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managerial accounting
Questions and Answers of
Managerial Accounting
A well-designed performance measurement system will include which measures?a. Measures related to the goals of the organization.b. Measures primarily focusing attention on immediate short-term
Refer to Problem 19.45 (Dane Champions). Mark Hopper has chosen to monitor the following measures:Financial perspective: Operating margin. Customer perspective: Puppy owners average
A properly designed balanced scorecard should help eliminate barriers to implementing organization strategies. This chapter has identified four barriers: vision barrier, people barrier, resource
Lodgepole Theatres mission is to provide affordable family movies for the local community. Lodgepole management has developed the following balanced scorecard objectives, measures, and
Candi Canyon works in a resort location. During peak seasons the resort hires a large number of university students who live in dormitory-style housing at the resort. The dorms are approximately 2 km
A common business analysis technique is a SWOT analysis, or analysis of an organization’s strengths, weaknesses, opportunities, and threats. In marketing, a SWOT analysis is often used to decide
Erika is trying to explain the management decision-making process to a group of her friends who are not business majors. She decides to use her friend Kelli as an example. Kelli’s goal is to become
Which of the following best describes the responsibility of an investment centre manager?a. Evaluating alternative capital investments the organization must make.b. Achieving a certain target revenue
A small company in Vancouver sold $788,000 worth of its products last year. Net income rep-resents 24% of sales. Net operating profit after tax (NOPAT) and total capital are, respectively, $240,000
Your brother recently bought a small business with several coffee carts located around the city. Two workers share responsibility for each cart. All beverages are prepared using identical recipes and
Data for three business units are shown below.Required:Determine the unknowns indicated by letters (A) through (I).
ZIL Inc. operates two divisions, which are treated as investment centres. Data for each division for Year 4 are as follows (in thousands):The companys required rate of return is 12%. The
Robert Motoz is the manager of Division B of a large manufacturing company. Division B purchases all of its direct materials from Division A at a negotiated transfer price. Division B manufactures a
Why is residual income a better measure for performance evaluation of an investment centre manager than return on investment?a. The problems associated with measuring the asset base are eliminated.b.
Which of the following terms is not used when discussing sustainability in a business context?a. Corporate social responsibilityb. Social accountingc. Triple bottom lined. Throughput accounting
Interactive control systems are integral for which of the following?a. Engaging in organizational learning by investigating the strategic opportunities and threats revealed by differences between
Which of the following is considered an adequate performance measure in the internal process perspective of the balanced scorecard?a. Customer complaintsb. Number of repeat ordersc. Revenue per
In the October 2014 issue of Strategic Finance, authors Thomas Albright, Chad Gerber, and Paul Juras present a balanced scorecard for a not-for-profit governmental agency—the US Navy (“How Naval
Which of the following describes the Global Reporting Initiative (GRI)?a. A network organization that has developed a freely available framework for disclosure on economic, environmental, and social
The five levels of costs for sustainability management accounting practices include which of the following?a. Conventional costs, hidden costs, contingent costs, internalities, externalitiesb.
Which of the following describes externalities?a. Costs that an entity imposes on others as a result of its operations but which the entity itself typically ignores.b. Exert influence on the value of
Vintage Co. made 4,000 units of a product during its first year of operations and sold 3,000 units for $600,000. There was no ending work-in-process inventory. Total costs were $600,000:Direct
Which of the following statements is true about the variable cost method?a. It is always inappropriate for performing a profitability analysis.b. It is useful for determining the price of a product
In the prior period, 10,000 units were produced and 9,000 were sold; revenue was $1,800,000; and fixed costs were $500,000 for manufacturing and $300,000 for selling and administration. Variable
How does the accounting treatment of selling and administration costs differ between absorption and variable costing if more units are produced than are sold?a. The variable portion is added to the
In Company LL, the fixed factory overhead per unit is $5 and the fixed selling administration charges are $11. This year, the company produced and sold 100,000 units of product. The company uses the
WaterSafe Company produces a part used in the manufacture of aquarium filters. The following information pertains to the past three years of operations. WaterSafe Company uses FIFO
Vintage Co. made 4,000 units of a product during its first year of operations and sold 3,000 units for $600,000. There was no ending work-in-process inventory. Total costs were $600,000:Direct
Authentic Arts, Ltd. produces several different kits to make dreamweavers. Last year, the company produced 30,000 kits and sold all but 2,000 kits. The kits sell for $15 each. Costs incurred are
Maui Manufacturing, a small manufacturer of electronic parts, has just completed its third year of operations. The companys controller, Leilani Sorter, has been reviewing the actual
(Refer to Problem 17.52) Assume that Jungle Gym uses throughput costing.Data from Prob. 17.52:Jungle Gyms Unlimited makes backyard playsets. The playsets are sold for $450 each. Variable production
Jungle Gyms Unlimited makes backyard playsets. The playsets are sold for $450 each. Variable production costs are about $150 per playset. Fixed production costs are $5,000 per month. The fixed costs
This year, Paintbrush, Inc., manufactured 55,000 units of part YS15, and it sold 50,000 units at $60 per unit. The beginning inventory balance was 1,000 units. No changes in fixed or variable costs
Use the information from Exercise 17.24. The production variable cost ($40,000) includes $25,000 in direct materials and $15,000 in direct labour.Required:A. Using the throughput costing method, (1)
(Refer to Exercise 17.38) Assume that WaterSafe management is considering using throughput costing for management decision making.Required:A. Calculate the value of ending inventory and net income
The following is the cost data per unit for KopyKat Companys single product, the Kat:Prime cost ................................................. $
Determine the least costly order quantity if:EOQ = 3,500 unitsK = $10 per unitH = $50 per unitA = 306,250 unitsQuantity discounts:0 – 250.....................................$10 per unit251−
An assumption of EOQ is that as carrying costs __________,____________ ordering costs will .a. Decrease, remain constantb. Decrease, decreasec. Increase, increased. Increase, decrease
Determine the inventory carrying costs, inventory ordering costs, and total inventory costs for Hickory Co. based on the following information:Annual demand..............................7,000
West Inc. has provided the following information. Calculate the re-order point, taking safety stock into account.Daily usage.........................................110 unitsTime to receive an
Smith and Jones, Inc. is evaluating its inventory costs. The following information is available: Annual demand.........................4,500 unitsQuantity ordered..........................100
How is economic order quantity affected by just-in-time and supply chain concepts?
Theodora Ltd. Has the following quantity discount policy with its supplier Evanora Inc. Quantity..........................Price per Case1–299 cases..........................$25.00300–749
How do quantity discounts affect the economic order quantity decision?
Glinda Co. has the following quantity discount policy with its supplier. Quantity...............................Price per Unit1–499 units...............................$15.00500–999
Lindsey’s Equine Treats has an annual usage of 16,000 kg of oats, economic order quantity of 2,100 kg of oats, average usage of 120 kg per day including normal spillage, and a lead time of 5
What risk is associated with mis-estimating the lead time?
Shirley’s Home Made Cookies has an annual usage of 5,000 kg of chocolate chips, economic order quantity of 200 kg of chocolate chips, average usage of 25 kg per day, and a lead time of 3 days.
Explain how to adjust the re-order point to consider safety stock.
Covey Ltd. uses 2,250 metres of fine gage brass each year. Brass wire costs $12 per metre, ordering costs are $50 per order, and carrying costs are $2.50 per metre. Currently, Covey orders 500 metres
Explain the components of the re-order point.
Foxtrot Inc. uses 100 kilograms of material X per year. Material X costs $35.00 per kilogram. It costs $1.50 to place an order and $3.00 per kilogram to store material X. Currently, Foxtrot is
Discuss the contradictory factors that influence the safety stock decision.
Smith and Jones, Inc. is evaluating its inventory costs. The following information is available: Annual demand.........................4,500 unitsQuantity ordered..........................100
Skip’s Scooters builds motorized hobby scooters. Although they do most of the construction in-house, they purchase motors from a small engine manufacturer. Because the motor is specially made for
All Mint Co. uses 500 cases of material T per year. Ordering costs are $5.00 per case and carrying costs are $2.00 per case. Determine the economic order quantity.
What costs are included in ordering costs? Explain the relationship between these costs and inventory order quantity.
What costs are included in carrying costs? Explain the relationship between these costs and inventory quantity.
The following information is available for Friendship Circle Co.:Annual demand...................................400 casesOrder quantity........................................25 casesCost to place
Platters Plus wants to determine the most cost efficient production run for their dinner plates. This quantity should minimize the carrying costs of inventory and the setup costs of production.
What are the assumptions of the economic order quantity equation?
Fine Dining sells high-end stemware. During a year, Fine Dining sells 1,500 cases of stemware with average sales of 5 cases per day. The cases of stemware cost $245 each. Because the stemware is
Explain the opposing costs that are part of the economic order quantity calculation.
Pioneer Aviation uses specialty gaskets in the production of a small aeroplane, X.224. During a year, Pioneer uses 15,625 gaskets with an average usage of 50 gaskets per day of production. The
Which of the following statements concerning the approach of target costing is correct?a. This approach is based on the observation that the firm should set its price so as to be able to cover its
Which of the following items is a limitation to total life cycle costing in a firm?a. Committed cost decisions are made by research and development people.b. Managers place enormous pressure on
A company considers producing a new product and selling 20,000 units per year at a selling price of $60 per unit. It will cost $800,000 to design, develop, and produce the units. If the company
Which of the following statements concerning target costing is correct?a. This approach is based on the observation that the firm should set its price so as to be able to cover its costs.b. The firm
How is Kaizen costing different from standard costing?a. Kaizen costing puts more emphasis on cost reduction than cost control.b. Kaizen costing puts more emphasis on cost control during the product
What are the requirements of a successful JIT system? What are the expected benefits of a successful JIT system?
EcoClean plans to introduce an environmentally friendly and pet-safe all-purpose cleaning solution. Because the chemical nature of the product is innovative, the product development and design phase
Suppose that Chevrolet used target costing to decide whether to produce a new vehicle, such as the Chevrolet Spark.Required:A. Describe the steps Chevrolet’s design team would have taken.B. Explain
Which two lean accounting performance measures focus on the cell level? Explain both measures.
Frick N’ Frack Company plans to sell 5,000 units of a new product at a price of $35 per unit. The cost to bring the product to market, including design and development, is $155,000. The desired
Explain life cycle costing. Why would this approach be useful for decision-making in the pharmaceutical industry? Why would this approach be useful in mining?
Refer to the Next Generation Fighter Capability Annual Update and the Independent Review: 2014 Department of National Defence Annual Update on Next Generation Fighter Capability Life Cycle Costs
Wilderness Lights produces LED camping lanterns. The LED units are fabricated by robotic manufacturing equipment. The equipment has an ideal rate time of 10 LED units per hour, and work is performed
Wilderness Lights produces LED camping lanterns. The lanterns are produced in a cellular system. Three cells perform the manufacturing tasks: Cell 1 assembles the LED light unit, Cell 2 adds the
Freds Auto Components manufactures seats for an automobile company. The automobile company wants a new seat designed to accommodate drivers and passengers who weigh 100 kilograms or more,
Cindi James, the manager in charge of a general store at a favourite summer holiday location, has launched a kaizen costing program to reduce operating costs by applying JIT concepts. She expects the
ELZ Ltd. manufactures electronic components. Recently, researchers have identified a new process for manufacturing higher quality, more environmentally friendly components. Because the new process is
Street Rider Company produces street quality long-boards. The long-boards are produced in a cellular system. Three cells perform the manufacturing tasks: Cell 1 assembles the wheels on an axle, Cell
U-Go-Mugs Company manufactures souvenir travel mugs. Orders for 36,960 mugs were received during February, with deliveries scheduled evenly throughout the month of March. Mugs are produced
Ruce Ltd. has two manufacturing divisions located in the same plant. Division X is evaluated as a cost centre, and Division Y is evaluated as a profit centre.Division X produces component X98 at a
Road Runners is a bike sales and service shop. The service division uses a time and material billing policy. Based on the following costs and desired profits, calculate the hourly rate for labour and
Based on the information in multiple choice question 13.15, calculate the mark-up percentage and selling price assuming that Clay Cookery uses variable cost-based pricing.Mark-up
Clay Cookery produces ceramic cookware. Variable costs include clay and glazes for each crock and selling expenses. Fixed costs include salaries for potters and the necessary equipment to produce the
Eason Electronics manufactures wheelchairs. It has two divisionsthe Motors Division located in Canada and the Assembly Division located in Japan. The Motors Division was originally set up
WWL Ltd. has a target before-tax profit of $200,000. At the planned sales volume for each of its products, the variable and fixed costs are $2,000,000 and $400,000, respectively. All fixed costs are
Atex Ltd., has two divisions: a Parts Division and a Products Division. Each division operates as a profit centre. The Parts Division manufactures keyboards and is free to sell its product internally
Sonico Electronics operates as a decentralized company. Sonico’s Battery division manufactures batter chargers that are sold both externally to outside customers and internally to the Camera
Eutronics has two divisions – Division A manufactures compressors and Division B uses compressors to make air conditioners. Each division operates as a profit centre and is free to buy and sell
Happy Homes is a house cleaning service. As a special feature, Happy Homes will supply flowers or small decorator items when they clean a home. They use a time and material billing policy. Based on
Juno Manufacturing Ltd. is considering replacing its existing equipment with an automated machine for $133,950. Juno depreciates its capital assets using the straight-line depreciation method. Juno
Juno Manufacturing Ltd. is considering replacing its existing equipment with an automated machine for $133,950. Juno depreciates its capital assets using the straight-line depreciation method. Juno
Geysers Unlimited expects to capture 55% of the flavoured water market. In a typical year, this market averages 2,500,000 units. This year sales reached an all-time high of 2,800,000 units. Geysers
To help control operations, Cabo Company developed a standard costing system in its job shop. Data for a recent job follows. Required: A. Calculate the direct labour price variances.B.
How is the contribution margin variance calculated? What does it tell managers?
Following is information about Nature’s Song direct labour hours and wages last period.Actual labour hours for guides at the standard price per
Afos Sofas Inc. produces two models of sofas: Standard and Deluxe. The expected total market sales of sofas were 250,000 sofas. The actual total market sales of sofas were 220,000
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