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business
managerial accounting decision making

Managerial Accounting 14th Edition Ray H. Garrison - Solutions

Comprehensive Activity-Based Costing Exercise [LO2, LO3, LO4, LO5]Silicon Optics has supplied the following data for use in its activity-based costing system:During the year, Silicon Optics completed an order for a special optical switch for a new customer, Indus Telecom. This customer did not
Computing ABC Product Costs [LO3, LO4]Performance Products Corporation makes two products, titanium Rims and Posts. Data regarding the two products follow:Additional information about the company follows:a. Rims require $17 in direct materials per unit, and Posts require $10.b. The direct labor
Second-Stage Allocation and Margin Calculations [LO4, LO5]Theatre Seating, Inc., makes high-quality adjustable seats for theaters. The company’s activitybased costing system has four activity cost pools, which are listed below along with their activity measures and activity rates:The company just
Cost Hierarchy [LO1]Green Glider Corporation makes golf carts that it sells directly to golf courses throughout the world. Several basic models are available, which are modified to suit the needs of each particular golf course. A golf course located in the Pacific Northwest, for example, would
Calculating and Interpreting Activity-Based Costing Data [LO3, LO4]Sven’s Cookhouse is a popular restaurant located on Lake Union in Seattle. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based
Second-Stage Allocations and Product Margins [LO4, LO5]AnimPix, Inc., is a small company that creates computer-generated animations for fi lms and television.Much of the company’s work consists of short commercials for television, but the company also does realistic computer animations for
Comparing Traditional and Activity-Based Product Margins [LO1, LO3, LO4, LO5]Precision Manufacturing Inc. (PMI) makes two types of industrial component parts—the EX300 and the TX500. An absorption costing income statement for the most recent period is shown below:PMI produced and sold 60,000
Comparing Traditional and Activity-Based Product Margins [LO1, LO3, LO4, LO5]Rocky Mountain Corporation makes two types of hiking boots—Xactive and the Pathbreaker.Data concerning these two product lines appear below:The company has a traditional costing system in which manufacturing overhead is
Activity-Based Costing and Bidding on Jobs [LO2, LO3, LO4]Denny Asbestos Removal Company removes potentially toxic asbestos insulation and related products from buildings. The company’s estimator has been involved in a long-simmering dispute with the on-site work supervisors. The on-site
Evaluating the Profitability of Services [LO2, LO3, LO4, LO5]Gore Range Carpet Cleaning is a family-owned business in Eagle-Vail, Colorado. For its services, the company has always charged a fl at fee per hundred square feet of carpet cleaned. The current fee is $22.95 per hundred square feet.
Schedule of Expected Cash Collections [LO2]Midwest Products is a wholesale distributor of leaf rakes. Thus, peak sales occur in August of each year as shown in the company’s sales budget for the third quarter, given below:From past experience, the company has learned that 20% of a month’s sales
Production Budget [LO3]Crystal Telecom has budgeted the sales of its innovative mobile phone over the next four months as follows:The company is now in the process of preparing a production budget for the third quarter. Past experience has shown that end-of-month finished goods inventories must
Direct Materials Budget [LO4]Micro Products, Inc., has developed a very powerful electronic calculator. Each calculator requires three small “chips” that cost $2 each and are purchased from an overseas supplier. Micro Products has prepared a production budget for the calculator by quarters for
Direct Labor Budget [LO5]The production manager of Junnen Corporation has submitted the following forecast of units to be produced for each quarter of the upcoming fiscal year.Each unit requires 0.40 direct labor-hours and direct labor-hour workers are paid $11 per hour.Required:1. Construct the
Manufacturing Overhead Budget [LO6]The direct labor budget of Krispin Corporation for the upcoming fiscal year includes the following budgeted direct labor-hours.The company’s variable manufacturing overhead rate is $1.75 per direct labor-hour and the company’s fixed manufacturing overhead is
Selling and Administrative Expense Budget [LO7]The budgeted unit sales of Haerve Company for the upcoming fiscal year are provided below:The company’s variable selling and administrative expenses per unit are $2.75. Fixed selling and administrative expenses include advertising expenses of $12,000
Cash Budget [LO8]Forest Outfitters is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:The company’s beginning cash balance for the upcoming fiscal year will be $50,000. The company requires a minimum
Budgeted Income Statement [LO9]Seattle Cat is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process:Required:Prepare the company’s budgeted income statement using an absorption income
Budgeted Balance Sheet [LO10]The management of Academic Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year:The beginning balance of retained earnings was $21,000, net income is budgeted to be $8,600,
Sales and Production Budgets [LO2, LO3]The marketing department of Graber Corporation has submitted the following sales forecast for the upcoming fiscal year.The selling price of the company’s product is $22.00 per unit. Management expects to collect 75%of sales in the quarter in which the sales
Direct Materials and Direct Labor Budgets [LO4, LO5]The production department of Priston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year.In addition, the beginning raw materials inventory for the 1st Quarter is budgeted to be 3,600 pounds
Direct Labor and Manufacturing Overhead Budgets [LO5, LO6]The Production Department of Harveton Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year.Each unit requires 0.80 direct labor-hours and direct labor-hour workers are paid $11.50
Production and Direct Materials Budgets [LO3, LO4]Tonga Toys manufactures and distributes a number of products to retailers. One of these products, Playclay, requires three pounds of material A135 in the manufacture of each unit. The company is now planning raw materials needs for the third
Schedules of Expected Cash Collections and Disbursements; Income Statement;Balance Sheet [LO2, LO4, LO9, LO10]Colerain Corporation is a merchandising company that is preparing a profit plan for the third quarter of the calendar year. The company’s balance sheet as of June 30 is shown
Cash Budget Analysis [LO8]A cash budget, by quarters, is shown on the following page for a retail company (000 omitted). The company requires a minimum cash balance of $5,000 to start each quarter.Required:Fill in the missing amounts in the table above. Cash balance, beginning Add collections from
Schedules of Expected Cash Collections and Disbursements [LO2, LO4, LO8]Calgon Products, a distributor of organic beverages, needs a cash budget for September. The following information is available:a. The cash balance at the beginning of September is $9,000.b. Actual sales for July and August and
Cash Budget with Supporting Schedules [LO2, LO4, LO8]Janus Products, Inc., is a merchandising company that sells binders, paper, and other school supplies.The company is planning its cash needs for the third quarter. In the past, Janus Products has had to borrow money during the third quarter to
Cash Budget with Supporting Schedules; Changing Assumptions [LO2, LO4, LO8]Refer to the data for Janus Products, Inc., in Problem 8–17 . The company’s president is interested in knowing how reducing inventory levels and collecting accounts receivable sooner will impact the cash budget. He
Integration of Sales, Production, and Direct Materials Budgets [LO2, LO3, LO4]Crydon, Inc., manufactures an advanced swim fin for scuba divers. Management is now preparing detailed budgets for the third quarter, July through September, and has assembled the following information to assist in
Cash Budget; Income Statement; Balance Sheet [LO2, LO4, LO8, LO9, LO10]The balance sheet of Phototec, Inc., a distributor of photographic supplies, as of May 31 is given below:The company is in the process of preparing a budget for June and has assembled the following data:a. Sales are budgeted at
Schedule of Expected Cash Collections; Cash Budget [LO2, LO8]Natural Care Corp., a distributor of natural cosmetics, is ready to begin its third quarter, in which peak sales occur. The company has requested a $60,000, 90-day loan from its bank to help meet cash requirements during the quarter.
Behavioral Aspects of Budgeting; Ethics and the Manager [LO1]Granger Stokes, managing partner of the venture capital firm of Halston and Stokes, was dissatisfied with the top management of PrimeDrive, a manufacturer of computer disk drives. Halston and Stokes had invested $20 million in PrimeDrive,
Schedule of Expected Cash Collections; Cash Budget [LO2, LO8]Jodi Horton, president of the retailer Crestline Products, has just approached the company’s bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories in support of peak
Cash Budget with Supporting Schedules [LO2, LO4, LO7, LO8]The president of Univax, Inc., has just approached the company’s bank seeking short-term financing for the coming year, Year 2. Univax is a distributor of commercial vacuum cleaners. The bank has stated that the loan request must be
Completing a Master Budget [LO2, LO4, LO7, LO8, LO9, LO10]The following data relate to the operations of Picanuy Corporation, a wholesale distributor of consumer goods:Current assets as of December 31:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,000 Accounts receivable . . . . . .
Completing a Master Budget [LO2, LO4, LO7, LO8, LO9, LO10]Nordic Company, a merchandising company, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the second quarter.a. As of March 31 (the end of the prior
Prepare a Flexible Budget [LO1]Gator Divers is a company that provides diving services such as underwater ship repairs to clients in the Tampa Bay area. The company’s planning budget for March appears below:Required:During March, the company’s activity was actually 190 diving-hours. Prepare a
Prepare a Report Showing Activity Variances [LO2]Air Meals is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The company’s planning budget for December appears below:In December, 21,000 meals were actually served. The company’s flexible
Prepare a Report Showing Revenue and Spending Variances [LO3]Olympia Bivalve farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 pounds of oysters in July. The company’s flexible budget for July appears below:The actual results for July appear
Prepare a Flexible Budget Performance Report [LO4]Mt. Hood Air offers scenic overflights of Mt. Hood and the Columbia River gorge. Data concerning the company’s operations in August appear below:The company measures its activity in terms of flights. Customers can buy individual tickets for
Prepare a Flexible Budget with More Than One Cost Driver [LO5]Icicle Bay Tours operates day tours of coastal glaciers in Alaska on its tour boat the Emerald Glacier. Management has identified two cost drivers—the number of cruises and the number of passengers—that it uses in its budgeting and
Analyze a Performance Report [LO6]The Exterminator Inc. provides on-site residential pest extermination services. The company has several mobile teams who are dispatched from a central location in company-owned trucks. The company uses the number of jobs to measure activity. At the beginning of
Critique a Variance Report [LO6]Refer to the data for The Exterminator Inc. in Exercise 9–6 . A management intern has suggested that the budgeted revenues and costs should be adjusted for the actual level of activity in May before they are compared to the actual revenues and costs. Because the
Flexible Budgets and Activity Variances [LO1, LO2]Harold’s Roof Repair has provided the following data concerning its costs:For example, wages and salaries should be $21,380 plus $15.80 per repair-hour. The company expected to work 2,500 repair-hours in June, but actually worked 2,400
Flexible Budget [LO1]Auto Lavage is a Canadian company that owns and operates a large automatic carwash facility near Quebec. The following table provides data concerning the company’s costs:For example, electricity costs are $1,400 per month plus $0.10 per car washed. The company expects to wash
Flexible Budget [LO1]Refer to the data for Auto Lavage in Exercise 9–9 . The company actually washed 8,100 cars in October.Required:Prepare the company’s flexible budget for October.
Prepare a Report Showing Activity Variances [LO2]Refer to the data for Auto Lavage in Exercise 9–9 . The actual operating results for October appear below:Required:Prepare a report showing the company’s activity variances for October. Auto Lavage Income Statement For the Month Ended October 31
Prepare a Report Showing Revenue and Spending Variances [LO3]Refer to the data for Auto Lavage in Exercises 9–9 and 9–11 .Required:Prepare a report showing the company’s revenue and spending variances for October.
Prepare a Flexible Budget Performance Report [LO4]Refer to the data for Auto Lavage in Exercises 9–9 and 9–11 .Required:Prepare a flexible budget performance report that shows the company’s activity variances and revenue and spending variances for October.
Flexible Budget [LO1]Pierr Manufacturing Inc. has provided the following information concerning its manufacturing costs:For example, utilities should be $1,600 per month plus $0.15 per machine-hour. The company expects to work 4,000 machine-hours in July. Note that the company’s direct labor is a
Critique a Report; Prepare a Performance Report [LO1, LO4, LO6]Wings Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual
Working with More Than One Cost Driver [LO4, LO5]The Toque Cooking Academy runs short cooking courses at its small campus. Management has identified two cost drivers that it uses in its budgeting and performance reports—the number of courses and the total number of students. For example, the
Flexible Budgets and Revenue and Spending Variances [LO1, LO3]Gelato Supremo is a popular neighborhood gelato shop. The company has provided the following data concerning its operations:Fixed Element per Month Variable Element per Liter Actual Total for July Revenue . . . . . . . . . . . . . . .
Flexible Budget Performance Report [LO1, LO4]AirAssurance Corporation provides on-site air quality testing services. The company has provided the following data concerning its operations:Fixed Component per Month Variable Component per Job Actual Total for March Revenue . . . . . . . . . . . . . .
Flexible Budget Performance Report in a Cost Center [LO1, LO4]Triway Packaging Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on
Activity and Spending Variances [LO1, LO2, LO3]You have just been hired by SecuriDoor Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our
More Than One Cost Driver [LO4, LO5]Verona Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well offering takeout and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the
Performance Report for a Nonprofit Organization [LO1, LO4, LO6]The KGV Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September, which was a particularly busy month due to a
Critiquing a Variance Report; Preparing a Performance Report [LO1, LO4, LO6]Several years ago, Shipley Corporation developed a comprehensive budgeting system for profit planning and control purposes. While departmental supervisors have been happy with the system, the factory manager has expressed
Critiquing a Cost Report; Preparing a Performance Report [LO1, LO4, LO6]Sue Jaski, supervisor of the Karaki Corporation’s Machining Department, was visibly upset after being reprimanded for her department’s poor performance over the prior month. The department’s cost control report is given
Critiquing a Report; Preparing a Performance Budget [LO1, LO4, LO6]Facilitator Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such swaps, known as 1031 exchanges, permit participants to avoid some or all of the capital gains taxes that would otherwise be due. The
Provide three examples of how a company’s risks can influence its planning, controlling, and decision-making activities.
Locate the website of any company that publishes a corporate social responsibility report(also referred to as a sustainability report). Describe three nonfinancial performance measures included in the report. Why do you think the company publishes this report?1 –13 Why do companies that implement
Define the following: (a) direct materials, (b) indirect materials, (c) direct labor,(d) indirect labor, and (e) manufacturing overhead.
What is the difference between a contribution format income statement and a traditional format income statement?
What is the contribution margin?
What are unit-level, batch-level, product-level, customer-level, and organization-sustaining a ctivities?
Identify and give examples of each of the three basic manufacturing cost categories.
Understand cost behavior patterns including variable costs, fixed costs, and mixed costs.
Analyze a mixed cost using a scattergraph plot and the highlow method.
Prepare income statements for a merchandising company using the traditional and contribution formats.
Understand the differences between direct and indirect costs.
Understand cost classifications used in making decisions:differential costs, opportunity costs, and sunk costs.
(Appendix 2A) Analyze a mixed cost using a scattergraph plot and the least-squares regression method.
(Appendix 2B) Identify the four types of quality costs and explain how they interact.
(Appendix 2B) Prepare and interpret a quality cost report.
Compute a predetermined overhead rate .
Apply overhead cost to jobs using a predetermined overhead rate.
Compute the total cost and average cost per unit of a job.
Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Use T-accounts to show the flow of costs in a job-order costing system.
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.
Compute underapplied or overapplied overhead cost and prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts.
(Appendix 3A) Understand the implications of basing the predetermined overhead rate on activity at capacity rather than on estimated activity for the period.
(Appendix 3B) Properly account for labor costs associated with idle time, overtime, and fringe benefits.
Record the flow of materials, labor, and overhead through a process costing system.
Compute the equivalent units of production using the weightedaverage method.
Compute the cost per equivalent unit using the weighted-average method.
Assign costs to units using the weighted-average method.
Prepare a cost reconciliation report.
(Appendix 4A) Compute the equivalent units of production using the FIFO method.
(Appendix 4A) Compute the cost per equivalent unit using the FIFO method.
(Appendix 4A) Assign costs to units using the FIFO method.
(Appendix 4A) Prepare a cost reconciliation report using the FIFO method.
(Appendix 4B) Allocate service department costs to operating departments using the direct method.
(Appendix 4B) Allocate service department costs to operating departments using the stepdown m ethod.
Explain how changes in activity affect contribution margin and net operating income.
Prepare and interpret a costvolume-profit (CVP) graph and a profit graph.
Use the contribution margin ratio(CM ratio) to compute changes in contribution margin and net operating income resulting from changes in sales volume.
Show the effects on net operating income of changes in variable costs, fixed costs, selling price, and volume.

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