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business
introduction to managerial accounting
Questions and Answers of
Introduction To Managerial Accounting
Explain briefly why each of the following groups might be interested in the financial statements of a business:a. Creditors.b. Potential investors.c. Labor unions.
What is the primary characteristic of the form of business organization called the sole proprietorship?
What is meant by the cost principle, and how is the cost principle related to accounting for assets?
What is meant by the terms inflation and deflation, and how do they relate to the stable monetary unit assumption underlying financial statements?
What are the major differences in the owners' equity sections of the balance sheet for a sole proprietorship, partnership, and corporation?
Which of the following does not describe accounting?a. Language of business.b. Is an end rather than a means to an end.c. Useful for decision making.d. Used by business, government, nonprofit
Objectives of financial reporting to external investors and creditors include preparing information about all of the following except:a. Information used to determine which products to produce.b.
Why does internal accounting information need to be timely?
What is a code of ethics, and how do such codes add to the integrity of accounting information?
What is the primary mission of the Institute of Management Accountants?
What is the mission of the American Institute of Certified Public Accountants, and does the organization have primarily a U.S. or an international focus?
Who makes up the majority of the members of the American Accounting Association, and how has this organization affected the practice of accounting?
Product costs in a complex organization are likely to be distorted if a traditional volume-based cost. driver is used anda. raw materials costs are a significant percentage of total production
All of the following are likely to be used as a cost allocation base in activity-based costing except thea. number of different materials used to manufacture the product.b. units of materials used to
A profitable company with five departments uses plant-wide overhead rates for its highly diversified operation. The firm is studying a change to either allocating overhead by using departmental rates
Atmel Inc. manufactures and sells two products. Data with regard to these products are given below.Total budgeted machine hours are 100,000. The budgeted overhead costs are shown below.Using
TC Company makes four types of patio sets: wood, plastic, wicker, and aluminum. Data regarding the four products follows:Additional information about the company follows:• Wood sets require \($40\)
Curry Company has two divisions, Eastern Division and Western Division. Curry Company has been allocating overhead based on direct labor hours. For the most recent year, the predetermined overhead
The controller for Tamale Cooking Oil Co. established the following overhead cost pools and cost drivers:An order of 80 finished barrels of cooking oil used:If the company uses activity-based costing
Clear View, Inc. provides quarterly commercial window cleaning services for three high-rise commercial buildings, Sequoia, Tower Plaza, and Cornwall, and it uses a job costing system for determining
Which of the following statements most accurately describes the current production environment and its effect on manufacturers’ cost structures?a. Due to the relatively high cost of technology and
Implementation of ABC costing in a company that has been using a plant-wide overhead rate would typically be expected to result in all of the following except:a. More accurate product costingb.
Activity-based management (ABM) is defined as:a. The implementation of an activity-based costing system in a service company, such as a management consulting firm.b. The identification and selection
Chelsea Manufacturing, Inc., operates a plant that produces its own regionally marketed Super Salad Dressing. The dressing is produced in two processes, blending and bottling. In the Blending
Evans Company processes a scouring powder through its Compounding Department and Packaging Department. In the Compounding Department, direct materials are added at the beginning of the process, and
Salanger Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department 1 for June 2019 were as follows:Department 1 handled the following units during
Summers Manufacturing Corporation produces chemical products using a continual process. Summers uses the weighted average method for process costing. All manufacturing is accomplished in one
Parker Laboratories, Inc., produces one of its products in two successive departments. All materi- als are added at the beginning of the process in Department 1. No materials are used in Department
Kipling Manufacturing, Inc., operates a plant that produces its own regionally marketed Super Salad Dressing. The dressing is produced in two processes, blending and bottling. In the Blending
Kipper Company processes a scouring powder through its Compounding Department and Packaging Department. In the Compounding Department, direct materials are added at the beginning of the process, and
Chauncer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department 1 for June 2019 were as follows:Department 1 handled the following units during
Sweet Fragrances Company uses process costing to account for the manufacture of its perfume. The factory consists of three departments: Blending, Bottling, and Packaging.The production manager of the
Canfield Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department,
Monroe Company processes a food seasoning powder through its Compounding and Packaging departments.In the Compounding Department, direct materials are added at the beginning of the process, and
Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:Department 1 handled the following units during
Product Cost Report-Weighted Average Method Bath Manufacturing Company uses the weighted average method for process costing. Bath produces processed food products that pass through three sequential
Patterson Laboratories, Inc., produces one of its products in two successive departments. All materials are added at the beginning of the process in Department 1; no materials are used in Department
Gaston Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department,
Commodore Company processes a food seasoning powder through its Compounding and Packaging departments. In the Compounding Department, direct materials are added at the beginning of the process, and
Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:Department 1 handled the following units during
Mack Inc. uses a weighted-average process costing system. Direct materials and conversion costs are incurred evenly during the production process. During the month of October, the following costs
Colt Company uses a weighted-average process cost system to account for the cost of producing a chemical compound. As part of production, Material B is added when the goods are 80% complete.
San Jose Inc. uses a weighted-average process costing system. All materials are introduced at the start of manufacturing, and conversion costs are incurred evenly throughout production. The company
Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Conversion
The following are selected operating data for Jackson Company’s Blending Department for April 2019. Tinting and packaging operations are carried out subsequently in other departments.Calculate the
In its first month's operations (January 2019), Schramski Company's Department 1 incurred charges of \($120,000\) for direct materials (10,000 units). \($29,875\) for direct labor, and \($58,000\)
The following data (and annotations) are for the work-in-process account of the first of Johnson Company's four departments used in manufacturing its only product for October of 2019.Assuming that
The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019:Joyner uses the weighted average method. Materials are added at
Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Conversion
The following selected operating data are for Jackson Company's Blending Department for the month of April 2019. Tinting and packaging operations are carried out subsequently in other
In its first month's operations (January 2019), Allred Company's Department 1 incurred charges of \($120,000\) for direct materials (10,000 units), \($33,000\) for direct labor, and \($58,000\) for
The following data (and annotations) are for the work-in-process account of the first of Crocker Company's four departments used in manufacturing its only product for October of 2019.Assuming that
The following data (and annotations) are related to the June 2019 charges appearing in the work-in-process account for Sutter Company's first processing department:Sutter uses the FIFO method. Direct
Terrace Corporation makes an industrial cleaner in two sequential departments, Compounding and Drying. All materials are added at the beginning of the process in the Compounding Department.
The following are selected operating data for Jackson Company's Blending Department for November 2019. Painting and packaging operations are carried out subsequently in other departments.Calculate
In its first month of operations (May 2019), Holland Company's Department 1 incurred charges of \($72,000\) for direct materials (9,000 units), \($38,700\) for direct labor, and \($13,950\) for
The following data (and annotations) for March 2019 are for the work-in-process account of the first of Eyring Company's four departments used in manufacturing its only product.Assuming that Eyring
The following data (and annotations) are for Nelson Company's processing department work-in-process account for the month of September 2019:Nelson uses the weighted average method. Materials are
Cost Flows Through Journal Entries The Mixing Department performs a series of processes in which a fluid chemical is concentrated. Records indicate that the Mixing Department has been charged with
Terrace Corporation makes an industrial cleaner in two sequential departments, Compounding and Drying. All materials are added at the beginning of the process in the Compounding Department.
The following are selected operating data for Jack- son Company's Blending Department for November 2019. Painting and packaging operations are carried out subsequently in other departments.Calculate
In its first month of operations (May of 2019), Allred Company's Department 1 incurred charges of \($72,000\) for direct materials (9,000 units), \($38,700\) for direct labor, and \($13,500\) for
The following data (and annotations) for March 2019 are for the work-in-process account of the first of Olympus Company's four departments used in manufacturing its only product.Assuming that Olympus
Equivalent Units and Product Cost Report-FIFO Method Following are the September 2019 charges (and certain annotations) appearing in the work-in-process account for Empire Company's processing
Oxford Consulting, Inc., expects the following costs and expenses during the coming year:Requireda. Compute a predetermined overhead rate applied on the basis of direct labor hours.b. Prepare a
The following selected ledger accounts of the Lakewood Manufacturing Company are for May (the fifth month of its accounting year):Requireda. Determine the amount of indirect materials requisitioned
Dillon Manufacturing had the following inventories at December 31, 2018, the end of its fiscal year:During January 2019, the following transactions occurred; 1. Purchased materials on account,
Job Cost Journal Entries Prior to the beginning of 2019, Stapleton Company estimated that it would incur \($153,000\) of manufacturing overhead cost during 2019, using 17,000 direct labor hours to
Following are certain operating data for Redwood Manufacturing Company for January 2019:Total sales were \($2,000,000\), on which the company earned a 40% gross profit. Redwood uses a predetermined
Summarized data for the first month's operations of Slater Foundry during 2019 are presented below. A job order costing system is used. 1. Materials purchased on account, \($88,000\). 2. Amounts of
During June 2019, its first month of operations, Logan Manufacturing Company completed the transactions listed below. Logan uses a job order costing system. Materials requisitions and the wages
Elizabeth Flanigan and Associates is an engineering and design firm that specializes in developing plans for recycling plants for municipalities. The firm uses a job costing system to accumulate the
The CSR box in this chapter discusses CH2M Hill’s efforts to offer summer programs at no cost introducing underrepresented groups to STEM education.The company’s stated goal is twofold: to
Metal Creations, Inc., is a custom manufacturer that uses a job order costing system.Currently, Metal Creations has 35% excess capacity in its factory. Charlie Rollins, the president, has instituted
Determine and Use Overhead Rate Cortez Consulting, Inc., expects the following costs and expenses during the coming year:Requireda. Compute a predetermined overhead rate applied on the basis of
Determine and Use Overhead Rate The following selected ledger accounts of Cameron Company are for February (the second month of its accounting year):Requireda. Determine the amount of indirect
Job Cost Journal Entries Holiday Manufacturing had the following inventories at December 31, 2018, the end of its fiscal year:During January 2019, the following transactions occurred: 1. Purchased
Job Cost Journal Entries Prior to the beginning of 2019, Lowe Company estimated that it would in- cur \($176,000\) of manufacturing overhead cost during 2019, using 16,000 direct labor hours to
Job Cost Journal Entries and T Accounts Following are certain operating data for Durango Manu- facturing Company for January 2019:Total sales were \($1,800,000\), on which the company earned a 40%
Summarized data for the first month's operations of Dobson Welding Foundry during 2019 are presented below. A job order costing system is used. 1. Materials purchased on account, \($58,000\). 2.
During June 2019, its first month of operations, Weston Manufacturing Company completed the transactions listed below. Weston uses a job order costing system. Materials requisitions and the wages
Which of the following is not an element of manufacturing overhead?a. Factory office salariesb. Plant manager's salaryc. Product inspector's salaryd. Company president's salary
A manufacturer incurred \($20,000\) of direct material, \($10,000\) of direct labor, and \($15,000\) of manufacturing overhead during 2019. Beginning work-in-process inventory was \($8,000\). If cost
Describe how the per-unit amount of a variable and fixed cost changes as production increases over time.
Name the three inventory accounts maintained by manufacturing firms and briefly describe the nature of each.
Name and briefly describe the three major categories used to account for manufacturing costs.
List six examples of manufacturing overhead costs.
What journal entry would be required to record the transfer of completed products costing $15,000?
Which one of the following refers to a cost that remains the same as the volume of activity decreases within the relevant range?a. Average cost per unitb. Variable cost per unitc. Unit fixed costd.
Claire Corporation’s trial balance includes the following expenses:Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product)
Claire Corporation’s trial balance includes the following expenses:Assuming no change in the work-in-process and finished goods inventory balances for the year, what total amount should Claire
Carson Company reported the following amounts for December:What amount of raw materials was used in production in December?a. $71,000b. $73,000c. $77,000d. $85,000 Beginning raw materials inventory.
All of the following would appear on a schedule of cost of goods manufactured except fora. ending work-in-process inventory.b. beginning finished goods inventory.c. the cost of raw materials used.d.
Given the following data for Scurry Company, what is the cost of goods sold?a. $500,000b. $600,000c. $800,000d. $950,000 Beginning inventory of finished goods $100,000 Cost of goods manufactured
Carson Company reported the following amounts for December:What is cost of goods manufactured for December?a. $176,000b. $182,000c. $186,000d. $188,000 Beginning raw materials inventory. Beginning
The journal entry to record the application of manufacturing overhead to production would include a debit to which account?a. Cost of goods soldb. Manufacturing overheadc. Work-in-process inventoryd.
Classify each of the following costs relative to the cost object “client project” for a CPA firm that specializes in audit: Staff auditor salaries... Receptionist salary... Depreciation on staff
Classify each of the following costs relative to the cost object “customer” for a clothing retailer: Salesperson wages Store manager salary. Depreciation on furniture and fixtures. Cost of
Complete the following T-accounts: Materials Inventory 320 ? 18,120 250 Wages Payable 9,000 300 Work-in-Process Inventory Finished Goods Inventory 1,000 ? ? 1,500 ? ? 9,000 ? 500 1,200
Piper Consulting Company incurred the following during 2019:Calculate prime cost and conversion cost for Piper Consulting Company during 2019. Direct labor.. Overhead Selling expenses Administrative
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