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business
cost management strategic
Cost Management A Strategic Emphasis 8th Edition Edward Blocher, David F. Stout, Paul Juras, Steven Smith - Solutions
Briefly describe the first- and second-stage procedures in assigning costs to products when using an activity-based costing system?
The following information applies to the O€™Donnell Company for March production. There are only two jobs (X and Y) in production in March.a. Purchased direct materials and indirect materials with the following summary of receiving reports:Material A.....................$16,000Material
For the current year BSJ Industries estimated overhead would be $1,400,000 and there would be 70,000 machine hours. Using machines hours as the allocation base, how much overhead would be assigned to each of the jobs listed below?Job
Use the following information from BSJ Industries to determine the predetermined overhead rate based on direct labor costs.Direct labor hours............................50,000Average hourly pay rate..................$16.00Manufacturing overhead.........$1,400,000
What is the difference between normal and abnormal spoilage?
Why would a manufacturing firm switch from direct labor hours to machine hours as the cost driver for factory overhead application?
Describe the flow of costs through a job costing system from materials through finished product.
What is the strategic role of a costing system?
Norton Industries, a manufacturer of cable for the heavy construction industry, closes its books and prepares financial statements at the end of each month. The statement of cost of goods sold for April follows:Additional Informationˆ™ Of the utilities, 80% relates to manufacturing the
Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage.Advertising expenses.........................................................$ 150,000Depreciation expense—administrative office......................75,000Depreciation
Consider the following information for Huntersville Inc. for the fiscal year ended December 31.Depreciation expense—administrative office.....................$ 32,000Depreciation expense—plant and equipment.......................86,000Direct
Direct labor costs area. Nonmanufacturing costs.b. Period costs.c. Conversion costs.d. Overhead costs.
Which of the following statements is incorrect regarding manufacturing overhead?a. Manufacturing overhead is an indirect costs to units or products.b. Manufacturing overhead includes both fixed and variable costs.c. Actual overhead costs are used in the cost accounting process.d. Actual overhead
Which of the following is true regarding period and product costs?a. Factory lease is a period cost, and sales commissions are a product cost.b. Factory lease is a product cost, and sales commissions are a product cost.c. Factory lease is a period cost, and sales commissions are a period cost.d.
Which of the following costs would be included in manufacturing overhead for a computer manufacturer?a. The cost of the USB port hardwareb. The wages paid to hardware assemblersc. The cost of the circuit boardsd. Depreciation on assembly machinery
Choose the correct option for the following questionDirect materials are Manufacturing Cost Prime Cost Conversion Cost Yes Yes Yes No Yes No Yes No No No a. b. C. Yes No d.
The great news for those concerned about climate change and sustainability is that the cost of renewable energy (“green power”) is quickly decreasing. The result is that many companies, particularly larger companies, are making significant long-term investments in renewable energy which they
The trend of economic nationalism (e.g., Brexit) that is affecting many countries around the world promotes keeping manufacturing jobs in the local country. As management accountants, we are concerned about how this trend will affect companies, particularly global companies, as they strive to adapt
McDonald’s is a global fast-food chain with 36,889 restaurants worldwide and global sales of $95 billion in 2016. McDonald’s is one of the most successful companies, with stock values increasing steadily to an all-time high of over $150 in June 2017. A new low-price menu, a new Big Mac, and
The trend of economic nationalism (e.g., Brexit) that is affecting many countries around the world promotes keeping manufacturing jobs in the local country. As management accountants, we are concerned about how this trend will affect companies, particularly global companies, as they strive to adapt
Develop a balanced scorecard with three or more groups of CSFs for Fowler’s Farm based on Problem 2-47. Explain your choice of groups and identify four to five CSFs in each group. Make sure that your CSFs are quantitative and can be measured.In ProblemJoel Deaine, CEO of Deaine Enterprises Inc.
Develop a SWOT analysis for Fowler’s Farm based on Problem 2-47. The analysis should include two to three items in each category: strengths, weaknesses, opportunities, and threats.In ProblemJoel Deaine, CEO of Deaine Enterprises Inc. (DEI), is considering a special offer to manufacture a new line
Joel Deaine, CEO of Deaine Enterprises Inc. (DEI), is considering a special offer to manufacture a new line of women’s clothing for a large department store chain. DEI has specialized in designer women’s clothing sold in small, upscale retail clothing stores throughout the country. To protect
Which of the following is an important method for implementing strategy?a. Sustainabilityb. Value-chain analysisc. Cost leadershipd. Differentiation
The World Resources Institute (WRI) is an organization thata. Provides guidance for developing and benchmarking an organization’s value chain.b. Provides resources for organizations that intend to expand globallyc. Provides guidance for organizations that want to develop indicators (ESGs) of the
The required resources for implementing a cost leadership strategy include which of the following?a. Strong marketing capabilityb. Substantial capital investment and access to capitalc. Effective product engineering and innovative designd. Reputation for high ethical standards
As opposed to identifying opportunities and threats, identifying a company’s strengths and weaknesses in SWOT analysis can involve all but which of the following?a. Careful analysis of the company’s sustainability statementb. Analysis of the company’s code of ethicsc. Evaluation of the
Which of the following statements about the value chain is correct?a. The two phases of the activities of the value chain are the upstream activities and the downstream activities.b. A company need not operate in all activities of the value chain.c. There are usually six to eight activities in the
Opportunities and threats in strengths-weaknesses-opportunities-threats (SWOT) analysis can be identified most readily bya. Using value-chain analysis.b. Analyzing the industry and the organization’s competitors.c. Analyzing the organization’s critical success factors.d. Using the strategy map.
What does it mean for the balanced scorecard to “reflect strategy”?a. One should be able to infer an organization’s strategy from the balanced scorecard.b. The management accountant develops the balanced scorecard prior to developing a strategy.c. The balanced scorecard is one of the key
The implementation of the balanced scorecard (BSC) can involve all of the following excepta. The strong support of top management.b. A strategy of differentiation (as opposed to one of cost leadership).c. A link to reward and compensation systems.d. An accurate reflection of the organization’s
A company taking a strategic and customer-centered point of view can best address sustainability, a concern for environmental and social as well as economic performance, througha. Annual financial reporting to the Securities and Exchange Commission.b. The use of a sustainability perspective in the
The balanced scorecard is related to the strategy map in a way similar to howa. The value chain is related to product differentiation.b. SWOT analysis is related to execution.c. The organization’s key activities are related to the value chain.d. Sustainability can be related to financial
The following strategy implementation technique can be particularly enhanced by using benchmarking, as for example, participating in the Malcolm Baldrige National Quality Award program:a. The value chain.b. The balanced scorecard (BSC).c. The strategy map.d. Execution.
Consider Question 2-22 again. How would your answer differ if the firm were a manufacturer?In QuestionSuppose you are the CEO of a large firm in a service business and you think that by acquiring a certain competing firm, you can generate growth and profits at a greater rate for the combined firm.
In 1992, the U.S., Mexico, and Canada agreed to enhance trade between the three countries in what is called the North American Free Trade Agreement (NAFTA). The agreement removed tariffs between the countries and had the goal of eliminating the obstacles to investments between the countries and to
The European Union (EU) is made up of 28 European countries that are bound together by trade and political agreements. The broad goal of the EU is to create an economic and political union that will foster common economic goals and political stability. The EU has achieved many of these goals over
The Ethisphere Institute (http://ethisphere.com), an organization focused on defining and advancing corporate ethical standards and practices, prepares an annual report which selects the most ethical global companies for that year. Ethisphere receives nominations and selects the winners on the
Occupational fraud is defined by the Association of Certified Fraud Examiners (ACFE) as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.” This means that the perpetrator of the fraud
The pharmaceutical manufacturer Valeant had a business model of cost-cutting, minimizing expenditures on research and delaying clinical trials. The model succeeded, as Valeant became one of the largest pharmaceutical companies in the world, with a market capitalization of $41 billion in
In its ranking of firms on the basis of customer service, global marketing information firms such as J.D. Power and media companies such as Forbes magazine and USA Today conduct independent surveys of customer satisfaction to develop a list of the top companies. The rankings below were based on
Each year, Interbrand (a corporate strategy consultant) reports the 100 top brands in the world. The leading brands are determined from a calculation based on an analysis to determine what portion of the firm’s sales and earnings can be credited to the firm’s brand. For 2016, the top 10 brands
Jane Englehard is a feature writer for National Business Weekly. Her assignment is to develop a feature article on enterprise risk management. Her editor has asked her to research the available literature and to write an informative article that would be useful to those who are not familiar with
The Yee-Haw Pickle Company in Park City, Utah, has grown in four years to supply 600 retailers nationally. The products include pickles and pickled green beans. Yee-Haw’s products are unique for their unusual ingredients, such as wildflower honey used in some of their products. The owners of
Professional certifications are issued by the American Institute of Certified Public Accountants (AICPA), the Institute of Management Accountants (IMA), the Chartered Institute of Management Accountants (CIMA), and the Chartered Professional Accountants of Canada (CPA-Canada), among other
Cost management has evolved from a focus on measurement to one of identifying those measures that are critical to the organization’s success. Given this new focus, indicate which one of the following types of cost management systems cost managers are likely to be striving for.a. Basic transaction
Walmart, Costco, and Dollar General are retailers that probably compete on the basis ofa. Quality and customer service.b. Product differentiation.c. Low prices.d. Desirable locations.
The management accountants in an organization probably report directly to thea. Controller.b. Treasurer.c. Chief executive officer (CEO).d. Chief financial officer (CFO).
Management accounting, as defined by the IMA, uses the expertise of the management accountant toa. Improve quality and reduce manufacturing cost.b. Implement an organization’s strategy.c. Implement a tactic of customer value and shareholder value.d. Improve business performance and the life-cycle
Which of the following is the correct sequence in which cost management information is developed and used?a. Business events, data, information, analysis, decisionsb. Business events, data, analysis, information, decisionsc. Business events, information, analysis, knowledge, decisionsd. Business
The management accountant is a full business partner with management in which of the four stages of cost system development, and why?
Many firms rely on the internet extensively. Explain how firms using cost leadership and firms using differentiation might use the internet.
Give three examples of firms you believe would require somewhat unique types of cost management information because of their unique competitive strategy, and explain why.
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