacturing overhead?a. $24,000.b. $12,500.c. $14,000.d. $10,000.Use the following information regarding Garcia Company for question Factory rent $5,000 Direct labor 8,000 Indirect materials 1,000 Direct materials used 3,500 Sales commissions 2,500 Factory manager's salary
Suppose you are trying to decide whether to sell your accounting book at the end of the semester or keep it for a reference book in future courses. If you decide to keep the book, the money you would have received from selling it is a(n)a. Sunk cost.b. Opportunity cost.c. Out-of-pocket cost.d.
Which of the following would not be treated as a product cost under GAAP!a. Direct materials.b. Manufacturing supervisor's salary.c. Sales commissions.d. All of the above are product costs.
Seth’s Skateboard Company has provided the following information about its company.Required:For each of the following costs, use an X to indicate the category of product cost (or period cost) and whether it is a prime cost, conversion cost, both, or neither. Production supervisor salary Cost of
Cotton White, Inc., makes specialty clothing for chefs. The company reported the following costs for 2010.Required:Compute the following for Cotton White:1. Direct materials.2. Direct labor.3. Manufacturing overhead.4. Total manufacturing cost.5. Prime cost.6. Conversion cost.7. Total period cost.
The following information is available for Wonderway, Inc., for 2010.Required:Calculate each of the following costs for Wonderway:1. Direct labor.2. Manufacturing overhead.3. Prime cost.4. Conversion cost.5. Total manufacturing costs.6. Period expenses. Factory rent $28,000 Company advertising
Blockett Company makes automobile sunshades and has provided the following information about its company.Required:For each cost listed below, use an X to indicate the category of product cost and whether it is a prime cost, conversion cost, or both. Company president salary Factory rent Cost of
Complete the table of partial information shown below for Belgatto Company. Case Prime Cost Conversion Cost Direct Materials Direct Manufacturing Labor Overhead Total Manufacturing Cost ABCDE $ 9,400 $ 16,300 $ 4,100 $ 7 $11,000 $ ? ? 55,300 ? 10,000 7,300 24,500 109,500 43,200 ? ? 41,800 ? ?
Choose one item that you use each day—anything from a toothbrush to your favorite soda to an automobile.Required:Research the company that produces this item online to find out as much information as you can about the manufacturing process used to create the product. Prepare a report on the
Consider the following statement about the use of forward-looking information on Kraft’s Web site.Required;1. What was the safe harbor provision of the Private Securities Litigation Reform Act of 1995?What was its intended purpose?2. Does Kraft have to make similar statements about reports
What are the four basic functions of management?
How are the four basic management functions interrelated?
Explain the difference between a direct cost and an indirect cost. Look at the pen or pencil you are using to do your homework. Give an example of a direct cost that went into making that pen or pencil and an indirect cost of making it.
What are prime costs? How are they different than other manufacturing costs?
Would an advertising agency use job or process costing? What about a paper mill?a. Advertising agency-job order costing Paper mill— job order costingb. Advertising agency-process costing Paper mill-job order costingc. Advertising agency-job order costing Paper mill-process costingd. Advertising
What is Dell's predetermined manufacturing overhead rate?a. SO. 1 1/machine hourb. $0.13/machine hourc. S7.50/machine hourd. S9.00/machine hour The following information about Dell Corporation's manufacturing of computers. Assume Dell • Allocates manufacturing overhead based on machine
What is Dell's actual manufacturing overhead cost?a. \($220c. $120b. $160d. $85\) The following information about Dell Corporation's manufacturing of computers. Assume Dell • Allocates manufacturing overhead based on machine hours.• Budgeted 10 million machine hours and \($90\) million of
How much manufacturing overhead would Dell allocate?a. $108c. $85b. $90d. $220 The following information about Dell Corporation's manufacturing of computers. Assume Dell • Allocates manufacturing overhead based on machine hours.• Budgeted 10 million machine hours and $90 million of
What entry would Dell make to close the manufacturing overhead account?The following information about Dell Corporation's manufacturing of computers. Assume Dell • Allocates manufacturing overhead based on machine hours.• Budgeted 10 million machine hours and $90 million of manufacturing over-
Duncan and Noble provides hair cutting services in the local community. In August, Carol Duncan, the owner, incurred the following operating costs to cut the hair of 200 clients:Duncan and Noble earned $5,000 in revenues from haircuts for the month of August. What is the net operating income for
The Glass Doctor, a retail merchandiser of auto windshields, has the following information.Compute The Glass Doctor's cost of goods sold. Web site maintenance. $ 7,000 Delivery expenses 1,000 Freight in........ 3,000 Purchases...... 40,000 Ending inventory. 5,000 Revenues..... 60,000 Marketing
Compute the missing amounts. Sales...... Cost of goods sold Beginning inventory..... Purchases and freight in..... Cost of goods available for sale. Ending inventory. Cost of goods sold....... Gross margin............ Selling and administrative expenses.......... Operating income........ Company A
Polo Company manufactures sunglasses. Suppose the company's March records include the following items.List the items and amounts that are manufacturing overhead costs. Calculate Polo's total manufacturing overhead cost in March, Glue for frames Depreciation expense on company cars used by sales
Max-Fli Golf Company had the following inventory data for the year ended December 31, 2008:Compute MaxFli's cost of goods manufactured for 2008. Direct materials used..................... $12,000 Manufacturing overhead. 18.000 Work in process inventory: Beginning.... 7,000 Ending...... 5,000 Direct
Fido Grooming provides grooming services in the local community. In July, John Conway, owner, incurred the following operating costs to groom 600 dogs:Fido Grooming earned $15,000 in revenues from grooming for the month of July.Requirement What is Fido's net operating income for July? What is the
Gloria's Grooming is a competitor of Fido Grooming. Gloria Stanley, owner, incurred the following operating costs to groom 2,000 dogs for the first quarter of 2009 (January, February, and March):Gloria's Grooming earned $45,000 in revenues for the first quarter of 2009.Requirements 1. Prepare an
Kingston Brush Company sells standard hair brushes. The following information summarizes Kingston's operating activities for 2009:Requirements 1. Prepare an income statement for 2009. Compute the ratio of operating expense to total revenue and operating income to total revenue, 2. Kingston sold
Match one of the following terms with each definition below,a. Direct labore. Inventoriable product costsb. Direct materialsf. Manufacturing overheadc. Indirect labor g. Period costsd. Indirect materials 1. Operating costs that are expensed in the period in which they are incurred.2. Materials
Compute the missing amounts Company X Company Y Company Z Beginning work in process inventory.... (a) $40,000 $2,000 Direct materials used.. $14,000 35,000 (g) Direct labor............... 10,000 20,000 1,000 Manufacturing overhead. (b) 10,000 500 Total manufacturing costs incurred during year.....
Snyder Corp., a lamp manufacturer, provided the following information for the vear ended December 31, 2008.Requirements 1. Prepare a schedule of cost of goods manufactured, 2. What is the unit product cost if Snyder manufactured 3,000 lamps for the year? Inventories: Materials Work in process
Compute cost of goods manufactured and cost of goods sold from the following amounts: Beginning of Year End of Year Direct materials inventory. $22,000 $26,000 Work in process inventory.... 38,000 30,000 Finished goods inventory.. 18,000 23,000 Purchases of direct materials ........... 75,000
The Tree Doctors provide tree-spraying services in the company's home county. Fergus McNabb, owner, incurred the following operating costs for the month of May 2008:The Tree Doctors earned $20,000 in revenues for the month of May by spraying trees totaling 30,000 feet in height.Requirements 1.
In 2007 Clyde Blackstock opened Clyde's Pets, a small retail shop selling pet supplies. On December 31, 2007, Clyde's accounting records showed the following:Requirement Prepare an income statement for Clyde's Pets, a merchandiser, for the year ended December 31, 2007. Inventory on December 31,
Clyde's Pets succeeded so well that Clyde decided to manufacture his own brand of chewing bone — Denim Bones. At the end of December 2009, his accounting records showed the following:Requirements 1. Prepare a schedule of cost of goods manufactured for Denim Bones for the year ended December 31,
Bass Shoe Company makes loafers. During the most recent year, Bass incurred total manufacturing costs of \($21.4\) M. Of this amount, \($3.0\) M was direct materials used and \($13.8\) M was direct labor. Beginning balances for the year were Direct Materials Inventory, \($.7\) M; Work in Process
Lee Reinhardt is the new controller for Night Software, Inc., which develops and sells education software. Shortly before the December 31 fiscal year-end, Richard Oliver, the company president, asks Reinhardt how things look for the year-end numbers. He is not happy to learn that earnings growth
The Dent Fixer repairs small dents and dings in the doors and other body panels of automobiles. Grant Edwards, owner, incurred the following operating costs in the month of October 2008.The Dent Fixer earned $8,000 in revenue for the month of October, when Edwards repaired 160
On January 1, 2008, Lindsey Owens opened Picture Perfect, a small retail store that sells picture frames, crafts, and art. On December 31, 2008, her accounting records showed the following:Requirement Prepare an income statement for Picture Perfect, a merchandiser, for the year ended December 31,
Picture Perfect succeeded so well that Lindsey Owens decided to manufacture her own special brand of picture frames, to be called Always. At the end of December 2009, her accounting records showed the following:Requirements 1. Prepare a schedule of cost of goods manufactured for Always
Wrangler Company makes casual jeans. During the most recent year, Wrangler incurred direct labor cost of S60 M and manufacturing over- head of $75M. The company purchased direct materials of S25.7M.Beginning balances for the year were Direct Materials Inventory, S3.4M;work in Process Inventory,
Tom Williams is the new controller for Vance Design, a designer and manufacturer of sportswear. Shortly before the December 3 1 fiscal year- end, Tenisha Roberts (the company president) asks Tom how things look for the year-end numbers. Tenisha is not happy to learn that earnings growth may be
Which is not a characteristic of management accounting information?a. Emphasizes the external financial starementsb. Focuses on the fururec. Provides detailed information about individual parts of the companyd. Emphasizes relevance
World-class businesses must compete based on time. To compete effectively many companies have developeda. Enterprise resource planningb. Cost standardsc. Just-in-time managementd. All of the above
Today's business environment is characterized bya. Shift toward a service economyb. Global competitionc. Time-based competitiond. All of the above
Which account does PepsiCo, but not FedEx (a service company) have?a. Advertising expenseb. Cost of goods soldc. Salary payabled. Retained earnings
Which is a direct cost of manufacturing a sportboat?a. Cost of boat engineb. Depreciation on plant and equipmentc. Salary of engineer who rearranges plant layoutd. Cost of customer hotline
Which of the following is not part of manufacturing overhead for producing a computer?a. Insurance on plant and equipmentb. Manufacturing plant property taxesc. Depreciation on delivery trucksd. Manufacturing plant utilities
In computing cost of goods sold, which of the following is the manufacturer's counterpart to the merchandiser's purchases?a. Direct materials usedb. Cost of goods manufacturedc. Total manufacturing costs to account ford. Total manufacturing costs incurred during the period
If the cost of direct materials used is \(\mathrm{S} 101\), what is cost of goods manufactured:a. \(S 152\)b. \(S 151\)c. \(S 150\)d. \(S 149\)Suppose a bakery reports this information (in thousands of dollars): Beginning materials inventory Ending materials inventory. Beginning work in process
If the cost of goods manufactured is \(\mathrm{S} 152\), what is cost of goods sold?a. \(S 154\)b. \(S 153\)c. \(S 152\)d. \(S 150\)Suppose a bakery reports this information (in thousands of dollars): Beginning materials inventory Ending materials inventory. Beginning work in process inventory.
A management accountant who aroids conflicts of interest meets the ethical standard ofa. Objectivityb. Confidentialit!c. Competenced. Integrity Suppose a bakery reports this information (in thousands of dollars): Beginning materials inventory Ending materials inventory. Beginning work in process
Micatin Corp. reported the following on its comparative income statement:Perform a horizontal analysis of revenues and gross profit — both in dollar amounts and in percentages — for 2006 and 2005. (in millions) Revenue........ 2006 2005 2004 $9,993 $9,489 $8,995 Cost of sales 5,905 5,785 5,404
Micatin Corp. reported the following revenues and net income amounts:1. Show Micatin's trend percentages for revenues and net income. Use 2003 as the base year, and round to the nearest percent.2. Which measure increased faster during 2004-2006? (in millions) Revenues...... 2006 2005 2004 2003
TriState Optical Company reported the following amounts on its balance sheet at December 31, 2006:Perform a vertical analysis of TriState assets at the end of 2006. 2006 Cash and receivables.......... Inventory Property, plant, and equipment, net Total assets $ 48,000 38,000 96,000 $182,000
Use the foregoing Lowe's Companies data.1. Compute Lowe's current ratio at December 31, 20X4 and 20X3.2. Did Lowe's current ratio improve, deteriorate, or hold steady during 2006?Lowe's Companies, the home-improvement-store chain, reported these summarized figures (in billions): Net sales LOWE'S
Use the foregoing Lowe's Companies data to compute the following (amounts in billions):a. The rate of inventory turnover for 20X4.b. Days' sales in average receivables during 20X4. Round dollar amounts to three decimal places.Lowe's Companies, the home-improvement-store chain, reported these
Use the foregoing financial statements of Lowe's Companies.1. Compute the debt ratio at December 31, 20X4. 2. Is Lowe's ability to pay its liabilities strong or weak? Explain your reasoning, Lowe's Companies, the home-improvement-store chain, reported these summarized figures (in billions): Net
Use the foregoing financial statements of Lowe's Companies, plus the following items (in billions):1. Compute earnings per share (EPS) for Lowe's. Round to the nearest cent. 2. Compute Lowe's price/earnings ratio. The price of a share of Lowe's stock is $66.50. Lowe's Companies, the
A skeleton of Heirloom Mills' income statement appears as follows (amounts in thousands):Use the following ratio data to complete Heirloom Mills' income statement:a. Inventory turnover was 5.5 (beginning inventory was S790; ending inventory was $750).b. Rate of return on sales is 0.095. INCOME
A skeleton of Heirloom Mills' balance sheet appears as follows (amounts in thousands):Use the following ratio darn to complete Heirloom Mills' balance sheet: a. Current ratio is 0.70.b. Vcidtest ratio is 0.30. BALANCE SHEET Cash....... $ 50 Total current liabilities.... $2,100 Receivables (a)
Compute the dollar amount of change and the percentage of change in Media Enterprises' working capital each year during 2008 and 2009. Is this trend favorable or unfavorable? Total current assets. 2009 ...... $330,000 2008 2007 $300,000 $280,000 160,000 150,000 140,000 Total current
Prepare a horizontal analysis of the following comparative income statement of Enchanted Designs, Inc. Round percentage changes to the nearest one-tenth percent (three decimal places):Why did net income increase by a higher percentage than net sales revenue during 2007? ENCHANTED DESIGNS
Compute trend percentages for Thousand Oaks Realty's net revenue and net income for the following 5-year period, using 2004 as the base year. Round to the nearest full percent,Which grew faster during the period, net revenue or net income? (in thousands) 2008 2007 2006 2005 2004 Net revenue Net
Prepare a comparative common-size income statement for Enchanted Designs, Inc., using the 2007 and 2006 data of Exercise 17-13 and rounding percentages to one-tenth percent (three decimal places). To an investor, how does 2007 compare with 2006? Explain your reasoning.Exercise 17-13 Prepare a
Big Bend Picture Frames has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2007. To answer this question, compute these ratios for 2007 and 2006:a. Current ratiob. Acid-test ratio c. Debt ratiod.
Compute four ratios that measure the ability to earn profits for Bonaparte, Inc., whose comparative income statement follows. 2004 data are given as needed:Did the company's operating performance improve or deteriorate during 2006? BONAPARTE Comparative Income Statement Years Ended December 31,
The following data (dollar amounts in millions) are adapted from the financial statements of Super Saver Stores. Inc.Requirement Complete Super Saver's condensed balance sheet. Total current assets... Accumulated depreciation. Total liabilities........... Preferred stock...... Debt
Net sales revenue, net income, and common stockholders' equity for Shawnee Mission Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements 1. Compute trend percentages for each item for 2006 through 2008. Use 2005 as the base year, and round to the nearest whole
Comparative financial-statement data oi Weinstein, Inc., follow.Other Information:1. Market price of Weinstein's common stock: \($49\) at December 31, 2009, and \($32.50\) at December 31, 2008.2. Common shares outstanding: 10,000 during 2009 and 9,000 during 2008.3. All sales on
Net sales, net income, and total assets for Azbell Electronics for a fouryear period follow.Requirements 1. Compute trend percentages for each item for 2006 through 2008.Use 2005 as the base year and round to the nearest whole percentage2. Compute the rate of return on net sales for 2006 through
Financial statement data on 170 RV Park include the following:Requirements 1. Compute 170 RV Park's current ratio, debt ratio, and earnings per share. Round all ratios to two decimal places, and use the following format for your answer: Cash Accounts receivable, net Inventories Total assets
Comparative financial statement data of Banfield DVDs, Inc., follow:Other Information:1. Market price of Banfield's common stock: \($92.80\) at December 31, 2006, and \($67.50\) at December 31, 2005.2. Common shares outstanding: 15,000 during 2006 and 14,000 during 2005. 3. All sales on
A common-size income statement for Liberty would report (amounts rounded)a. Net income of \(16 \%\)b. Cost of sales at \(36 \%\)c. Sales of \(100 \%\)d. All the above
Liberty's inventory turnover during 2007 wasa. 6 timesb. 7 timesc. 8 timesd. Not determinable from the data given
During 2005 , Liberty's days' sales in receivables ratio wasa. 39 day'sb. 37 day'sc. 35 day'sd. 30 days
Which measure expresses Liberty's times-interest-earned ratio?a. 15 timesb. 27 timesc. 20 timesd. \(51.8 \%\)
Liberty's return on common stockholders' equity can be described asa. Weakb. Normalc. Averaged. Strong
The company has 2,500 shares of common stock outstanding. What is Liberty's earnings per share?a. 2.04b. 3.6 timesc. \(\$ 1.22\)d. \(\$ 3.05\)
Liberty's stock has traded recently around \(\$ 44\) per share. Use your answer to question 9 to measure the company's price/earnings ratio.a. 36b. 44c. 1.00d. 69
Triumph Corporation is preparing its statement of cash flows by the indirect method. Triumph has the following items for you to consider in preparing the statement. Identify each item as an- Operating activity-addition to net income \((\mathrm{O}+)\), or subtraction from net income
DVR Equipment, Inc., reported these data for 2007:Compute DVR's net cash provided by operating activities — indirect method. Income Statement Net income. Depreciation....... Balance sheet Increase in Accounts Receivable....... Decrease in Accounts Payable............. $42,000 8,000 6,000 4,000
Sun West Media Corporation had the following income statement and balance sheet for 2009 :Compute tor Sun West during 2009:a. Acquisition ol equipment. Sun West sold no equipment during the year.b. Payment of a long-term note payable. During the year Sun West issued a $5,000 note payable. SUN WEST
JoAnn's Bridal Shops earned net income of \($80,000,\) which included depreciation of \($15,000.\) JoAnn's paid \($120,000\) for a building and borrowed \($60,000\) on a long-term note payable. How much did JoAnn's cash balance increase or decrease during the year?
Anita Maxwell Company expects the following for 2007:• Net cash provided by operating activities of $150,000• Net cash provided by financing activities of $60,000• Net cash used for investing activities of $80,000 (no sales of long- term assets)How much free cash flow does Maxwell expect for
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