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managerial accounting
Questions and Answers of
Managerial Accounting
Data pertaining to the current position of Boole Company are as follows:Cash................... $240,000Temporary investments............ 120,000Accounts and notes receivable
The comparative financial statements of Optical Solutions Inc. are as follows. The market price of Optical Solutions Inc. common stock was $60.00 on December 31, 2010. InstructionsDetermine
Lancelot Company has provided the following comparative information: You have been asked to evaluate the historical performance of the company over the last five years. Selected industry ratios have
Assume that the president of Garden Isle Brewery made the following statement in the Annual Report to Shareholders:“The founding family and majority shareholders of the company do not believe in
Tylee Industries, Inc., has completed its fiscal year on December 31, 2010. The auditor, Holly Marcum, has approached the CFO, Doug Bliss, regarding the year-end receivables and inventory levels of
The condensed income statements through income from operations for Dell Inc. and Apple Inc., are reproduced below for recent fiscal years (numbers in millions of dollars). Prepare comparative
Harley-Davidson, Inc., is a leading motorcycle manufacturer in the United States. The company manufactures and sells a number of different types of motorcycles, a complete line of motorcycle parts,
Marriott International, Inc., and Hilton Hotels Corporation are two major owners and managers of lodging and resort properties in the United States. Abstracted income statement information for the
The Hershey Foods Company manufactures chocolate confectionery products. The three largest raw materials are cocoa beans, sugar, and dehydrated milk. These raw materials first go into the Blending
Alcoa Inc. is the world’s largest producer of aluminum products. One product that Alcoa manufactures is aluminum sheet products for the aerospace industry. The entire output of the Smelting
The Converting Department of Osaka Napkin Company uses the average cost method and had 2,000 units in work in process that were 60% complete at the beginning of the period. During the period, 25,200
Units of production data for the two departments of Atlantic Cable and Wire Company for August of the current fiscal year are as follows Each department uses the average cost method.a. Determine the
The following information concerns production in the Finishing Department for March. The Finishing Department uses the average cost method. a. Determine the number of units in work in process
The charges to Work in Process?Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials
The following information concerns production in the Forging Department for June. The Forging Department uses the average cost method. a. Determine the cost per equivalent unit.b. Determine the cost
The increases to Work in Process—Roasting Department for Boston Coffee Company for December 2010 as well as information concerning production are as follows:Work in process, December 1, 1,500
Prepare a cost of production report for the Cutting Department of Chota Carpet Company for October 2010. Use the average cost method with the following data:Work in process, October 1, 9,000 units,
Oasis Bottling Company bottles popular beverages in the Bottling Department. The beverages are produced by blending concentrate with water and sugar. The concentrate is purchased from a concentrate
Instant Memories Inc. produces photographic paper for printing digital images. One of the processes for this operation is a coating (solvent spreading) operation, where chemicals are coated onto
Olde Stone Mill Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging
Starburst Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packaging Department. On
How would each of the following costs be classified if units produced is the activity base?(a) Direct materials costs(b) Direct labor costs(c) Electricity costs of $0.35 per kilowatt-hour
Describe the behavior of (a) Total fixed costs and (b) Unit fixed costs as the level of activity increases. Discuss.
How would each of the following costs be classified if units produced is the activity base?(a) Salary of factory supervisor ($70,000 per year)(b) Straight-line depreciation of plant and equipment(c)
In applying the high-low method of cost estimation, how is the total fixed cost estimated? Discuss.
If fixed costs increase, what would be the impact on the (a) Contribution margin? (b) Income from operations? Discuss.
An examination of the accounting records of Clowney Company disclosed a high contribution margin ratio and production at a level below maximum capacity. Based on this information, suggest a likely
The reliability of cost-volume-profit (CVP) analysis depends on several key assumptions. What are those primary assumptions? Discuss.
What does operating leverage measure, and how is it computed? Discuss.
Following is a list of various costs incurred in producing toy robotic helicopters. With respect to the production and sale of these toy helicopters, classify each cost as either variable, fixed, or
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
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 used atall.
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. develops and sells software products for the personal finance market, including popular titles such as Quickenâ and TurboTaxâ. Classify each of the following costs and expenses for this
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 following partially completed manufacturing cost
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 are as
Blowing Rock 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
(a) 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?(b) If the contribution margin ratio for
For a recent year, McDonald's company-owned restaurants had the following sales and expenses (in millions): Assume that the variable costs consist of food and packaging, payroll, and 40% of the
For the current year ending March 31, Jwork Company expects fixed costs of $440,000, a unit variable cost of $50, and a unit selling price of $75.(a) Compute the anticipated break-even sales
Anheuser-Busch Companies, Inc., reported the following operating information for a recent year (in millions): In addition, Anheuser-Busch sold 125 million barrels of beer during the year. Assume
Currently, the unit selling price of a product is $280, the unit variable cost is $230, and the total fixed costs are $525,000. A proposal is being evaluated to increase the unit selling price to
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 per copy.The chairwoman of the cookbook development
Media outlets such as ESPN and Fox Sports often have Web sites that provide indepth coverage of news and events. Portions of these Web sites are restricted to members who pay a monthly subscription
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 subscribers (accounts) that generated revenue
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 relevant range are $900,000.(a)
Using the data for Paladin Inc. in Exercise 11-17,(a) Determine the maximum possible operating loss,(b) Compute the maximum possible income from operations,(c) Construct a profit-volume chart, and(d)
Name the following chart, and identify the items represented by the letters (a) through(f).
Name the following chart, and identify the items represented by the letters (a) through(f).
New Wave Technology Inc. manufactures and sells two products, MP3 players and satellite radios. The fixed costs are $300,000, and the sales mix is 40% MP3 players and 60% satellite radios. The unit
Southwest Blue Airways provides air transportation services between Seattle and San Diego. A single Seattle to San Diego round-trip flight has the following operating statistics:Fuel
(a) If Fama Company, with a break-even point at $360,000 of sales, has actual sales of $480,000, what is the margin of safety expressed (1) In dollars and (2) As a percentage of sales?(b) If the
Varner Inc. and King Inc. have the following operating data: a. Compute the operating leverage for Varner Inc. and King Inc.b. How much would income from operations increase for each company if the
West Coast 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. Salary of
Battonkill Company, operating at full capacity, sold 112,800 units at a price of $150 per unit during 2010. Its income statement for 2010 is as follows: The division of costs between fixed and
For the coming year, Tolstoy Company anticipates a unit selling price of $100, a unit variable cost of $30, and fixed costs of $2,100,000.Instructions1. Compute the anticipated break-even sales
Last year, Douthett Inc. had sales of $2,400,000, based on a unit selling price of $600. The variable cost per unit was $440, and fixed costs were $544,000. The maximum sales within Douthett’s
Data related to the expected sales of snowboards and skis for Winter Sports Inc. for the current year, which is typical of recent years, are as follows: The estimated fixed costs for the current
Soldner Health Care Products Inc. expects to maintain the same inventories at the end of 2010 as at the beginning of the year. The total of all production costs for the year is therefore assumed to
Jeff Zengel is a financial consultant to Rae Properties Inc., a real estate syndicate. Rae Properties Inc. finances and develops commercial real estate (office buildings). The completed projects are
“For a student, a grade of 65 percent is nothing to write home about. But for the airline . [industry], filling 65 percent of the seats . is the difference between profit and loss.The [economy]
Techno Games Inc. has finished a new video game, Mountain Bike Challenge. Management is now considering its marketing strategies. The following information is available:Anticipated sales price per
The owner of Banner-Tech, a printing company, is planning direct labor needs for the upcoming year. The owner has provided you with the following information for next year's plans: Each color on
Sales volume has been dropping at La Cross Publishing Company. During this time, however, the Shipping Department manager has been under severe financial constraints. The manager knows that most of
Break-even analysis is one of the most fundamental tools for managing any kind of business unit. Consider the management of your school. In a group, brainstorm some applications of break-even
Explain the meaning of (a) Differential revenue, (b) Differential cost, and (c) Differential income.
It was reported that Exabyte Corporation, a fast growing Colorado marketer of backup tape drives, has decided to purchase key components of its product from others. For example, Sony Corporation of
A company could sell a building for $250,000 or lease it for $2,500 per month. What would need to be considered in determining if the lease option would be preferred? Discuss in detail.
A company accepts 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? Discuss.
A company fabricates a component at a cost of $6.00. A supplier offers to supply the same component for $5.50. Under what circumstances is it reasonable to purchase from the supplier? Discuss.
Many fast-food restaurant chains, such as McDonald’s, will occasionally discontinue restaurants in their system. What are some financial considerations in deciding to eliminate a store? Discuss.
Why might the use of ideal standards in applying the cost-plus approach to product pricing lead to setting product prices that are too low? Discuss.
How does the target cost concept differ from cost-plus approaches? Discuss in detail.
What is a production bottleneck? Discuss.
Inman Construction Company is considering selling excess machinery with a book value of $280,000 (original cost of $400,000 less accumulated depreciation of $120,000) for $292,000, less a 5%
A condensed income statement by product line for British Beverage Inc. indicated the following for Royal Cola for the past year:Sales …………………………… $254,000Cost of goods sold
The condensed product-line income statement for Suffolk China Ware Company for the month of December is as follows: Fixed costs are 15% of the cost of goods sold and 40% of the selling and
The Charles Schwab Corporation is one of the more innovative brokerage and financial service companies in the United States. The company provided information about its major business segments as
On the basis of the following data, the general manager of Sole Mates Inc. decided to discontinue Children's Shoes because it reduced income from operations by $28,000. What is the flaw in
Companion Computer Company has been purchasing carrying cases for its portable computers at a delivered cost of $68 per unit. The company, which is currently operating below full capacity, charges
The Theater Arts Guild of Chicago (TAG-C) employs five people in its Publication Department. These people lay out pages for pamphlets, brochures, and other publications for the TAG-C productions. The
A company is considering replacing an old piece of machinery, which cost $600,000 and has $350,000 of accumulated depreciation to date, with a new machine that costs $450,000. The old equipment could
Singapore Digital Components Company assembles circuit boards by using a manually operated machine to insert electronic components. The original cost of the machine is $60,000, the accumulated
Bunyon Lumber Company incurs a cost of $490 per hundred board feet in processing certain “rough-cut” lumber, which it sells for $635 per hundred board feet. An alternative is to produce a
Seattle Roast Coffee Company produces Columbian coffee in batches of 8,000 pounds. The standard quantity of materials required in the process is 8,000 pounds, which cost $5.00 per pound. Columbian
Down Home Jeans Co. has an annual plant capacity of 65,000 units, and current production is 45,000 units. Monthly fixed costs are $40,000, and variable costs are $22 per unit. The present selling
Power Serve Company expects to operate at 85% of productive capacity during April. The total manufacturing costs for April for the production of 30,000 batteries are budgeted as follows:Direct
Roadworthy Tire and Rubber Company has capacity to produce 170,000 tires. Roadworthy presently produces and sells 130,000 tires for the North American market at a price of $90 per tire. Roadworthy is
MyPhone Inc. uses the total cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 5,000 units of cellular phones are as follows: MyPhone desires a
Based on the data presented in Exercise 12-15, assume that MyPhone Inc. uses the product cost concept of applying the cost-plus approach to product pricing. (a) Determine the total manufacturing
Based on the data presented in Exercise 12-15, assume that MyPhone Inc. uses the variable cost concept of applying the cost-plus approach to product pricing. (a) Determine the variable costs and the
Toyota Motor Corporation uses target costing. Assume that Toyota marketing personnel estimate that the competitive selling price for the Camry in the upcoming model year will need to be $22,000.
Laser Cast, Inc., manufactures color laser printers. Model A200 presently sells for $400 and has a total product cost of $320, as follows:Direct materials …………… $230Direct labor
Armstrong Alloys Inc. has three grades of metal product, Type 5, Type 10, and Type 20 Financial data for the three grades are as follows: Armstrong's operations require all three grades to be
Ohio Glass Company manufactures three types of safety plate glass: large, medium, and small. All three products have high demand. Thus, Ohio Glass is able to sell all the safety glass that it can
Based on the data presented in Exercise 12-21, assume that Ohio Glass wanted to price all products so that they produced the same profit potential as the highest profit product. Thus, determine the
On March 1, Midway Distribution Company 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
Flint 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, neither
Glide Shoe Company is planning a one-month campaign for May to promote sales of one of its two shoe products. A total of $125,000 has been budgeted for advertising, contests, redeemable coupons, and
The management of Allegheny Valley Aluminum Co. is considering whether to process aluminum ingot further into rolled aluminum. Rolled aluminum can be sold for $1,600 per ton, and ingot can be sold
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