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business
managerial accounting

Questions and Answers of Managerial Accounting

Carmeli Instrument Inc. manufactures two products: missile range instruments and space pressure gauges. During January, 50 range instruments and 300 pressure gauges were produced, and overhead costs
Oakenfeld Company manufactures a number of specialized machine parts. PartBunkka-22 uses $35 of direct materials and $15 of direct labor per unit.Oakenfeld??s estimated manufacturing overhead is as
Kasten Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls.
Ortega Industries Inc. manufactures in separate processes furniture for homes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and
Fiedel Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2010,
Cavalier Company has several processing departments. Costs charged to theAssembly Department for November 2010 totaled $2,229,000 as follows.. Production records show that 35,000 units were in
Chen Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2010
Luther Processing Company uses a weighted-average process costing system and manufactures a single product??a premium rug shampoo and cleaner. The manufacturing activity for the month of October has
Darby Electronics manufactures two large-screen television models: the Royale which sells for $1,500, and a new model, the Majestic, which sells for $1,200.The production cost per unit for each model
Walters Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department fiberglass is heated and shaped into the form of a ski. In the Packaging
Slocum Corporation manufactures in separate processes refrigerators and freezers for homes. In each process, materials are entered at the beginning and conversion costs are incurred uniformly.
Buehler Company manufactures a nutrient, Everlife, through two manufacturing processes: Blending and Packaging. All materials are entered at the beginning of each process. On August 1, 2010,
McNair Company has several processing departments. Costs charged to the Assembly Department for October 2010 totaled $1,249,500 as follows. Production records show that 25,000 units were in
Marte Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost
Guthrie Cleaner Company uses a weighted-average process costing system and manufactures a single product??an all-purpose liquid cleaner. The manufacturing activity for the month of March has just
Sunshine Beach Company manufactures suntan lotion, called Surtan, in 11-ounce plastic bottles. Surtan is sold in a competitive market. As a result, management is very cost conscious. Surtan is
Guion Furniture Company manufactures living room furniture through two departments:Framing and Upholstering. Materials are entered at the beginning of each process.For May, the following cost data
Carol Gorden was a good friend of yours in high school and is from your home town. While you chose to major in accounting when you both went away to college, she majored in marketing and management.
R. B. Patrick Company manufactures a high-tech component that passes through two production processing departments, Molding and Assembly. Department managers are partially compensated on the basis of
Many of you ultimately will work in service environments, such as medical facilities. Many service organizations have adopted activity-based management systems, which incorporate activity-based
Haslett Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.Direct materials (8 pounds at $2.50 per pound) …………….$20Direct
The direct materials and direct labor data shown on the next page pertain to the operations of Solario Manufacturing Company for the month of August. Instructions(a) Compute the total, price, and
During March 2010, Hinton Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Analysis reveals that Job A257 was a repeat job. Job A258
Manufacturing overhead data for the production of Product H by Norland Company are as follows.Overhead incurred for 52,000 actual direct labor hours worked ...$213,000Overhead rate (variable $3;
Jay Levitt Company produces one product, a putter called GO-Putter. Levitt uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal
Buerhle Company purchased (at a cost of $10,900) and used 2,300 pounds of materials during May. Buerhle’s standard cost of materials per unit produced is based on 2 pounds per unit at a cost $5 per
Imperial Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month the company worked on three projects (Ames, Korman, and Stilles). The company is
Archangel Corporation prepared the following variance report.InstructionsFill in the appropriate amounts or letters for the question marks in thereport.
Cepeda Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. In addition, 8,000 units of product were sold at $8.00 per unit.
The following is a list of terms related to performance evaluation.(1) Balanced scorecard (2) Variance (3) Learning and growth perspective (4) Nonfinancial measures (5) Customer perspective(6)
Peyton Company installed a standard cost system on January 1. Selected transactions for the month of January are as follows.1. Purchased 18,000 units of raw materials on account at a cost of $4.50
Cesar Company uses a standard cost accounting system. Some of the ledger accounts have been destroyed in a fire. The controller asks your help in reconstructing some missing entries and
Data for Haslett Inc. are given in E25-7.InstructionsJournalize the entries to record the materials and labor variances.
The following information was taken from the annual manufacturing overhead cost budget of Granada Company.Variable manufacturing overhead costs .....$33,000Fixed manufacturing overhead costs
The loan department of Local Bank uses standard costs to determine the overhead cost of processing loan applications. During the current month a fire occurred, and the accounting records for the
Jackson Company’s annual overhead rate was based on estimates of $200,000 for overhead costs and 20,000 direct labor hours. Jackson’s standards allow 2 hours of direct labor per unit produced.
Putnam Corporation manufactures a single product. The standard cost per unit of product is shown below.Direct materials—1 pound plastic at $7.00 per pound ....$ 7.00Direct labor—1.5 hours at
Dinkel Manufacturing Corporation accumulates the following data relative to jobs started and finished during the month of June 2010. Overhead is applied on the basis of standard machine hours.
Rapache Clothiers is a small company that manufactures tall-men’s suits. The company has used a standard cost accounting system. In May 2010, 11,200 suits were produced. The following standard and
Dorantes Manufacturing Company uses a standard cost accounting system. In 2010, the company produced 28,000 units. Each unit took several pounds of direct materials and 11⁄2 standard hours of
Farm Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company’s customers are governmental agencies, prices are strictly
Adcock Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,900 units of Product B was received. The standard cost of one unit of Product
Using the information in P25-1A, compute the overhead controllable variance and the overhead volume variance.
Using the information in P25-2A, compute the overhead controllable variance and the overhead volume variance.
Using the information in P25-3A, compute the overhead controllable variance and the overhead volume variance.
Using the information in P25-5A, compute the overhead controllable variance and the overhead volume variance.
Maris Corporation manufactures a single product. The standard cost per unit of product is as follows.Direct materials—2 pounds of plastic at $5 per pound ......$10Direct labor—2 hours at $12 per
Sanchez Manufacturing Company uses a standard cost accounting system to account for the manufacture of exhaust fans. In July 2010, it accumulates the following data relative to 1,800 units started
Sadler Clothiers manufactures women’s business suits. The company uses a standard cost accounting system. In March 2010, 15,700 suits were made. The following standard and actual cost data applied
Dobbs Manufacturing Company uses a standard cost accounting system. In 2010,50,000 units were produced. Each unit took several pounds of direct materials and 2 standard hours of direct labor at a
Moran Labs performs steroid testing services to high schools, colleges, and universities. Because the company deals solely with educational institutions, the price of each test is strictly regulated.
Harter Manufacturing Company uses standard costs with its job order cost accounting system. In January, an order (Job No. 84) was received for 5,500 units of Product D. The standard cost of 1 unit of
Using the information in P25-1B, compute the overhead controllable variance and the overhead volume variance.
Using the information in P25-2B, compute the overhead controllable variance and the overhead volume variance.
Using the information in P25-3B, compute the overhead controllable variance and the overhead volume variance.
Using the information in P25-5B, compute the overhead controllable variance and the overhead volume variance.
Colaw Professionals, a management consulting firm, specializes in strategic planning for financial institutions. Ken Comer and Mary Linden, partners in the firm, are assembling a new strategic
Ed Widner and Associates is a medium-sized company located near a large metropolitan area in the Midwest. The company manufactures cabinets of mahogany, oak, and other fine woods for use in expensive
Glassmaster Co. is organized as two divisions and one subsidiary. One division focuses on the manufacture of filaments such as fishing line and sewing thread; the other division manufactures antennas
The Balanced Scorecard Institute (www.balancedscorecard.org) is a great resource for information about implementing the balanced scorecard. One item of interest provided at its website is an example
From the time you first entered school many years ago, instructors have been measuring and evaluating you by imposing standards. In addition, many of you will pursue professions that administer
At Camden Manufacturing Company, production workers in the Painting Department are paid on the basis of productivity. The labor time standard for a unit of production is established through periodic
From the time you first entered school many years ago, instructors have been measuring and evaluating you by imposing standards. In addition, many of you will pursue professions that administer
The key to successful business operations is effective inventory management. Do you agree? Explain.
An item must possess two characteristics to be classified as inventory by a merchandiser. What are these two characteristics?
Your friend Tom Witt has been hired to help take the physical inventory in Hawkeye Hardware Store. Explain to Tom Witt what this job will entail.
(a) Reeves Company ships merchandise to Cox Company on December 30.The merchandise reaches the buyer on January 6. Indicate the terms of sale that will result in the goods being included in (1)
Jim’s Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price of the hats was $3,000 but Jim’s was given a $30 cash discount and required to pay freight charges of
Explain the difference between the terms FOB shipping point and FOB destination.
David Shannon believes that the allocation of inventoriable costs should be based on the actual physical flow of the goods. Explain to David why this may be both impractical and inappropriate.
In a period of rising prices, the inventory reported in Plato Company’s balance sheet is close to the current cost of the inventory. Cecil Company’s inventory is considerably below its current
Casey Company has been using the FIFO cost flow method during a prolonged period of rising prices. During the same time period, Casey has been paying out all of its net income as dividends. What
Peter Lunde is studying for the next accounting mid-term examination. What should Peter know about? (a) Departing from the cost basis of accounting for inventories and(b) The meaning of “market”
Garitson Music Center has 5 CD players on hand at the balance sheet date. Each cost $400. The current replacement cost is $380 per unit. Under the lower-of-cost-or-market basis of accounting for
Mintz Company discovers in 2010 that its ending inventory at December 31, 2009, was $7,000 understated. What effect will this error have on (a) 2009 net income,(b) 2010 net income, and (c) The
Willingham Company’s balance sheet shows Inventories $162,800.What additional disclosures should be made?
When perpetual inventory records are kept, the results under the FIFO and LIFO methods are the same as they would be in a periodic inventory system. Do you agree? Explain.
When is it necessary to estimate inventories?
Both the gross profit method and the retail inventory method are based on averages. For each method, indicate the average used, how it is determined, and how it is applied.
Maureen Company has net sales of $400,000 and cost of goods available for sale of $300,000. If the gross profit rate is 35%, what is the estimated cost of the ending inventory? Show computations.
Milo Shoe Shop had goods available for sale in 2008 with a retail price of $120,000. The cost of these goods was $84,000. If sales during the period were $80,000, what is the ending inventory at cost
Smart Company identifies the following items for possible inclusion in the taking of a physical inventory. Indicate whether each item should be included or excluded from the inventory taking.(a)
The ledger of Gomez Company includes the following items: (a) Freight-in, (b) Purchase Returns and Allowances, (c) Purchases, (d) Sales Discounts,
In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8.Assuming there are 360
Data for Quirk Company are presented in BE6-3. Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand.
The management of Hoyt Corp. is considering the effects of various inventory-costing methods on its financial statements and its income tax expense. Assuming that the price the company pays for
In its first month of operation, Gulletson Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8.At the end of the month, 180 units remained. Compute
Alou Appliance Center accumulates the following cost and market data at December 31.Compute the lower-of-cost-or-market valuation for the company’s total inventory.
Cody Company reports net income of $90,000 in 2010. However, ending inventory was understated $10,000.What is the correct net income for 2010? What effect, if any, will this error have on total
At December 31, 2010, the following information was available for J. Graff Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold $270,000, and sales revenue $380,000.
Jensen’s Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.On June 1 Jensen’s sold 30 units, and on August 27, 40 more units. Prepare the
At May 31, Creole Company has net sales of $330,000 and cost of goods available for sale of $230,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 35%.
On June 30, Fabre Fabrics has the following data pertaining to the retail inventory method: Goods available for sale: at cost $35,000, at retail $50,000; net sales $40,000, and ending inventory at
Neverwas Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $300,000. In reviewing the details
The accounting records of Oots Electronics show the following data.Beginning inventory......3,000 units at $5Purchases...........8,000 units at $7Sales............9,200 units at $10Determine cost of
(a) Blank Company sells three different categories of tools (small, medium and large).The cost and market value of its inventory of tools are as follows.Determine the value of the company’s
Early in 2010 Aragon Company switched to a just-in-time inventory system. Its sales, cost of goods sold, and inventory amounts for 2009 and 2010 are shown below. Determine the inventory turnover
Premier Bank and Trust is considering giving Lima Company a loan. Before doing so, they decide that further discussions with Lima’s accountant may be desirable. One area of particular concern is
Kale Thompson, an auditor with Sneed CPAs, is performing a review of Strawser Company’s inventory account. Strawser did not have a good year and top management is under pressure to boost reported
On December 1, Bargain Electronics Ltd. has three DVD players left in stock. All are identical all are priced to sell at $150. One of the three DVD players left in stock, with serial #1012, was

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