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managerial accounting

Questions and Answers of Managerial Accounting

Matt Litkee claims that the distinction between direct and indirect materials is based entirely on physical association with the product. Is Matt correct? Why?
Megan Neill is confused about the differences between a product cost and a period cost. Explain the differences to Megan.
Identify the differences in the cost of goods sold section of an income statement between a merchandising company and a manufacturing company.
The determination of the cost of goods manufactured involves the following factors:(A) Beginning work in process inventory,(B) Total manufacturing costs, and(C) Ending work in process inventory.
Ohmie Manufacturing has beginning raw materials inventory $12,000, ending raw materials inventory $15,000, and raw materials purchases $170,000.What is the cost of direct materials used?
Neff Manufacturing Inc. has beginning work in process $26,000, direct materials used $240,000, direct labor $200,000, total manufacturing overhead $180,000, and ending work in process $32,000.What
Using the data in Q16, what are(a) The total cost of work in process and(b) The cost of goods manufactured?
What is the value chain? Describe, in sequence, the main components of a manufacturer’s value chain.
Explain what is meant by “balanced” in the balanced scorecard approach.
What is activity-based costing, and what are its potential benefits?
Complete the following comparison table between managerial and financialaccounting.
The Sarbanes Oxley Act of 2002 (SOX) has important implications for the financial community. Explain two implications of SOX.
Listed below are the three functions of the management of an organization.1. Planning 2. Directing3. ControllingIdentify which of the following statements best describes each of the above
Determine whether each of the following costs should be classified as direct materials (DM), direct labor (DL), or manufacturing overhead (MO).(a) ____Frames and tires used in manufacturing
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials, direct labor, or manufacturing overhead.(a) ____Windshield.(b) ____Engine.(c)
Identify whether each of the following costs should be classified as product costs or period costs.(a) ____Manufacturing overhead. .(b) ____Selling expenses.(c) ____Administrative expenses.(d)
Presented below are Lang Company's monthly manufacturing cost data related to its personal computer products. (a) Utilities for manufacturing equipment .....$116,000 (b) Raw material (CPU, chips,
Francum Manufacturing Company has the following data: direct labor $229,000, direct materials used $180,000, total manufacturing overhead $208,000, and beginning work in process $25,000. Compute(a)
In alphabetical order below are current asset items for Dieker Company’s balance sheet at December 31, 2010. Prepare the current assets section (including a complete heading).Accounts receivable
In alphabetical order below are current asset items for Dieker Company’s balance sheet at December 31, 2010. Prepare the current assets section (including a complete heading).Accounts receivable
Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations.
Use the same data from BE19???10 above and the data below. Determine the missingamounts.
Indicate whether the following statements are true or false.1. Managerial accountants explain and report manufacturing and nonmanufacturing costs, determine cost behaviors, and perform C-V-P
A music company has these costs:Advertising ........... Paper inserts for CD casesBlank CDs ............CD plastic casesDepreciation of CD image burner ......Salaries of sales representativesSalary
The following information is available for Kopps Manufacturing Company. Prepare the cost of goods manufactured schedule for the month ofApril.
Match the descriptions that follow with the corresponding terms.Descriptions:1. ______ Inventory system in which goods are manufactured or purchased just as they are needed for use.2. ______ A method
Chris Martin has prepared the following list of statements about managerial accounting and financial accounting.1. Financial accounting focuses on providing information to internal users.2. Analyzing
Presented below is a list of costs and expenses usually incurred by Burrand Corporation, a manufacturer of furniture, in its factory.1. Salaries for assembly line inspectors.2. Insurance on factory
Coldplay Corporation incurred the following costs while manufacturing its product. Instructions(a) Identify each of the costs as direct materials, direct labor, manufacturing overhead, or period
Caroline Company reports the following costs and expenses in May. InstructionsFrom the information, determine the total amount of:(a) Manufacturing overhead.(b) Product costs.(c) Periodcosts.
Sota Company is a manufacturer of personal computers. Various costs and expenses associated with its operations are as follows.1. Property taxes on the factory building.2. Production
The administrators of San Diego County’s Memorial Hospital are interested in identifying the various costs and expenses that are incurred in producing a patient’s X-ray. A list of such costs and
Rapid Delivery Service reports the following costs and expenses in June 2010. InstructionsDetermine the total amount of (a) delivery service (product) costs and (b) periodcosts.
Coldplay Corporation incurred the following costs while manufacturing its product. Work-in-process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was
An incomplete cost of goods manufactured schedule is presented below. InstructionsComplete the cost of goods manufactured schedule for Cepeda Manufacturing Company.
Manufacturing cost data for Criqui Company are presented below. InstructionsIndicate the missing amount for each letter (a) through(i).
Incomplete manufacturing cost data for Ikerd Company for 2010 are presented as follows for four different situations. Instructions(a) Indicate the missing amount for each letter.(b) Prepare a
Aikman Corporation has the following cost records for June 2010. Instructions(a) Prepare a cost of goods manufactured schedule for June 2010.(b) Prepare an income statement through gross profit
Sara Collier, the bookkeeper for Danner, Cheney, and Howe, a political consulting firm, has recently completed an accounting course at her local college. One of the topics covered in the course was
The following information is available for Sassafras Company.Instructions(a) Compute cost of goods manufactured.(b) Prepare an income statement through gross profit.(c) Show the
Corbin Manufacturing Company produces blankets. From its accounting records it prepares the following schedule and financial statements on a yearly basis.(a) Cost of goods manufactured
An analysis of the accounts of Chamberlin Manufacturing reveals the following manufacturing cost data for the month ended June 30, 2010. Costs incurred: Raw materials purchases $54,000, direct
Todd Motor Company manufactures automobiles. During September 2010 the company purchased 5,000 head lamps at a cost of $9 per lamp. Todd withdrew 4,650 lamps from the warehouse during the month.
The following is a list of terms related to managerial accounting practices.1. Activity-based costing.2. Just-in-time inventory.3. Balanced scorecard.4. Value chain.InstructionsMatch each of the
Bjerg Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000
Copa Company, a manufacturer of stereo systems, started its production in October 2010. For the preceding 3 years Copa had been a retailer of stereo systems. After a thorough survey of stereo system
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Instructions(a) Indicate the missing amount for each letter.(b) Prepare a condensed cost of
The following data were taken from the records of Stellar Manufacturing Company for the fiscal year ended June 30, 2010. Instructions(a) Prepare a cost of goods manufactured schedule. (Assume all
Tombert Company is a manufacturer of computers. Its controller resigned in October 2010. An inexperienced assistant accountant has prepared the following income statement for the month of October
Petra Company specializes in manufacturing motorcycle helmets. The company has enough orders to keep the factory production at 1,000 motorcycle helmets per month. Petra’s monthly manufacturing cost
Net Play Company, a manufacturer of tennis rackets, started production in November 2010. For the preceding 5 years Net Play had been a retailer of sports equipment. After a thorough survey of tennis
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.Instructions(a) Indicate the missing amount for each letter.(b) Prepare a condensed cost of
The following data were taken from the records of Dosey Manufacturing Company for the year ended December 31, 2010.Instructions(a) Prepare a cost of goods manufactured schedule. (Assume all raw
Cinta Company is a manufacturer of toys. Its controller resigned in August 2010. An inexperienced assistant accountant has prepared the following income statement for the month of August
Mismatch Manufacturing Company specializes in producing fashion outfits. On July 31, 2010, a tornado touched down at its factory and general office. The inventories in the warehouse and the factory
Love All is a fairly large manufacturing company located in the southern United States. The company manufactures tennis rackets, tennis balls, tennis clothing, and tennis shoes, all bearing the
Anchor Glass Container Corporation, the third largest manufacturer of glass containers in the U.S., supplies beverage and food producers and consumer products manufacturers nationwide. Parent company
The Institute of Management Accountants (IMA) is an organization dedicated to excellence in the practice of management accounting and financial management. Address: www.imanet.org, or go to
Refer to Problem 19–5A and add the following requirement.Prepare a letter to the president of the company, Sue Tombert, describing the changes you made. Explain clearly why net income is different
Wayne Terrago, controller for Robbin Industries, was reviewing production cost reports for the year. One amount in these reports continued to bother him—advertising. During the year, the company
The primary purpose of managerial accounting is to provide information useful for management decisions. Many of the managerial accounting techniques that you learn in this course will be useful for
(a) What is a budget?(b) How does a budget contribute to good management?
Karen Bay and Frank Barone are discussing the benefits of budgeting. They ask you to identify the primary advantages of budgeting. Comply with their request.
Tina Haworth asks your help in understanding the essentials of effective budgeting. Identify the essentials for Tina.
(a) “Accounting plays a relatively unimportant role in budgeting.” Do you agree? Explain.(b) What responsibilities does management have in budgeting?
What criteria are helpful in determining the length of the budget period? What is the most common budget period?
Megan Pedigo maintains that the only difference between budgeting and long-range planning is time. Do you agree? Why or why not?
What is participative budgeting? What are its potential benefits? What are its potential shortcomings?
What is budgetary slack? What incentive do managers have to create budgetary slack?
What budget is the starting point in preparing the master budget? What may result if this budget is inaccurate?
Cali Company has 15,000 beginning finished goods units. Budgeted sales units are 160,000. If management desires 20,000 ending finished goods units, what are the required units of production?
In preparing the direct materials budget for Mast Company, management concludes that required purchases are 64,000 units. If 52,000 direct materials units are required in production and there are
The production budget of Rooney Company calls for 80,000 units to be produced. If it takes 30 minutes to make one unit and the direct labor rate is $16 per hour, what is the total budgeted direct
Morales Company’s manufacturing overhead budget shows total variable costs of $198,000 and total fixed costs of $162,000. Total production in units is expected to be160,000. It takes 15 minutes to
Elbert Company’s variable selling and administrative expenses are 10% of net sales. Fixed expenses are $50,000 per quarter. The sales budget shows expected sales of $200,000 and $250,000 in the
For Nolte Company, the budgeted cost for one unit of product is direct materials $10, direct labor $20, and manufacturing overhead 90% of direct labor cost. If 25,000 units are expected to be sold at
Identify the three sections of a cash budget. What balances are also shown in this budget?
Van Gundy Company has credit sales of $500,000 in January. Past experience suggests that 45% is collected in the month of sale, 50% in the month following the sale, and 5% in the second month
How may expected revenues in a service enterprise be computed?
Noble Manufacturing Company uses the following budgets: Balance Sheet, Capital Expenditure, Cash, Direct Labor, Direct Materials, Income Statement, Manufacturing Overhead, Production, Sales, and
Goody Company estimates that unit sales will be 10,000 in quarter 1; 12,000 in quarter 2; 14,000 in quarter 3; and 18,000 in quarter 4. Using a sales price of $80 per unit, prepare the sales budget
Sales budget data for Goody Company are given in BE23-2. Management desires to have an ending finished goods inventory equal to 20% of the next quarter’s expected unit sales. Prepare a production
Ortiz Company has 1,600 pounds of raw materials in its December 31, 2010, ending inventory. Required production for January and February of 2011 are 4,000 and 5,500 units, respectively. Two pounds of
For Everly Company, units to be produced are 5,000 in quarter 1 and 6,000 in quarter 2. It takes 1.5 hours to make a finished unit, and the expected hourly wage rate is $14 per hour. Prepare a direct
For Justus Inc. variable manufacturing overhead costs are expected to be $20,000 in the first quarter of 2010 with $4,000 increments in each of the remaining three quarters. Fixed overhead costs are
Mize Company classifies its selling and administrative expense budget into variable and fixed components. Variable expenses are expected to be $25,000 in the first quarter, and $5,000 increments are
Perine Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of $2,000,000.The total unit cost of making one unit of sales is $22.
Agee Industries expects credit sales for January, February, and March to be $200,000, $260,000, and $310,000, respectively. It is expected that 70% of the sales will be collected in the month of
Palermo Wholesalers is preparing its merchandise purchases budget. Budgeted sales are $400,000 for April and $475,000 for May. Cost of goods sold is expected to be 60% of sales. The company’s
Use this list of terms to complete the sentences that follow. 1. __________________ establish goals for the company's sales and production personnel.2. The _______________ is a set of interrelated
Oak Creek Company is preparing its master budget for 2010. Relevant data pertaining to its sales, production, and direct materials budgets are as follows.Sales: Sales for the year are expected to
Oak Creek Company is preparing its budgeted income statement for 2010. Relevant data pertaining to its sales, production, and direct materials budgets can be found in Do It! exercise 23-2 on page
Venetian Company management wants to maintain a minimum monthly cash balance of $20,000. At the beginning of April, the cash balance is $22,000, expected cash receipts for March are $245,000, and
Black Rose Company has always done some planning for the future, but the company has never prepared a formal budget. Now that the company is growing larger, it is considering preparing a
Zeller Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $12 and $25, respectively. Because of the intense competition Zeller faces,
Roche and Young, CPAs, are preparing their service revenue (sales) budget for the coming year (2010).The practice is divided into three departments: auditing, tax, and consulting. Billable hours for
Turney Company produces and sells automobile batteries, the heavy-duty HD-240.The 2010 sales budget is as follows. The January 1, 2010, inventory of HD-240 is 2,500 units. Management desires an
Moreno Industries has adopted the following production budget for the first 4 months of 2011. Each unit requires 3 pounds of raw materials costing $2 per pound. On December 31, 2010, the ending
On January 1, 2011 the Batista Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2011. The ending raw materials and finished goods inventories
Neely, Inc., is preparing its direct labor budget for 2010 from the following production budget based on a calendar year. Each unit requires 1.6 hours of direct labor.InstructionsPrepare a direct
Hardin Company is preparing its manufacturing overhead budget for 2010. Relevant data consist of the following.Units to be produced (by quarters): 10,000, 12,000, 14,000, 16,000.Direct labor: Time is

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