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introduction to managerial accounting

Questions and Answers of Introduction To Managerial Accounting

On July 1, MTC Wholesalers had a cash balance of \($175,000\) and accounts payable of \($99,000\). Actual sales for May and June, and budgeted sales for July, August, September, and October are:All
The sales budget for Andrew Inc. is forecasted as follows:To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been
Timber Company is in the process of preparing its budget for next year. Cost of goods sold has been estimated at 70 percent of sales. Lumber purchases and payments are to be made during the month
Assume that Ringwood Manufacturing manages its cash flow from its home office. Ringwood controls cash disbursements by category and month. In setting its budget for the next six months, beginning in
Quality Wool Company, a merchandising company, is developing its master budget for 2018. The income statement for 2017 is as follows:The following are management’s goals and forecasts for 2018:.
Madison Booksellers is planning a budget for 2018. The estimate of sales revenue is \($1,600,000\) and of cost of goods sold is 70 percent of sales revenue. Depreciation on the office building and
At the beginning of October, Comfy Cushions had 1,600 cushions and 10,500 pounds of raw materials on hand. Budgeted sales for the next three months are:Comfy Cushions wants to have sufficient raw
Drainage Solutions Culverts produces small culverts for water drainage under two-lane dirt roads.Budgeted unit sales for the next several months are:At the beginning of September, 575 units of
Cash budgeting for Nichole Mango, a merchandising firm, is performed on a quarterly basis. The company is planning its cash needs for the third quarter of 2017, and the following information is
The Williams Supply Company sells for \($40\) one product that it purchases for \($25\). Budgeted sales in total dollars for the year are \($1,400,000\). The sales information needed for preparing
Wauconda Medical Center is located in a summer resort community. During the summer months the center operates an outpatient clinic for the treatment of minor injuries and illnesses. The clinic is
Dils Brothers Department Store prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2017.Actual and forecasted sales for selected
What are the relationships among an organization’s value chain, processes, and activities?
What should be the goal of every organization along the value chain?
Distinguish between the value-added perspective and the value chain perspective.
Why are economic models seldom used for day-to-day pricing decisions?
Identify three reasons that cost-based approaches to pricing have traditionally been important.
Identify four drawbacks to cost-based pricing.
How does target costing differ from cost-based pricing?
Why is cost-based pricing more a technique, and target costing is more a philosophy? Which approach takes a more proactive approach to cost management?
Distinguish between the marketing life cycles of products incorporating advanced technology (such as household electronic equipment) and those using more traditional technology (such as household
What is the relationship between target costing and continuous improvement (Kaizen) costing?
Distinguish between the seller’s and the buyer’s perspective of life cycle costs.
What advantage is derived from benchmarking against firms other than competitors?
Prepare a value chain for bottled orange juice that was purchased for personal consumption at an on campus cafeteria.
Prepare a value chain for a firm that produces gasoline fuel. Clearly identify upstream and downstream entities in the value chain.
Using the generic internal value chain shown in Exhibit 8.2, classify each of the following activities of an aluminum cable manufacturer as inbound logistics, operations, outbound logistics,
Using the generic internal value chain shown in Exhibit 8.2, classify each of the following activities of a cable television company as inbound logistics, operations, outbound logistics, marketing
Sue Bee Honey is one of the largest processors of its product for the retail market. Assume that one of its plants has annual fixed costs totalling \($12,000,000\), of which \($4,500,000\) is for
Assume that you plan to open a soft ice cream franchise in a resort community during the summer months. Fixed operating costs for the three-month period are projected to be \($9,080\). Variable costs
A few years ago, Hotel Klingerhoffer, a large hotel chain, announced that because occupancy rates had declined during the previous quarter, it was raising room rates to cover the cost of its increase
Your company is developing a new product for the computer printer industry. You have talked to several material vendors about being able to supply quality components for the new product. The product
Computer Consultants provides computerized inventory consulting. The office and computer expenses are \($800,000\) annually and are not assigned to specific jobs. The consulting hours available for
The predicted 2017 costs for Mighty Motors are as follows:Average total assets for 2017 are predicted to be $7,000,000.Requireda. If management desires a 12 percent rate of return on total assets,
Disks for You manufactures two products, CDs and DVDs, both on the same assembly lines and packaged 10 disks per pack. The predicted sales are 400,000 packs of CDs and 500,000 packs of DVDs. The
Refer to the previous exercise, E8-24. Based on your calculations of the selling price and profit for CDs and DVDs, how should Disks for You evaluate the status of these two products? Should either
Portland Equipment Company wants to develop a new log-splitting machine for rural homeowners.Market research has determined that the company could sell 6,000 log-splitting machines per year at a
MacquariumIne. provides computer-related services to its clients. Its two primary services are are Web page design (WPD), and Internet consulting services (ICS). Assume that Macquarium’s management
Redback Networks Inc., a subsidiary of Ericsson, provides networking services and related systems for 75 percent of the world's largest telephone companies. Assume that it is developing a new
Samira Company does contract manufacturing of compact video cameras. At its Pacific plant, cost control has become a concern of management. The actual costs per unit for the years 2016 and 2017 were
Assume that GE Capital, a division of General Electric, has been displeased with the costs of servicing its consumer loans. Assume that it has decided to implement a Kaizen-based cost improvement
Tech Com’s predicted 2017 variable and fixed costs are as follows:Tech Com is a small company producing a wide variety of computer interface devices. Per-unit manufacturing cost information about
Pipestem Golf produces a wide variety of golfing equipment. In the past, product managers set prices using their professional judgment. Samuel Snead, the new controller, believes this practice has
Most utility poles carry electric and telephone lines. In areas served by cable television, they also carry television cables. However, cable television companies rarely own any utility poles.
The president of Houston Electronics was pleased with the company’s newest product, the HE Versatile CVD. The product is portable and can be attached to a computer to play or record computer
In a value chain analysis:a. The links of the chain are the various entities beginning with the producers of raw materials and ending with the final customerb. Processes are collections of related
In a cost-based pricing model, the markup percentage is determined by an equation that:a. Has the cost base in the denominator and any remaining costs plus the desired profit in the numeratorb. Has
Brown manufacturing makes profits with varying pricing structures, but it wants to determine the minimum markup percentage for all products based on manufacturing costs that will ensure that it does
Electronics Inc. is considering producing a new MP3 player that will offer several new features, including wireless earphones and wireless download of music and videos from any computer to the
Orange Inc. produces electronic devices such as computers and cell phones. It has recently introduced a digital reader, called the e-pad, but realizes that to compete effectively in the future, it
Typical characteristics of benchmarking include each of the following except:a. Planning the benchmarking projectb. Understanding your own performance C. Focusing on performance measuresd. Studying
Which of the following statements regarding production and service department costs is incorrect?a. For a production department, direct department costs include both direct and indirect product
The following budgeted information pertains to Trawbing Company:The direct department costs for Mixing and Molding represent the direct department overhead costs of those departments, not including
Refer to question 2 above. Assume that the Molding Department uses a predetermined overhead rate for assigning overhead costs to products based on budgeted total overhead after service department
The key elements of JIT/lean production include which of the following?a. Increased coordination throughout the value chainb. Reduced inventories and production timesc. Increased product quality and
Topaz Company sold and produced 40,000 units of product at a cost of \($1,200,000\) for a sales price of \($60\) per unit during the most recent year. Throughout the year its average inventory was
Which of the following is not a characteristic of a business environment with increasing availability of data?a. There is potential risk of misinterpretation between correlation and causation.b. It
Distinguish between the following sets of terms:a. Direct product costs and indirect product costs.b. Direct department costs and indirect department costs.
Define the terms direct cost and indirect cost.
Differentiate between cost assignment and cost allocation.
Explain how a cost item can be both a direct cost and an indirect cost.
What is the primary advantage of separately allocating fixed and variable indirect costs?
Define interdepartmental services.
To what extent are interdepartmental services recognized under the direct, step, and linear algebra methods of service department cost allocation?
Is it feasible to assign interdepartmental services to production departments using ABC?
Explain the concept of just-in-time inventory management.
What are the major elements of lean production?
What is the relationship between JIT and the lean production concept?
Explain how computer technology has affected the way companies approach JIT inventory management and lean production methods.
What elements of the JIT approach contribute to reducing materials inventories?
Define and identify the elements of cycle time. Which of these elements adds value to the product?
Explain briefly how JIT/lean production benefits organizations that take a value-chain approach to management.
Explain how traditional performance evaluation systems using standard costs conflict with the lean production concept.
Weld-Rite Fabricators has two producing departments, Pl and P2, and one service department, S1. Estimated direct overhead costs per month are as follows:Other data follow:Requireda. For each of the
Charlie Manufacturing Company has two production departments, Melting and Molding. Direct general plant management and plant security costs benefit both production departments. Charlie allocates
Wilhelm Manufacturing Company has five operating departments, two of which are producing departments (P1 and P2) and three of which are service departments (S1, S2, and S3). All costs of the service
Anka Inc. provided the following data for 2016 and 2017:Required(round all calculations to two decimal places)a. Calculate the inventory turnover ratio for 2016 and 2017._b. Calculate the gross
Sanchez LTD. provided the following data for 2016 and 2017:Required(round all calculations to two decimal places)a. Calculate the inventory turnover ratio for 2016 and 2017.b. Calculate the gross
Jane Cooper’s Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing
Johanna Computer manufactures laptop computers under its own brand, but acquires all the components from outside vendors. No computers are assembled until the order is received online from customers,
Katie Dempsey works as a recruiter, placing accounting and finance professionals. Katie’s current proj- ect is to fill an open managerial accounting position at PepsiCo. Identify the technical
Seattle Company has three producing departments (P1, P2, and P3) for which direct department costs are accumulated. In January, the following indirect costs of operation were incurred.The following
Evaluating Allocation Bases and Direct Method Allocations LO2 Brahtz Company has two service departments, Maintenance and Information Technology (IT), that serve two producing departments, Mixing and
Hope Clinic is a not-for-profit outpatient facility that provides medical services to both fee-paying patients and low-income government-supported patients. Reimbursement from the government is based
Fit & Active Company is adding a new diet food concentrate called Body Fit & Healthy to its line of bodybuilding and exercise products. A plant is being built for manufacturing the new
Assume that Timberland Company uses a responsibility accounting system for evaluating its managers, and that abbreviated performance reports for the company’s three divisions for the month of March
Assume that Pennington Group, a manufacturer of fine casual outdoor furniture, allocates Human Resources Department costs to the producing departments (Cutting and Welding) based on number of
Presented is information pertaining to the standard or budgeted unit cost of a product manufactured in a JIT/Lean Production environment at CNN Systems Inc.:All materials are added at the start of
To control operations, Sirius Company makes extensive and exclusive use of financial performance reports for each department. Although all departments have been reporting favorable cost variances in
The Maintenance Department of Management Just Like Home Suites Hotel has fixed costs of \($1,000,000\) a year. It also incurs \($60\) in out-of-pocket expenses for every hour of work. During the year
Data Storage Inc. produces three models of external storage devices for personal computers. Each model is produced on a separate assembly line. Production consists of several operations in separate
Wearwell Carpet Company is a small residential carpet manufacturer started by Don Stegall, a longtime engineer and manager in the carpet industry. Stegall began Wearwell in the early 1990s after
Explain why ABC often reveals existing product cost cross-subsidization problems.
For each of the following activities, select the most appropriate cost driver. Each cost driver may be used only once.Activity Cost Driver ome 4 1. Pay vendorsa. Number of different kinds of raw
An accounting professor at Middleton University devotes 60 percent of her time to teaching, 30 percent of her time to research and writing, and 10 percent of her time to service activities such as
Information is presented for the activity costs of Brighton Wholesale Company:RequiredDetermine the profitability of sales in Colorado for June 2017. Activity Customer relations. Selling...
Woodland Corporation has developed the following activity cost information for its manufacturing activities:Filling an order for a batch of 100 fireplace inserts (each insert weighing 50 pounds)
Bismark Inc., a large manufacturer of heavy equipment components, has determined the following activity cost pools and cost driver levels for the year:The following data are for the production of
Elite Services, Inc. provides residential painting services for three home building companies, Brookside, Edgewater, and Hill rose, and it uses a job costing system for determining the costs for
Thornton Company has determined its activity cost pools and cost drivers to be the following:One product made by Merlot, metal casements, used the following activities during the period to produce

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