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managerial accounting
Questions and Answers of
Managerial Accounting
Which of the following ratios incorporates cash flows from operations?a. Inventory turnover.b. Earnings per share.c. Quality of income.d. All of the above.
A consumer products company reported a 25 percent increase in sales from 2009 to 2010. Sales in 2009 were \($200,000.\) In 2010, the company reported Cost of Goods Sold in the amount of \($150,000.\)
A manufacturer reported an inventory turnover ratio of 8.6 during 2009. During 2010, manage- ment introduced a new inventory control system that was expected to reduce average inventory levels by 25
In 2009, Big W Company reported earnings per share of \($2.50\) when its stock was selling for \($50.00.\) In 2010, its earnings increased by 10 percent. If all other relationships remain constant,
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31, 2010, is presented below.Required:Prepare the cash flows from operating
XS Supply Company is developing its annual financial statements at December 31, 2010. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and
Heads Up Company was started several years ago by two hockey instructors. The company’s comparative balance sheets and income statement follow, along with additional information.Additional Data:a.
Refer to the information in PA12-2.Required:Prepare the cash flows from operating activities section of the 2010 statement of cash flows using the direct method.Data From PA12-2The income statement
Assume the same facts as PA12-4, except for the income statement and additional data item a.The new income statement is shown on the following page. Instead of item a from PA12-4, assume that the
Suppose your company sells services of \($150\) in exchange for \($100\) cash and \($50\) on account. Depreciation of \($40\) also is recorded.Required:1. Show the journal entries to record these
New Vision Company completed its income statement and balance sheet for 2010 and provided the following information:Required:1. Present the operating activities section of the statement of cash flows
Company accumulated the following data for 2016:Requireda. Calculate the company-wide manufacturing overhead rate using machine hours as the allocation base.b. Calculate the company-wide
Assume that Panasonic Company has determined its estimated total manufacturing overhead cost for one of its plants to be $204,000, consisting of the following activity cost pools for the current
Gonalong, Inc., has 10 customers that account for all of its \($4,500,000\) of net income. Its activity-based costing system is able to assign all costs, except for \($650,000\) of general
Grand Haven is a senior living community that offers a full range of LO2 services including independent living, assisted living, and skilled nursing care. The assisted living di- SERVICE AND provides
Merlot 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 500
Red River Banking Company has ten automatic i) AND teller machines (ATMs) spread throughout the city maintained by the ATM Department. You have been assigned the task of determining the cost of
LaMesa produces machine parts as a contract provider for a large manufacturing company. LaMesa produces two particular parts, shafts and gears. The competition is keen among contract producers, and
For each of the following activities, select the most appropriate cost driver. Each cost driver may be used only once. 1. Pay vendors 2. Evaluate vendors Activity 3. Inspect raw materials Cost Driver
As the chief engineer of a small fabrication shop, Brenda Tolliver refers to herself as a ‘Sack-of-all-trades.” When an order for a new product comes in, Brenda must do the following:1. Design
National Technology, LTD. has developed the following activity cost information for its manufacturing activities:Filling an order for a batch of 50 fireplace inserts that weighed 150 pounds each
a large paint manufacturer, has determined the following activity cost pools and cost driver levels for the latest period:The following data are for the production of single batches of two products,
HyStandard Services, Inc. provides residential painting services for three home building companies, Alpine, Blue Ridge, and Pineola, and it uses a job costing system for determining the costs for
As part of a continuous improvement program, you have been asked to determine the activities involved in the baggage handling process of a major airline at one of the airline’s hubs. Prior to
An economics professor at Prances University devotes 50 percent of her time to teaching, 35 percent of her time to research and writing, and 15 percent of her time to service activities such as
is presented for the activity costs of Oxford Wholesale Company:The following information pertains to Oxford Wholesale Company’s activities in Massachusetts for the month of March
Detroit Foundry, 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
Slack Corporation has the following predicted indirect costs and cost drivers for 2016 for the given activity cost pools:The following activity predictions were also made for the year:It is assumed
Which of the following is not an element of ABC? a. Tracing costs to cost objects b. Calculating a predetermined ratec. Identifying the cost drivers d. All are elements of ABC.
ABC differs from traditional product costing in which of the following ways? a. Overhead is allocated to products in ABC. b. Estimated costs are used. c. Diverse cost drivers are used.d. Itis
Which of the following is not a benefit of customer profitability analysis? a. Identifies unprofitable customers b. Helps track cost spent on customers c. Helps managers identify actions to
Summarize the concepts underlying activity-based costing in two sentences.
What steps are required to implement the two-stage activity-based costing model?
Define activity cost pool, activity cost driver, and cost per unit of activity.
Name two possible activity cost drivers for each of the following activities: maintenance, materials movement, machine setup, inspection, materials purchases, and customer service.
What is the premise of activity-based costing for product costing purposes?
In what ways does ABC product costing differ from traditional product cost methods?
Explain why ABC often reveals that low-volume products are overcosted and high-volume products are under-costed.
How can ABC be used to improve customer profitability analysis?
Explain activity-based management and how it differs from activity-based costing.
Godfrey 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,
Arrow 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 | for May 2016 were as follows:Department | handled the following units during
Morrow Manufacturing Company uses the weighted average method for process costing. Morrow produces processed food products that pass through three sequential departments. The costs for Department 1
The second department may be beyond the scope of most classes. Instructors may choose to assign only the requirements related to Department 1.Patterson Laboratories, Inc., produces one of its
Godfrey Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. he sauce is produced in two processes, blending and bottling. In the Blending Department,
Arrow 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 | for May 2016 were as follows:Department | handled the following units during
Terrace Corporation makes an industrial cleaner in two sequential departments, Compounding and Drying. All material is 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 November 2016. Painting and packaging operations are carried out subsequently in other departments.Calculate
In its first month of operations (May 2016), 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 2016 are for the work in process account of the first of Olympus Company’s four departments used in manufacturing its only product.Assuming that
The following data (and annotations) are for Empire Company’s processing department work in process account for the month of September 2016:Empire uses the weighted average method. Materials are
Terrace Corporation makes an industrial cleaner in two sequential departments, Compounding and Drying. All material is 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 November 2016. Painting and packaging operations are carried out subsequently in other departments.Calculate
In its first month of operations (May of 2016), Allred Company’s Department 1 incurred charges of \($72,000\) for direct material (9,000 units), \($38,700\) for direct labor, and \($13,500\) for
The following data (and annotations) for March 2016 are for the work in process account of the first of Olympus Company’s four departments used in manufacturing its énly product.Assuming that
Following are the September 2016 charges (and certain annotations) appearing in the work in process account for Empire Company’s processing department:Empire uses the FIFO method. Materials are
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 \($50,000\) of direct labor costs.
Which of the following costs will not be part of product cost when using a process costing system?a. Prior department cost b. Conversion cost c. Byproduct costd. Material cost
For which of the following will there be multiple accounts in the general ledger when using process costing?a. Finished goodsb. Work in processc. Materialsd. Wages payable
Which of the following will not influence the calculation of equivalent units when the FIFO cost flow assumption is used? a. Units processed in prior departments.c. Beginning inventory unitsb.
How are all manufacturing costs for a series of processing departments accumulated into finished goods inventory?
Why do unit cost computations in a manufacturing process require equivalent unit computations?
Why do we say that process cost accounting is basically an averaging computation?
Why must we sometimes compute equivalent units separately for materials and for conversion costs?
Describe the three “layers” of inventory that are typically involved in a period’s production under the FIFO accounting method. In what special situation are there only two layers?
Why is it true that in each department’s work in process inventory account all beginning inventory and current-period costs must end up either being transferred out or in ending work in process
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 2016. Tinting and packaging operations are carried out subsequently in other departments.Calculate the
In its first month’s operations (January 2016), Allred Company’s Department 1 incurred charges of \($120,000\) for direct materials (10,000 units), \($33,000\) for direct labor, and \($58,000\)
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 2016.Assuming that
The following data (and annotations) are for Sutter Company’s processing department work in process account for the month of June 2016:Sutter uses the weighted average method. Materials are added
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 2016. Tinting and packaging operations are carried out subsequently in other
In its first month’s operations (January 2016), Allred Company’s Department | incurred charges of \($120,000\) for direct materials (10,000 units), \($33,000\) for direct labor, and \($58,000\)
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 October of 2016.Assuming that
The following data (and annotations) are related to the June 2016 charges appearing in the work in process account for Sutter Company’s first processing department::Sutter uses the FIFO method.
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 \($64,000\) of direct labor costs.
Godfrey 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 ey
Arrow 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 | for May 2016 were as follows:Department | handled the following units during
Morrow Manufacturing Company uses the weighted average method for process costing. Morrow produces processed food products that pass through three sequential departments. The costs for Department 1
The second department may be beyond the scope of most classes. Instructors may choose to assign only the requirements related to Department 1.Patterson Laboratories, Inc., produces one of its
Godfrey 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,
Arrow 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 | for May 2016 were as follows:Department | handled the following units during
Selected data for the consulting department of Austin Consulting, Inc., follow:Assuming that direct labor cost is the basis for applying consulting overhead,a. Calculate the predetermined overhead
During the coming accounting year, Baker Manufacturing, Inc., anticipates the following costs, expenses, and operating data, related to Job 63:a. Calculate the predetermined manufacturing overhead
Davis Manufacturing Corporation applies manufacturing overhead on the basis of 150% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year
Assuming a routine manufacturing activity, present journal entries (account titles only) for each of the following transactions:a. Purchased material on account.b. Recorded wages payable earned but
The following summary data are from the job order cost sheets of Hampton Company:Using the above data, compute(a) the finished goods inventory at May | and May 31,(b) the work in process inventory at
Before the completed production for June is recorded, the work in process inventory account for James Company appears as follows:Assume that completed production for June includes Jobs 107, 108, and
Riverwood Accounting Company has the following account in its cost records:Riverwood applies overhead to projects at a predetermined rate based on direct labor costs. Assume that Riverwood uses a job
Presented below are certain operating data for the four depart- LOS ments of Tally Manufacturing Company.Allocate, to the two production departments, the costs of service departments | and 2, using
Which of the following costs will not be part of product cost when using a process costing system? a. Prior department cost b. Conversion cost c. Byproduct costd. Material cost
For which of the following will there be multiple accounts in the general ledger when using process costing?a. Finished goods b. Work in process c. Materialsd. Wages payable
Which of the following will not influence the calculation of equivalent units when the FIFO cost flow assumption is used? a. Units processed in prior departments. b. Ending inventory unitsd. Units
How are all manufacturing costs for a series of processing departments accumulated into finished goods inventory?
Why do unit cost computations in a manufacturing process require equivalent unit computations?
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