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managerial accounting

Managerial Accounting Tools for business decision making 6th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions

The standard cost of product 5252 includes 1.9 hours of direct labor at $14.00 per hour. The predetermined overhead rate is $22.00 per direct labor hour. During July, the company incurred 4,100 hours of direct labor at an average rate of $14.30 per hour and $81,300 of manufacturing overhead costs.
Shannon Company is planning to produce 2,000 units of product in 2014. Each unit requires 3 pounds of materials at $5 per pound and a half-hour of labor at $15 per hour. The overhead rate is 70% of direct labor.Instructions(a) Compute the budgeted amounts for 2014 for direct materials to be used,
Hank Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch.3,000 ounces of grape concentrate at $0.06 per ounce54 pounds of granulated sugar at $0.30 per pound 60 lemons at $0.60 each50 yeast
Kimm Company has gathered the following information about its product. Direct materials. Each unit of product contains 4.5 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.5 pounds. Materials cost $5 per pound, but Kimm always takes the 2% cash
Monte Services, Inc. is trying to establish the standard labor cost of a typical oil change. The following data have been collected from time and motion studies conducted over the past month.Actual time spent on the oil change .........1.0 hourHourly wage rate ................$12Payroll taxes
The standard cost of Product B manufactured by MIT Company includes three units of direct materials at $5.00 per unit. During June, 29,000 units of direct materials are purchased at a cost of $4.70 per unit, and 29,000 units of direct materials are used to produce 9,500 units of Product
Lewis Company’s standard labor cost of producing one unit of Product DD is 4 hours at the rate of $12.00 per hour. During August, 40,600 hours of labor are incurred at a cost of $12.15 per hour to produce 10,000 units of Product DD.Instructions(a) Compute the total labor variance.(b) Compute the
Nona 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 labor (3 hours at $12.00 per hour) .....$36During the month of April, the company manufactures 235 units and incurs the
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August.Instructions(a) Compute the total, price, and quantity variances for materials and labor.(b) Provide two possible explanations for each of the unfavorable variances calculated
You have been given the following information about the production of Horatio Co., and are asked to provide the plant manager with information for a meeting with the vice president of operations.The following is a variance report for the most recent period of operations.Instructions(a) How many
During March 2014, Toby 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 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced
Manufacturing overhead data for the production of Product H by Smart Company are as follows.Overhead incurred for 52,000 actual direct labor hours worked .........$263,000Overhead rate (variable $3; fixed $2) at normal capacity of 54,000direct labor hours .............................$5Standard
Byrd Company produces one product, a putter called GO-Putter. Byrd uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 100,000 units per year. The total budgeted overhead at normal
Wales Company purchased (at a cost of $10,800) and used 2,400 pounds of materials during May. Wales’s standard cost of materials per unit produced is based on 2 pounds per unit at a cost $5 per pound. Production in May was 1,070 units.Instructions(a) Compute the total, price, and quantity
Picard Landscaping plants grass seed as the basic landscaping for business campuses. During a recent month, the company worked on three projects (Remington, Chang, and Wyco). The company is interested in controlling the materials costs, namely the grass seed, for these plantings projects.In order
Burte Corporation prepared the following variance report.InstructionsFill in the appropriate amounts or letters for the question marks in thereport.
Fisk 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 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,000 for the
Vista 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 per unit. Standard cost was $4.40 per unit.2. Issued 18,000 units of raw materials for jobs that
Stiller Company uses a standard cost accounting system. Some of the ledger accounts have been destroyed in a fi re. The controller asks your help in reconstructing some missing entries and balances.InstructionsAnswer the following questions.(a) Materials Price Variance shows a $2,000 unfavorable
Data for Nona Inc. are given in E11-7.InstructionsJournalize the entries to record the materials and labor variances.
The information shown below was taken from the annual manufacturing overhead cost budget of Samantha Company.Variable manufacturing overhead costs .......$34,650Fixed manufacturing overhead costs ........$19,800Normal production level in labor hours ......16,500Normal production level in units
The loan department of Calgary 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 department were mostly destroyed. The data shown below were salvaged from the ashes.Standard variable
Alona Company’s overhead rate was based on estimates of $200,000 for overhead costs and 20,000 direct labor hours. Alona’s standards allow 2 hours of direct labor per unit produced. Production in May was 900 units, and actual overhead incurred in May was $19,000. The overhead budgeted for 1,800
Costello 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—1.6 hours at $12.00 per hour ...........19.20Variable manufacturing overhead ..............12.00Fixed
Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2014.Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $400,000. Selling and
Hopkins Clothiers is a small company that manufactures tall-men€™s suits. The company has used a standard cost accounting system. In May 2014, 11,200 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 14,000 direct labor
Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 117,000
Pace 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 regulated. Therefore, Pace Labs must constantly monitor and control its testing costs. Shown below are the
Jorgensen 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 B is as follows.Normal capacity for the month was 4,200 machine hours. During January, the
Using the information in P11-1A, compute the overhead controllable variance and the overhead volume variance.Data From P11-1A,Costello Corporation manufactures a single product. The standard cost per unitof product is shown below.Direct materials—1 pound plastic at $7.00 per pound
Using the information in P11-2A, compute the overhead controllable variance and the overhead volume variance.Data From P11-2A,Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2014.Overhead is applied on the basis of standard machine
Using the information in P11-3A, compute the overhead controllable variance and the overhead volume variance.Data From P11-3A Hopkins Clothiers is a small company that manufactures tall-men’s suits. The company has used a standard cost accounting system. In May 2014, 11,200 suits were
Using the information in P11-5A, compute the overhead controllable variance and the overhead volume variance.Data From P11-5A,Pace Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company’s customers are governmental agencies,
Buil Corporation manufactures a single product. The standard cost per unit of product is as follows.Direct materials—2 pounds of plastic at $6 per pound .......$12Direct labor—2 hours at $13 per hour ..............26Variable manufacturing overhead ................7Fixed manufacturing overhead
Huang Company uses a standard cost accounting system to account for the manufacture of exhaust fans. In July 2014, it accumulates the following data relative to 1,800 units started and finished.Manufacturing overhead was applied on the basis of direct labor hours. Normal capacity for the month was
Zimmerman Clothiers manufactures women€™s business suits. The company uses a standard cost accounting system. In March 2014, 15,700 suits were made. The following standard and actual cost data applied to the month of March when normal capacity was 20,000 direct labor hours. All materials
Beta Company uses a standard cost accounting system. In 2014, 45,000 units were produced. Each unit took several pounds of direct materials and 2 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 86,000 direct labor hours. During the year, 200,000 pounds of raw
Bonita 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. Therefore, the costs incurred must be carefully monitored and controlled. Shown below are the
Frio 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 Product D is as follows.Direct materials—1.5 pounds at $4.00 per pound ...$ 6.00Direct labor—1 hour at $9.00
Using the information in P11-1B, compute the overhead controllable variance and the overhead volume variance.Data From P11-1B,Buil Corporation manufactures a single product. The standard cost per unit of product is as follows.Direct materials—2 pounds of plastic at $6 per pound
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance.Data From P11-2B,Huang Company uses a standard cost accounting system to account for the manufacture of exhaust fans. In July 2014, it accumulates the following data relative to 1,800 units
Using the information in P11-3B, compute the overhead controllable variance and the overhead volume variance.Data From P11-3B,Zimmerman Clothiers manufactures women’s business suits. The company uses a standard cost accounting system. In March 2014, 15,700 suits were made. The following standard
Using the information in P11-5B, compute the overhead controllable variance and the overhead volume variance.Data From P11-5B,Bonita Labs performs steroid testing services to high schools, colleges, and universities.Because the company deals solely with educational institutions, the price of each
The executive team at Current Designs has gathered to evaluate the company’s operations for the last month. One of the topics on the agenda is the special order from Huegel Hollow, which was presented in BYP2-1. Recall that Current Designs had a special order to produce a batch of 20 kayaks for a
Milton Professionals, a management consulting firm, specializes in strategic planning for financial institutions. James Hahn and Sara Norton, partners in the firm, are assembling a new strategic planning model for use by clients. The model is designed for use on most personal computers and replaces
Ana Carillo 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 homes, restaurants, and hotels. Although some of the work is custom, many of the cabinets are a
The December 22, 2009, edition of the Wall Street Journal has an article by Kevin Kelliker entitled “In Risky Move, GM to Run Plants Around Clock.”InstructionsRead the article and answer the following questions.(a) According to the article, what is the normal industry standard for plants to be
At Symond 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 time studies conducted by Douglas Management Consultants. In a time study, the actual time required to complete a
Do you think that standard costs are used only in making products like wheel bearings and hamburgers? Think again. Standards influence virtually every aspect of our lives. For example, the next time you call to schedule an appointment with your doctor, ask the receptionist how many minutes the
(a) What is a statement of cash flows?(b) Nick Johns maintains that the statement of cash flows is an optional financial statement. Do you agree? Explain.
Wilma Flintstone and Barny Rublestone were discussing the format of the statement of cash flows of Saltwater Candy Co. At the bottom of Saltwater Candy’s statement of cash flows was a separate section entitled “Noncash investing and financing activities.” Give three examples of significant
During 2014, Singletree Company exchanged $1,700,000 of its common stock for land. Indicate how the transaction would be reported on a statement of cash flows, if at all.
Aloha Inc. reported sales of $2 million for 2014. Accounts receivable decreased $200,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the receivable and payable transactions related to operations.
In its 2010 statement of cash flows (see www.pepsico.com), what amount did PepsiCo report for net cash (a) Provided by operating activities, (b) Used for investing activities, and (c) Used for financing activities?
Each of the items below must be considered in preparing a statement of cash flows for Alpha-Omega Co. for the year ended December 31, 2014. For each item, state how it should be shown in the statement of cash flows for 2014.(a) Issued bonds for $150,000 cash.(b) Purchased equipment for $200,000
The following T-account is a summary of the Cash account of Wiegman Company.What amount of net cash provided (used) by financing activities should be reported in the statement of cashflows?
Mokena, Inc. reported net income of $2.0 million in 2014. Depreciation for the year was $160,000, accounts receivable increased $350,000, and accounts payable increased $280,000. Compute net cash provided by operating activities using the indirect method.
The net income for Lodi Co. for 2014 was $250,000. For 2014, depreciation on plant assets was $70,000, and the company incurred a gain on disposal of plant assets of $12,000. Compute net cash provided by operating activities under the indirect method.
The comparative balance sheets for Tobemory Company show these changes in noncash current asset accounts: accounts receivable increase $80,000, prepaid expenses decrease $28,000, and inventories decrease $30,000. Compute net cash provided by operating activities using the indirect method assuming
The T-accounts for Equipment and the related Accumulated Depreciation€” Equipment for Ada Company at the end of 2014 are shown here.In addition, Ada Company€™s income statement reported a loss on disposal of plant assets of $6,500. What amount was reported on the statement of
In a recent year, Cypress Semiconductor Corporation reported cash provided by operating activities of $155,397,000, cash used in investing of $207,628,000, and cash used in financing of $33,372,000. In addition, cash spent for fixed assets during the period was $130,820,000. No dividends were paid.
Wruck Corporation reported cash provided by operating activities of $450,000, cash used by investing activities of $150,000, and cash provided by financing activities of $80,000. In addition, cash spent for capital assets during the period was $250,000. No dividends were paid. Calculate free cash
In a recent quarter, Alliance Atlantis Communications Inc. reported cash provided by operating activities of $45,000,000 and revenues of $265,800,000. Cash spent on plant asset additions during the quarter was $1,400,000. Calculate free cash flow.
The management of Russel Inc. is trying to decide whether it can increase its dividend. During the current year, it reported net income of $875,000. It had cash provided by operating activities of $643,000, paid cash dividends of $80,000, and had capital expenditures of $280,000. Compute the
During the year, prepaid expenses decreased $6,500, and accrued expenses increased $2,000. Indicate how the changes in prepaid expenses and accrued expenses payable should be entered in the reconciling columns of a worksheet. Assume that beginning balances were prepaid expenses $18,600 and accrued
Columbia Sportswear Company had accounts receivable of $205,025,000 at the beginning of a recent year, and $267,653,000 at year-end. Sales revenues were $1,085,307,000 for the year. What is the amount of cash receipts from customers?
Kinsey Corporation reported income taxes of $360,000,000 on its 2014 income statement, income taxes payable of $277,000,000 at December 31, 2013, and $525,000,000 at December 31, 2014. What amount of cash payments were made for income taxes during 2014?
Yaddof Corporation reports operating expenses of $70,000 excluding depreciation expense of $15,000 for 2014. During the year, prepaid expenses decreased $6,800 and accrued expenses payable increased $4,500. Compute the cash payments for operating expenses in 2014.
Jojo Photography reported net income of $100,000 for 2014. Included in the income statement were depreciation expense of $4,000, amortization expense of $3,000, and a gain on disposal of plant assets of $3,900. Jojo€™s comparative balance sheets show the following balances.Calculate net
Zielinski Corporation issued the following statement of cash flows for 2014.(a) Compute free cash flow for Zielinski Corporation. (b) Explain why free cash flow often provides better information than €œNet cash provided by operatingactivities.€
An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts of Solomon Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary.(a) Payment of interest on notes payable. (b) Exchange of land
Tim Latimer Corporation had the following transactions.1. Sold land (cost $12,000) for $10,000.2. Issued common stock for $22,000.3. Recorded depreciation on buildings for $14,000.4. Paid salaries of $7,000.5. Issued 1,000 shares of $1 par value common stock for equipment worth $9,000.6. Sold
Bracewell Company reported net income of $195,000 for 2014. Bracewell also reported depreciation expense of $40,000 and a gain of $5,000 on disposal of plant assets. The comparative balance sheet shows an increase in accounts receivable of $15,000 for the year, a $17,000 increase in accounts
The current sections of Nasreen Inc.€™s balance sheets at December 31, 2013 and 2014, are presented here. Nasreen€™s net income for 2014 was $153,000. Depreciation expense was $24,000.InstructionsPrepare the net cash provided by operating activities section of the
The three accounts shown below appear in the general ledger of Chaudry Corp. during 2014.InstructionsFrom the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of plant assets was $5,000. (Hint: Cost of
Meera Corporation€™s comparative balance sheets are presented below.Additional information:1. Net income was $22,630. Dividends declared and paid were $19,500.2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated
Here are comparative balance sheets for Syal Company.Additional information:1. Net income for 2014 was $103,000.2. Depreciation expense was $32,000.3. Cash dividends of $45,000 were declared and paid.4. Bonds payable amounting to $50,000 were redeemed for cash $50,000.5. Common stock was issued for
Cassandra Corporation€™s comparative balance sheets are presented below.Additional information:1. Net income was $18,300. Dividends declared and paid were $14,600.2. Equipment which cost $10,000 and had accumulated depreciation of $1,800 was sold for $3,500.3. All other changes in
Comparative balance sheets for Erisa Magambo Company are presented below.Additional information:1. Net income for 2014 was $120,000.2. Cash dividends of $70,000 were declared and paid.3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.4. Common stock was issued for $50,000 cash.5.
Dumezweni Company completed its first year of operations on December 31, 2014. Its initial income statement showed that Dumezweni had revenues of $195,000 and operating expenses of $78,000. Accounts receivable and accounts payable at year-end were $60,000 and $25,000, respectively. Assume that
A recent income statement for McDonald’s Corporation shows cost of goods sold $4,527.8 million and operating expenses (including depreciation expense of $1,120 million) $10,517.6 million. The comparative balance sheet for the year shows that inventory increased $17.1 million, prepaid expenses
The 2014 accounting records of Liz Ten Transport reveal these transactions and events.InstructionsPrepare the cash flows from operating activities section using the direct method. (Not all of the items will beused.)
The following information is taken from the 2014 general ledger of Okonedo Company.InstructionsIn each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the directmethod.
You are provided with the following transactions that took place during a recent fiscal year.InstructionsComplete the table indicating whether each item (1) affects operating (O) activities, investing (I) activities, financing (F) activities, or is a noncash (NC) transaction reported in a separate
The following account balances relate to the stockholders€™ equity accounts of Chipo Corp. at year-end.A small stock dividend was declared and issued in 2014. The market value of the shares was $11,200. Cash dividends were $16,000 in both 2014 and 2013. The common stock has no par or
The income statement of Toby Zed Company is presented here.Additional information:1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.2. Prepaid expenses increased $175,000 during the year.3. Accounts payable to suppliers of merchandise decreased $340,000
Data for Toby Zed Company are presented in P13-3A.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.Data From P13-3A, The income statement of Toby Zed Company is presented here.Additional information:1. Accounts receivable increased
Rattigan Company€™s income statement contained the condensed information below.Rattigan€™s balance sheet contained the comparative data at December 31, shown below.Accounts payable pertain to operating expenses.InstructionsPrepare the operating activities section of the
Data for Rattigan Company are presented in P13-5A.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.Data From P13-5A Rattigan Company’s income statement contained the condensed information below.Rattigan’s balance sheet contained
Presented below and on the next page are the financial statements of Rajesh Company.Additional data:1. Depreciation expense is 13,300.2. Dividends declared and paid were $20,000.3. During the year, equipment was sold for $9,700 cash. This equipment cost $18,000 originally and had accumulated
Data for Rajesh Company are presented in P13-7A. Further analysis reveals the following.1. Accounts payable pertain to merchandise suppliers.2. All operating expenses except for depreciation were paid in cash.3. All depreciation expense is in the operating expenses.4. All sales and purchases are on
Condensed financial data of Sinjh Inc. follow.Additional information:1. New plant assets costing $80,000 were purchased for cash during the year.2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $50,000 were sold for $12,500 cash.3. Bonds payable matured and
Data for Sinjh Inc. are presented in P13-9A. Further analysis reveals that accounts payable pertain to merchandise creditors.InstructionsPrepare a statement of cash flows for Sinjh Inc. using the direct method.Data From P13-9A Condensed financial data of Sinjh Inc. follow.Additional
The comparative balance sheets for Strackman Lux Company as of December 31 are presented below.Additional information:1. Operating expenses include depreciation expense of $40,000.2. Land was sold for cash at book value of $20,000.3. Cash dividends of $25,000 were paid.4. Net income for 2014 was
Condensed financial data of Jhutti Company appear below.Additional information:1. Equipment costing $92,000 was purchased for cash during the year.2. Investments were sold at cost.3. Equipment costing $47,000 was sold for $14,250, resulting in gain of $8,550.4. A cash dividend of $80,600 was
You are provided with the following transactions that took place during a recent fiscal year.InstructionsComplete the table indicating whether each item (1) affects operating (O) activities, investing (I) activities, financing (F) activities, or is a noncash (NC) transaction reported in a separate
The following selected account balances relate to the plant asset accounts of Raji Inc. at year-end.Additional information:1. Raji purchased $90,000 of equipment and $30,000 of land for cash in 2014.2. Raji also sold equipment in 2014.3. Depreciation expense in 2014 was $37,500 on building and
The income statement of Asquith Company is presented on the next page.Additional information:1. Accounts receivable decreased $230,000 during the year, and inventory increased $120,000.2. Prepaid expenses increased $125,000 during the year.3. Accounts payable to merchandise suppliers increased
Data for Asquith Company are presented in P13-3B.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.Data From P13-3BThe income statement of Asquith Company is presented on the next page.Additional information:1. Accounts receivable decreased
The income statement of Anne Droid Inc. reported the following condensed information.Anne Droid Inc.Income StatementFor the Year Ended December 31, 2014Sales revenue ........$551,000Operating expenses ......400,000Income from operations ....151,000Income tax expense .......36,000Net income

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