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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Ramort Company reports the following for its single product. Ramort produced and sold 20,000 units this year. Compute gross profit under absorption costing. Direct materials.. Direct labor. Variable
D'Souza Company sold 10,000 units of its product for \(\$ 80\) per unit. Cost of goods sold is \(\$ 55\) per unit. Variable selling and administrative expenses are \(\$ 10\) per unit. Compute gross
A manufacturer reports the following. Compute contribution margin. Sales....... Variable cost of goods sold... Fixed overhead ..... $600,000 200,000 160,000 Variable selling and administrative
For each of the three independent cases below, determine whether absorption costing income will be greater than, less than, or equal to variable costing income. Beginning inventory units...... Units
Dane Co. reports the information below. (a) Compute the contribution margin ratio for each sales territory. (b) Which sales territory performed better based on contribution margin ratio? Sales.....
Alex Co. reports variable manufacturing costs of \(\$ 120\) per unit and fixed overhead of \(\$ 10\) per unit. The company produced 20,000 units and sold 18,000 units. The company had no beginning
Zarne Co. reports variable manufacturing costs of \(\$ 60\) per unit and fixed overhead of \(\$ 20\) per unit. Beginning finished goods inventory under absorption costing is 500 units. The company
Barnes Co. reports the following for its product for its first year of operations. Compute total product cost per unit using absorption costing for the following production levels: (a) 2,000
Dion Co. reports the absorption costing income statement below for May. The company began the month with no finished goods inventory. Dion produced 20,000 units, and 2,000 units remain in ending
Trevor Co. reports the variable costing income statement below for June. The company began the month with no finished goods inventory. It produced 10,000 units in June, and 2,000 units remain in
Jax Inc. reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing.1. Compute gross profit assuming (a) 60,000 units are
A manufacturer reports direct materials of \(\$ 5\) per unit, direct labor of \(\$ 2\) per unit, and variable overhead of \(\$ 3\) per unit. Fixed overhead is \(\$ 120,000\) per year, and the company
Huds Inc. reports the information below on its product. The company uses absorption costing and has a target markup of \(40 \%\) of absorption cost per unit. Compute the target selling price per unit
Empire Airlines reports the following cost data for the year. The company flew 100 private flights during the year. A group has offered Empire \(\$ 11,000\) for a private flight to Chicago for its
MidCoast Airlines provides charter airplane services. In October, when the company is operating at \(60 \%\) of its capacity, it receives a bid from the local college. The college is organizing a
Big Bikes manufactures and sells mountain bikes in two sales territories, West Coast and East Coast. Information for the year follows. The company sold 500 bikes in each territory.a. Compute
Pro Bike manufactures and sells two types of bikes: road bikes and mountain bikes. The company sold 600 units of each type of bike during the year.a. Compute contribution margin (in dollars) for each
Pool Pro produces and sells liquid chlorine for swimming pools. The company annually produces and sells 300,000 gallons of its chlorine. Because of this year's cool summer, projected demand for its
Refer to the information in Need-To-Know 16-5. For the Grinding department, complete requirements 1 through 4 using the FIFO method. (Round the cost per equivalent unit of conversion to two decimal
Garcia Manufacturing produces a product that passes through a molding process and then through an assembly process. Partial information related to its manufacturing activities for July
A department began the month with 8,000 units in work in process inventory. These units were \(100 \%\) complete for direct materials and \(40 \%\) complete for conversion.During the month, the
A department reports the following equivalent units of production along with production cost data for the month. It uses the FIFO method.1. Compute the department's cost per equivalent unit for
Dengo Co. makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The
Abraham Company uses weighted average process costing to account for its production costs. The company has two production processes. Conversion is added evenly throughout each process. Direct
Brun Company produces its product through two processing departments: Mixing and Baking. Information for the Mixing department follows.Required1. Prepare the Mixing department's production cost
Belda Co. makes organic juice in two departments: Cutting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The
Define equivalent units of production (EUP). Why is it necessary to use EUP in process costing?
What are the two main inventory methods used in computing equivalent units of production? Which method combines production activity across two periods in computing equivalent units? Which is
Explain how labor costs flow through a company's process cost system.
A manufacturer budgets \(\$ 900,000\) of overhead cost and 25,000 direct labor hours.1. What is the plantwide overhead rate based on direct labor hours?2. Using the plantwide overhead rate, how much
A manufacturer reports the following budgeted data for its two production departments.1. What are the departmental overhead rates if the Machining department allocates overhead based on machine hours
A manufacturer makes two types of snowmobiles, Basic and Deluxe, and reports the following data. The company budgets production of 6,000 Basic snowmobiles and 2,000 Deluxe snowmobiles.1. Compute an
Data Pro provides accounting services. The company reports the information below. The forensic accounting department has 8 employees, occupies 1,000 square feet of office space, and completed 20
VesPro manufactures motorized scooters in both standard and custom models. The standard scooter is a basic model with no custom options. The custom model is produced for college towns that want
A company makes two products: \(A\) and \(B\). It uses activity-based costing and prepares the following analysis showing budgeted overhead cost and activity usage for each of its three
A company uses activity-based costing. Budgeted overhead cost and activity usage follows.The overhead activity rate for Activity 3 isa. \(\$4.00\) per \(\mathrm{MH}\).c. \(\$18.00\) per
Compared to the plantwide rate method, activity-based costing usually shifts costs froma. Low-volume to high-volume products.b. High-volume to low-volume products.c. Complex to simple products.d.
Which of the following statements is true?a. An activity-based costing system is generally easy to implement and maintain.b. Activity-based management eliminates waste by allocating costs to products
All of the following are examples of batch level activities excepta. Sampling product quality.b. Setting up machines.c. Receiving shipments.d. Employee recreational facilities.
Shaw Co. budgets total overhead cost of \(\$ 1,800,000\). The company allocates overhead cost based on 100,000 budgeted direct labor hours. Compute the single plantwide overhead rate.
Neal Co. allocates overhead cost using a single plantwide overhead rate of \$20 per direct labor hour. Each product unit uses three direct labor hours. Compute the overhead cost per unit.
Chan Company identified the following budgeted data for this year. The company manufactures two types of scooters: standard and fast.1. Compute a single plantwide overhead rate assuming that the
A manufacturer reports two activities: cutting for production and product shipments. Determine whether each of the following cost drivers relates to the cutting activity or to the shipment
A company sells two types of products: standard and deluxe. It prepares the following analysis showing budgeted cost and cost driver activity for each of its three activities. Compute an activity
Rand Co. computed the following activity rates using activity-based costing.The company's deluxe model used the following activities to produce 1,000 units. Compute the overhead cost per unit for the
Chen Co. uses activity-based costing. It budgets \(\$ 825,000\) of overhead cost to sustainably dispose of 3,300 tons of hazardous waste.a. Compute the activity rate for hazardous waste disposal
Mia Co. uses activity-based costing and reports the following for this year.(a) Compute an activity rate for each activity using activity-based costing.(b) Allocate overhead costs to a job that uses
Classify each of the following activities as unit level, batch level, product level, or facility level for a manufacturer of organic juices.1. Cutting fruit2. Developing new types of juice3. Blending
Classify each of the following activities as unit level, batch level, product level, or facility level for a manufacturer of trail mix.1. Roasting peanuts4. Providing utilities for factory2. Cleaning
Data Insights provides accounting services. The company computed the following activity rates using activity-based costing. The forensic accounting department has 10 employees, occupies 1,500 square
Prepare a customer profitability report using the information below. Sales..... Direct materials Direct labor.... $10,000 4,100 1,300 Overhead Customer support costs.. *****..... $2,600 500
Shakti Co. budgets overhead cost of $72,000 for the year. The company reports the following for its standard and deluxe models.1. Compute a single plantwide overhead rate assuming the company
Hydro Sports budgets overhead cost of \(\$ 420,000\) for the year. The company manufactures two types of jet skis: standard and deluxe. Budgeted direct labor hours per unit are 8 for the standard
Dade Metals manufactures patio furniture. The company budgets overhead cost of \(\$ 400,000\) for the year. It also budgets 20,000 machine hours and 5,000 direct labor hours.1. Compute the plantwide
Health Co-op is an outpatient surgical clinic. It budgets \(\$ 540,000\) of overhead cost for the year. The two main surgical units and their data follow.1. Compute a single plantwide rate, assuming
Wess Co. has limited capacity and can produce either its standard product or its deluxe product. Additional information follows.1. Using a single plantwide rate, the company computes overhead cost
Hydro Sports budgets overhead cost of \(\$ 420,000\) for the year; of this amount, \(\$ 240,000\) is traceable to the Assembly department and \(\$ 180,000\) is traceable to the Finishing department.
Textra produces parts for a machine manufacturer. Parts go through two departments, Molding and Trimming. The company budgets overhead cost of \(\$ 240,000\) in the Molding department and \(\$
Refer to the information in Exercise 17-7.Data from Exercise 17-7Textra produces parts for a machine manufacturer. Parts go through two departments, Molding and Trimming. The company budgets overhead
Laval produces lighting fixtures. Budgeted information for its two production departments follows. The departments use machine hours \((\mathrm{MH})\) and direct labor hours (DLH).Laval reports the
Real Cool produces air conditioners in two departments: Assembly and Finishing. Budgeted information follows.Additional production information for two models of its air page 691 conditioners
Consider the following data for two products of Vigano Manufacturing.1. Using a plantwide overhead rate based on 2,500 direct labor hours, compute the total product cost per unit for each product.2.
A manufacturer reports three activities: assembling components into products; product design; and sales order processing. Determine whether each of the following cost drivers relates to assembly,
Snow Cat manufactures snowmobiles and uses activity-based costing to allocate overhead cost. To produce snowmobiles, the company uses four activities. It sets up machines to produce batches of
Pro-Craft Co. computed the following activity rates to allocate overhead cost for the year.During January, the company produced the following two jobs. Allocate overhead cost to each job using the
Lucern Co. reports the following for its overhead cost for the year.1. Compute the activity rate for each activity using activity-based costing.2. The company's Pro model used these activities to
Trax Co. manufactures 75 stationary bikes and 100 rowing machines with three activities. Activity rates to produce these products follow.Activity usage for each product follows. Compute the overhead
Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow.Additional production information concerning its
A manufacturer identified the following activities, costs, and activity drivers. Compute the activity rate for each activity using activity-based costing. Activity Handling materials... Inspecting
Northwest Company produces two types of glass shelving: rounded edge and squared edge. The company reports the following cost data.Northwest's controller wants to apply activity-based costing to page
Craft Co. reports the following partial activity-based costing information for its Deluxe model. Complete the table by entering amounts for the missing items a through \(e\). Activity Assembly....
Classify each of the following activities as unit level, batch level, product level, or facility level to indicate how each is incurred with respect to production.1. Paying real estate taxes on
Following are activities in providing medical services at Healthsmart Clinic. Classify each activity as unit level, batch level, service level, or facility level.1. Registering patients2. Cleaning
Singh and Danzin is an architectural firm that provides services for residential construction projects. The following overhead cost data are from the current period.1. Compute an activity rate for
Silver Law Firm provides litigation and mediation services. The company reports the following overhead cost data for the year. It worked on 70 litigation cases and 80 mediation cases during this
Janix Company reports the following information for two large customers for the year.Using activity-based costing, the company computes a customer service activity rate of \(\$ 125\) per customer
Neal Co. manufactures computer workstations. The company's three activities and their overhead cost drivers follow.Job 101's actual activity usage along with a partial customer profitability report
Craftmore Machining reports the following budgeted overhead cost and related data for this year.Required1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based
Tent Master produces Pup tents and Pop-up tents. The company budgets \(\$ 252,000\) of overhead cost and 42,000 direct labor hours. Additional information follows.Required1. Compute a single
Refer to the information in Problem 17-2A. Additional information on overhead cost follows.Data from Problem 17-2ATent Master produces Pup tents and Pop-up tents. The company budgets \(\$ 252,000\)
Bike-O-Rama produces two bike models: Voltage and EasyRider. Departmental overhead data follow.Required1. Compute departmental overhead rates using (a) machine hours to allocate budgeted Fabricating
Optimal Health is an outpatient surgical clinic. The clinic's three activities, their overhead cost, and their cost drivers follow.The two main surgical units and their actual activity usage
BuiltRite Machining reports the following budgeted overhead cost and related data for the year.Required1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based
Sara's Salsa produces salsa in two types: Extra Fine for restaurants and Family Style for home use. The company budgets $280,000$280,000 of overhead cost and 40,000 direct labor hours. Additional
Refer to the information in Problem 17-2B. Additional information on overhead cost follows.Data from Problem 17-2BSara's Salsa produces salsa in two types: Extra Fine for restaurants and Family Style
Del Sol produces two workout machines: ProPower and Crunch. Departmental overhead data follow.Required1. Compute departmental overhead rates using (a) machine hours to allocate budgeted Fabricating
Perez Co. provides forensic accounting services. The company's three activities, their overhead cost, and their cost drivers follow.The company's two service lines and their actual activity usage
How are overhead costs allocated to products with the plantwide rate method?
What are value-added activities?
Grimm Artisanal Ales brews many varieties of beer. Company founders Joe and Lauren Grimm know that financial success depends on cost control as well as revenue generation.Required1. If Grimm
What four inputs are needed in cost-volume-profit analysis?
Identify two ways in which a contribution margin income statement differs in format from a traditional income statement.
What is margin of safety?
CVP analysis relies on what four assumptions?
What important assumption underlies multiproduct CVP analysis?
What is the degree of operating leverage? How is it computed?
Determine whether each of the following is best described as a fixed, variable, mixed, or step-wise cost as the number of product units changes.a. Rubber used to manufacture tennis ballsb.
Using the information below, apply the high-low method to determine the cost equation (total fixed costs plus variable costs per unit). Period 1.... 2... 3......... 4... Units Produced 2,400 1,600
Hudson Co. has annual fixed costs of \(\$ 400,000\). Its one product sells for \(\$ 170\) per unit, and it has variable costs of \(\$ 150\) per unit.1. Compute the contribution margin per unit.2.
A manufacturer predicts fixed costs of \(\$ 502,000\). Its product sells for \(\$ 180\) per unit, and it incurs variable costs of \(\$ 126\) per unit. Its target income is \(\$ 200,000\).1. Compute

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