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managerial accounting

Questions and Answers of Managerial Accounting

Rainbow Bubbles’ managers expected to produce 30,000 units of product in March. Two materials are used to produce the bubble product: Material A is the soap that makes the bubbles and determines
How is the revenue sales quantity variance calculated? What does it tell managers?
Jersey Knits sells two types of fabric that are used interchangeably in the production of lawn chairs. The following information about each fabric is available:Required:A. Calculate the
How is the sales price variance calculated? What does it tell managers?
Tile Floors produces a variety of tiles used for kitchen flooring. Two of Tile Floors lines are particularly popular with local home builders. The standard grade is a 6-inch (15 cm) square,
The fact that managers sometimes use joint cost accounting information inappropriately in making decisions.REQUIRED:In a memo to your professor:Explain what is meant by the above statement.A. Give an
Feed ‘N Grow manufactures three types of plant food using a joint process. The cost of materials used during a typical period is $100,000, while labour and overhead are $150,000. This level of
A chemical process product produces two main products (Delta and Echo) and one by-product (Golf) from a joint product (Beta). None of the products require processing after the split-off point.
The We Care Pharmaceutical Company produces two pain relievers, premium and regular, through a joint process. Joint costs amount to $2,000 per batch of output. Each batch totals 5,000 grams: 75%
Apples Galore, a local orchard, grows and sells apples and apple pies. At harvest time, apples are sorted into saleable apples and defective apples. The defective apples are considered a by-product
SMT Ltd. manufactures three products. Production begins with a joint process, and the three outputs of the joint process are processed further to produce products L, M, and N. The outputs at
Refer to the information from Problem 10.49, Parts 1, 2, and 3. The budget indicates that the company is likely to incur a loss during the next period. The accountant asks you to assist him in
The manager of Safe Keeping Wallets believes that the company will sell 500 designer credit card safe wallets next month. She expects to have 50 wallets in finished goods inventory at the beginning
Mike€™s Bikes makes and sells high-quality replacement gears for mountain bikes. Mike Speedway, controller, is responsible for preparing the master budget and has assembled the following
Hammocks and Swings, Ltd. has projected sales in units for four months of operations as
Delicata’s managers expected to produce 30,000 units of product in November. The standard cost for the materials used for 30,000 units is $260,400 and the standard cost per unit is $4.20 per litre.
Fragrances Unlimited provided the following information.Actual materials (purchased and used).....................................200,000 ml @ $0.30 per mlActual direct
Refer to 11.26. Prepare the journal entries for the materials price and efficiency variances for November. Assume that Delicata records the materials price variance at the time materials are
Kirkpatrick Consulting uses a standard costing system to allocate overhead costs. The accountant estimated 7,650 hours as the volume to develop standard overhead rates. Budgeted costs were $17,213
Refer to 11.24. Prepare the journal entries to record the variable and fixed overhead. Then, prepare the journal entries to record the allocation of variable and fixed overhead into work in process.
How is the contribution margin sales volume variance calculated? What does it tell managers?
Marisa has recently opened Rapid Oil Change, a service station in a small but growing community. Her strategy is to provide a low cost, high quality service in a customer-friendly atmosphere. Marisa
Flathead Music uses two different types of labour. In the last production period, they used 4,600 hours of technician I time and 2,200 hours of technician II time. The standard pay rates are $15 per
Up North’s managers expected to produce 20,000 units of product in March. The standard cost for the materials used for 20,000 units is $173,600 and the standard cost per unit is $2.80 per litre.
Lynn Company uses a standard cost system. Overhead is applied on the basis of direct labour hours (DLH), and the annual practical capacity of 42,000 DLH is used in establishing the standard overhead
Cozy Creatures expected to produce 5,000 Hazel the Hedgehog bed warmers. Hazel was so popular that Cozy Creatures sold 5,750 Hazels. Each Hazel requires 0.5 metres of cotton flannel. Cozy Creatues
To help control operations, Sisyphus Company developed a standard costing system in its job shop. Data for a recent job follows. Required:Calculate the direct labour price and efficiency
Quick-start, Inc. produces fire starters for starting charcoal grills. The fire starters are made from wood chips and paraffin. If there is not enough paraffin, the fire starters are more difficult
Blitz Inc. uses three different substitutable products in the production process. In the last production period, they used a total of 555,000 litres: 138,750 litres of solution E, 222,000 litres of
Green Elements, Ltd. uses three chemical inputs, one labor grade, and major scientific equipment. Management tracks productivity be input and in total. The following information is
The following data for Kitchen Tile Company relate to the production of 18,000 tiles during the past month. The company allocates fixed overhead costs at a standard rate of $19 per direct labour
Generico Ltd. uses an injection device to regulate the flow of raw materials into moulds in its production process. When the injector device is “out of control,” the entire production line must
Explain the relationship between the labour variances and variable overhead variances when variable overhead is applied based on direct labour hours.
Casey’s Photography expected to work 400 hours per year taking wedding photos for 50 weddings. Casey’s standard labour rate for photographers is $25 per hour. During the last year, Casey actually
Following are the variances for Caldera Cooking Company for the month of July. Assume that the price variance for direct materials is calculated at the time of purchase and that the amount of direct
How are standard quantities for materials, labour, and variable overhead calculated?
The following standard cost card is available for product S141. Last month, 12,580 units of S141 were produced at a cost of $24,800 for direct materials and $69,064 for direct labour. A total of
What does the production volume variance tell managers?
The Chase Company’s budget for April called for production of 7,000 units. At that level of activity, direct labour was budgeted at $168,000. During April, 7,200 units were produced. Labour was
Plush pet toys are produced in a largely automated factory in standard lots of 100 toys each. A standard cost system is used to control costs and to assign cost to inventory: Variable overhead,
The following information pertains to Nell Company’s production of one unit of its manufactured product during the month of June. The company recognizes the materials price variance when materials
The managers of Nakatani Enterprises established the following standards for Model 535: Last month, 15,342 units of Model 535 were produced at a cost of $26,870 for direct materials and $47,000
Jennifer has just been promoted to manager of the piston division of Auto Parts Co. The division, which manufactures pistons for hydraulic drives, uses a standard cost system and calculates the
Raging Sage Coffee is a franchise that sells cups of coffee from carts in shopping centres. A computerized standard costing system is provided as a part of the franchise package. A portion of the
Anchor Manufacturing has forecasted sales of 5,000 units of its product at $75 each for the next month. Beginning inventory consists of 800 grams of direct materials and 300 units of finished goods.
Describe the contribution margin sales volume variances that an organization may calculate if it provides more than one product or service. Explain why managers might monitor these variances.
Dig We Must, Inc. produces three different grades of shovels. The differences among the shovels are due to the materials and construction of the handles. These differences result in cost and selling
Fairy Flats Ltd. expects to capture 28% of the glitter market. In a typical year, this market averages 8,000,000 units. This year sales were 7,800,000 units. Fairy Flats sold 1,716,000 units. The
Nature’s Scents uses specially designed and labelled bottles to package its line of natural shampoos and body washes. The following information is available to assist managers determine how many
Arabica Ltd. uses 625 cartons of information pamphlets per year. The cost to place an order is $2.50 per order and the carrying costs for inventory are $5.00 per carton. Determine the economic order
Linz Riding Apparel has identified a new market for half chaps for English-style riding. The half chaps will be marketed to those riders with non-standard leg-calf dimensions (e.g., very short, very
School Dayz Binders manufactures 3-ring binders targeted at the high school market. Orders for 47,000 binders were received during July, with deliveries scheduled evenly throughout the month of
An organization’s plant in Saskatchewan manufactures a product that is shipped to a branch in the Yukon Territory for sale. Does it make any difference which branch (each is a profit centre) is
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
In analyzing capital budgeting decisions, a number of methods are commonly used. Which of the following methods does notinvolve the measurement of cash flows?a. Internal rate of return methodb.
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
Nutex Company operates as a decentralized organization. Its chips division is an investment centre and the divisional manager, Ms. Chaudry, is free to invest in any project that adds value to Nutex.
Dubois Garage Doors (DGD) Ltd., has two divisions€”Doors and Electronic Components, which operate in a decentralized manner. The financial information of each division is shown as
You have been asked to make a presentation to your class on economic value added (EVA). You decide to use data from a company that produces vaccines to illustrate the concept. You have collected the
InstruChem manufactures chemical cleaning products. Due to recent environmental protection requirements, InstruChem must now improve the final disposition of its chemical by-products. These
Clearwater Bottling Company sells bottled spring water for $12 per case, with variable costs of $7 per case. The company has been selling 200,000 cases per year and expects to continue at that rate,
Fusion Foods manufactures and sells frozen dinners. The packaging machine was acquired 4 years ago for $500,000, and the machine can be used for another 6 years, with a residual value of $40,000.
MW Property Management (MW) owns and manages apartment buildings. Each apartment building has a dedicated room for laundry facilities. One of the laundry facilities was equipped with older laundry
JuciCo is considering introducing a new fad toy, Topico. The new product is expected to generate annual revenue of $520,000, with direct materials cost of $182,000, direct labour $156,000, and
The Hotshots are a professional hockey team with a long tradition of winning. However, over the past three years, the team has not won a major championship, and attendance at games has dropped
The Moose Co. expects to capture 35% of the moose chocolate market. In a typical year, this market averages 600,000 units. This year sales reached an all-time high of 725,000 units. Moose Co. sold
Bison Burt’s uses two different grade scales of labour, GS4 and GS5. In the last production period they used 2,500 hours of GS4 and 1,500 hours of GS5. The standard pay rates are $11per GS4 hour
Bison Burt’s uses two different grade scales of labour. In the last production period they used 2,500 hours of GS4 and 1,500 hours of GS5. The standard pay rates are $11 per GS4 hour and $15 per
In 1977, public outcries arose when a memo written by Ford Motor Company executives was published. According to the memo, Ford continued to produce and market the Pinto automobile, even after company
Restco Beds Inc. produces two models of beds: Regular and Majestic. Budget and actual data were as follows: Market DataExpected total market sales of beds................................500,000
How do you calculate the materials (labour) yield variance? What does this variance tell managers?
How do you calculate the materials (labour) mix variance? What does this variance tell managers?
The budget and actual results for Acme Co. Inc. for the first quarter of the year are as follows: The total sales (contribution margin) mix variance for the first quarter (rounded to the nearest
When an organization uses interchangeable inputs (either materials or labour), the production cost quantity/efficiency variance can be further analyzed. What are the two additional variances that can
How do you calculate the industry volume variance? What does this variance tell managers?
How do you calculate the market share variance? What does this variance tell managers?
Identify two variances that an organization can use to understand the sales volume variance from an external focus. What do these variances tell managers?
How do changes in sales mix affect contribution margin variances?
How do you calculate the contribution margin sales quantity variance? What does this variance tell managers?
How do you calculate the contribution margin sales mix variance? What does this variance tell managers?
How do you calculate the standard sales mix percentage?
Irrigation Supply is negotiating with a major hardware chain to supply heavy-duty sprinkler heads at $18,000 each year for five years. Irrigation Supply would need to retool at a cost of $20,000 to
Cy Keener, president of the Carbondale Architectural Design Group, is considering an investment to upgrade his current computer-aided design equipment. The new equipment would cost $110,000, have a
All three professional accounting organizations recognize the importance of clear, concise communication. In this chapter, you learned three ways to present cost information in an income
CLOC, an international company, produces and sells children€™s watches in Canada and Taiwan. Each division operates as an investment centre. The divisions€™ financial information
A large university requires each faculty to submit an annual report that includes the average salary of teaching staff by rank; by rank and gender; and by rank, gender, and racial
Victoria€™s Closet mass-produces luxurious sleepwear for women. Consider the following data for the flannel nightgown department for the month of January. All direct materials are added at
Large international and regional accounting firms typically include an Audit/Assurance Group, a Tax Group, and support staff (e.g., human resources, secretarial staff, internal accounting). Research
The Canadian Securities Administrators (CSA) outlines specific disclosures about executive compensation for public companies. The following webpage contains information about CSA executive
A well-known new-immigrant language centre in Hamilton, Ontario, operates as a not-for-profit organization. Typical capital expenditure decisions involve acquiring audio-visual equipment that will
Kelly Bucek is manager of the customer service division of a retail computer store, Quik Computers. Kelly would like to buy computer diagnostic equipment that costs $10,000. The equipment will last
The managers of Alphabet Co. are investigating the allocation of service department costs. They have gathered the following information to help in the analysis of their options. The cost drivers
Use the following information to answer Questions A manufacturer of skating equipment has met all its production requirements for the current month and has the opportunity to produce additional

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