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managerial accounting
Questions and Answers of
Managerial Accounting
Refer to the information presented in E5-13 for Paddle Away. Each of the following scenarios is a variation of Paddle Away’s original data.Required:Prepare its contribution margin income statement
Cory Bryant runs a courier service in downtown Phoenix. He charges clients $0.50 per mile driven. Cory has determined that if he drives 3,000 miles in a month, his total operating cost is $875. If he
Frieda Carson delivers parts for several local auto parts stores. She charges clients $0.75 per mile driven. She has determined that if she drives 2,000 miles in a month, her average operating cost
The following information pertains to the first year of operation for Sonic Boom Radios, Inc.Required:Prepare Sonic Boom’s full absorption costing income statement and variable costing income
Larry’s Sporting Goods is a locally owned store that specializes in printing team jerseys. The majority of its business comes from orders for various local teams and organizations. While Larry’s
Refer to your solutions for Larry’s Sporting Goods in PA5-2.Required:1. Consider the pattern of Larry’s activity and costs throughout the year. Would you consider this to be a seasonal business?
Overhill, Inc., produces one model of mountain bike. Partial information for the company follows.Required:1. Complete Overhill’s cost data table.2. Calculate Overhill’s contribution margin ratio
Refer to the information for Overhill, Inc., in PA5-4 Additional information for Overhill’s most recent year of operations follows:Required:1. Without any calculations, explain whether Overhill’s
Happy Hula manufactures authentic Hawaiian hula skirts that are purchased for traditional Hawaiian celebrations, costume parties, and other functions. During its first year of business, the company
Boje, Inc. manufactures travel locks. The budgeted selling price is \(\$ 15\) per lock, the variable cost is \(\$ 10\) per lock, and budgeted fixed costs are \(\$ 15,000\). Prepare a flexible budget
Longman, Inc. is a manufacturer of lead crystal glasses. The standard materials quantity is 1 pound per glass at a price of \(\$ 0.40\) per pound. The actual results for the production of 7,000
Longman, Inc. manufactures lead crystal glasses. The standard direct labor time is \(1 / 5\) hour per glass, at a price of \(\$ 14\) per hour. The actual results for the production of 7,000 glasses
The following materials variance analysis was performed for Longman. Record Longman's direct materials journal entries. Actual Price x Actual Quantity $0.50 x 7,700 $3,850 Standard Price X Actual
The following labor variance analysis was performed for Longman. Record Longman's direct labor journal entries, Actual Rate Actual Hours Standard Rate Standard Rate Standard Hours allowed $14 (.20
Longman completed 70,000 glasses in 2008, at a standard cost of \(\$ 364,000\). The company sold all of them on account at a sale price of \(\$ 8.00\) each. There were no beginning or ending
Use the following information to prepare a standard cost income statement for Longman, using Exhibit 23-13 as a guide. Remember that unfavorable variances are added to cost of goods sold. Cost of
ErgoNow sells its main product, ergonomic mouse pads, for \(\$ 11\) each. Its variable cost is \(\$ 5.20\) per pad. Fixed costs are \(\$ 200,000\) per month for volumes up to 60,000 pads. Above
Ranger Pro Company managers received the following incomplete performance report:Complete the performance report. Identify the employee group that may deserve praise and the group that may be subject
Top managers of Kyler Industries predicted 2008 sales of 14,500 units of its product at a unit price of \(\$ 8\). Actual sales for the year were 14,000 units at \(\$ 9.50\) each. Variable costs were
Urieta, Inc. produced 1,000 units of the company's product in 2009. The standard quantity of materials was 3 yards of cloth per unit at a standard price of \(\$ 1\) per yard. The accounting records
The managers of Ennis DVD Co., a contract manufacturer of DVD drives, are seeking explanations for the variances in the following report. Explain the meaning of each of Ennis's materials, labor, and
Tulsa Paint Company's budgeted production volume for the month was 30,000 gallons of paint. The standard overhead cost included \(\$ 0.50\) variable overhead per gallon and fixed overhead costs of
The May 2008 revenue and cost information for Odessa Outfitters, Inc., follows:Prepare a standard cost income statement for management through gross profit. Report all standard cost variances for
Rocky Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Rocky allocates overhead based on yards of direct materials. The company's performance report
Samantha's Shades manufactures lamp shades. Samantha Sanders, the manager, uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and Sanders has only
Bria manufactures coffee mugs that it sells to other companies for customizing with their own logos. Bria prepares flexible budgets and uses a standard cost system to control manufacturing costs. The
Nambe Clay, Inc., produces clay products for art in elementary school art programs. The company's flexible budget income statement for January 2009 shows output levels of \(55,000,60,000\), and
Dawkins Co. assembles PCs and uses flexible budgeting and a standard COS1 system. Dawkins allocates overhead based on the number of direct materials parts. The company's performance report includes
Petra's Music manufactures harmonicas. Petra uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and Petra has only partial data for October. She
Nancini manufactures embroidered jackets. The company prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a jacket is based on static
Pecos Pecan Pads makes pressed pecan wood covers to prevent weed growth. During July 2009, the company produced and sold 44,000 rolls and recorded the following cost data:Requirements 1. Compute the
Momentum Corp., which manufactures skateboards, currently has two product lines, the Standard and the Deluxe, and $29,000 in total overhead.The company has identified the following information about
Wildwind Corp. is the manufacturer of wind chimes. It currently has two product lines, the Clear Tone and the Bella. Wildwind has $61,200 in total overhead.The company has identified the following
Muffmtop Company makes two models of snack cake, the poppyseed and the blueberry.Basic production information follows:Muffintop has monthly overhead of $135,000, which is divided into the following
Wayward Company makes two models of automobile navigation system, the SeldomLost and the NeverLost.Its basic production information follows:Wayward has monthly overhead of $521,870, which is divided
Review recent issues of business publications (e.g., BusinessWeek, The Wall Street Journal) for information about companies that have implemented activity based costing. Choose one company to
Existing businesses are often sold when the owner wants to retire, relocate, or simply change fields. Peruse your local newspaper or an online resource such as craigslist classifieds for businesses
Restaurants such as Subway generally offer a limited number of food categories (subs, salads, wraps, etc.) that are similarly priced. On the other hand, a restaurant such as Applebee’s will have a
Recently, Robert Kaplan and Steven Anderson have outlined a revised version of activity based costing known as Time Driven Activity Based Costing (TDABC). This updated method is intended to overcome
Read the article Yes, ABC Is for Small Business Too” by Douglas T. Hicks, Journal of Accountancy, August 1999. (http://www.journalofaccountancy.com/Issues/1999/Aug/hicks.htm)Required:1. According
Why is it important to separate the fixed and variable components of a mixed cost? What might happen if that were not done?
What does the R square value mean?
Compare the full absorption and variable incomes when finished goods inventory increases and when it decreases.
Which of the following increases when activity level increases?a. Total variable cost.b. Total fixed cost.c. Total mixed cost.d. Both a and c.
Which of the following is not a method used to separate mixed costs?a. Regression analysis.b. Break-even analysis.c. High-low method.d. Visual fit method.
Consider the following information for a local concession stand’s first four weeks of operation:Using the high-low method, what is the equation for total operating cost for this concession stand?a.
Bombay Co. sells handmade rugs. Its variable cost per rug is \($30,\) and each rug sells for \($50.\) What are Bombay’s contribution margin per unit and contribution margin ratio?a. \($20\) and 40
Suppose you are given the following results from a least- squares regression performed on a local coffee shop’s weekly cost data.Which of the following statements is true?a. Total weekly variable
Total contribution margin isa. The difference between total variable cost and fixed cost.b. The difference between sales and cost of goods sold.c. The difference between sales and fixed cost.d. The
Which approach to analyzing mixed costs is most helpful in identifying data outliers?a. Least-squares regression.b. High-low method.c. Contribution margin income statement.d. Scattergraph.
Last year, Ritter Company sold 5,000 bird feeders for \($20\) each. Total fixed costs were \($42,000,\) and Ritter’s profit was \($30,000.\) What was its total variable cost last year?a.
Which of the following would be subtracted from total sales revenue when calculating contribution margin?a. Factory machinery depreciation.b. Direct materials used.c. Factory supervisor’s salary.d.
Hathaway Corp. manufactures garden hoses. Last month, its ending inventory level increased. In comparing absorption costing to variable costing,a. Both would show the same amount of profit.b.
Martha Trent is trying to prepare a personal budget and has identified the following list of monthly costs. Identify each cost as fixed, variable, or mixed. Indicate a possible cost driver for any
Steve’s Snow Cones is a small refreshment stand located near a football stadium. Its fixed expenses total \($300\) per week and the variable cost per snow cone is \($0.35.\) Complete the following
Taylor’s Tan-O-Rama is a local tanning salon. The following information reflects its number of appointments and total costs for the first half of the year:Prepare a scattergraph by plotting
Wendy’s Widgets builds the world’s best widgets. Information for the last eight months follows:Prepare a scattergraph by plotting Wendy’s data on a graph. Then draw a line that you believe best
Refer to the Wendy’s Widgets data in M5-7. Using the high-low method, calculate the total fixed cost per month and the variable cost per widget. How does the estimate of fixed cost compare to what
Refer to the Wendy’s Widgets data in M5-7. Suppose Wendy performed a least-squares regression and obtained the following results.Put Wendy’s results into a linear equation format (Y = A + BX) and
Refer to the data for Wendy’s Widgets in M5-7-M5-9. Suppose that Wendy’s expect to sell 3,200 widgets during the month of September and that each widget sells for $2.75. Using this information
Following is relevant information for Sunsplash Smoothie Shop, a small business that serves fruit drinks.During the month of June, Sunsplash sold 500 smoothies. Using the preceding information,
Lezoli Enterprises sells handmade clocks. Its variable cost per clock is \($6,\) and each clock sells for \($15.\) Calculate Lezoli’s contribution margin per unit and contribution margin ratio.
Indicate whether each of the following companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, use the Internet to locate the company’s
Chalet Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Chalet Sports is owned and operated by Cliff Owen, a well-known sports enthusiast and hunter. Cliff's
Donna Ahern is the sole stockholder and operator of Omega, a motivational consult- ing business. At the end of its accounting period, December 31, 2009, Omega has assets of \($760,000\) and
a. A vacant lot acquired for \($150,000\) is sold for \($290,000\) in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities, and (3) stock- holders'
Indicate whether each of the following types of transactions will either (a) increase stockholders' equity or (b) decrease stockholders' equity: 1. expenses 2. revenues 3. stockholders' investments
The following selected transactions were completed by Lindbergh Delivery Service during October: 1. Received cash from issuing capital stock, \($75,000\). 2. Paid rent for October, \($4,200\). 3.
Murray Kiser operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction
The income statement of a corporation for the month of December indicates a net in- come of \($75,000\). During the same period, \($100,000\) in cash dividends were paid. Would it be correct to say
Four different corporations, Jupiter, Mercury, Saturn, and Venus, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are
From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet: 1. Accounts Payable 2.
Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement.Exercise 1-16From the following list of selected items taken from the records of Hoosier
Financial information related to Teflon Company, for the month ended April 30, 2010, is as follows:Prepare a retained earnings statement for the month ended April 30, 2010. Net income for April
Relax Services was organized on May 1, 2010. A summary of the revenue and expense transactions for May follows:Prepare an income statement for the month ended May 31. Fees earned Wages expense
Financial information related to Plexiglass Interiors for October and November 2010 is as follows:a. Prepare balance sheets for Plexiglass Interiors as of October 31 and as of November 30, 2010.b.
Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a.
Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity: 1. Cash
A summary of cash flows for Pickerel Consulting Group for the year ended March 31, 2010, is shown below.The cash balance as of April 1, 2009, was $30,800. Prepare a statement of cash flows for
Driftwood Realty, organized July 1, 2010, is owned and operated by Steffy Owen. How many errors can you find in the following statements for Driftwood Realty, prepared after its second month of
The Home Depot, Inc., is the world's largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Home Depot operates over 2,000 Home Depot
Lowe's, a major competitor of The Home Depot in the home improvement business, operates over 1,300 stores. For the years ending February 2, 2007, and February 3, 2006, Lowe's reported the following
Landau Company is considering a switch from its traditional costing system to an activity based system. It has compiled the following information regarding its product lines.Explain why the overhead
Zapex makes electronic components for handheld games and has identified several activities as components of manufacturing overhead: factory rent, factory utilities, quality inspections, mate¬ rial
Bradshaw Corp. has identified three cost pools in its manufacturing process: equipment main¬ tenance, setups, and quality control. Total cost assigned to the three pools is \($143,000,\)
Newkirk Co. has identified one of its cost pools to be quality control and has assigned \($50,000\) to that pool. Number of inspections has been chosen as the cost driver for this pool; Newkirk
Refer to the information presented in M4-5. Suppose that Newkirk manufacturers only the two products mentioned and they consume 100 percent of the company’s quality inspections. Using activity
Martinez, Inc., manufactures four lines of gardening carts and uses activity based costing to calculate product cost. Compute the activity rates for each of the following activity cost pools:
Refer to the information presented in M4-7. Suppose the flower child gardening cart requires 2,500 machine hours, 300 inspections, and 100 batches. Using the activity rates calculated in M4-7,
Refer to the information presented in M4-7. Suppose the rosey posey gardening cart requires 4,750 machine hours, 215 inspections and 65 batches. Using activity proportions, determine the amount of
Offtrack Corp. has identified the following activities in its manufacturing process. Indicate whether each activity is value added or nonvalue added.Product design research Materials
One of the disadvantages of activity based costing is the amount of information it requires. To reliably calculate costs using an ABC system, a company must have information about total overhead
Summer Company manufactures flowerpots in several different sizes and has identified the following activities in its manufacturing process.Storing inventoryCreating molds Pouring plaster Firing
Francis Company uses three activity pools. Each pool has a cost driver where information follows:Required:1. Compute the activity rate for each activity. Round to three decimal places.2. Classify
Refer to the information presented in E4-3. Suppose that Francis Company manufactures three products, A, B, and C. Information about these products follows:Required:1. Considering the information
Refer to the information presented in E4-3. Suppose that Francis Company manufactures three products. Information about its three products follows:Required:1. Using activity proportions, determine
Titan Corp. has identified the following information:Required:1. Calculate Titan’s activity rate for each cost pool.2. Determine the amount of overhead assigned to Titan’s products if they have
Rawlings Corp. has two product lines, A and B. Rawlings has identified the following information about its overhead and potential cost drivers.Required:1. Suppose the Rawlings Corp. uses a
Refer to the information about Rawlings Corp. presented in E4-7. Rawlings has identified the following detailed information about its cost pools and cost drivers.Required:1. Calculate Rawlings’
Matson Company manufactures automobile floor mats. It currently has 2 product lines, the Standard and the Deluxe.Matson has a total of \($26,040\) in overhead. It currently used a traditional cost
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