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managerial accounting

Questions and Answers of Managerial Accounting

Edington Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2010, the following data are available.1. Sales: 20,000
Tyson Chandler Company’s sales budget projects unit sales of part 198Z of 10,000 units in January, 12,000 units in February, and 13,000 units in March. Each unit of part 198Z requires 2 pounds of
Fuqua Company has accumulated the following budget data for the year 2010.1. Sales: 30,000 units, unit selling price $80.2. Cost of one unit of finished goods: Direct materials 2 pounds at $5 per
Garza Company expects to have a cash balance of $46,000 on January 1, 2010.Relevant monthly budget data for the first 2 months of 2010 are as follows.Collections from customers: January $85,000,
Pink Martini Corporation is projecting a cash balance of $31,000 in its December 31, 2009, balance sheet. Pink Martini’s schedule of expected collections from customers for the first quarter of
NIU Company's budgeted sales and direct materials purchases are as follows. NIU's sales are 40% cash and 60% credit. Credit sales are collected 10% in the month of sale, 50% in the month following
Environmental Landscaping Inc. is preparing its budget for the first quarter of 2010. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To
Donnegal Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2010. All that remains in
In May 2010, the budget committee of Dalby Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.1. Expected sales: June $500,000, July
Danner Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2011.1. Sales: Quarter 1,
Larussa Inc. is preparing its annual budgets for the year ending December 31, 2011. Accounting assistants furnish the data shown below. An accounting assistant has prepared the detailed
Colt Industries had sales in 2010 of $6,400,000 and gross profit of $1,100,000. Management is considering two alternative budget plans to increase its gross profit in 2011.Plan A would increase the
Haas Company prepares monthly cash budgets. Relevant data from operating budgets for 2011 are: All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first
The budget committee of Deleon Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2011. 1. Sales for May are expected to be
Glendo Industries' balance sheet at December 31, 2010, is presented below and on the next page. Additional information accumulated for the budgeting process is as follows.Budgeted data for the
Suppan Farm Supply Company manufactures and sells a fertilizer called Basic II. The following data are available for preparing budgets for Basic II for the first 2 quarters of 2010. 1. Sales: Quarter
Durham Inc. is preparing its annual budgets for the year ending December 31, 2010. Accounting assistants furnish the following data. An accounting assistant has prepared the detailed manufacturing
Speier Industries has sales in 2010 of $5,600,000 (800,000 units) and gross profit of $1,344,000. Management is considering two alternative budget plans to increase its gross profit in 2011.Plan A
Vidro Company prepares monthly cash budgets. Relevant data from operating budgets for 2011 are: All sales are on account. Collections are expected to be 60% in the month of sale, 30% in the first
The budget committee of Guzman Company collects the following data for its Westwood Store in preparing budgeted income statements for July and August 2010. 1. Expected sales: July $400,000, August
Lanier Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August when the president establishes targets for the total dollar sales and net income before
Bedner & Flott Inc. manufactures ergonomic devices for computer users. Some of their more popular products include glare screens (for computer monitors), keyboard stands with wrist rests, and
Network Computing Devices Inc. was founded in 1988 in Mountain View, California. The company develops software products such as X-terminals, Z-mail, PC X-ware, and related hardware products.
In order to better serve their rural patients, Drs. Dan and Jack Fleming (brothers) began giving safety seminars. Especially popular were their "emergency-preparedness" talks given to farmers. Many
You are an accountant in the budgetary, projections, and special projects department of American Conductor, Inc., a large manufacturing company. The president, William Brown, asks you on very short
The All About You feature in this chapter emphasizes that in order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following
(a) What is budgetary control?(b) Greg Gilligan is describing budgetary control. What steps should be included in Greg’s description?
The following purposes are part of a budgetary reporting system:(a) Determine efficient use of materials.(b) Control overhead costs.(c) Determine whether income objectives are being met. For each
Under what circumstances may a static budget be an appropriate basis for evaluating a manager’s effectiveness in controlling costs?
The static manufacturing overhead budget based on 40,000 direct labor hours shows budgeted indirect labor costs of $54,000. During March, the department incurs $65,000 of indirect labor while working
A static overhead budget based on 40,000 direct labor hours shows Factory Insurance $6,500 as a fixed cost. At the 50,000 direct labor hours worked in March, factory insurance costs were $6,200. Is
Kate Coulter is confused about how a flexible budget is prepared. Identify the steps for Kate.
The flexible budget formula is fixed costs $40,000 plus variable costs of $4 per direct labor hour. What is the total budgeted cost at(a) 9,000 hours and(b) 12,345 hours?
What is management by exception? What criteria may be used in identifying exceptions?
What is responsibility accounting? Explain the purpose of responsibility accounting.
Ann Wilkins is studying for an accounting examination. Describe for Ann what conditions are necessary for responsibility accounting to be used effectively.
Distinguish between controllable and non-controllable costs.
How do responsibility reports differ from budget reports?
What is the relationship, if any, between a responsibility reporting system and a company’s organization chart?
Distinguish among the three types of responsibility centers.
(a) What costs are included in a performance report for a cost center?(b) In the report, are variable and fixed costs identified?
How do direct fixed costs differ from indirect fixed costs? Are both types of fixed costs controllable?
Lori Quan is confused about controllable margin reported in an income statement for a profit center. How is this margin computed, and what is its primary purpose?
What is the primary basis for evaluating the performance of the manager of an investment center? Indicate the formula for this basis.
Explain the ways that ROI can be improved.
Indicate two behavioral principles that pertain to(a) The manager being evaluated and(b) Top management?
For the quarter ended March 31, 2010, Voorhees Company accumulates the following sales data for its product, Garden-Tools: $310,000 budget; $304,000 actual. Prepare a static budget report for the
Data for Voorhees Company are given in BE24-1. In the second quarter, budgeted sales were $380,000, and actual sales were $383,000. Prepare a static budget report for the second quarter and for the
In Mussatto Company, direct labor is $20 per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2008, direct labor totaling $203,000 is incurred in working
Hannon Company expects to produce 1,200,000 units of Product XX in 2010. Monthly production is expected to range from 80,000 to 120,000 units. Budgeted variable manufacturing costs per unit are:
Data for Hannon Company are given in BE24-4. In March 2010, the company incurs the following costs in producing 100,000 units: direct materials $425,000, direct labor $590,000, and variable overhead
In the Assembly Department of Cobb Company, budgeted and actual manufacturing overhead costs for the month of April 2010 were as follows. All costs are controllable by the department manager.
Eckert Manufacturing Company accumulates the following summary data for the year ending December 31, 2010, for its Water Division which it operates as a profit center: sales—$2,000,000 budget,
For the year ending December 31, 2010, Kaspar Company accumulates the following data for the Plastics Division which it operates as an investment center: contribution margin—$700,000 budget,
For its three investment centers, Paige Company accumulates the following data: Compute the return on investment (ROI) for eachcenter.
Data for the investment centers for Paige Company are given in BE24-9.The centers expect the following changes in the next year: (I) increase sales 15%; (II) decrease costs $200,000; (III) decrease
In Moore Company’s flexible budget graph, the fixed cost line and the total budgeted cost line intersect the vertical axis at $90,000. The total budgeted cost line is $330,000 at an activity level
Chickasaw Company expects to produce 50,000 units of product IOA during the current year. Budgeted variable manufacturing costs per unit are direct materials $7, direct labor $12, and overhead $18.
The Deep South Division operates as a profit center. It reports the following for the year. Prepare a responsibility report for the Deep South Division at December 31,2010.
The service division of Retro Industries reported the following results for 2010.Sales ...........$500,000Variable costs .......300,000Controllable fixed costs .....75,000Average operating assets
Jim Thome has prepared the following list of statements about budgetary control.1. Budget reports compare actual results with planned objectives.2. All budget reports are prepared on a weekly
Pargo Company budgeted selling expenses of $30,000 in January, $35,000 in February, and $40,000 in March. Actual selling expenses were $31,000 in January, $34,500 in February, and $47,000 in
Raney Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.Indirect labor
Using the information in E24-3, assume that in July 2010, Raney Company incurs the following manufacturing overhead costs. Instructions(a) Prepare a flexible budget performance report, assuming
Trusler Company uses flexible budgets to control its selling expenses. Monthly sales are expected to range from $170,000 to $200,000.Variable costs and their percentage relationship to sales are:
The actual selling expenses incurred in March 2010 by Trusler Company are as follows. Instructions(a) Prepare a flexible budget performance report for March using the budget data in E24-5,
Pletcher Company's manufacturing overhead budget for the first quarter of 2010 contained the following data. Actual variable costs were: indirect materials $13,800, indirect labor $9,600,
As sales manager, Terry Dewitt was given the following static budget report for selling expenses in the Clothing Department of Garber Company for the month of October. Instructions(a) Prepare a
Pronto Plumbing Company is a newly formed company specializing in plumbing services for home and business. The owner, Paul Pronto, had divided the company into two segments: Home Plumbing Services
Rensing Company has two production departments, Fabricating and Assembling. At a department managers’ meeting, the controller uses flexible budget graphs to explain total budgeted costs. Separate
Lovell Company’s organization chart includes the president; the vice president of production; three assembly plants—Dallas, Atlanta, and Tucson; and two departments within each plant— Machining
The Mixing Department manager of Crede Company is able to control all overhead costs except rent, property taxes, and salaries. Budgeted monthly overhead costs for the Mixing Department, in
Gonzales Manufacturing Inc. has three divisions which are operated as profit centers. Actual operating data for the divisions listed alphabetically are as follows. Instructions(a) Compute the
The Sports Equipment Division of Brandon McCarthy Company is operated as a profit center. Sales for the division were budgeted for 2010 at $900,000. The only variable costs budgeted for the division
The Green Division of Frizell Company reported the following data for the current year.Sales ...............$3,000,000Variable costs ............. 1,950,000Controllable fixed costs ..........
The Medina and Ortiz Dental Clinic provides both preventive and orthodontic dental services. The two owners, Martin Medina and Olga Ortiz, operate the clinic as two separate investment centers:
The Transamerica Transportation Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured
Malone Company estimates that 360,000 direct labor hours will be worked during the coming year, 2010, in the Packaging Department. On this basis, the following budgeted manufacturing overhead cost
Fultz Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2010.The following data were used in
Zelmer Company uses budgets in controlling costs. The August 2010 budget report for the company??s Assembling Department is as follows. The monthly budget amounts in the report were based on an
Jantzen Manufacturing Inc. operates the Patio Furniture Division as a profit center. Operating data for this division for the year ended December 31, 2010, are as shown below. In addition, Jantzen
Dinkle Manufacturing Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home
Nieto Company uses a responsibility reporting system. It has divisions in Denver, Seattle, and San Diego. Each division has three production departments: Cutting, Shaping, and Finishing. The
Ogleby Company estimates that 240,000 direct labor hours will be worked during 2010 in the Assembly Department. On this basis, the following budgeted manufacturing overhead data are computed. It
Parcells Manufacturing Company produces one product, Olpe. Because of wide fluctuations in demand for Olpe, the Assembly Department experiences significant variations in monthly production
Fernetti Company uses budgets in controlling costs. The May 2010 budget report for the company’s Packaging Department is as follows.The monthly budget amounts in the report were based on an
Widnet Manufacturing Inc. operates the Home Appliance Division as a profit center. Operating data for this division for the year ended December 31, 2010, are shown below. In addition, Widnet
Schwinn Manufacturing Company manufactures a variety of garden and lawn equipment. The company operates through three divisions. Each division is an investment center. Operating data for the
G-Bar Pastures is a 400-acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has
Fugate Company manufactures expensive watch cases sold as souvenirs. Three of its sales departments are: Retail Sales, Wholesale Sales, and Outlet Sales. The Retail Sales Department is a profit
Computer Associates International, Inc., the world’s leading business software company, delivers the end-to-end infrastructure to enable e-business through innovative technology, services, and
There are many useful online resources regarding budgeting. The following activity investigates the results of a comprehensive budgeting study performed by a very large international accounting
The manufacturing overhead budget for Edmonds Company contains the following items. The budget was based on an estimated 2,000 units being produced. During the past month, 1,500 units were
National Products Corporation participates in a highly competitive industry. In order to meet this competition and achieve profit goals, the company has chosen the decentralized form of organization.
It is one thing to prepare a personal budget; it is another thing to stick to it. Financial planners have suggested various mechanisms to provide support for enforcing personal budgets. One approach
(a) Joe Delong is not sure about the difference between cost accounting and a cost accounting system. Explain the difference to Joe.(b) What is an important feature of a cost accounting system?
(a) Distinguish between the two types of cost accounting systems.(b) May a company use both types of cost accounting systems?
What type of industry is likely to use a job order cost system? Give some examples.
What type of industry is likely to use a process cost system? Give some examples.
Your roommate asks your help in understanding the major steps in the flow of costs in a job order cost system. Identify the steps for your roommate.

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