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managerial accounting

Questions and Answers of Managerial Accounting

Thornton Corporation reported these figures:Thornton Corporation has 3,125,000 shares of common stock outstanding. Its stock has traded recently at $31.20 per share. You would like to gain a better
Do a web search on the terms carbon offset and carbon footprint. What is a carbon footprint? What is a carbon offset? Why would carbon offsets be of interest to a company? What are some companies
The controller for the Lillian Corporation created an Excel worksheet that included a profit calculation. The worksheet also contained a data table created using the What-if analysis tool to analyze
How can CVP techniques be used in supporting a company’s sustainability efforts? Conversely, how might CVP be a barrier to sustainability efforts?
Olivia Schnall operates a snow cone cart that she takes to outdoor festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently sells each
Robert’s Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $720,000 and a contribution margin of 90% of revenues.Requirements1. Compute Robert’s
Refer to Robert’s Steel Parts in E7-27A. Robert feels like he’s in a giant squeeze play: The automotive manufacturers are demanding lower prices, and the steel producers have increased raw
Ripple Pool Toys Corporation manufactures a variety of pool toys. Ripple has just received a special order for a large volume of pool toys at reduced special order prices. The following is a
FlyAway Bags manufactures a variety of bags. FlyAway has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special order
Sparkle Pool Toys Corporation manufactures a variety of pool toys. Sparkle has just received a special order for a large volume of pool toys at reduced special order prices. The following is a
Wheels Up Bags manufactures a variety of bags. Wheels Up has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special
Employees at stores owned by the nationwide Kelley Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample
Jubilee’s Yogurt Shoppe sells a variety of single-serve frozen yogurt flavors and toppings. The owner of Jubilee’s is trying to forecast its frozen yogurt sales for the upcoming year. The owner
Employees at stores owned by the nationwide Corbin Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample
Employees at stores owned by the nationwide Ivy Grocery chain frequently hand out free samples of new food products to entice shoppers to purchase new products. Sometimes the free sample distribution
TravelTime Bags manufactures a variety of bags. Travel Time has just received a special order for a large volume of bags at reduced, special order prices. The following is a screenshot of the special
How are process costing and job costing similar? How are they different?
Why not assign all costs of production during a period to only the completed units? What happens if a company does this? Why are the costs of production in any period allocated between completed
What information generated by a process costing system can be used by management? How can management use this process costing information?
Why are the equivalent units for direct materials often different from the equivalent units for conversion costs in the same period?
Describe the flow of costs in a process costing system. List each type of journal entry that would be made and describe the purpose of that journal entry.
If a company has very little or no inventory, what effect does that lack of inventory have on its process costing system? What other benefits result from having very little to no inventory?
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?
Why is managerial accounting more suitable for internal reporting than for financial accounting?
How can what is taught in managerial accounting help you in other careers other than accounting?
Complete the following statements with one of the terms listed here.a. The_____is geared toward producing periodic financial statements that will be used by investors and creditors to make investment
A company currently has all of its managerial accountants reporting to the controller. What might be inefficient about this organizational structure? How might the company restructure? What benefits
What skills are required of a management accountant? In what college courses are these skills taught or developed? What skills would be further developed in the workplace?
What is the Institute of Management Accountants (IMA)? What is the American Institute of Certified Public Accountants? How could being a member of a professional organization help a person’s career?
What are the four ethical standards in the Institute of Management Accountants’ Statement of Ethical Professional Practice? Describe the meaning of each of the four standards. How does each of
What business trends are influencing managerial accounting today? How do these trends impact management accountants’ roles in the organization?
Classify the type of data analytics (descriptive, diagnostic, predictive, prescriptive, or adaptive and autonomous) being used in each of the following situations.a. McGowan Company provides managers
Following is a screenshot of an Excel file.Identify the letter on the screenshot that refers to each of the following features or tasks.1. Format as accounting number2. Insert new worksheet3. Insert
Following is a list of tasks that can be performed using Excel in a Windows environment. Match each task with the correct description from the column on the right. Task 1. Change the the worksheets
The effect of sustainability on the planet (environment) is probably the most visible component of the triple bottom line. For a company with which you are familiar, list two examples of its
Following is a screenshot of a worksheet in Excel. In this exercise, Excel for Windows is being used.RequirementsList the formula that would be entered in the specified cells in the Excel
One controversial area regarding sustainability is whether organizations should use their sustainability progress and activities in their advertising. Do you think a company should publicize its
The following is a sample of a worksheet in Excel.To complete this exercise, download the Excel file from MyLab Accounting.RequirementsPerform the following tasks in the Excel worksheet you
What skills do employers value highly? What does that tell you about “what accountants do” at their companies?
If you are not an accounting major, how do the salaries of accountants compare with those of your chosen field? How do the opportunities compare (i.e., demand for accountants)?
The following is a sample of a worksheet in Excel.To complete this exercise, download the Excel file from MyLab Accounting. Complete the exercise in Excel.Requirements1. Calculate total sales and put
The following is a sample of a worksheet in Excel.To complete this exercise, download the Excel file from MyLab Accounting.Requirements1. What number is in the last row and last column of the
The following is a sample of a worksheet in Excel.To complete this exercise, download the Excel file from MyLab Accounting.RequirementsPerform the following tasks in the Excel worksheet you
What cost term best fits the following descriptions?Choose from the following list of terms: direct cost, indirect cost, cost object, trace, allocate, and assign. Terms may be used more than once.a.
Compare product costs to period costs. Using a product of your choice, give examples of product costs and period costs. Explain why you categorized your costs as you did.
Greenwashing, the practice of overstating a company’s commitment to sustainability, has been in the news over the past few years. Perform an online search of the term greenwashing. What examples of
Ricoh is a company that has designed its copiers so that at the end of the copier’s life, Ricoh will collect and dismantle the product for usable parts, shred the metal casing, and use the parts
Describe the product that is being produced and the company that produces it.
Classify each cost you identified in the value chain as being either a product cost or a period cost. Explain your justification.
Rocky River Fast Lube does oil changes on vehicles in 15 minutes or less. The variable cost associated with each oil change is $12 (oil, filter, and 15 minutes of employee time). The fixed costs of
Kareem Merchandise has several warehouses for its inventory located around the United States. The company’s controller has imported its inventory records into Excel. The following is a sample of
Here is a sample listing of the Valley Mercantile Company’s sales data from the most recent year in an Excel table.For each of the situations listed below, indicate whether a sort, a filter, or
Suppose the smartphone manufacturer Kobo Electronics provides the following information for its costs last month (in millions):Requirements1. Classify each of these costs according to its place in
Suppose Truck Shack incurred the following costs at its Philadelphia, Pennsylvania, store.Requirements1. Classify each cost as to which category of the value chain it belongs (R&D, Design,
Hilton Merchandise has several warehouses for its inventory located around the United States. Hilton’s controller has imported its inventory records into Excel. The following is a sample of the
Here is a sample of the Kent Mercantile Company’s sales data from the most recent year. Access the full data set online in the MyLab Accounting exercise.Create a table in the Excel file provided in
Here is a sample of the Maxwell Mercantile Company’s sales data from the most recent year. Access the full data set online in the MyLab Accounting exercise.Create a table in the Excel file provided
The new University president is trying to understand the University’s finances. Classify each of the following costs as direct costs or indirect costs of operating the University’s College of
Value Electronics manufactures and sells a line of smartphones. Unfortunately, Value Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were
Gamma 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
What follows is a table listing condensed revenue and expense figures for Caesars Entertainment Corporation for the years ending December 31, 2016 through 2018.Requirements1. Using the data provided,
What product costs must be allocated to jobs? Why must these costs be allocated rather than assigned?
Explain why the cost of goods sold should be lower if manufacturing overhead is over-allocated. Should operating income be higher or lower if manufacturing overhead is overallocated? Why?
How can job cost records help to promote sustainability efforts within a company?
Madison Lighting has several plants located around the United States. The company’s controller has imported its job cost data from the past year into Excel. The following is a sample of the table
Why should companies estimate the environmental costs of a given job? Why have EPR (extended producer responsibility) laws come into existence?
Summarize the production process that is used in making this product.
Franklin Canoe Company has several plants located around the United States. The company’s controller has imported its job cost and sales data from the past three years into Excel. The following is
What raw materials are used to make this product?
What indirect materials are used to make this product?
Madison Lighting has several plants located around the United States. The company’s controller has imported its job cost data from the past year into Excel. The following is a sample of the table
Franklin Canoe Company has several plants located around the United States. The company’s controller has imported its job cost and sales data from the past three years into Excel. The following is
Describe the jobs of the workers who would be considered “direct labor” in the making of this product.
Dubitsky Canoe Company has several plants located around the United States. The company’s controller has imported its job cost and sales data from the past three years into Excel. The following is
Describe the jobs of the workers who would be considered “indirect labor” in the making of this product.
Compare a traditional production system with a lean production system. Discuss the similarities and the differences.
The Zany Toy Company manufactures a variety of toys. The controller is trying to determine what the best allocation base for its utility costs would be, using utility cost data and other information
It has been said that external failure costs can be catastrophic and much higher than the other categories. What are some examples of external failure costs? Why is it often difficult to arrive at
What are the similarities between sustainability and lean thinking? What are the differences between sustainability and lean thinking?
The Kendall Equipment Company manufactures lathes, routers, saws, and other woodworking equipment. The company’s controller imported its weekly manufacturing data from the past two years into
Why might a company want to take lean thinking a step further by including operations and methods associated with sustainability?
Describe the company selected, including its products or services.
The Tollhouse Equipment Company manufactures lathes, routers, saws, and other woodworking equipment. The company’s controller imported its weekly manufacturing data from the past year into Excel.
Describe the steps involved with delivering the meal to the customer that you can observe.
The Harper Toy Company manufactures a variety of toys. The controller is trying to determine what the best allocation base for its utility costs would be and has gathered the company’s utility cost
Describe the “behind-the-scenes” processes that are likely in the restaurant, such as cleaning, stocking, and cooking activities.
The Cheshire Equipment Company manufactures lathes, routers, saws, and other woodworking equipment. The company’s controller imported its weekly manufacturing data from the past year into Excel.
The Ivy Toy Company manufactures a variety of toys. The controller is trying to determine what the best allocation base for its utility costs would be and has gathered the company’s utility cost
Sweety Treats produces jelly beans in three sequential processing departments: Centers, Shells, and Packaging. Assume that the Shells processing department began April with $18,500 of unfinished
The Jamboree Gummy Bear Company manufactures a variety of gummy bear candies. The gummy bears are available in the following packages: a 6-ounce bag, a 1.6-pound bag, a 5-pound bag, and a 4.5-pound
The Clayton Cereal Corporation produces corn flakes and packages them in four different package sizes: a 10.6-ounce box, a 24-ounce box, a 36-ounce box, and a pack of six 36-ounce boxes. The
How does process costing differ between a first processing department and a second or later processing department?
The Star Gummy Bear Company manufactures a variety of gummy bear candies. The gummy bears are available in the following packages: a 6-ounce bag, a 1.6-pound bag, a 5-pound bag, and a 4.5-pound
“Process costing is easier to use than job costing.” Do you agree or disagree with this statement? Explain your reasoning.
Think of a business or an organization that would use process costing. What types of waste are likely to be generated during the manufacturing process? Are there ways to avoid this waste or minimize
The Crosby Cereal Corporation produces corn flakes and packages them in four different package sizes: a 10.6-ounce box, a 24-ounce box, a 36-ounce box, and a pack of six 36-ounce boxes. The following
Provide an example of how a company may change its processes to make its manufacturing more efficient or environmentally sustainable. How will the company benefit?
Justify why you think this production process would dictate the use of a process costing system.
Refer to the hotel scatterplot in S6-11.Data in S6-11.The local Hyatt Place hotel collected seven months of data on the number of room-nights rented per month and the monthly utilities cost. The data
Bradley Brushes produces a premium hair brush. Total manufacturing costs are $220,000 when 15,000 brushes are produced. Of this amount, total variable costs are $45,000. What are the total production

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