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Questions and Answers of Public Accounting

=+i. Salary of designers j. Brass buttons k. Janitorial supplies, $2,000 per month l. Legal fees paid to attorneys in defense of the company in a patent infringement suit,$40,000 plus $150 per hour
=+d. Salesperson’s salary, $30,000 plus 2% of the total salese. Consulting fee of $100,000 paid to industry specialist for marketing advicef. Shipping boxes used to ship orders g. Dye h. Thread
=+c. Electricity costs of $0.12 per kilowatt-hour
=+EX 21-28 Absorption costing income statement✔ Gross profit,$415,000 Problem Series A West Coast Apparel Co. manufactures a variety of clothing types for distribution to several major retail
=+Sales (100,000 units) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,650,000 Variable cost of goods sold:Variable cost of goods manufactured (120,000 units $12 per
=+EX 21-27 Variable costing income statement✔ Contribution margin, $531,000 On June 30, 2010, the end of the first month of operations, Smithey Manufacturing Co.prepared the following income
=+Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $48,000 and the variable selling and administrative expenses were $34,000.Appendix
=+EX 21-26 Items on variable costing income statement On July 31, 2010, the end of the first month of operations, Hilton Company prepared the following income statement, based on the absorption
=+EX 21-25 Operating leverage obj. 5✔a. Varner, 3.00 988 Chapter 21 Cost Behavior and Cost-Volume-Profit Analysis In the following equations, based on the variable costing income statement,
=+c. Why is there a difference in the increase in income from operations for the two companies? Explain.
=+b. How much would income from operations increase for each company if the sales of each increased by 20%?
=+a. Compute the operating leverage for Varner Inc. and King Inc.
=+EX 21-24 Break-even and margin of safety relationships obj. 5 Varner Inc. and King Inc. have the following operating data:Varner King Sales $300,000 $600,000 Variable costs 120,000 360,000 ________
=+For what reason would you question the validity of these data?
=+EX 21-23 Margin of safety obj. 5✔a. (2) 25%At a recent staff meeting, the management of Guthold Gaming Technologies, Inc., was considering discontinuing the Evegi line of electronic games from
=+EX 21-22 Break-even sales and sales mix for a service company obj. 5✔a. 50 seatsa. If Fama Company, with a break-even point at $360,000 of sales, has actual sales of$480,000, what is the margin
=+b. How many business class and economy class seats would be sold at the break-even point?
=+a. Compute the break-even number of seats sold on a single round-trip flight for the overall product. Assume that the overall product is 20% business class and 80%economy class tickets.
=+EX 21-21 Sales mix and break-even sales obj. 5✔a. 10,000 units Southwest Blue Airways provides air transportation services between Seattle and San Diego. A single Seattle to San Diego round-trip
=+b. How many units of each product, MP3 players and satellite radios, would be sold at the break-even point?
=+EX 21-20 Break-even chart obj. 4 Chapter 21 Cost Behavior and Cost-Volume-Profit Analysis 987 New Wave Technology Inc. manufactures and sells two products, MP3 players and satellite radios. The
=+a Units of Sales 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 fd ce b
=+EX 21-19 Break-even chart obj. 4 Name the following chart, and identify the items represented by the letters (a)through (f).$150,000$100,000$50,000 0$(50,000)$(100,000)$(150,000)Operating
=+Units of Sales 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 ac fe d b
=+EX 21-18 Profit-volume chart obj. 4✔b. $180,000 Name the following chart, and identify the items represented by the letters (a)through (f).Sales and Costs$200,000$150,000$100,000$50,000 0
=+EX 21-17 Cost-volume-profit chart obj. 4✔b. $360,000 986 Chapter 21 Cost Behavior and Cost-Volume-Profit Analysis Using the data for Paladin Inc. in Exercise 21-17, (a) determine the maximum
=+c. What is the main advantage of presenting the cost-volume-profit analysis in graphic form rather than equation form?
=+b. Estimate the break-even sales (dollars) by using the cost-volume-profit chart constructed in part (a).
=+EX 21-16 Break-even analysis obj. 3 For the coming year, Paladin Inc. anticipates fixed costs of $120,000, a unit variable cost of $60, and a unit selling price of $90. The maximum sales within the
=+b. How much revenue per account would be sufficient for Sprint Nextel to break even if the number of accounts remained constant?
=+a. What is Sprint Nextel’s break-even number of accounts, using the data and assumptions above? Round units to one decimal place (in millions).
=+Assume that 75% of the cost of revenue and 35% of the selling, general, and administrative expenses are variable to the number of direct subscribers (accounts).
=+EX 21-15 Break-even analysis obj. 3 Sprint Nextel is one of the largest digital wireless service providers in the United States.In a recent year, it had approximately 41.5 million direct
=+service (including the two free months) 25 months Revenue per month per customer subscription $10.00 Variable cost per month per customer subscription $2.00 Determine the number of new customer
=+EX 21-14 Break-even analysis obj. 3 Media outlets such as ESPN and Fox Sports often have Web sites that provide in-depth coverage of news and events. Portions of these Web sites are restricted to
=+EX 21-13 Break-even sales obj. 3✔a. 10,500 units The Dash Club of Tampa, Florida, collected recipes from members and published a cookbook entitled Life of the Party. The book will sell for $25
=+b. Compute the anticipated break-even sales (units), assuming that the unit selling price is increased and all costs remain constant.
=+a. Compute the current break-even sales (units).
=+EX 21-12 Break-even sales obj. 3✔a. 76,149,219 barrels Chapter 21 Cost Behavior and Cost-Volume-Profit Analysis 985 Rounding to the nearest cent:a. Compute the break-even sales (barrels) for the
=+*Before special items In addition, Anheuser-Busch sold 125 million barrels of beer during the year.Assume that variable costs were 75% of the cost of goods sold and 40% of marketing and
=+EX 21-11 Break-even sales and sales to realize income from operations obj. 3✔b. 21,200 units Anheuser-Busch Companies, Inc., reported the following operating information for a recent year (in
=+b. Compute the sales (units) required to realize income from operations of $90,000.
=+. Compute the anticipated break-even sales (units).
=+EX 21-10 Contribution margin and contribution margin ratio obj. 2✔b. 34.9%For the current year ending March 31, Jwork Company expects fixed costs of $440,000, a unit variable cost of $50, and a
=+c. How much would income from operations increase if same-store sales increased by$500 million for the coming year, with no change in the contribution margin ratio or fixed costs?
=+b. What is McDonald’s contribution margin ratio? Round to one decimal place.
=+a. What is McDonald’s contribution margin? Round to the nearest million.
=+$15,881 Income from operations $ 202 _______ _______ Assume that the variable costs consist of food and packaging, payroll, and 40% of the general, selling, and administrative expenses.
=+EX 21-9 Contribution margin ratio obj. 2✔a. 84%For a recent year, McDonald’s company-owned restaurants had the following sales and expenses (in millions):Sales $16,083 _______ Food and
=+b. If the contribution margin ratio for Ernie Company is 40%, sales were $750,000, and fixed costs were $225,000, what was the income from operations?
=+✔ Fixed cost,$160,000a. Bert Company budgets sales of $1,250,000, fixed costs of $450,000, and variable costs of $200,000. What is the contribution margin ratio for Bert Company?
=+Determine the variable cost per gross-ton mile and the fixed cost.
=+EX 21-8 High-low method for service company obj. 1 984 Chapter 21 Cost Behavior and Cost-Volume-Profit Analysis Transportation Costs Gross-Ton Miles January $760,000 275,000 February 850,000
=+EX 21-7 High-low method obj. 1✔a. $16.00 per unit Blowing Rock Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable
=+b. Based on part (a), estimate the total cost for 10,000 units of production.
=+a. Determine the variable cost per unit and the fixed cost.
=+✔a. $0.32 Shatner Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production
=+EX 21-6 Relevant range and fixed and variable costs obj. 1
=+Complete the cost schedule, identifying each cost by the appropriate letter (a) through (o).
=+EX 21-5 Identify fixed and variable costs obj. 1 Robo-Tech Inc. manufactures components for computer games within a relevant range of 200,000 to 320,000 disks per year. Within this range, the
=+h. CDs i. Packaging costs j. Salaries of software developers k. Wages of telephone order assistants l. User’s guides
=+b. Property taxes on general officesc. Straight-line depreciation of computer equipmentd. Salaries of human resources personnele. President’s salaryf. Advertising g. Sales commissions
=+d. Number of cars on hand h. Number of cars sold Intuit Inc. develops and sells software products for the personal finance market, including popular titles such as Quicken® and TurboTax®.
=+EX 21-4 Identify activity bases obj. 1 Chapter 21 Cost Behavior and Cost-Volume-Profit Analysis 983a. Dollar amount of cars solde. Dollar amount of cars orderedb. Number of cars receivedf. Dollar
=+EX 21-3 Identify activity bases obj. 1 From the following list of activity bases for an automobile dealership, select the base that would be most appropriate for each of these costs: (1)
=+EX 21-2 Identify cost graphs obj. 1 For a major university, match each cost in the following table with the activity base most appropriate to it. An activity base may be used more than once, or not
=+e. Per-unit cost of straight-line depreciation on factory equipment$0 Total Units Produced$0 Total Units Produced Cost Graph One Cost Graph Two$0 Total Units Produced Cost Graph Three$0 Total Units
=+c. Per-unit direct labor costd. Salary of quality control supervisor, $10,000 per month
=+behavior as the number of units produced increases.a. Total direct materials costb. Electricity costs of $2,000 per month plus $0.09 per kilowatt-hour
=+14. Property taxes, $100,000 per year on factory building and equipment 15. Salary of plant manager The following cost graphs illustrate various types of cost behavior:For each of the following
=+EX 21-1 Classify costs obj. 1(continued)982 Chapter 21 Cost Behavior and Cost-Volume-Profit Analysis 11. Packaging 12. Rent on warehouse, $10,000 per month plus $10 per square foot of storage used
=+8. Hourly wages of machine operators 9. Straight-line depreciation on the production equipment 10. Metal
=+property over $2,000,000 5. Janitorial costs, $4,000 per month 6. Pension cost, $0.80 per employee hour on the job 7. Computer chip (purchased from a vendor)
=+2. Hourly wages of inspectors 3. Electricity costs, $0.20 per kilowatt-hour 4. Property insurance premiums, $1,500 per month plus $0.006 for each dollar of
=+PE 21-7B Margin of safety obj. 5 EE 21-7 p. 971 Exercises Following is a list of various costs incurred in producing toy robotic helicopters. With respect to the production and sale of these toy
=+PE 21-7A Margin of safety obj. 5 EE 21-7 p. 971 Rejeski Company has sales of $400,000, and the break-even point in sales dollars is$240,000. Determine the company’s margin of safety as a percent
=+PE 21-6B Operating leverage obj. 5 EE 21-6 p. 970 Rogan Inc. has sales of $750,000, and the break-even point in sales dollars is $675,000.Determine the company’s margin of safety as a percent of
=+Determine Saik Co.’s operating leverage.
=+PE 21-6A Operating leverage obj. 5 EE 21-6 p. 970 Saik Co. reports the following data:Sales $750,000 Variable costs 300,000 Contribution margin $450,000 Fixed costs 150,000 Income from operations
=+Determine Ruth Enterprises’s operating leverage.
=+PE 21-5B Sales mix and breakeven analysis obj. 5 EE 21-5 p. 968 Ruth Enterprises reports the following data:Sales $800,000 Variable costs 350,000 Contribution margin $450,000 Fixed costs 225,000
=+S 60 50 10 The sales mix for products R and S is 40% and 60%, respectively. Determine the breakeven point in units of R and S.
=+PE 21-5A Sales mix and breakeven analysis obj. 5 EE 21-5 p. 968 Chapter 21 Cost Behavior and Cost-Volume-Profit Analysis 981 Hackworth Company has fixed costs of $150,000. The unit selling price,
=+The sales mix for products A and B is 80% and 20%, respectively. Determine the breakeven point in units of A and B.
=+PE 21-4B Target profit obj. 3 EE 21-4 p. 961 Dewi Inc. has fixed costs of $220,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products
=+PE 21-4A Target profit obj. 3 EE 21-4 p. 961 Beets Company sells a product for $75 per unit. The variable cost is $65 per unit, and fixed costs are $100,000. Determine (a) the break-even point in
=+PE 21-3B Break-even point obj. 3 EE 21-3 p. 960 Steward Inc. sells a product for $40 per unit. The variable cost is $30 per unit, and fixed costs are $15,000. Determine (a) the break-even point in
=+PE 21-3A Break-even point obj. 3 EE 21-3 p. 960 Grobe Inc. sells a product for $90 per unit. The variable cost is $75 per unit, while fixed costs are $45,000. Determine (a) the break-even point in
=+(b) the break-even point if the selling price were increased to $65 per unit.
=+PE 21-2B Contribution margin obj. 2 EE 21-2 p. 956 Frankel Enterprises sells a product for $60 per unit. The variable cost is $40 per unit, while fixed costs are $30,000. Determine (a) the
=+PE 21-2A Contribution margin obj. 2 EE 21-2 p. 956 Carlin Company sells 14,000 units at $10 per unit. Variable costs are $9 per unit, and fixed costs are $5,000. Determine (a) the contribution
=+PE 21-1B High-low method obj. 1 EE 21-1 p. 953 Rumpza Company sells 8,000 units at $50 per unit. Variable costs are $40 per unit, and fixed costs are $20,000. Determine (a) the contribution margin
=+Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost.The manufacturing costs of Sige Enterprises for the first three months of the year are provided
=+The manufacturing costs of Nashbar Industries for three months of the year are provided below.Total Costs Production April $140,000 6,000 units May 300,000 16,000 June 380,000 18,000
=+17. What does operating leverage measure, and how is it computed?
=+16. How does the sales mix affect the calculation of the break-even point?
=+lower break-even point than Hill Company. Explain the reason for this difference in break-even points.
=+14. Both Austin Company and Hill Company had the same sales, total costs, and income from operations for the current fiscal year; yet Austin Company had a
=+13. If insurance rates are increased, what effect will this change in fixed costs have on the break-even point?
=+12. If the unit cost of direct materials is decreased, what effect will this change have on the break-even point?

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