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business
managerial accounting

Questions and Answers of Managerial Accounting

The controller of Ultramint Company wishes to improve the company’s control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2015:June 30,
A company has the following incomplete production budget data for the first quarter: In the previous December, ending inventory was 200 units, which was the minimum required, at 10% of projected
The following information relates to Young Company for September of this year:Opening cash balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,000Depreciation expense .
Classic Windows is a small company that builds specialty wooden windows for local builders. For the year 2014 Lori Newman prepared the following profitability statement for two of the company?s major
Mahal Co. produces two products?standard and deluxe?and allocates its fixed manufacturing costs using a predetermined overhead rate based on estimated total overhead for the year and estimated
In an attempt to conceal a theft of funds, Snake N. Grass, controller of Bucolic Products, Inc., placed a bomb in the company?s record vault. The ensuing explosion left only fragments of the
Weyakwin Enterprises specializes in offering architectural consulting and design services to large clients. Given the nature of the services it provides, the company does not work on more than six
Kelvin Aerospace, Inc. manufactures parts, such as rudder hinges, for the aerospace industry. The company uses a job-order costing system with a plantwide predetermined overhead rate based on direct
Grass Roots Consulting Company (GRCC) provides a variety of services to clients. For the year 2015, it had established the following budget (i.e., estimated amounts): Consultants are paid at the
On the year-end trial balance of Jo Company, the credit entry in the finished goods inventory account was $3,630,000, and the credit entry to the manufacturing overhead (MOH) control account was
Gallop Corporation prepared the following report for the first quarter of 2015: Gallop?s controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviour. Her
Dylan Flaherty, marketing clerk for TipTop Marketing Agency, recorded the following information for 2014: He would like to be able to estimate customer service costs using the number of customers
In June, FancyBurgers Inc. served 15,000 burgers and was billed $5,000 for electricity by the utility company. In July, the company served 13,500 burgers, and the electricity bill was
A fire on the premises of Bydo Inc. destroyed most of its records. Below is an incomplete set of data for operations in 2014 (all figures below are in thousands of dollars).Sales . . . . . . . . . .
The following partial income statement information is available for Gresham Products for June 2015:Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Magnito Ltd. incurred the following costs last year:Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $90,000Direct labour . . . . . . . . . . . . . . . . . . . .
You have the following information about the activities of Martin Inc. for 2014:Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500,000Factory
You have just been hired by Ogden Company to fill a new position that was created in response to rapid growth in sales. It is your responsibility to coordinate shipments of finished goods from the
Staci Valek began making pottery several years ago as a hobby. Her work is quite creative, and it has become so popular that she has decided to quit her job with an aerospace firm and manufacture
De Silva Inc. produces submersible water pumps for ponds and cisterns. The unit sales for the first four months of the year for this product are as
What is the professional accounting designation in Canada? Which three previous accounting bodies have been merged to form this Canadian professional accounting body?
During the past year, the high and low use of three different resources for Wilson Trucking occurred in July and April. The resources are truck depreciation, fuel, and truck maintenance. The number
Elkins Corporation’s desired rate of return is 10 percent. Bristol Division, one of Elkins’ five investment centers, earned an operating income of $1,600,000 last year. The division controlled
As the data on the partial income statements shown as follows reveal, Netflix, Inc. increased its revenues by 72 percent from 2015 to 2017, while its operating income during this period increased by
HealthSouth Corporation claims to be “the nation’s leading owner and operator of inpatient rehabilitation hospitals and a leader in home-based care (home health and hospice), offering services in
Use the 2017 Form 10-K (year ended on December 31, 2017) for Coca-Cola Bottling Co. Consolidated to complete the following requirements. Be aware that Coca-Cola Bottling Co. Consolidated (COKE) is a
Obtain Berkshire Hathaway’s (Berkshire) Form 10-K for the year ended December 31, 2017, and complete the following requirements. To obtain the Form 10-K, you can use the EDGAR system (see Appendix
The following information was taken from Starbucks Corporation?s SEC filings. Required a. Explain whether each line of information in the preceding table would best be described as being primarily
Our mission is to give people the power to share and make the world more open and connected. Our top priority is to build useful and engaging products that enable people to connect and share through
Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $48,000 were put into production. Direct labour of $80,000 (= 100 workers X 40 hours X
Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $48,000 were put into production. Direct labour of $80,000 (= 100 workers X 40 hours X
During the most recent year, Hampton Company had the following data associated with the product it makes: Required 1.?How many units are in ending inventory?2. Using variable costing, calculate the
During the most recent year, Hampton Company had the following data associated with the product it makes: Required 1. How many units are in ending inventory?2.?Using absorption costing,?calculate
What are stockout costs?
Flex Company uses ABC to determine the costs of its products. The estimated total cost and expected activity for each of the company's three activity cost pools are as follows: Required Calculate
What are value-added activities? Value-added costs?
What is activity-based product costing?
Define the term BEP.
Bill Taylor, vice-president of engineering for Hawthorne Construction, was working away in his office when Jacko McGuire, vice-president of sales of the company, came in to see him. The following
The management of Wheeler Company has decided to develop cost formulas for its major overhead activities. Wheeler uses a highly automated manufacturing process, and power costs are a significant
Refer to the Farnsworth Company information in Problem 3-27. However, now assume that Tracy has used the method of least squares on the receiving data and found the following
Farnsworth Company has gathered data on its overhead activities and associated costs for the past 10 months. Tracy Heppler, a member of the controller's department, has convinced management that
Consider each of the following independent situations:a. Jennifer Reynolds just started her new job as controller for St. Matthias General Hospital. She wants to get a feel for the cost behaviour of
The controller for Beckham Company believes that the number of direct labour hours is associated with overhead cost. He collected the following data on the number of direct labour hours and
Gordon Company's controller, Eric Junior, estimated the following formula, based on monthly data, for overhead cost: Overhead cost = $109,743 + ($80.75 X Direct labour hours) Required:1. Link each
Refer to the Wilson Trucking company information in Exercise 3-17.Required:I. Develop annual cost formulas for truck depreciation, fuel, and truck maintenance.2. Using the three annual cost formulas
Refer to the Holly Thompson company information in Exercise 3-14.Required:1. Compute the cost formula for tanning services using the results from the method of least squares.2. Using the formula
Refer to the Holly Thompson company information in Exercise 3-14.Required:Prepare a scattergraph based on Holly's data. Use cost for the vertical axis and number of tanning appointments for the
Holly Thompson has been operating a beauty shop in a university town for the past 10 years. Recently, Holly rented space next to her shop and opened a tanning salon. She anticipated that the costs
Big Thumbs Company manufactures portable flash drives for computers. Big Thumbs incurs monthly depreciation costs of $15,000 on its plant equipment and monthly advertising costs of $3,000 to place
Martinez Manufacturing Inc. showed the following costs for last month:Direct materials .....................................$17,000Direct labour
Define manufacturing overhead.
An analysis of costs for a small media company in Cornwall, Ontario, revealed that the sales team for the company consists of three different individuals: Peter Piper, Lauren McCarthy, and Elizabeth
What is allocation?
Allstar Exposure designs and sells advertising services to small, relatively unknown companies. Last month, Allstar had sales commission costs of $50,000, technology costs of $75,000, and research
Brad Taylor has just reviewed his internal financial statements for the month of November andis dismayed that he might not achieve his profit targets for the year, which ends in a
Apple?s and Google?s ending inventory amounts (in $ millions) are shown below: Required 1. Assume Apple uses variable costing for some of its internal reports. For 2017, would net income based on
Santana Rey expects sales of Business Solutions?s line of computer workstation furniture to equal 300 workstations (at a sales price of $3,000 each) for 2019. The workstations? manufacturing costs
Santana Rey, owner of Business Solutions, decides to diversify her business by also manufacturing computer workstation furniture. Required 1. Classify the following manufacturing costs of Business
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Required 1. Classify each cost as either a product or
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Best Bikes. Required 1. Classify each cost as either a product or period
Using the data from Problem 1-2A and the following additional inventory information for Leone Company, complete the requirements below. Assume income tax expense is $233,725 for the
Using the following selected data from both Garcon Company and Pepper Company for the year ended December 31, 2019, compute? (1) The cost of goods manufactured? (2) The cost of goods sold. Pepper
Beck Manufacturing reports the following information in T-account form for 2019. 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Work
Bergamo Bay?s computer system generated the following trial balance on December 31, 2019. The company?s manager knows something is wrong with the trial balance because it does not show any balance
Cavallo Mfg.?s computer system generated the following trial balance on December 31, 2019. The company?s manager knows that the trial balance is wrong because it does not show any balance for Work in
The ratio of costs to revenues can indicate opportunities for activity-based costing to increase efficiency and reduce costs. Refer to Samsung’s financial statements in Appendix A to answer the
A manufacturer uses activity-based costing to assign overhead costs to products. In the coming year, it expects to incur $825,000 of costs to dispose of 3,300 tons of hazardous waste.1. Compute the
The following costs result from the production and sale of 12,000 CD sets manufactured by Gilmore Company for the year ended December 31, 2019. The CD sets sell for $18 each. The company has a 25%
Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Additional Information a. Sales and production data for these
Azule Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Additional Information a. Sales and production data for these
Review Apple’s income statement in Appendix A for the year ending September 30, 2017, and identify its net income for 2017.1. Is Apple’s net income prepared using absorption costing or variable
Review Samsung’s income statement in Appendix A for the year ending December, 31 2017, and identify its net income for 2017.1. Review Samsung’s balance sheet data in Appendix A as of December
Refer to the information in QS 6-16. The company sells its product for $50 per unit. Due to new regulations, the company must now incur $2 per unit of hazardous waste disposal costs and $8,500 per
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. To prepare a master budget for January,
Refer to the information in QS 6-16. The company sells its product for $50 per unit. Due to new regulations, the company must now incur $2 per unit of hazardous waste disposal costs and $8,500 per
Near the end of 2019, the management of Isle Corp., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. To prepare a master budget for January, February,
Render Co. CPA is preparing activity-based budgets for 2019. The partners expect the firm to generate billable hours for the year as follows. The company pays $15 per hour to data-entry clerks, $30
Business Solutions?s second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $156,000 budgeted expenses include $108,000 in variable expenses for desks
Refer to the information from QS 8-18. Compute the variable overhead spending variance and the variable overhead efficiency variance and classify each as favorable or unfavorable.QS8-18Actual machine
The plant assets section of the comparative balance sheets of Anders Company is reported below. Refer to the balance sheet data above from Anders Company. During 2019, equipment with a book value
Refer to the balance sheet data in QS 12-10 from Anders Company. During 2019, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash
In general, variances tell managersa. Nothing.b. Whom to promote and whom to fire.c. Whether budgeted goals are being achieved.d. Which departments are running at full capacity.
Betty?s Bakery has the following standard cost sheet for one unit of its most popular cake: During the month of May, the company made 600 cakes and incurred the following actual costs:Direct
First Trax Company manufactures snowboards. Its standard cost information follows. First Trax has the following actual results for the month of June: Number of units produced and sold
Beverly Company has determined a standard variable overhead rate of $2.50 per direct labor hour and expects to incur 0.5 labor hour per unit produced. Last month, Beverly incurred 950 actual direct
For each of the following independent cases, fill in the missing amounts: Valerle, Inc. Jess Co. Casey Co. Kevin, Inc. Units produced Standard hours per unit Standard hours Standard rate per hour
In each of the following situations, identify which type of responsibility center is appropriate based on the decision-making authority the manager would possess:1. The manager of the accounting
On January 1, 2018, you deposited $8,000 in a savings account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year.Required
Robertson Resorts is considering whether to expand their Pagosa Springs Lodge. The expansion will create 24 additional rooms for rent. The following estimates are available:Cost of expansion
The following table contains information about four potential investment projects that Castle Corporation is considering. Required: 1. Rank the four projects in order of preference by using: a.
The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015). Let?s see whether these changes are reflected in the income statement of Chevron
Explain the difference between discretionary and common fixed costs. Give an example of each.
The following example is adapted from a real-life case study developed by ENGIE Insight, a technology- enabled energy consulting company that helps companies identify opportunities to reduce energy
Evanson Company expects to produce 500,000 units of their product during the year. Monthly production is expected to range from 40,000 to 80,000 units. The company has budgeted manufacturing costs
Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: Required: Complete the table. Actual Costs Spending Flexible Budget Volume
What are standard costs? When are they set?
Complete the following table: NUMBER OF UNITS Ending Inventory 125 Beginning Inventory Production Sales 500 125 930 750 900 805 845 90 80 710 1,200 85 225 290 160 795
Wholesome Dairy processes milk. The cost of the milk processing is $1,250,000. Wholesome is looking to increase its net income and is exploring the possibility of expanding its products to include
Match each of the following graphs to the correct cost behavior. Cost Behavior1. Variable cost per unit.2. Total variable cost.3. Fixed cost per unit.4. Total fixed cost.5. Total mixed cost.

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