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Accounting
The following information is available for the first month of operations of Lane Inc., a manufacturer of art and craft items: Sales ...............................................................
Materials issued for the current month are as follows:a. Determine the amount of materials transferred to Work in Process and Factory Overhead for the current month. b. Illustrate the effect on the
Hathaway Trophies Inc. uses a job order cost system for determining the cost to manufacture award products (plaques and trophies). Among the company's products is an engraved plaque that is awarded
Using the data from P10-3, analyze and interpret the differences between the estimated and actual costs.Data from P10-3Hallmark Furniture Company refinishes and reupholsters furniture. Hallmark
Liberty Inc. has decided to use the high-low method to estimate costs. The data for various levels of production are as follows:Units Produced ............ Total Costs100,000 .....................
Miss River Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by
Organic Health Care Products Inc. expects to maintain the same inventories at the end of 20Y8 as at the beginning of the year. The total of all production costs for the year is therefore assumed to
An examination of the accounting records of Larredo Company disclosed a high contribution margin ratio and production at a level below maximum capacity. Based on this information, suggest a likely
Following is a list of various costs incurred in producing and selling college textbooks. With respect to the production and sale of textbooks, classify each cost as either variable, fixed, or
For a recent year, McDonald's (MCD) company-owned restaurants had the following sales and expenses (in millions):Sales ................................................................. $16,488Food
For the current year ending December 31, McAdams Industries expects fixed costs of $1,860,000, a unit variable cost of $105, and a unit selling price of $125. a. Compute the anticipated break-even
Molson-Coors Brewing Company (TAP) reported the following operating information for a recent year (in millions): Sales ................................................ $3,568 Cost of goods sold
Currently, the unit selling price of a product is $1,350, the unit variable cost is $900, and the total fixed costs are $810,000. A proposal is being evaluated to increase the unit selling price to
Name the following graph and identify the items represented by the letters (a) through (f).
The following cost graphs illustrate various types of cost behavior:For each of the following costs, identify the cost graph that best illustrates its cost behavior as the number of units produced
Northwest Technology Inc. manufactures and sells two products, digital game players and computer tablets. The fixed costs are $936,000, and the sales mix is 70% game players and 30% computer tablets.
SunRise Inc. and SunSet Inc. have the following operating data: .................................SunRise Inc. ......................... SunRise Inc. Sales ........................ $3,125.000
For a major university, match each cost in the following table with the appropriate activity base. An activity base may only be used more than once. ......................Cost
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) preparation costs (cleaning, oil, and gasoline
Intuit Inc. (INTU) develops and sells software products for the personal finance market, including popular titles such as Quicken® and TurboTax®. Classify each of the following costs and expenses
Third World Gamer Inc. manufactures components for computer games within a relevant range of 500,000 to 1,000,000 disks per year. Within this range, the following partially completed manufacturing
a. Matzinger Company budgets sales of $10,400,000, fixed costs of $1,100,000, and variable costs of $6,656,000. What is the contribution margin ratio for Matzinger Company? b. If the contribution
Peak Apparel Co. manufactures a variety of clothing types for distribution to several major retail chains. The following costs are incurred in the production and sale of blue jeans: a. Shipping boxes
Kearney Company, operating at full capacity, sold 400,000 units at a price of $246.60 per unit during 20Y5. Its income statement for 20Y5 is as follows:Sales
a. If Go-Go Buggies Company, with a break-even point at $6,000,000 of sales, has actual sales of $8,000,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? b.
Use the data from E11-12 and assume that break-even sales are $2,798 million. Determine the following for Molson-Coors Brewing Company. Round to one decimal place. 1. Margin of safety expressed as
Use the data from E11-20, assume that 31,500 units of digital game players and 13,500 computer tablets were sold in the current year. Assuming no change in the sales mix, determine the following for
Using the data from P11-2, determine the following for 20Y5. 1. Margin of safety for 20Y5. 2. Margin of safety under the proposed program assuming 20Y5 sales?
Using the data from P11-6, determine the following based upon the estimates for 20Y8: 1. Margin of safety for 20Y8 in units sold. 2. Margin of safety for 20Y8 in sales dollars. 3. Margin of safety
Orwell Industries is considering selling excess machinery with a book value of $300,000 (original cost of $950,000 less accumulated depreciation of $650,000) for $145,000 less a 5% brokerage
Miramar Tire and Rubber Company has capacity to produce 250,000 tires. Miramar presently produces and sells 200,000 tires for the North American market at a price of $40 per tire. Miramar is
The condensed product-line income statement for Dinner Ware Company is as follows:Dinner Ware CompanyProduct - Line Income StatementFixed costs are 40% of the cost of goods sold and 18% of the
Watts Technologies Company has been purchasing carrying cases for its portable tablets at a delivered cost of $6.50 per unit. The company, which is currently operating below full capacity, charges
Lone Wolf Technologies Inc. assembles circuit boards by using a manually operated machine to insert electronic components. The original cost of the machine is $75,000, the accumulated depreciation is
Five Star is considering leasing a building and buying the necessary equipment to operate a public warehouse. Alternatively, the company could use the funds to invest in $900,000 of 4% U.S. Treasury
Catalina Tooling Company is considering replacing a machine that has been used in its factory for two years. Relevant data associated with the operations of the old machine and the new machine,
Rocket Shoe Company is planning a one-month campaign for August to promote sales of one of its two shoe products. A total of $500,000 has been budgeted for advertising, contests, redeemable coupons,
A company is offered incremental business at a special price that exceeds the variable cost. What other issues must the company consider in deciding whether to accept the business?
St. Paul Lumber Company incurs a cost of $280 per hundred board feet in processing certain "rough-cut" lumber, which it sells for $320 per hundred board feet. An alternative is to produce a "finished
Willis Products Inc. uses the total cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 200,000 units of medical tablets are as follows: Variables
Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. a. Determine the total
Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the variable cost concept of applying the cost-plus approach to product pricing. a. Determine the variable costs
Toyota Motor Corporation (TM) uses target costing. Assume that Toyota marketing personnel estimate that the competitive, average selling price for the Rav4 in the upcoming model year will need to be
A condensed income statement by product line for Garcia Beverages Inc. indicated the following for Melon Cola for the past year: Sales ............................................. $3,750,000 Cost of
The Charles Schwab Corporation (SCHW) is one of the more innovative brokerage and financial service companies in the United States. The company provided information about its major business segments
Creekside Products Inc. is considering replacing an old piece of machinery, which cost $315,000 and has $130,000 of accumulated depreciation to date, with a new machine that costs $275,000. The old
The management of Dorsch Aluminum Co. is considering whether to process aluminum ingot further into rolled aluminum. Rolled aluminum can be sold for $4,100 per ton, and ingot can be sold without
Twilight Lumina Company recently began production of a new product, the halogen light, which required an investment of $1,200,000 in assets. The costs of producing and selling 20,000 halogen lights
Zion Metals Inc. has three grades of metal product, A1, B3, and E6. Financial data for the three grades are as follows:Zion Metals' operations require all three grades to be melted in a furnace
Nygard Glass Company manufactures three types of safety plate glass: mirror, laminated, and regular. All three products have high demand. Thus, Nygard Glass is able to sell all the safety glass that
Using the data and your answers from MBA 12-2, determine the following:1. The selling price necessary for Mirror glass to be as profitable as Regular glass. 2. Assuming the selling price for Mirror
Using the data and your answers from MBA 12-2, determine the following:1. The selling price necessary for Laminated glass to be as profitable as Regular glass. 2. Assuming the selling price for
If you are not familiar with The Priceline Group Inc. (PCLN), go to its Web site. Assume that an individual "names a price" of $90 on Priceline.com for a room in Miami, Florida, onSeptember 3. Assume
Many businesses are offering their products and services over the Internet. Two of these companies and their Internet addresses are listed below.Company Name __________________ Internet Address (URL)
Fuller Enterprises uses flexible budgets that are based on the following data:Sales commissions ...................................................6% of salesAdvertising expense
Levi Strauss & Co. manufactures slacks and jeans under a variety of brand names, such as Dockers® and 501 Jeans®. Slacks and jeans are assembled by a variety of different sewing operations.
Nutty Candy Company budgeted the following costs for anticipated production for August:Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and
Pet Stop Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows:May ........................ $1,200,000June
Innovative Office Inc. has "cash and carry" customers and credit customers. Innovative Office estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit
Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows:March .......................
Organic Physical Therapy Inc. is planning its cash payments for operations for the three months ending March 31. The Accrued Expenses Payable balance on January 1 is $12,000. The budgeted expenses
The production supervisor of the Machining Department for Lei Company agreed to the following monthly static budget for the upcoming year:LEI COMPANYMachining DepartmentMonthly Production BudgetWages
Steelcase Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it produces filing cabinets in two departments: Fabrication and Assembly.
Topeka Plastics Inc. prepared the following factory overhead cost budget for the Trim Department for July, during which it expected to use 25,000 hours for production:Variable overhead cost:Indirect
Ultimate Audio Company manufactures two models of speakers, U500 and S1000. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production
Day & Spieth, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been
Based on the data in Exercise 13-5 and assuming that the average compensation per hour for staff is $36 and for partners is $300, prepare a professional labor cost budget for Day & Spieth, CPAs,
Zippy's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for
Coca-Cola Enterprises is the largest bottler of Coca-Cola® in North America. The company purchases Coke® and Sprite® concentrate from The Coca-Cola Company, dilutes and mixes the concentrate with
Donner Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for March for the two rackets is as follows:_________________Jounior
Seabury, Inc., a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly Department for October. The company expected to operate the
Northwest Technology Inc. manufactures and sells two products, digital game players and computer tablets. The fixed costs are $936,000, and the sales mix is 70% game players and 30% computer tablets.
The following data relate to direct labor costs for the production of smart tablets.Actual: ......... 6,300 hrs. at $23.00.............. $144,900Standard: ...... 6,300 hrs. at $24.50 ..............
Perez Inc. manufactures various types of furniture including couches, tables, and chairs. During April, wood for 1,000 tables entered into the cutting process where wood is cut to design
Hendrick Motorsports sponsors cars and drivers in the National Association for Stock Car Auto Racing (NASCAR)'s Sprint Cup Series. Performance data for three recent years are as follows:Number
Hilton Worldwide Holdings Inc. (HLT) and Marriott International, Inc. (MAR) reported the following occupancy data for two recent years: _______________ Year 2 _____________ Year 1 Hilton
Stop-N-Stay and Paradise Inn operate motels across the northwest. Operating data for each chain are as follows:For August, each chain reported the following: __________________ Room Nights ________
The East Memorial Hospital measures occupancy using the number of patient beds used during a month. Patient data for the months of January, February, and March are as follow:*Assume February has 28
Delta Air Lines (DAL) reported the following data (in millions) for three recent years.Delta refers to its utilization rates as "passenger load factor."1. Compute the passenger load factor
Southwest Airlines Co. (LUV) reported the following data (in millions) for a recent year.Southwest refers to its utilization rates as "passenger load factor." 1. Compute the passenger load factor
Using the results of MBA 13-6 and MBA 13-7, compare the operating results of Delta Air Lines (DAL) and Southwest Airlines (LUV)?
The director of marketing for Truss Industries Inc., Ellen Knutson, had the following discussion with the company controller, Bud Wyckoff, on February 26 of the current year: Ellen: Bud, it looks
The operating income and the amount of invested assets in each division of Otte Industries are as follows:a. Compute the return on investment for each division.b. Which division is the most
Panda Airlines Inc. has two divisions organized as profit centers, the Passenger Division and the Cargo Division. The following divisional income statements were prepared:The service department
High Country Foods Inc. is a diversified food products company with three operating divisions organized as investment centers. Condensed data taken from the records of the three divisions for the
The vice president of operations of Moab Bike Company is evaluating the performance of two divisions organized as investment centers. Invested assets and condensed income statement data for the past
Birrell Scientific Inc. manufactures electronic products, with two operating divisions, GPS Systems and Communication Systems. Condensed divisional income statements, which involve no intracompany
The returns on investment for Shear Co.'s three divisions, North, South, and Midwest are 38%, 30%, and 22%, respectively. In expanding operations, which of Shear Co.'s divisions should be given
Partially completed budget performance reports for Runquist Company, a manufacturer of air conditioners, are provided below.a. Complete the budget performance reports by determining the correct
One item is omitted from each of the following computations of the return on investment:Determine the missing items, identifying each by the appropriate letter.
The Walt Disney Company has four major sectors, described as follows:Media Networks: The ABC television and radio network, Disney channel, ESPN, A&E, E!, and Disney.com.Parks and Resorts: Walt Disney
The following table presents various rates of return on investment and residual incomes:Determine the missing items, identifying each item by the appropriate letter.
Wiring used by the Appliance Division of Kaufman Manufacturing is currently purchased from outside suppliers at a cost of $25 per unit. However, the same materials are available from the Electronic
Based on Kaufman Manufacturing's data in Exercise 14-17, assume that a transfer price of $22 has been established and that 150,000 units of materials are transferred, with no reduction in the
The following data were summarized from the accounting records for Vintage Construction Company for the year ended October 31, 20Y3.Prepare divisional income statements for Vintage Construction
For each of the following service departments, identify an activity base that could be used for charging the expense to the profit center. a. Accounts Receivable b. Central Purchasing c. Duplication
Delta Air Lines, Inc. (DAL) provides passenger services throughout the United States and the world. Fifteen Delta metrics and recent initiatives are as follows: 1. Using a mobile phone app that
Costco Wholesale Corporation (COST) operates membership warehouses throughout the United States and the world. Fifteen Costco metrics and recent initiatives are as follows: 1. Increasing same store
The Laser Division of FOX Technologies Inc. has been experiencing revenue and profit growth during the years 20Y6-20Y8. The divisional Income statements are provided below.Assume that there are no
Modern Living Inc. is a privately held diversified company with five separate divisions organized as investment centers. A condensed income statement for the Patio Division for the past year,
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