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business
management and cost accounting 11th
Questions and Answers of
Management And Cost Accounting 11th
The following graph is similar to that in Exhibit 17.4. It has been prepared for Longacre Parts.Requireda. Industry volume variance.b. Actual industry volume.c. Budgeted market share.d. Budgeted
McKinney Solvents produces a wide variety of products for the manufacturing industry. The standard mix for producing a single batch of 100 gallons of its biggest-selling product is as follows:There
Pease Contractors is a local home remodeling company. In analyzing financial performance, the accountant compares actual results with a flexible budget. The standard direct labor rates used in the
You are a county supervisor for Firwood County and are preparing for the monthly supervisor meeting where the operations of various units are reviewed. One of the units that the county government
McKinley City Tours offers small group guided walks. The following information for July provides the original budget:McKinley actually sold 1,440 tours in July. The price variance was $2,880
What is a business model?
What is benchmarking?
How is benchmarking used?
Why measure delivery performance?
Consider the Business Application “A New Strategy for an Old Business.” Prior to the internet, the The New York Times (and other papers) offered news, a crossword puzzle, recipes, and so on. The
“My company is unique. We can’t use benchmarking.” How would you respond?
Kipling’s Taco Shop was the only establishment serving tacos and other quick bites in a small college town for more than 20 years. Service was limited to the walk-up window, with no delivery and no
A friend tells you that the Business Application “The Risks of Focusing on Efficiency” demonstrates “that trying to achieve efficient operations is not a good idea.” Do you agree? Explain.
Steger & Company has the following average times (in minutes):RequiredCalculate the manufacturing cycle efficiency. Inspecting product.. Manufacturing product. Storing inventory... Transporting
RST Airlines operates call centers for customer service in four locations: Minneapolis, Phoenix, Boise, and Singapore. Although all four call centers can handle any inquiries, calls from elite
Canfield Components produces machine parts. The average times for its largest volume product (in hours) follow:RequiredCalculate the manufacturing cycle efficiency. Inspecting
Consider the following jobs. Identify a nonfinancial performance measure that you would recommend. a. Flight attendantb. Hotel parking valetc. Sports venue ticket-takerd. Bank tellere.
Many firms in the service industry have empowered their customer-facing employees to handle service complaints on the spot rather than having the customer contact a corporate customer service center.
Melville Manufacturing produces metal components for automotive suppliers. Financial records for September show the following: RequiredPrepare a cost of goods manufactured and sold statement and
Is “cost-of-goods sold” an expense?
Cahalan is a network of clinics performing laser surgery for vision correction. Each clinic tracks the number of patients treated and the number of professional-hours spent on the laser patient
Top management at Reisener Corporation are looking to improve productivity in corporate staff functions. One area targeted for the initiative is the Human Resources (HR) department. The following
Canfield Transition Centers is a not-for-profit organization to teach new technical skills to individuals looking to change careers. Canfield operates four campuses (Construction, Electrical,
Ternes Manufacturing produces metal products primarily used in the construction industry. The three main inputs in production are materials (metal), labor, and overhead. Data for the previous three
Stansbury Stores is a general grocery and convenience items retailer. The business is quite competitive and margins are thin. The company recently reviewed its performance measurement system and
Terrell Industries produces a single product at its Roosevelt facility. The product has two main inputs, metal and labor, with additional costs being included in manufacturing overhead. The plant
Prevost Chemicals manufactures an industrial solvent at its only processing plant. A liquid chemical and labor are the two primary inputs. All other resources are included in manufacturing overhead.
A company is considering using sales revenue (selling price multiplied by sales quantity) as a performance measure for its marketing manager. The newly hired compensation analyst suggests that it
Ironwood Charities is considering an investment in one of its buildings that is expected to return the following cash flows: This schedule includes all cash inflows from the project, which will
A common method of measuring performance in many college and university courses is to combine objective measures (test scores, for example) with subjective measures (class participation measures, for
If the net present value of a project is positive, we should invest in it. If it is negative, we should not. Do you agree?
Mitchell Company is considering an investment in a new machine. Managers at the company are uncertain about the economic life of the machine because of the speed of innovation in the technology. The
St. James Cleaners is considering investing in a new machine. The machine costs $20,000 and has an economic life of five years. The machine will generate cash flows of $5,000 (cash revenues less cash
Hall, Inc. manufactures two components, Standard and Ultra, that are designed for the same function, but are made of different metals for operational performance reasons. The metal used in Standard
Pierson Landscape Architects (PLA) develops and sells plans for various types of gardens and outdoor spaces. Customers buy the plans and then install the garden, the water feature, or other
Harbortown Marine Products (HMP) manufactures and sells various fixtures for boat cabins. One fixture uses a specialized fitting that is not used in any other HMP product. The management of HMP has
Rathbone Industries produces and sells an instrument used in hospital monitoring systems. The instrument uses a specialized sensor that Rathbone currently purchases from Norfolk Electronix. Norfolk
Wing Sporting Goods (WSG) is a small company that makes two models of a metal baseball bat— Sport and Collegiate. Both models are produced on a single machine. The price and costs of the two models
Miles Audio produces and sells car audio systems. It specializes in receivers and currently offers two models. The Growler is a high quality but affordable unit that the company produces for sale in
Lamothe Kitchen and Bath makes products for the home, which it sells through major retailers and remodeling (do-it-yourself, or DIY) outlets. One product that has had varying success is a ceiling fan
Mather, Inc. makes and sells enclosures for external hard drives. Mather management believes that a new model of enclosure made out of a hard plastic would sell well at a price of $17.00. Labor costs
Riverdale Partners wants to introduce a new line of fragrances. Market research indicates that a potential fragrance would sell well in the market priced at $268.80 each. Riverdale requires an
Schweizer Products produces smart thermostats for home heating, ventilation, and air-conditioning (HVAC) systems and markets them to vendors who sell them under their own label. The cost of one of
Dwight Furniture makes desks specially designed for small spaces, such as studio apartments and extended-stay hotels. Each desk sells for $110 (without chair). The cost of each desk follows: The
Skywest Airlines is a regional airline operating in the Western U.S. Several large airlines (Alaska Airlines, for example) outsource some lower-volume routes to Skywest. Skywest flies planes painted
Consider the Business Application item “Outsourcing and the Effect of Corporate Culture.” Would the impact on company culture show up in a differential cost analysis? If so, how? If not, should
Barlum Motors produces and sells a small engine used in lawn tractors. Each engine is priced at $850 and the variable cost for each engine is $725. The annual fixed cost is $1,687,500. Barlum Motors
What are life-cycle product costing and pricing?
Franklin Prepared Foods (FPF) sells three varieties of microwaveable meals with the following prices and costs: The sales mix (in cases) is 50 percent Meat, 35 percent Fish, and 15 percent
Philadelphia Sunglasses sells two models of glasses at its single retail location—The Shore and The Poconos. The Shore model sells for $180 a pair and The Poconos model sells for $400 a pair. The
Muncey Fishing Charters consists of one boat with a capacity of 15 passengers, not including the crew. Muncey offers only one charter package: a one-half day fishing trip off the coast. Because of
Southfield Stylers, with three chairs, offers a no-frills hair style service at a single price. The price of $25 and the variable cost of $5 per customer remain constant regardless of volume. The
Littlefield Partners produce a part sold to agricultural equipment suppliers. For the last year (Year 1), the price, costs, and volume of the part were as follows:Managers at Littlefield believe that
Lappin Community Transit (LCT) is a not-for-profit mostly volunteer organization that provides transportation to seniors. As a not-for-profit, it refers to an excess of revenues over costs as a
Preston Products produces a disinfecting liquid. The liquid is sold in one gallon containers and has the following price and cost characteristics.Preston Products is subject to an income tax rate of
Cruse Cleaning offers residential and small office cleaning services. An average cleaning service has the following price and costs. Cruse Cleaning is subject to an income tax rate of 22
The following balances are from the accounts of Santa Maria Parts: Direct materials purchased during the quarter amount to $480,000, and the cost of goods sold for the quarter was
The cost accountant for Sunset Fashions has compiled the following information for last quarter’s operations: RequiredPrepare an income statement with a supporting cost of goods sold
Sheffield Advisors offers financial counseling services to self-employed business owners. Sheffield’s operating profits average 22 percent of revenues and its marketing and administrative costs
Tuscola Counseling Services is a small firm that advises job seekers on both employment and education alternatives. Robert Gibson, the founder and president, has collected the following information
The following balances appear on the accounts of Greusel Fabrication:Direct materials used during the month amount to $525,000 and the cost of goods sold for the month was
Consider the Business Application “Components of Cost of Goods Sold for a Retailer.” During the COVID-19 pandemic, Target continued operations at its retail stores, after taking steps to ensure
Why is a value income statement useful to managers?
Does a retailer typically have a Work-in-Process account? Explain.
Before Miller Cereals can introduce the new cereal, the board of directors has to give their approval. The marketing manager really wants to introduce the new product and believes (honestly) that it
Forman’s Services is a small accounting firm that offers payroll and bookkeeping services to small businesses and individuals. A local merchant has approached Will Forman, the owner, about taking
Kendall & Floyd provides landscaping services in Eastvale. Sara Kendall, the owner, is concerned about the recent losses the company has incurred and is considering dropping its yard cleanup
Haverhill Electronics (HE) has offered to supply the county government with one model of its security screening device at “cost plus 20 percent.” HE operates a manufacturing plant that can
Refer to the opening vignette of Adam Mercer and The AM Bakery. Adam has hired you to help him make the decisions he needs to make. RequiredAnswer the four questions in the critical thinking
One of the major activities of the City Art Museum (CAM) is a Neighborhood Outreach Program, which was developed both as a public service and to market the museum and its other programs. One of the
To a manager making a decision, which is likely more important: gross margin or contribution margin? Why?
Swain Athletic Gear (SAG) operates six retail outlets in a large Midwest city. One is in center city on Cornwall Street and the others are scattered around the perimeter of the city. Management at
Lessing Toy and Hobby (LTH) is a chain of hobby and craft stores in the Southeast. LTH operates multiple stores and is organized into two divisions: Northern and Southern. Individual stores are
John Deere Company manufactures farm equipment. Managers at assembly plants must make many decisions, and for this, they use cost accounting information.RequiredFor each of the following managers,
Five Below is a discount retailer. RequiredFor each of the following decisions, indicate whether the decision maker would be more likely to get information from the financial (F) or cost (C)
Marquette Company manufactures and sells kits that homeowners can buy and assemble into office and home furniture. Marquette and one of its customers, Goulburn Furnishings, have a dispute about
Many companies, especially in the travel industry (airlines, hotels, and so on), have socalled loyalty programs offering members benefits that depend on the frequency of purchases, miles traveled,
Goodyear Tire and Rubber Company manufactures a well-known automotive tire. They are produced in Goodyear plants and sold to consumers in many outlets including auto parts retail chains such as Pep
How does cost accounting help determine an organization’s strategy? What problems might arise from a faulty cost accounting system?
As the owner of a wholesale firm that only sells to retailers, should you be interested in the efficiency of your customers (the retailers)? Why?
Explain how cost accounting supports value creation in the organization.
What are the four questions of the critical thinking framework?
Who are the customers of cost accounting?
Salvay Company is a small manufacturer that produces and sells one product for use in medical instruments. Demand is erratic and can vary widely from year to year. The financial managers at Salvay
Distinguish among the value chain, the supply chain, and the distribution chain.
A technology company called Luxe allows customers, through its app, to have valets who will meet the customer, take their car, and park it. Curtis Lee, the founder, was quoted as saying about a
Consider the Business Application “Operating Leverage as a Framework to Describe a Business Model.” From the description of the company in the text (and perhaps based on your experience), would
Bewick Company and Stout, Inc. both earn annual operating profits of $40 million on revenues of $150 million. Bewick Company has an operating leverage of 2.4 and Stout, Inc. has an operating leverage
The manager of Gratiot Flooring estimates operating costs for the year will include $540,000 in fixed costs.Requireda. Find the break-even point in sales dollars with a contribution margin ratio of
Grove Audio is considering the introduction of a new model of wireless speakers with the following price and cost characteristics.Requireda. What number must Grove Audio sell annually to break
Charlevoix Cases makes mobile phone cases. The company has collected the following price and cost characteristics:Requireda. How many cases must Charlevoix sell annually to break even?b. How many
Grandville Fittings earns a quarterly operating profit of $1,500,000 and has an operating leverage of 1.8. Wheeler Works, Inc. earns a quarterly operating profit of $660,000 and has an operating
Golden Gate Novelties (GGN) sells souvenir key chains at the local airport. GGN charges $12 per chain. The variable cost for a chain, including the wholesale cost of the chain, packaging, the
Northampton City Tours (NCT) offers personalized historical and architectural tours in a large midwestern city and the local suburbs. NCT charges $350 per trip to or from the airport. The variable
Stahelin Valves produces a single component, a valve. The valve sells for $23 per unit. Fixed costs are $1,585,000 annually. Production and sales of 405,000 units annually result in profit before
Braile Gear Works sells a single gear for a price of $55 per unit. The variable costs are $23 per gear and annual fixed costs are $448,000.Requireda. What is the break-even level of annual sales for
Pierson Pet Products produces two models of dog beds: Basic and Custom. Price, cost, and expected sales volume data for the two models are as follows:RequiredThe total fixed costs for the company are
Annchester Car Service offers limousine service to the local airport. The cost of a trip (one-way) is $95 and the variable costs of a trip are $42, which covers fuel, variable car maintenance, labor,
Rochester Street Taco Shop (RSTS) sells a variety of tacos to go all at a price of $4.50 each. The variable cost of an RSTS taco averages $2.40. RSTS incurs monthly fixed costs of $7,350. RSTS is
Kappa Co. produces Omega, an animal feed made by mixing and heating three ingredients: Alpha, Beta and Gamma. The company uses a standard costing system to monitor its costs.The standard material
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