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business
managerial accounting 17th

Questions and Answers of Managerial Accounting 17th

Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15 per hour. During the
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials,
Kingsport Containers Company makes a single product that is subject to wide seasonal variations in demand. The company uses a job-order costing system and computes plantwide predetermined overhead
Osborn Manufacturing uses a predetermined overhead rate of $18.20 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $218,400 of total manufacturing overhead
What is underapplied overhead? Overapplied overhead?
“Blast it!” said David Wilson, president of Teledex Company. “We’ve just lost the bid on the Koopers job by $2,000. It seems we’re either too high to get the job or too low to make any
Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were used in production. Of this
Primare Corporation has provided the following data concerning last month’s manufacturing operations.Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
How do you compute the cost of goods manufactured?
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company’s balance sheet accounts as of January 1, are given below.Because the videos differ in length and in
In what ways are job-order and process costing similar?
Assume that a company has two processing departments—Mixing followed by Firing. Prepare a journal entry to show a transfer of work in process from the Mixing Department to the Firing Department.
Woodbury Hospital has three service departments and three operating departments. Estimated cost and operating data for all departments in the hospital for the forthcoming quarter are presented in the
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information
Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments—Refining and Blending. Raw materials are introduced
Cooperative San José of southern Sonora state in Mexico makes a unique syrup using cane sugar and local herbs. The syrup is sold in small bottles and is prized as a flavoring for drinks and for use
What is the meaning of contribution margin ratio? How is this ratio useful in planning business operations?
What is the meaning of operating leverage?
What is the meaning of break-even point?
Last year Minden Company introduced a new product and sold 15,000 units of it at a price of $70 per unit. The product’s variable expenses are $40 per unit and its fixed expenses are $540,000 per
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit. Variable expenses are $8 per unit, and fixed expenses total $180,000 per year. Its operating results
The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thinking of expanding his sales by hiring high school students, on a commission basis, to sell
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $850. Selected data for the company’s operations last year
Refer to the data in Exercise 6–1 for Ida Company. The absorption costing income statement prepared by the company’s accountant for last year appears as shown:Sales . . . . . . . . . . . . . . .
Piedmont Company segments its business into two regions—North and South. The company prepared the contribution format segmented income statement as shown below:Required:1. Compute the companywide
Lynch Company manufactures and sells a single product. The following costs were incurred during the company’s first year of operations:Variable costs per unit:Manufacturing:Direct materials . . . .
Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement:Sales . . . . .
Sierra Company incurs the following costs to produce and sell its only product.Variable costs per unit:Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices—one in Chicago and one in Minneapolis. The firm
Refer to the data in Exercise 6–16. Assume that Minneapolis’ sales by major market are:The company would like to initiate an intensive advertising campaign in one of the two market segments
Should a company allocate its common fixed costs to business segments when computing the break-even point for those segments? Why?
During Heaton Company’s first two years of operations, it reported absorption costing net operating income as follows:The company’s $18 unit product cost is computed as follows:Production and
Tami Tyler opened Tami’s Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on
Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing facility in North Carolina. All three products are sold in highly competitive markets, so the company is
What are unit-level, batch-level, product-level, customer-level, and organization-sustaining activities?
Flash Express purchases USB flash drives from suppliers and then applies corporate logos to the exterior of those flash drives for its customers. The company maintains a dedicated piece of equipment
Durban Metal Products, Ltd., of the Republic of South Africa makes specialty metal parts used in applications ranging from the cutting edges of bulldozer blades to replacement parts for Land Rovers.
Fogerty Company makes two products—titanium Hubs and Sprockets. Data regarding the two products follow:Additional information about the company follows:a. Hubs require $32 in direct materials per
Discuss some of the major reasons why companies prepare budgets.
John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests in the hospital’s lab. Charges for lab tests are consistently higher at Valley View than at other
Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the next four months as follows:
What is a master budget? Briefly describe its contents.
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30. The following information is available:Deacon CompanyBalance SheetMarch 31AssetsCash . .
If the actual level of activity is greater than the planned level of activity, would you expect the activity variances for variable expenses to be favorable, unfavorable, or a combination of the two?
Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:The planning budget
What is a quantity standard? What is a price standard?
Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below:The record showing the time spent
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:During the most recent month, the following
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy:Direct
Baird Company makes classic Polish sausage. The company uses a standard cost system to help control costs. Manufacturing overhead is applied to production on the basis of standard direct labor-hours.
Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat covers that can be adjusted to fit nearly any small car. The company uses a standard cost system
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May.The production superintendent was pleased when
Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below:
What is meant by the term decentralization?
What benefits result from decentralization?
What is meant by residual income?
Tan Corporation of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow:Required:1. For each division, compute the margin, turnover, and
What does sub optimization mean?
Why should a service department’s budgeted costs, rather than its actual costs, be charged to operating departments?
Why is using sales dollars as an allocation base usually a poor choice for allocating fixed costs to operating departments?
Korvanis Corporation operates a Medical Services Department for its employees. Charges to the company’s operating departments for the variable costs of the Medical Services Department are based on
“I know headquarters wants us to add that new product line,” said Dell Havasi, manager of Billings Company’s Office Products Division. “But I want to see the numbers before I make any move.
Alpha and Beta are divisions within the same company. The managers of both divisions are evaluated based on their own division’s return on investment (ROI). Assume the following information

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