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managerial accounting tools for business decision making

Questions and Answers of Managerial Accounting Tools For Business Decision Making

Waterways Corporation competes in a market economy in which its products must be sold at market prices. Its emphasis is therefore on manufacturing its products at a cost that allows the company to
Greetings, Inc., a retailer of greeting cards and small gift items, needs to change its transfer pricing strategy for its Wall Décor division. In this case, you will have the opportunity to evaluate
Sutton’s Electronic Repair Shop has budgeted the following time and material for 2022.Sutton’s budgets 5,000 hours of repair time in 2022 and will bill a profit of $10 per labor hour along with a
Merck & Co., Inc. is a global, research-driven pharmaceutical company that discovers, develops, manufactures, and markets a broad range of human and animal health products. The following are
Chen Company’s Small Motor Division manufactures a number of small motors used in household and office appliances. The Household Division of Chen then assembles and packages such items as blenders
Use the data from BE8.7 but assume that the units being requested are special high-performance units, and the division’s unit variable cost would be $27 (rather than $25). What is the minimum
Sutton’s Electronic Repair Shop has budgeted the following time and material for 2022.Sutton budgets 5,000 hours of repair time in 2022 and will bill a profit of $10 per labor hour along with 25%
Information regarding many approaches to budgeting can be found online. The following activity investigates the merits of “zero-based” budgeting, as discussed by Michael LaFaive, Director of
North Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of $2,250,000. The total cost of producing one unit is $25. Selling and
Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Second Chance.The company desires a $30 profit margin per hour of labor and a
Wasson’s Classic Cars restore classic automobiles to showroom status. Budgeted data for the current year are as follows.The company anticipated that the restorers would work a total of 12,000 hours
Waterways Corporation is continuing its budget preparations. This case gives you static budget information as well as actual overhead costs and asks you to calculate amounts related to budgetary
Zelmer Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2022. The following data were used in
Seasonality of sales can have a big impact on budgeting. For this case, you will use recent data for Honda’s worldwide unit sales to create line charts. You will then analyze the charts to identify
The Grand Inn is a restaurant in Flagstaff, Arizona. It specializes in southwestern style meals in a moderate price range. Paul Weld, the manager of Grand, has determined that during the last 2 years
Eastland Corp. had total variable costs of $150,000, total fixed costs of $120,000, and total revenues of $250,000. Compute the required sales in dollars to break even.
Lorge Corporate has collected the following information after its first year of sales. Sales were $1,500,000 on 100,000 units; selling expenses $250,000 (40% variable and 60% fixed); direct materials
Midlands Inc. had a bad year in 2021. For the first time in its history, it operated at a loss. The company’s income statement showed the following results from selling 80,000 units of product: net
Cost-volume-profit analysis can also be used in making personal financial decisions. For example, the purchase of a new car is one of your biggest personal expenditures. It is important that you
Scott Bestor is an accountant for Westfield Company. Early this year, Scott made a highly favorable projection of sales and net income over the next 3 years for Westfield’s hot-selling computer
The Coca-Cola Company hardly needs an introduction. A line taken from the cover of a recent annual report says it all: If you measured time in servings of Coca-Cola, “a billion Coca-Cola’s ago
Family Furniture Corporation incurred the following costs.1. Wood used in the production of furniture.2. Fuel used in delivery trucks.3. Straight-line depreciation on factory building.4. Screws used
Diesel owns the Fredonia Barber Shop. He employs four barbers and pays each a base salary of $1,250 per month. One of the barbers serves as the manager and receives an extra $500 per month. In
Data visualization can be used to compare options.Example: Consider the Management Insight box “Are Robotic Workers More Humane?” presented in the chapter. Data analytics can help Kroger
Manzeck Company operates a snow-removal service. The company owns five trucks, each of which has a snow plow in the front to plow driveways and a snow thrower in the back to clear sidewalks. Because
Lewis and Stark is a public accounting firm that offers two primary services, auditing and tax-return preparation. A controversy has developed between the partners of the two service lines as to who
Mason Company manufactures four products in a single production facility. The company uses activity-based costing. The following activities have been identified through the company’s activity
In Chapter 2, you used job order costing techniques to help Greetings Inc., a retailer of greeting cards and small gift items, expand its operations. Your next task is to help the new unit, Wall
Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these
For the year ended December 31, 2022, the job cost sheets of Cinta Company contained the following data.Other data:1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000
The flow of costs in job order costing:a. Begins with work in process inventory and ends with finished goods inventory.b. Begins as soon as a sale occurs.c. Parallels the physical flow of materials
When incurred, factory labor costs are added to:a. Work in Process.b. Work in Process.c. Factory Labor.d. Finished Goods.
In accumulating raw materials costs, companies add the cost of raw materials purchased in a perpetual system to:a. Raw Materials Purchases.b. Raw Materials Inventory.c. Purchases.d. Work in Process.
Cost accounting involves the measuring, recording, and reporting of:a. Product and service costs.b. Future costs.c. Manufacturing processes.d. Managerial accounting decisions.
You are interested in the effect of production budget costs on the profitability of movies. For this case, you will use Excel pivot tables to summarize the production budget costs for worldwide box
Huegel Hollow Resort has ordered 20 rotomolded kayaks from Current Designs. Each kayak will be formed in the rotomolded oven, cooled, and then have the excess plastic trimmed away. Then, the hatches,
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2022.Instructionsa. Prepare a cost of goods manufactured schedule. (Assume that all raw materials
Bergen Hospital is contemplating an investment in an automated surgical system. Its current process relies on the a number of skilled physicians. The new equipment would employ a computer robotic
Tanek Industries manufactures and sells three different models of wet-dry shop vacuum cleaners. Although the shop vacs vary in terms of quality and features, all are good sellers. Tanek is currently
R. B. Dillman Company manufactures a high-tech component used in Bluetooth speakers that passes through two production processing departments, Molding, and Assembly. Department managers are partially
What are the principal differences between activity-based costing (ABC) and traditional product costing?
What is the equation for computing activity-based overhead rates?
HydroHappy management wants to examine its largest non–value-added cost, selling costs, to see if it can identify a better cost driver in an effort to lower its total selling costs. The company
Tanek Corp.’s sales slumped badly in 2022. For the first time in its history, it operated at a loss. The company’s income statement showed the following results from selling 500,000 units of
Determine the missing amounts. Unit Selling Unit Variable Unit Contribution Contribution Price Costs Margin Margin Ratio (a) $93 $325 1. $640 $352 (b) (c) (f) 2. S300 (d) 3. (e) 25%
The controller of Brokaw Production has collected the following monthly cost data for analyzing the behavior of utility costs.Instructionsa. Determine the fixed costs and unit variable costs using
Risky Corporation had sales of $3,000,000 for the year ended December 31, 2022. The unit selling price was $15. In making the sales, the company incurred the following costs and
PCB Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,000 units.
Kopa Company manufactures CH-21 through two processes: mixing and packaging. In July, the following costs were incurred.Units completed at a cost of $21,000 in the Mixing Department are transferred
Paintball is now played around the world. The process of making paintballs is actually quite similar to the process used to make certain medical pills. In fact, paintballs were previously often made
Warner Company purchases $50,000 of direct raw materials and it incurs $60,000 of direct factory labor costs. Record the two transactions using the following format. The materials and labor are for
Indicate whether each of the following statements is true or false.1. Many hospitals use job-order costing for small, routine medical procedures.2. A manufacturer of computer flash drives would use a
Manufacturing overhead is underapplied if:a. Actual overhead is less than applied.b. Actual overhead is greater than applied.c. The predetermined rate equals the actual rate.d. Actual overhead equals
At end of the year, a company has a $1,200 positive balance in Manufacturing Overhead. The company:a. Makes an adjustment by increasing Manufacturing Overhead Applied for $1,200 and decreased
Which of the following statements is true?a. Job order costing requires less data entry than process costing.b. Allocation of overhead is easier under job order costing than process costing.c. Job
At the end of an accounting period, a company using a job order cost system calculates the cost of goods manufactured:a. From the job cost sheet.b. From the Work in Process Inventory account.c. By
Mynex Company completes Job No. 26 at a cost of $4,500 and later sells it for $7,000 cash. A correct recording is:a. Increase Finished Goods Inventory $7,000 and decrease Work in Process Inventory
In Crawford Company, the predetermined overhead rate is 80% of direct labor cost. During the month, Crawford incurs $210,000 of factory labor costs, of which $180,000 is direct labor and $30,000 is
The formula for computing the predetermined manufacturing overhead rate is estimated annual overhead costs divided by estimated annual operating activity, expressed as:a. Direct labor cost. c.
When direct factory labor is assigned to jobs, there is an increase to:a. Work in Process Inventory and a decrease to Factory Labor.b. Manufacturing Overhead and a decrease to Factory Labor.c.
In recording the issuance of raw materials in a job order cost system, it would be incorrect to:a. Increase Work in Process Inventory.b. Increase Finished Goods Inventory.c. Increase Manufacturing
The sources of information for assigning costs to job cost sheets are:a. Invoices, time tickets, and the predetermined overhead rate.b. Materials requisition slips, time tickets, and the actual
Cost accounting involves the measuring, recording, and reporting of:a. Product and service costsb. Future costsc. Manufacturing processesd. Managerial accounting decisions
Evilene Company makes industrial-grade brooms. It incurs the following costs.1. Salaries for broom inspectors.2. Copy machine maintenance at corporate headquarters.3. Hourly wages for assembly
You are excited about your upcoming job interview at Inditex. You realize that you need to have a better understanding of the company so that you can have several thoughtful questions prepared to ask
McQueen Motor Company manufactures automobiles. During September 2022, the company purchased 5,000 headlamps at a cost of $15 per lamp. Fifty of these lamps were used to replace the headlamps in
The gross earnings of the factory workers for Larkin Company during the month of January are $90,000. Of the total accumulated cost of factory labor, 85% is related to direct labor and 15% is
Raw materials are assigned to a job when:a. The job is sold.b. The materials are purchased.c. The materials are received from the vendor.d. The materials are issued by the materials storeroom.
The controller of Standard Industries has collected the following monthly cost data for analyzing the behavior of electricity costs.Instructionsa. Determine the fixed costs and unit variable costs
Huang Company’s break-even point in sales dollars is $500,000. Assuming fixed costs are $180,000, what sales revenue is needed to achieve a target net income of $90,000?
Determine the missing amounts. Unit Selling Price Unit Variable Unit Contribution Contribution Costs Margin Margin Ratio $250 $500 (e) $180 (a) $200 (b) (d) 1. 2. 3. (f) $330 30%
Data visualization can be used to identify business expansion opportunitiesExample: Recall the Data Analytics Insight box “Taking No Chances with Its Profits” presented in the chapter. Data
American Company has the following record of costs.Production records show that there were 400 units in the beginning inventory, 30% complete, 1,600 units started, and 1,700 units transferred out.
Using the data in BE3A.10, prepare the cost section of the production cost report for Pix Company using the FIFO approach.BE3A.10Pix Company has the following production data for March: no beginning
Data for Hollins Company are given in BE3A.8. Production records indicate that 18,000 units were transferred out, and 2,000 units in ending work in process were 50% complete as to conversion costs
For Kosko Company, actual sales are $1,200,000 and break-even sales are $960,000. Compute (a) The margin of safety in dollars (b) The margin of safety ratio.
The traditional GAAP income statement for Wheat Company shows sales $900,000, cost of goods sold $500,000 and operating expenses $200,000. Assuming all costs and expenses are 75% variable and 25%
The external financial statements published by publicly traded companies are based on absorption cost accounting. As a consequence, it is very difficult to gain an understanding of the relative
HydroHappy management wants to examine the profitability of its small retail shop near the beach in St. Thomas, Virgin Islands. The shop rents and sells two unique products, boogie boards and
At one time, Del Monte Foods Company reported three separate operating segments: consumer products (which includes a variety of canned foods including tuna, fruit, and vegetables); pet products
Bell Company has been a retailer of audio systems for the past 3 years. However, after a thorough survey of audio system markets, Bell decided to turn its retail store into an audio equipment
Wendall Company specializes in producing fashion outfits. On July 31, 2022, a tornado touched down at its factory and general office. The inventories in the warehouse and the factory were completely
Data visualization can be used to review company results.Example: Recall the Management Insight “Supplying Today’s (Not Yesterday’s) Fashion” presented in the chapter. Data analytics can help
Indicate whether the following statements are true or false. If false, indicate how to correct the statement.1. The board of directors has primary responsibility for daily management functions.2.

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