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managerial accounting 8th

Managerial Accounting 4th Global Edition Karen Wilken Braun, Wendy M. Tietz - Solutions

P2-43A Determine ending inventory balances (Learning Objective 5)Flex Displays designs and manufactures displays used in mobile devices. Serious flooding throughout North Carolina affected Flex Displays’ facilities. Inventory was completely ruined, and the company’s computer system, including
P2-42A Classify costs along the value chain (Learning Objectives 2 & 4)Rootstown Cola produces a lemon-lime soda. The production process starts with workers mixing the lemon syrup and lime flavors in a secret recipe. The company enhances the combined syrup with caffeine. Finally, the company
E2-41B Nikon’s camera production line recorded that 5,000 units of camera model 3-II were produced last month. The total direct material costs and variable overhead amounted to$150,000 and $200,000, respectively. Total fixed costs were $180,000.Requirements 1. Compute the total production cost
E2-40B Determine whether information is relevant (Learning Objective 6)Classify each of the following costs as relevant or irrelevant to the decision at hand and briefly explain your reason.a. The purchase price of the old computer when replacing it with a new computer with improved featuresb. The
E2-39B Work backward to find missing amounts (Learning Objective 5)Lindy Electronics manufactures and sells smartphones. Unfortunately, the company recently suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely
E2-38B Continues E2-37B: Compute Cost of Goods Sold for manufacturing companies (Learning Objective 5)Referring to information of Sugawara in E2-37B, compute the Cost of Goods Sold for Sugawara.(You may need to refer to your answer in the previous question.)
E2-37B Prepare Cost of Goods Manufactured statement (Learning Objective 5)Sugawara is a large manufacturer of electronic stoves. Prepare the Cost of Goods Manufactured statement for Sugawara based on the following information:Finished goods inventory Work in process inventory
E2-36B Compute direct materials used and Cost of Goods Manufactured(Learning Objective 5)Kelvin Industries is calculating its Cost of Goods Manufactured at year-end. The company’s accounting records show the following: The Raw Materials Inventory account had a beginning balance of $18,000 and an
E2-35B Prepare a retailer’s income statement (Learning Objective 5)Jared Tustin is the sole proprietor of Pretty Pets, a business specializing in the sale of high-end pet gifts and accessories. Pretty Pets’ sales totaled $1,125,000 during the most recent year. During the year, the company spent
E2-34B Prepare the current assets section of the balance sheet(Learning Objective 5)Consider the following selected amounts and account balances of Domer, Inc.:Manufacturing overhead.............................................................................. $ 24,000 Accounts
E2-32B Value chain and sustainability efforts (Learning Objective 2)Each of the scenarios to follow describes some cost item for organizations in the recycled carpet industry. For each scenario, identify which function of the value chain that cost would represent (R&D, Design, Purchasing/Producing,
E2-31B Classify costs along the value chain for a manufacturer(Learning Objectives 2 & 3)Suppose the cell phone manufacturer Nokia provides the following information for its costs last month (in millions):Delivery expense to customers via
E2-30B Classify costs along the value chain for a retailer (Learning Objective 2)Suppose Radio Shack incurred the following costs at its Charlotte, North Carolina, store.Newspaper advertisements.............................................................................. $ 5,700 Payment to
E2-29A Classify costs as fixed or variable (Learning Objective 7)Identify whether the following costs would be normally be a fixed cost (FC) or a variable cost (VC).a. Direct labor in Toyota’s factoryb. Depreciation of office equipmentc. Accountant’s salary at KFCd. Cost of electricity in a
E2-28A Determine whether information is relevant (Learning Objective 6)Classify each of the following costs as relevant or irrelevant to the decision at hand and briefly explain your reason.a. The interest rate paid on invested funds when deciding how much inventory to keep on handb. Cost of
E2-27A Work backward to find missing amounts (Learning Objective 5)Rapid Electronics manufactures and sells a line of smartphones. Unfortunately, Rapid Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed—and
E2-26A Continues E2-25A: Prepare income statement (Learning Objective 5)Prepare the income statement for Padini in E2-25A and compute the number of unit products sold if the average cost per unit of product sold amounted to $50. Sales revenue and operating expenses amounted to $357,500 and $67,650,
E2-25A Compute the missing data in the statement (Learning Objective 5)The accounts of Padini, an apparel retailer, show the following incomplete statement.Calculate the missing amounts for cost of goods purchased and ending inventory for the period.Calculation of Cost of Goods Sold Beginning
E2-24A Compute the cost of work in process inventory with a Cost of Goods Manufactured statement (Learning Objective 5)HuaWei is calculating its cost of work in process inventory at year-end. HuaWei’s accounting records show the following: The Work in Process Inventory account had a beginning
E2-23A Prepare a retailer’s income statement (Learning Objective 5)Tom Reynolds is the sole proprietor of Pampered Pets, a business specializing in the sale of high-end pet gifts and accessories. Pampered Pets’ sales totaled $986,000 during the most recent year. During the year, the company
E2-22A Prepare the current assets section of the balance sheet(Learning Objective 5)Consider the following selected amounts and account balances of Crater, Inc.:Manufacturing overhead............................................................................... $ 22,000 Accounts
E2-21A Classify and calculate a manufacturer’s costs (Learning Objectives 3 & 4)An airline manufacturer incurred the following costs last month (in thousands of dollars):a. Airplane seats........................................................................................... $ 260b. Production
E2-20A Value chain and sustainability efforts (Learning Objective 2)Each of the scenarios to follow describes some cost item for organizations in recent years.For each scenario, identify which function of the value chain that cost would represent(R&D, Design, Purchasing/Producing, Marketing,
E2-19A Classify costs along the value chain for a manufacturer(Learning Objectives 2 & 3)Suppose the cell phone manufacturer Kiwi Electronics provides the following information for its costs last month (in millions):Delivery expense to customers via
E2-18A Classify costs along the value chain for a retailer (Learning Objective 2)Suppose Radio Shack incurred the following costs at its Atlanta, Georgia, store:Newspaper advertisements........................................................................... $ 5,100 Payment to consultant for
S2-17 Identify ethical standards violated (Learning Objectives 1, 2, 3, 4, 5, 6, & 7)For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility). Refer to Exhibit
S2-11 Prepare a retailer’s income statement (Learning Objective 5)Aeon Big, a retailer, had recorded sales revenue of $185,000,000 and operating income of $9,950,000 last year. Opening inventory and ending inventory of the year were $48,500,000 and $44,750,000, respectively. Total purchases of
S2-10 Prepare a service company’s income statement (Learning Objective 5)Consider the following information for Path Lab, a health care center. Prepare Path Lab’s income statement for the year ended December 2013.Marketing
S2-9 Determine total manufacturing overhead (Learning Objective 4)Frame Place manufactures picture frames. Suppose the company’s May records include the items described below. What is Frame Place’s total manufacturing overhead cost in May?Oil for manufacturing
S2-8 Classify costs incurred by a dairy processing company(Learning Objective 4)Each of the following costs pertains to DairyPlains, a dairy processing company. Classify each of the company’s costs as a period cost or an inventoriable product cost.Further classify inventoriable product costs as
S2-7 Classify a manufacturer’s costs (Learning Objective 4)Classify each of the following costs as a period cost or an inventoriable product cost. If you classify the cost as an inventoriable product cost, further classify it as direct material(DM), direct labor (DL), or manufacturing overhead
S2-6 Classify inventoriable product costs and period costs(Learning Objective 4)Identify whether each of the following costs is a product cost or a period cost.a. Indirect materials usedb. Production worker’s salaryc. Cost incurred in the accounting departmentd. Salary of the company’s
S2-5 Define cost terms (Learning Objectives 3 & 4)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.Prime costs Cost objects Inventoriable product costs Assigned Direct costs Fringe benefits Period costs
S2-4 Classify costs as direct or indirect (Learning Objective 3)Classify each of the following costs as a direct cost or an indirect cost, assuming that the cost object is the Juniors Department (clothing and accessories for teenage and young women) in the Medina Kohl’s department store.
S2-3 Classify costs by value chain function (Learning Objective 2)Classify each of Hewlett-Packard’s costs as one of the six business functions in the value chain.a. Cost of a prime-time TV ad featuring the new HP logob. Salary of engineers who are redesigning the printer’s on-off switchc.
S2-2 Identify types of companies and their inventories (Learning Objective 1)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.Finished goods inventory Inventory (merchandise) Service companies Manufacturing
S2-1 Identify type of company from balance sheets (Learning Objective 1)The current asset sections of the balance sheets of three companies follow. Which company is a service company? Which is a merchandiser? Which is a manufacturer?How can you tell?Flash Company Zippy Company Woody Company Cash $
10. (Learning Objective 7) Which of the following is correct?a. Depreciation of machinery is an example of variable costs.b. Manufacturing overheads only consist of fixed costs.c. Average cost per unit remains unchanged when production level varies.d. Inventorial product cost is a mixture of fixed
9. (Learning Objective 6) Which of the following is false?a. Sunk costs are generally relevant to decisions.b. The difference in cost between two alternatives is known as a differential cost.c. Uncontrollable costs are costs over which the company has little or no control in the short run.d. Sunk
8. (Learning Objective 5) Which of the following is a calculated amount, rather than a general ledger account?a. Cost of goods soldb. Finished goods inventoryc. Cost of goods manufacturedd. Sales revenue
7. (Learning Objective 5) Which of the following types of companies will always have the Cost of Goods Sold account on their income statements?a. Service and merchandising companiesb. Merchandising and manufacturing companiesc. Service and manufacturing companiesd. Service, merchandising, and
6. (Learning Objective 4) Which of the following is not a period cost?a. Marketing expenseb. R&D expensec. Freight-in costd. Customer service cost
5. (Learning Objective 4) Prime costs consist ofa. direct materials and manufacturing overhead.b. direct labor and manufacturing overhead.c. direct materials and direct labor.d. direct materials, direct labor, and manufacturing overhead.
4. (Learning Objective 4) The three major elements in the cost of manufactured products are often referred to asa. direct labor, indirect materials, and direct manufacturing costsb. direct labor, direct materials, and indirect manufacturing costsc. direct materials, direct labor, and direct
3. (Learning Objective 3) A cost that can be traced to a cost object is known as aa. direct cost.b. indirect cost.c. period cost.d. inventoriable product cost.
2. (Learning Objective 2) The salary of an engineer who designs cars for Honda is an example of a cost of which element of the value chain?a. Marketingb. Productionc. Designd. Distribution
1. (Learning Objective 1) Which of the following types of companies would carry raw materials, work in process, and finished goods inventory?a. Serviceb. Merchandisingc. Manufacturingd. All of the above
4. What information would the producers of Memphis have needed to decide to close the show early? What information would the Shubert Organization management have needed to decide to renovate the theatre rather than produce another show after Memphis closed its run? What information would be
3. What information would the producers of Once have needed to calculate that the original investment of the show had been earned? What information would producers need to decide to keep the show open? What information would be provided by the financial accounting system? What information would be
2. What information would producers of Mamma Mia! have needed to make the decision to move the show to a different theatre? What information would be provided by the financial accounting system? What information would be provided by the management accounting system?
1. For each show that the Shubert Organization produces, what type of financial accounting information would be generated or recorded?
A1-37 Using managerial accounting information to manage a Broadway production (Learning Objectives 1 and 2)The Shubert Organization operates 20 theatres, including 17 on Broadway. It has brought hundreds of shows to Broadway over the decades, including The Phantom of the Opera, Cats, and Les
A1-36 Ethics and casual conversations (Learning Objective 4)Jane is an accountant at Merelix, a large international firm where she works on potential acquisitions.When Merelix is preparing to acquire a company, Jane is involved in filing the necessary paperwork with the Securities and Exchange
A1-35 Interviewing a local company about sustainability (Learning Objective 5)In this project, you will be conducting an interview about sustainability efforts at a local organization.Find a local company or organization with which you are familiar. Arrange an interview with a manager from that
A1-34 Ethics at Enron Watch the movie Enron: The Smartest Guys in the Room (Magnolia Home Entertainment, 2005, Los Angeles, California).Basic Discussion Questions 1. Do you think such behavior is common at other companies or do you think this was a fairly isolated event?2. How important is the
A1-33 Accountants and Their Jobs Basic Discussion Questions 1. When you think of an accountant, whom do you picture? Do you personally know anyone(family member, friend, relative) whose chosen career is accounting? If so, does the person“fit” your description of an accountant or not?2. Before
A1-32 Discussion Questions 1. What are the three main areas of management’s responsibility? How are these three areas interrelated? How does managerial accounting support each of the responsibility areas of managers?2. What is the Sarbanes-Oxley Act of 2002 (SOX)? How does SOX affect financial
P1-31B Continuation of P1-30B: Revised estimates (Learning Objective 5)A new labor law is going to be passed in Vietnam, and after some consideration, Jason decides to revise his estimate of the labor costs savings as calculated in P1-30B. The new figure is now $887,000. In addition, there’s
P1-30B Global cost-benefit analysis (Learning Objective 5)Due to rising labor costs in China, Superior Garment, based in Singapore, is considering shifting part of its production facilities from China to an emerging market, Vietnam, to better integrate its supply chain in the Southeast Asia
P1-29B ERP cost-benefit analysis (Learning Objective 5)As CEO of SeaSpray Marine, Ramona Raney knows it is important to control costs and to respond quickly to changes in the highly competitive boat-building industry. When JT Consulting proposes that SeaSpray invest in an ERP system, she forms a
P1-28B Ethical dilemmas (Learning Objective 4)Vicki Thornton is the new controller for EduTechno Software, which develops and sells educational software. Shortly before the December 31 fiscal year-end, Phil Nelson, the company president, asks Thornton how things look for the year-end numbers. He is
P1-27B Management processes and accounting information(Learning Objectives 1 & 2)Sarah Miracle has her own chain of music stores, Miracle Music. Her stores sell musical instruments, sheet music, and other related items. Music lessons and instrument repair are also offered through the stores.
P1-26A Continuation of P1-25A: Revised estimates (Learning Objective 5)A new labor law is going to be passed in Vietnam, and after some consideration, Andrew decides to revise his estimate of the labor costs savings as calculated in P1-25A. The new figure is now $695,000. In addition, there’s
P1-25A Global cost-benefit analysis (Learning Objective 5)Due to rising labor costs in China, Fortune Garment, currently based in Singapore, is considering relocation of part of its production facilities from China to an emerging market, Vietnam, to better integrate its supply chain in the
P1-24A ERP cost-benefit analysis (Learning Objective 5)As CEO of OceanSide Marine, Rebecca Thornberg knows it is important to control costs and to respond quickly to changes in the highly competitive boat-building industry. When BG Consulting proposes that OceanSide Marine invest in an ERP system,
P1-22A Management processes and accounting information(Learning Objectives 1 & 2)Bryan Haas has his own electronics retail chain, TechnoGeek. His stores sell computer parts, audio visual equipment, consumer electronics, and related items. Custom computer building and electronics repair are also
E1-21B Identify sustainability efforts as impacting people, planet, or profit(Learning Objective 5)Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on its triple bottom line for its long-term
E1-20B ERP cost-benefit analysis (Learning Objective 5)Fantastic Aluminium is considering implementing an ERP system in order to increase its efficiency. Freddie Lee is the CEO of the company, and he has estimated that the ERP system allows the company to respond more effectively to changes, which
E1-19B Classify ethical responsibilities (Learning Objective 4)According to the IMA’s Statement of Ethical Professional Practice (reproduced in the chapter), management accountants should follow four standards: competence, confidentiality, integrity, and credibility. Each of these standards
E1-18B Identify users of accounting information (Learning Objective 3)For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or
E1-17B Define key terms (Learning Objectives 1 & 2)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.Budget Controlling Creditors Financial accounting Managerial accounting Managers Planning Shareholdersa.
E1-16A Identify sustainability efforts as impacting people, planet, or profit(Learning Objective 5)Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on its triple bottom line for its long-term
E1-15A ERP cost-benefit analysis (Learning Objective 5)Chan Bicycle is thinking about implementing an ERP system in order to increase its efficiency. Frank Chan is the CEO of the company, and he has estimated that the ERP system allows the company to respond more effectively to changes, which will
E1-14A Classify ethical responsibilities (Learning Objective 4)According to the IMA’s Statement of Ethical Professional Practice (Exhibit 1-6), management accountants should follow four standards: competence, confidentiality, integrity,and credibility. Each of these standards contains specific
E1-13A Identify users of accounting information (Learning Objective 3)For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or
E1-12A Define key terms (Learning Objectives 1 & 2)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.Budget Controlling Creditors Financial accounting Managerial accounting Managers Planning Shareholdersa.
S1-11 Define key terms (Learning Objective 5)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.50 CHAPTER 1 CEO CFO Controlling Directing Economic Environmental ERP IFRS Integrated report Internal audit ISO
S1-10 Identify ethical standards violated (Learning Objective 4)For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility.) Refer to Exhibit 1-6 for the complete
S1-9 Identify current competitive tools (Learning Objective 5)Companies are facing a great amount of change in every facet of their operations today.To remain competitive, companies must keep abreast of current developments in several areas. You recently got together with a group of friends who
S1-8 Violations of ethical standards (Learning Objective 4)The IMA’s Statement of Ethical Professional Practice (Exhibit 1-6) requires management accountants to meet standards regarding the following:• Competence• Confidentiality• Integrity• Credibility Consider the following situations.
S1-7 Guidelines for ethical dilemmas (Learning Objective 4)What are the guidelines suggested by the Institute of Management Accountants (IMA) for resolving ethical dilemmas?
5. Management accountants must comply with four ethical standards: maintain their professional ________, preserve the ________ of information they handle, uphold their ________, and perform their duties with ________.
4. The IMA has developed principles and standards to help management accountants deal with ________ challenges.
3. Management accountants bearing the CMA designation usually command ________ salaries and obtain ________ positions within the company.
2. To become a Certified Management Accountant (CMA), an individual needs to pass ________ and maintain ________.
1. The Institute of Management Accountants (IMA) is the professional association for ________ in the United States.
S1-6 Professional organizations, certifications, and ethical standards(Learning Objective 4)Complete the following sentences:
S1-5 Classify roles within the organization (Learning Objective 3)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.a. Raising capital and investing funds are the direct responsibilities of the ________.b.
S1-4 Role of the audit committee (Learning Objective 3)List three characteristics that are associated with the role of the audit committee within the organization.
S1-3 Accounting roles in the organization (Learning Objective 3)The following is a list of job duties or descriptions. For each item, specify whether it would be most likely to describe the duties or responsibilities of someone working for the treasurer, the controller, or in the Internal Auditing
S1-2 Contrast managerial and financial accounting (Learning Objective 2)Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting.a. Main characteristic of data is that it
S1-1 Managers’ responsibilities (Learning Objective 1)Give an example of an activity related to management accounting for each of the following management responsibility functions:a. Planningb. Directingc. Controlling
10. (Learning Objective 5) The triple bottom line focuses ona. profit.b. people.c. the planet.d. all of the above.
9. (Learning Objective 3) Which of the following is true?a. XBRL increases the time needed for processing financial reports.b. SOX decreases the costs of compliance for companies in the U.S.c. Companies have increasingly recognized the importance of sustainability, through “green
8. (Learning Objective 5) Which of the following requires the company’s CEO and CFO to assume responsibility for the company’s financial statements and disclosures?a. Sarbanes-Oxley Act of 2002 (SOX)b. International Financial Accounting Standards (IFRS)c. Extensible Business Reporting Language
7. (Learning Objective 4) Which of the following professional standards requires management accountants to communicate information fairly and objectively?a. Competenceb. Confidentialityc. Integrityd. Credibility
6. (Learning Objective 4) Which of the following professional standards requires management accountants to mitigate conflicts of interest?a. Competenceb. Confidentialityc. Integrityd. Credibility
5. (Learning Objective 4) Which of the following organizations is the professional association for management accountants?a. AICPAb. IMAc. IFRSd. FASB
4. (Learning Objective 3) Of the following skills, which are needed by today’s management accountants?a. Knowledge of both financial and managerial accountingb. Knowledge of how a business functionsc. Oral and written communication skillsd. All of the above
3. (Learning Objective 3) What is the primary responsibility of the chief financial officer (CFO)?a. Managing the daily operations of the businessb. Handling the company’s financial concernsc. Overseeing the internal audit functiond. Electing the board of directors to oversee the company

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