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managerial accounting

Questions and Answers of Managerial Accounting

Dransfield Company manufactures an electronic component, ZP98. This component is significantly less expensive than similar products sold by Dransfield’s competitors. Order-processing time is very
“We are already measuring total factor productivity. Measuring partial productivity would be of no value.” Do you agree? Comment briefly.
What is the difference between a stakeholder and a shareholder?
Describe three key components of a strategic analysis of operating income.
Define strategy.
Baker Inc. is preparing to submit a bid for a ball-bearings order. Greg Lazarus, controller of the Bearings Division of Baker, has asked Maria Decker, the cost analyst, to prepare the bid. To
Digital Arts Inc. manufactures game systems. Digital Arts has decided to create and market a new system with wireless controls and excellent video graphics. Digital Arts’s managers are thinking of
What is life-cycle budgeting?
Hernandez Corporation is bidding on a new construction contract, here called Contract No. 1. If the bid is accepted, work will begin in a few days, on January 1, 2016. Contract No. 1 requires a
Lynn Hardt, a management accountant with the Paibec Corporation, is evaluating whether a component, MTR-2000, should continue to be manufactured by Paibec or purchased from Marley Company, an outside
Larry Miller, the general manager of Basil Software, scheduled a meeting on June 2, 2016, with Nicole Nguyen, sales manager, Andy Ayim, accountant, and Ellen Eisner, software operations manager, to
The Beach Comber is a take-out food store at a popular beach resort. Susan Sexton, owner of the Beach Comber, is deciding how much refrigerator space to devote to four different drinks. Pertinent
The Svenson Corporation manufactures cellular modems. It manufactures its own cellular modem circuit boards (CMCB), an important part of the cellular modem. It reports the following cost information
“All future costs are relevant.” Do you agree? Explain briefly.
Define opportunity cost.
Evaluating multiple regression models, not-for-profit.InstructionsForm groups of two or more students to complete the following requirements:Required1. Given your findings in Problem 10-32, should
Two graduates of the university run M&S Java, and they have just opened their take-out coffee and snack bar on the university campus. At the end of their first month of operations they want to
Below are the input and results of an OLS linear regression. The president of a specialty fruit juice company believed that for every single degree change in average temperature during the summer
Ken Howard, financial analyst at JVR Corporation, a manufacturer of precision parts, is examining the behaviour of quarterly maintenance costs for budgeting purposes. Howard collects data on
“All independent variables in a cost function estimated with regression analysis are cost drivers.” Do you agree?
Discuss the conference method for estimating a cost function. What are advantages of this method?
What is a linear cost function? Describe three alternative linear cost functions.
“Differences in operating income between variable and absorption costing are due solely to accounting for fixed costs.” Do you agree? Explain.
Why is the term direct costing a misnomer for variable costing?
The following information for 2015 is for Morgan Corporation, which uses standard costing:Required1. Calculate variable overhead rate variance and efficiency variance.2. Calculate fixed overhead rate
1. Prepare appropriate journal entries for variable and fixed manufacturing overhead (you will need to calculate the different variances to accomplish this).2. Overhead variances may be used to
The Singapore division of a Canadian telecommunications company uses a standard cost system for its machine-based production of telephone equipment. Data regarding production during June are as
French Bread Company also allocates fixed manufacturing overhead to products on the basis of standard direct manufacturing labour-hours. For 2015, fixed manufacturing overhead was budgeted at $4.00
Provide one caution that will affect whether a production-volume variance is a good measure of the economic cost of unused capacity.
Explain how the analysis of fixed overhead costs differs for (a) planning and control on the one hand and (b) inventory costing for financial reporting on the other.
Assume variable manufacturing overhead is allocated using machine-hours. Give three possible reasons for a $30,000 favourable variable overhead efficiency variance.
Prepare journal entries and post them to T-accounts for all transactions in Exercise 7-25, including requirement 2. Summarize how these journal entries differ from normal costing entries.Data From
Consider the following data collected for Blakes Construction Trailers:RequiredCompute the rate, efficiency, and flexible-budget variances for direct materials and direct manufacturing labour.
Connor Company’s budgeted prices for direct materials, direct manufacturing labour, and direct marketing (distribution) labour per attaché case are $40, $8, and $12, respectively. The president is
A number of terms are listed below:RequiredSelect the terms from the above list to complete the following sentences.The question is whether or not the actual results met expectations, exceeded
Describe three reasons for an unfavourable direct manufacturing labour efficiency variance.
Describe why direct materials rate variance and direct materials efficiency variance may be computed with reference to different points in time.
List three causes of a favourable materials rate variance.
The Suzuki Company in Japan has a division that manufactures two-wheel motorcycles. Its budgeted sales for Model G in 2016 are 985,000 units. Suzuki's target ending inventory is 115,000 units, and
Consider each of the following independent situations:1. A very successful salesperson at Amcorp Computers regularly ignores the published sales catalogue and offers lowered prices to customers in
“The revenue budget is the cornerstone for budgeting.” Why?
Activity-based costing (ABC) systems are useful in helping companies make better decisions about pricing, product mix, and cost management related to product design and efficiency. In fact, General
Terminology.RequiredSelect the terms from the above list to complete the following sentences.One common ____________ to a traditional or ____________ costing system is called an ____________ . The
“ABC systems apply only to manufacturing companies.” Do you agree? Explain.
Describe four ways that help indicate when ABC systems are likely to provide the most benefits.
Jack Halpern is the owner and CEO of Aerospace Comfort, a firm specializing in the manufacture of seats for air transport. He has just received a copy of a letter written to the Auditor General of
In each of the following situations, determine whether job costing or process costing would be more appropriate.a. A public acccounting firmb. An oil refineryc. A custom furniture manufacturerd. A
Describe three alternative ways to dispose of underallocated or overallocated indirect costs.
Describe three different debit entries in the Work-in-Process Control general ledger T-account.
How does actual costing differ from normal costing?
What are the two major types of organizational elements that managers focus on in companies using job costing?
Why might an advertising agency use job costing for an advertising campaign by Pepsi, whereas a bank might use process costing to determine the cost of chequing account deposits?
The Rapid Meal has two restaurants that are open 24 hours a day. Fixed costs for the two restaurants together total $450,000 per year. Service varies from a cup of coffee to full meals. The average
Patel Manufacturing sold 200,000 units of its product for $30 per unit. Variable cost per unit is $25 and total fixed costs are $800,000.Required1. Calculate (a) contribution margin and (b) operating
Name three factors that affect the classification of a cost as direct or indirect.
As a new controller, reply to this comment by a plant manager: “As I see it, our accountants may be needed to keep records for shareholders and the Canada Revenue Agency—but I don’t want them
“Knowledge of technical issues such as computer technology is necessary but not sufficient to becoming a successful accountant.” Do you agree? Why?
Use the Hamilton’s Data Set to compute these profitability measures for 2020:Data use in Hamilton’s Data Seta. Rate of return on net sales b. Rate of return on total assets c. Rate of
Skyline Music is considering investing $600,000 in private lesson studios that will have no residual value. The studios are expected to result in annual net cash inflows of $100,000 for the next 10
Estimate the number of kilometres you drive each year. Also estimate the cost of a litre of fuel.
Describe the product being produced (and the company that makes it).
Dodds Aquatics manufactures swimming pool equipment. The company estimates total manufacturing costs next year to be $2,400,000. Dodds also estimates it will use 50,000 direct labour hours and incur
Hi-Tek is a small software firm that builds and installs custom business applications for clients and uses a job order costing system. The costs for each client are organized into two departments:
Ockham Kitchens produces granite countertops in two sequential production departments: Forming and Polishing. The Polishing Department calculated the following costs per equivalent unit (square
Warm Hearth Bakery mass-produces bread using three sequential processing departments: Mixing, Baking, and Packaging. The following transactions occurred during January: Requirements 1. Post each
Blackfish and Corr (B&C) is a small accounting firm that offers services to businesses in the area. The services include Assurance Services, which include reviews of controls to help companies
Cortana Products manufactures its products in two separate departments: Machining and Assembly. Total manufacturing overhead costs for the year are budgeted at $1.09 million. Of this amount, the
Harding College Bookstore, a campus bookstore, shows the following sales projections in units by quarter for the upcoming year:The average price of an item in each of the departments is as
The Harris Company is in the process of preparing its manufacturing overhead budget for the upcoming year. Sales are projected to be 40,000 units. Information about the various manufacturing overhead
Horns and More, Ltd., a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $890,000 in October, $950,000 in November, $1,025,000 in December, and $920,000 in January. The
BiGGym produces two types of exercise treadmills: Regular and Deluxe. The exercise craze is such that BiGGym could use all of its available machine hours producing either model. The two models are
Fibre Systems manufactures an optical switch that it uses in its final product. Fibre Systems incurred the following manufacturing costs when it produced 75,000 units last year:Fibre Systems does not
Bennett Builders builds townhomes in a new subdivision just outside of Calgary. Land and labour are cheap, and competition among developers is fierce. The homes in the subdivision are identical to
Suppose the Hockey Hall of Fame in Toronto has approached Sports-Cardz with a special order. The Hall of Fame wants to purchase 60,000 hockey card packs for a special promotional campaign and offers
Do sunk costs affect a sell or process-further decision? Why or why not?
Evans Inc. manufactures only two products, Medium (42-inch) and Large (63-inch) plasma screen TVs. To generate adequate profit and cover its expenses throughout the value chain, Evans prices its TVs
Victor’s Sporting Goods is a retailer of sporting equipment. Last year, Victor’s Sporting Goods’ sales revenues totalled $8,000,000. Total expenses were $2,100,000. Of this amount,
Refer to Asokan’s Golden Brown Pancake Restaurant in E3- 33A.Data in E3- 33A.Asokan’s Golden Brown Pancake Restaurant features sourdough pancakes made from a strain of sourdough dating back to
Refer to Cliff’s Fresh Stacks Pancake Restaurant in E3-57B. Data in E3-57B.Cliff’s Fresh Stacks Pancake Restaurant features sourdough pancakes made from a strain of sourdough dating back to
Use the information from the Royal Hellenic Cruiseline data set. If Royal Hellenic Cruiseline sells 10,000 dinner cruises, compute the margin of safety a. In units (dinner cruise
Use the information from the Royal Hellenic Cruiseline data set.a. Compute the operating leverage factor when Royal Hellenic Cruiseline sells 12,000 dinner cruises. b. If volume increases by
Suppose Kay sells 1,000 posters. Use the data from S4-13 to compute her operating leverage factor. If sales volume increases 10%, by what percentage will her operating income change? Prove your
Little Piggie produces sports socks. The company has fixed expenses of $80,000 and variable expenses of $1.20 per package. Each package sells for $2.50. Requirements 1. Compute the
Vair’s Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $500,000 and a contribution margin of 80% of revenues. Requirements 1. Compute
Pistone Industries is planning to purchase a new piece of equipment that will increase the quality of its production. It hopes the increased quality will generate more sales. The company’s
Kick-A’s Sporting Goods is a retailer of sporting equipment. Last year, Kick-A’s sales revenues totalled $5,000,000. Total expenses were $2,100,000. Of this amount, approximately $1,500,000 were
Mathieu Manufacturing had a 1.2 operating leverage factor when sales were $50,000. Mathieu Manufacturing’s contribution margin ratio was 20%. What were Mathieu Manufacturing’s fixed expenses?
Antigonish Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $620,000 and a contribution margin of 75% of revenues. Requirements 1. Compute
Nate’s Repair Shop has a monthly target operating income of $13,500. Variable expenses are 80% of sales, and monthly fixed expenses are $10,000.Requirements1. Compute the monthly margin of safety
Hillsboro Recycling recycles newsprint, cardboard, and so on into recycled packaging materials. For the coming year, Hillsboro Recycling estimates total manufacturing overhead to be $360,000. The
Refer to the data in Exercise 5-26A . Freeman’s accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $400,000, not
Jackson Company, which uses the high-low method to analyze cost behaviour, has determined that machine hours best predict the company’s total utilities cost. The company’s cost and machine hour
Refer to the Sportade example in Appendix 3A and the data and your answer to S3-16. Data in S3-16.Consider the Sportade example in Appendix 3A . Suppose that during April, the company produces
Categorize each of the following characteristics as being more representative of either traditional manufacturing or lean production.1. Quality tends to be “inspected-in” rather than
How did employees of Enron (and employees of the utilities company in Oregon) end up losing billions in retirement funds?
Wharfedale manufactures high-quality audio speakers. Suppose Wharfedale is considering spending the following amounts on a new quality program: Wharfedale expects this quality program to save
In light of the “mark-to-market” accounting that enabled Enron to basically record any profit it wished, can you understand why some of the cornerstones of financial accounting are
The reporter from Fortune magazine asked, “How does Enron make its money?” Why should every employee and manager (at every company) know the answer to this question?
You are a business student who will someday work for a company or own a business. How will watching this movie affect the way you intend to conduct yourself as an employee or owner?
Do you think people weigh the potential costs of acting unethically with the potential benefits?

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