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survey of accounting

Questions and Answers of Survey of Accounting

What is the significance of idle capac sts in deter mining the price of a special order?
If total manufacturing coss. including fixed manufacturing overhead are larger than the price offered by a purchaser for a spectal wrder. the order should not be accepted becallse the profts of the
In deciding whether to exit or enter a marhet what factors should be considered?
E & B Company has two divisions, processing and finishing. The Finishing Division has been purchasing certain products from the Processing Division at a price of $80 per unit. (A unit consists of 100
For each of the following situations, indicate whether the decision appears to be a routine operating decision; a short-term, nonroutine decision; or a long-term investment decision.1. Able
Quick Serve Company provides janitorial services for office buildings. Last year the firm acquired a cleaning machine for $\$ 100,000$. The firm expected to use the machine for five years. However,
Sturdy Chair Company manufactures wooden chairs. In producing the chairs a great deal of scrap wood is created. The company presently uses the word as fuet in a factory furnace. However, it has the
You are the controller for Comfort Shoe Company. The company has excess shoes which it has not been able to market through its own distribution outlets. The pres ident is negotiating with a large
Tiny Toy Company needs 40,000 miniature engines to complete its toy fire trucks If Tiny Toy Company buys rather than makes the part, some of the facilities still can not be used in another
Miller Manufacturing builds and markets personal computers for home and small business use. The company has been approached by an outside supplier offering to provide completed monitors to the
Alta Company has been manufacturing 8,000 units of part $\mathrm{X}$ for its products. The unit cost for the part is as follows:Direct materials ..... $\$ 3$Direct labor ..... 8 Variable
Dr. Anderson, a local dentist, is considering reducing his office staff and outsourcing the management of his accounts receivable. Currently, he has an office manager and two part-time workers on his
Swanton Company presently sells three products: desk calendars, pen sets, and paper-clip holders. The company is thinking of discontinuing the production and sales of paper-clip holders. However,
Lipston Corporation is thinking about adding a new product line. Marketing survel: indicate that sales of the new product would be 200,000 units. Each unit sells for $\$ 4$. Direct variable costs
Santana Sports Company produces two products, soccer balls and volleyballs. Both products are extremely popular, and the company can sell as many of either ball as it can produce. Santana Sports,
Whiz Kids manufactures two computer games. Far Out is a quiz game about astronomy, and Dynamite is a mystery game. The company has a limited supply of skilled labor and also has been able to obtain
Pure Paint Company has been known for years for its two excellent interior wall paints: Nice \& Smooth and Rich \& Thick. The company h.s discovered that by processing Rich \& Thick further it could
Colorado Company uses a joint process to manufacture products R, S, and T. Each product can be sold at the point of separation, or it can be processed further. All additional processing costs are
Medical Care Inc. is considering what price to charge for Sparkle, a toothpaste that is sold in their leased store at a hospital. The accountant has been asked to prepare an estimated normal selling
How does management use the operating budget?
What are the typical stages in the evolution of budgeting and recordkeeping in a firm?
Describe the advantages of the top-down approach and the bottom-up approach to budgeting
Describe the four sections of a cash budget.
West Mountain Canning Company produces several food items, including certain tomato-based products. For about nine months during the year, the company is able to purchase tomatoes from various parts
Tip Top Company recently hired a new hot-shot CEO. Traditionally, the budgeting process at Tip Top has been pretty relaxed, with the Executive Vice-President of Sales providing "best-guess" sales
Why is performance evaluation important to a business, especially in today's economy?
What is usually the first step in formulating a strategic plan?
Why is it important for specific goals and performance standards to be related to a company's overall strategic plan?
Why is it practically impossible for a firm to be completely centralized, that is, to have top management making all operating decisions?
Who is responsible for the development of the standards to be used in a standard cost system?
What purpose is served by dividing the total direct materials variance into a price and a quantity variance, and dividing the total direct labor variance into a rate and an efficiency variance?
What are the major advantages and disadvantages of a standard cost system?
If a profit center has a net loss, does that mean it is not making a contribution to the company as a whole?
Why is it important for a business to incorporate quality and time standards into its performance evaluation system?
One evening after a strenuous day at the office, Janis Walker, president of Western Mills, Inc., a leading textile manufacturing firm, was out jogging to help relieve the tensions of that day's work.
Sure-Check Company, a calculator manufacturer, is considering dropping one of its calculator product lines because of consistent losses from this model over the past three years. The recent poor
You have recently been promoted as the manager of the camera division of a large corporation. Your most profitable product is an instant camera that takes pictures and then develops them immediately.
Lorlily Company is an agricultural supply firm. The management of the company is decentralized, with division managers heading the two operating divisions: Machinery and Seed/Fertilizer. Within each
Hogan Manufacturing Company has just adopted a standard cost system. You have been asked to analyze the materials purchases and usage for the month of August to determine the materials price variance
Genesis Enterprises produces one product-MX4. The following information relat. ing to raw materials is available for the month of March:```Beginning direct materials inventory 1,500 pounds @ $3.10
Mary Clarke is concerned about her performance as a recently employed purchas ing agent. The accounting department has provided her with the following data for the month of August:If you were Mary
Mr. Rogers, the production manager, has received a report showing a $\$ 16,500$ unfavorable total materials variance. He knows that production used 10,000 pounds less than the budgeted amount for
John Clarke, production manager, has just received a report stating that the total materials variance for last month was $\$ 3,000$ unfavorable. However, he is not certain whether the production
Starship Enterprises produces and sells calibrators. The company began the period with the following inventory of raw material:200 units at $\$ 5.50$ per unit (the materials price variance is taken
To produce one unit of Product OU812 requires 4 hours of labor at a standard cost per hour of $\$ 8.50$. During the month of September, 15,000 units were produced. Actual hours and costs for the
Raymond Stone, a recent business school graduate, has taken a job with Farben Corporation as production manager. His job is to see that production is efficient. After his first month, he is given
In Exercise 12-9, what is theoretically wrong with the conclusion that Ray Stone is not responsible for labor rates?
During the year, Thompson Plastics was in negotiation with the local union over wages. A settlement was finally reached, and the average wage per hour was increased to $\$ 3.28$. Production fell to
Crest Fabrics is a nonunion textile firm. Emplovee morale and production efficiencs have dropped in the last few weeks, causing management some concern Furher quality control problems have resuled in
Compute the missing amounts. Total labor variance. Labor efficiency variance Actual labor hours incurred Standard labor hours allowed Units produced Standard hours allowed per unit Total actual labor
Professional Management, Inc., is a company that sponsors seminars for executives It has two profit centers, or divisions: a time-management group and a moneymanagement group. Financial information
Damond Corporation's three profit centers had the following operating data during 2000 :\begin{tabular}{|c|c|c|c|}\hline & North & East & West \\\hline Revenue (at $\$ 10$ per unit) & $\$ 100,000$ &
El Pico Company has two divisions: Maya and Aztec. During 2000, they had the following operating data:\begin{tabular}{|c|c|c|}\hline & \begin{tabular}{l}Maya \\Division\end{tabular} &
During 2000, the North and South divisions of Mayberry Company reported the following:1. What was each division's asset turnover ratio in 2000?2. What operating performance ratio would each division
McCormick Corporation measures the performance of its divisions by using the resdual income approach, with a minimum accepted rate of return of 16 percent in 2000, the printing division, which has
An investment center of Southwick Corporation made three investment proposals.Measuring Performance: Details of the proposals follow.Southwick Corporation uses the residual income method to evaluate
Ryhan Company is a multinational computer services firm. The management of the company is decentralized, with division managers heading the following three divisions: Europe, Asia, and the Americas.
The standard cost data for Madison Machinery Company show the following costs for producing one of its machines During April, four machines were built, with actual total costs as follows:Materials
Gemini Incorporated provides the following standard cost data for one of its products:Direct materials.5 pounds at $\$ 4.25$ per pound Direct labor 2 hours at $\$ 6.00$ per hour During the month of
Required: Compute the missing amounts. Actual materials Actual hours used. Standard materials for output (tons) 2,000 tons 1,500 hours (a) Standard hours for output... Actual cost per ton of material
Sports Manufacturing Inc. produces and sells foothalls. The standard cost for mate. rials and labor for one regulation-size football is as follows.Direct materials 2 feet of leather at 55.50 per foot
The following information was taken from the records of Liberty Manufacturing Company for the month of July:Materials (actual):Purchases of material B: $\quad 750$ pounds $\times \$ 2.50$Used 900
Cooke Manufacturing Company produces high-quality men's pajamas for several large retail stores. The standard cóst card for each dozen pairs of pajamas is as follows:Direct materials, 30 yards at
HIC Company uses a standard cost system in its accounting for the manufacturing costs of its only product. The standard cost information for materials and labor is as follows:Direct labor: 1 hour at
Della Brown is the manager of one of the stores in the nationwide EatRite supermarket chain. The following information has been gathered about the performance of Della's store in the most recent
Derrald Pearl Company has two divisions, Computer Consulting and Construction During the most recent year, the two divisions had the following uperating data.1. Prepare a segment-margin income
Macro Data Corporation's three divisions had the following operating data during 2000:Required: 1. Compute the contribution margin for each division.2. Compute the segment margin for each division.3.
Marcos Trade Corporation has two divisions: the Pacific division and the Atlantic division. Following are their operating data for 2000 :1. Calculate the ROI for each division. - . fowr 7,5 ?。2.
The following information for 2000 applies to the two sales divisions of Ward Enterprises:\begin{tabular}{|c|c|c|}\hline & \begin{tabular}{c}Division \\$\mathrm{A}$\end{tabular} &
Pacific Corporation has a number of autonomous divisions. Its real estate division has recently reviewed a number of investment proposals.a. A new office building would cost $450,000 and would
Albertson Furniture Company is a retailer of home furnishings. It currently has stores in three cities-San Francisco, Los Angeles, and Phoenix. Operating data for the three stores in 2000 were as
Compute the missing data, labeled (a) through (p) Revenue Net income Total assets... Operating performance ratio Asset turnover ratio.. ROI. Minimum accepted rate of return Residual income Division W
Required: 1. Calculate the current ROI and the expected return on the proposed investment.2. Calculate the gaming division's current residual income and the expected residual income on the proposed
The manager of the manufacturing division of Minolta Company is evaluated on a ROI and Residual residual income basis. He is in the process of evaluating three investment proposals.
What is meant by the linearity assumption, and why is it made? Relate this assumption to the relevant-range concept.
What factors seem to have caused the shift from variable to fixed cost patterns?
What are three commonly used methods of CVP analysis?
What is the major advantage of the graphic approach of CVP analysis?
What are the limiting assumptions of CVP analysis?
How do the issues of quality and time relate to CVP decisions?
The Colorado Outdoors Federation sponsors an annual banquet. This year the guest speaker is a noted wildlife photographer and lecturer. In planning for the event, the group's treasurer has determined
Entertainment Enterprises, a firm that sells magazine subscriptions, is experiencing increased competition from a number of companies. The president, Betty Kincher, has asked you, the controller, to
Flying A Company manufactures airplanes. The following schedule shows total fixed costs at various levels of airplane production:\begin{tabular}{cc}\hline Units Produced & Total Fixed Costs \\\hline
Wyoming Company makes windmills. The company has the following total costs at the given levels of windmill production:\begin{tabular}{cc}\hline Units Produced & Total Costs \\\hline 20 & $\$ 16,000$
Given the following mixed costs at various levels of production, complete the requirements.\begin{tabular}{lcc}\hline Month & Units Produced & Mixed Costs \\\hline January & 2 & $\$ 13.75$ \\February
Sailmaster makes boats and has the following costs at the given levels of production:\begin{tabular}{cr}\hline Units Produced & Total Costs \\\hline 200 & $\$ 200,000$ \\250 & 225,000 \\300 & 250,000
The San Fernando Herald has determined that the annual printing of 600,000 news papers costs 9 cents per copy. If production were to be increased to 900,000 copies per year, the per-unit cost would
Jerry Stone owns and operates a small beach shop in a mall on Sanibel Island, Florida. For the last six months, Jerry has had a display of sunglasses in the front window. Largely because of the
The following data apply to Gordon Company for 2000 Sales revenue ( 10 units at $\$ 25$ each) . . $\$ 250$Variable selling expenses . . . . . . . . . . 45 Variable administrative expenses . . . . .
Fill in the missing amounts for the following three cases: Sales revenue. Variable cost of goods sold: Direct materials.. Direct labor..... Variable selling and administrative costs. Contribution
Dr. Hughes and Dr. Hawkins, owners of the Spanish Fork Care Clinic, have $\$ 150,000$ of fixed costs per year. They receive 20,000 patient visits in a year, charging each patient an average of $\$
Detienne Company manufactures and sells one product for $\$ 20$ per unit. The unit contribution margin is 40 percent of the sales price, and fixed costs total $\$ 8(),(x(x)$.1. Using the equation
Household Products, Inc., estimates 2000 costs to be as follows:Direct materials $\$ 4$ per unit Direct labor S6 per unit Variable manufacturing overhead $\$ 2$ per unit Variable selling and
Using the following graph, complete the requirements.1. Copy the graph and identify (label) fixed costs, variable costs, total revenues, the total cost line, and the break-even point.2. Determine the
Using the graph on page 536, answer the questions 1. What is the break-even point in sales volume (in units)?2. Approximately what volume of sales (in units) must this company have to generate an
Montana Company manufactures chocolate candy. Its manufacturing costs are as follows:1. Plot variable costs, fixed costs, and total costs on a graph for activity levels of 0 to 30,000 boxes of
The Last Outpost is a tourist stop in a western resort community. Kerry Yost, the owner of the shop, sells hand-woven blankets for an average price of $\$ 30$ per blanket. Kerry buys the blankets
Stop \& Shop Inc. estimates that next year's results will be:Sales revenue $(150,000$ units) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $\$ 1,125,000$Less variable costs.
Modern Fun Corporation sells electronic games. Its three salespersons are currently being paid fixed salaries of $\$ 30,000$ each; however, the sales manager has suggested that it might be more
Klein Brothers sells products $\mathbf{X}$ and $\mathbf{Y}$. Because of the nature of the products, Klein sells two units of product $\mathbf{X}$ for each unit of product $\mathrm{Y}$. Relevant

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