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managerial accounting
Managerial Accounting 2nd edition Kurt Heisinger, Joe Ben Hoyle - Solutions
What cost information is recorded on the debit side of the manufacturing overhead account, and what information is recorded on the credit side?
Describe the two important factors in selecting an overhead allocation base.
What is a normal costing system, and why do companies tend to use a normal costing system to apply overhead to jobs rather than using actual overhead costs?
Explain why Boeing likely uses a job costing system. How does the information that comes from a job costing system help Boeing make better decisions?
What is the purpose of a job cost sheet? Describe the information typically included on a job cost sheet.
What information is included on the materials requisition form?
Describe the characteristics of companies likely to use a job costing system. Explain how these characteristics differ from companies likely to use a process costing system.
Equipment Group produces excavating equipment for contractors. Equipment Group is working on the annual financial statements for its shareholders, who are expecting profits of $121,000,000 for the year ending December 31. The controller (Jeff) and CFO (Kathy) will receive bonuses totaling 50
Equipment Group produces excavating equipment for contractors. Equipment Group is working on the annual financial statements for its shareholders, who are expecting profits of $121,000,000 for the year ending December 31. The controller (Jeff) and CFO (Kathy) will receive bonuses totaling 50
Go to the Securities and Exchange Commission’s Web site (www.sec.gov) and type “Sarbanes-Oxley Act of 2002” in the search box. Click on the full text of the Sarbanes-Oxley Act of 2002. Required:a. Go to section 302, Corporate Responsibility for Financial Reports, and summarize the six
High Tech, Inc., is a public company that produces laser and ink jet printers. Jorge is an accounting staff member who works for the company’s controller and is involved in preparing the annual report. One of High Tech’s competitors developed a superior color laser jet printer using a less
The following information is for Shasta, Inc., for the year ended December 31, 2016.Of the total raw materials placed in production for the year, $18,000 was for indirect material.Required:a. Prepare a schedule of raw materials placed in production for the year ended December 31, 2016. b.
The income statement from the annual report of United Parcel Service (UPS) appears as follows in summary form. (This information was obtained from the company€™s Web site, www.ups.com.)Required:a. The financial information in the company€™s annual report was prepared primarily
Biltmore Products, Inc., had the following activity for the month of July.Required:Prepare an income statement for the month of July. Sales revenue Selling expenses General and administrative expenses $800,000 $100,000 $150,000 $360,000 Cost of goods sold
The balance in Macedonia Company’s finished goods inventory account was $650,000 at the beginning of January and $525,000 at the end of January. Cost of goods manufactured for the month totaled $445,000. Required:Prepare a schedule of cost of goods sold for the month of January.
The balance in the work-in-process inventory account of Sedona Production, Inc., was $800,000 at the beginning of May and $750,000 at the end of May. Manufacturing costs for the month follow.Required:Prepare a schedule of cost of goods manufactured for the month of May. Direct materials (from the
The following list of personnel within organizations comes from Figure 1.1. 1. Board of directors 2. Chief financial officer 3. Controller4. Managerial accountant 5. Financial accountant 6. Tax accountant 7. Treasurer8. Internal auditorRequired:Match each previous item
The balance in Vail Company’s finished goods inventory account was $30,000 at the beginning of April and $28,000 at the end of April. Cost of goods manufactured for the month totaled $17,000. Required:Prepare a schedule of cost of goods sold for the month of April.
The following list of personnel within organizations comes from Figure 1.1. 1. Board of directors2. Chief financial officer3. Controller4. Managerial accountant5. Financial accountant6. Tax accountant7. Treasurer8. Internal auditorRequired:Match each previous item with the most accurate
Match each of the following terms used in a manufacturing company’s income statement with the equivalent term used in a merchandising company’s income statement._____ Cost of goods manufactured _____ Work-in-process inventory _____ Finished goods inventory _____ Cost of goods
Match each of the following accounts with the appropriate description that follows._____ Raw materials inventory _____ Work-in-process inventory _____ Finished goods inventory _____ Cost of goods sold1. Used to record product costs associated with goods that are sold2. Used to record
Indicate whether each of the following costs associated with production would be classified as direct materials, direct labor, or manufacturing overhead.1. Depreciation on production equipment2. Paint used to produce wagons3. Accounting staff performing tax services for a client4. Grease used to
Manufacturing Cost Terms. Indicate whether each of the following costs associated with production would be classified as direct materials, direct labor, or manufacturing overhead.1. Salaried supervisor responsible for several product lines2. Maintenance personnel3. Hourly workers assembling goods4.
Enterprise Resource Planning (ERP) System. Enterprise resource planning (ERP) systems are designed to record and share information across functional and geographical areas on a real-time basis. However, these systems tend to be costly to purchase and maintain. Why do organizations continue to
Finance and Accounting Personnel. Determine whether the chief financial officer, controller, treasurer, internal auditor, managerial accountant, financial accountant, or tax accountant would perform the following tasks. (Hint: Some job titles may be used more than once, and others may not be used
Planning and Control. Three young professionals recently started a firm that develops applications for smart phones. The first month was just completed, and the owners are in the process of comparing budgeted revenues and expenses with actual revenues and expenses for the month. Would this be
Financial Versus Managerial Accounting. Julia is the loan officer at a local bank that lends money to Sports Outlet, a small sporting goods retail store. She requests several quarterly financial reports on an ongoing basis to assess the store’s ability to repay the loan. Provide one example of a
Accounting Information at Sportswear Company. Refer to the dialogue between the president and accountant at Sportswear Company presented at the beginning of the chapter. Why can’t the president find information for each product line (hats and jerseys) in the financial statements? Who within the
How does a merchandising company income statement differ from a manufacturing company income statement?
Describe the inventory cost flow equation and how it applies to the three schedules shown in Figure 1.7.
What are the names and dollar amounts of the inventory accounts appearing on the balance sheet? What is the total amount of product costs recorded as an expense on the income statement for the year ended December 27, 2014?
When is the cost of goods sold account (often called cost of sales) used, and how is the dollar amount recorded in this account determined?
What are the three categories of product costs that flow through the work-in-process inventory account? Describe each one.
Describe the three inventory accounts used to record product costs.
Provide two examples of selling costs and two examples of general and administrative costs at PepsiCo.
Why are items such as the hull, engine, transmission, carpet, and seats classified as direct materials and items such as glue, paint, and screws classified as indirect materials?
How does the timing of recording expenses differ between product and period costs?
Why are the terms product costs and period costs used to describe manufacturing costs and non-manufacturing costs?
Describe the difference between direct materials and direct labor versus indirect materials and indirect labor.
Describe manufacturing costs and non-manufacturing costs. Provide examples of each.
Why do manufacturing companies use product costing systems to track costs throughout the production process?
What is an enterprise resource planning system?
Why is improving ethics a top priority for businesses, such as Home Depot and Hewlett-Packard?
Why would the company’s former employees improperly record information as described here?
Briefly summarize the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice shown in Figure 1.2. What is the purpose of this statement?
Explain why ethical behavior is so important for finance and accounting personnel.
How do the treasurer’s responsibilities differ from those of the controller?
What is the controller’s primary responsibility?
Describe the planning and control functions performed by most managers?
What are nonfinancial measures of performance? Provide several examples.
The balance in Taylor Company’s raw materials inventory account was $110,000 at the beginning of September. Raw materials purchased during the month totaled $50,000. Taylor used $17,000 in direct materials and $8,000 in indirect materials for the month.Required:a. Prepare separate journal entries
Brenner Company expects to incur $3,000,000 in manufacturing overhead costs this year. During the year, it expects to use 50,000 direct labor hours at a cost of $600,000 and 80,000 machine hours. Required:a. Prepare a predetermined overhead rate based on direct labor hours, direct labor cost,
Yamamoto, Inc., had the following activity for the year ended December 31.Required:Prepare an income statement for year ended December 31. Sales revenue $3,050,000 $ 575,000 $ 330,000 Selling expenses General and administrative expenses Cost of goods sold (before adjustment) $ 700,000 Underapplied
The balance in Preston Company’s finished goods inventory account was $650,000 at the beginning of March. Cost of goods manufactured for the month totaled $445,000, and cost of goods sold totaled $470,000.Required:a. Prepare separate journal entries to record the following items.1. Cost of goods
The balance in Sly Company’s raw materials inventory account was $45,000 at the beginning of April. Raw materials purchased during the month totaled $55,000. Sly used $48,000 in direct materials and $14,000 in indirect materials for the month. Required:a. Prepare separate journal entries to
Refer to the job cost information in Figure 2.10. Why is Custom Furniture Company comparing estimated product costs to actual product costs for each of the three jobs? Briefly summarize the results of this comparison. Job 45 Job 40 Job 44 Estimate Actual Actual Actual Estimate Estimate Sales
Provide the account name commonly used by service companies for each of the following accounts used in a manufacturing environment.1. Raw materials inventory 2. Work-in-process inventory 3. Finished goods inventory 4. Cost of goods sold 5. Manufacturing overhead
The balance in the work-in-process inventory account of Quest, Inc., was $900,000 at the beginning of May. Manufacturing costs for the month are as follows:Required:a. Prepare separate journal entries to record the following items. (Hint: Use Figure 2.7 as a guide.)1. Direct materials placed in
The following information is for Rockville, Inc., for the year ended December 31, 2016.Of the total raw materials placed in production for the year, $72,000 was for indirect materials.Required:a. Prepare a schedule of raw materials placed in production for the year ended December 31, 2016.b.
The following financial information is for Caravelli Company. Of the total raw materials placed in production for the year, $36,000 was for indirect materials. The company had $3,795,000 in sales for the year ended December 31, 2016. The company also had the following costs for the
The following financial information is for Leeward Company. (Note that the most current financial information is presented in the first column.)Of the total raw materials placed in production for the year, $12,000 was for indirect materials. The company had $1,265,000 in sales for the year ended
The balance in Mesa Company’s raw materials inventory account was $45,000 at the beginning of April and $38,000 at the end of April. Raw materials purchased during the month totaled $55,000. Mesa used $20,000 in indirect materials for the month.Required:Prepare a schedule of raw materials placed
Home Depot€™s annual report appears as follows in summary form. (This information was obtained from the company€™s Web site, www.homedepot.com.Required:a. The financial information in the company€™s annual report was prepared primarily for shareholders and creditors in
Boulder Products, Inc., had the following activity for the month of October.Required:Prepare an income statement for the month of October. Sales revenue Selling expenses General and administrative expenses Cost of goods sold $1,100,000 $ 300,000 $ 230,000 $ 475,000
The balance in Amber Company€™s work-in-process inventory account was $400,000 at the beginning of September and $320,000 at the end of September. Manufacturing costs for the month follow.Required:Prepare a schedule of cost of goods manufactured for the month of September. Direct
The balance in Tahoma Company’s raw materials inventory account was $150,000 at the beginning of June and $135,000 at the end of June. Raw materials purchased during the month totaled $50,000. Tahoma used $6,000 in indirect materials for the month.Required:Prepare a schedule of raw materials
The income statement from Ford€™s annual report appears as follows in summary form. (This information was obtained from the company€™s Web site,www.ford.com.)Required:a. The financial information in the company€™s annual report was prepared primarily for shareholders
Leighton, Inc., incurred costs for the following items.1. Janitorial services in the production facility 2. Personnel department supplies 3. Shipping costs for raw materials purchased from a supplier,
Burns Company incurred costs for the following items.1. Salary of chief financial officer2. Factory insurance3. Salary for salespeople4.
Which accountant (financial or managerial) would prepare each of the following reports:a. Income statement for the Gatorade division of PepsiCob. Balance sheet for Walmart prepared in accordance with U.S. GAAPc. The American Red Cross budgeted income statement for next quarterd. Defect rate of
Describe the characteristics of managerial accounting and financial accounting.
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