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business
managerial accounting

Questions and Answers of Managerial Accounting

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
Describe the term “R-squared.” If a regression analysis for predicting manufacturing overhead using direct labor hours as the dependent variable has an R-squared of 0.40, why might this be a
Over the past year, a company’s inventory has increased significantly. The company uses absorption costing for financial statements, but internally, the company uses variable costing for financial
A company has adopted a lean production philosophy and, as a result, has cut its inventory levels significantly. Describe the impact on the company’s external financial statements as a result of
What costs might a business incur by not adopting paperless services? Is paperless only profitable to large businesses or is it applicable to small businesses? Explain what factors might be involved
Gerbig, Jonah & Associates, a consulting firm, is interested in predicting its monthly overhead costs. The controller imported its monthly occupancy data from the past few years into Excel. The
The Cainas Hotel in Tampa, Florida, is a luxury hotel that has 414 rooms. The hotel’s controller imported its monthly occupancy data from the past several years into Excel. The data includes month,
Sokolsky, Eugene & Associates, a consulting firm, is interested in predicting its monthly overhead costs. The controller imported its monthly occupancy data from the past two years into Excel.
How might the principles of sustainability (such as increased efficiency) affect cost behavior overall? Think of an example of a sustainable change in process or material that could impact the cost
Describe the company you selected and the products or services it provides.
Laksmana, Li & Associates, a consulting firm, is interested in predicting its monthly overhead costs. The controller imported its monthly occupancy data from the past two years into Excel. The
The Keener Hotel in Tampa, Florida, is a luxury hotel that has 414 rooms. The hotel’s controller imported its monthly occupancy data from the past several years into Excel. The data includes month,
Using a financial calculator, provide a solution to each of the following situations. (a) Lynn Anglin owes a debt of $42,000 from the purchase of her new sport utility vehicle. The debt bears
Using a financial calculator, solve for the unknowns in each of the following situations. (a) On June 1, 2013, Holly Golightly purchases lakefront property from her neighbor, George Peppard,
Waterways Corporation has proposed comparative balance sheets and income statements for 2013 and 2014. This problem asks you to prepare horizontal and vertical analyses of the income statements and
Waterways prepared the balance sheet and income statement for the irrigation installation division for 2014. Now the company also needs to prepare a statement of cash flows for the same division.
The current sections of Nasreen Inc.’s balance sheets at December 31, 2013 and 2014, are presented here. Nasreen’s net income for 2014 was $153,000. Depreciation expense was $24,000.
The T-accounts for Equipment and the related Accumulated Depreciation— Equipment for Ada Company at the end of 2014 are shown here.
The following T-account is a summary of the Cash account of Wiegman Company What amount of net cash provided
What is a post-audit? What are the potential benefits of a post-audit?
Glassmaster Company is organized as two divisions and one subsidiary. One division focuses on the manufacture of filaments such as fishing line and sewing thread; the other division manufactures
Using the information in P11-5B, compute the overhead controllable variance and the overhead volume variance.Data From Problem 11-5B:Bonita Labs performs steroid testing services to high schools,
Using the information in P11-3B, compute the overhead controllable variance and the overhead volume variance.Data From Problem 11-3B:Zimmerman Clothiers manufactures women’s business suits. The
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance.Data From Problem 11-2B:Huang Company uses a standard cost accounting system to account
Using the information in P11-1B, compute the overhead controllable variance and the overhead volume variance.Data From Problem 11-1B:Buil Corporation manufactures a single product. The standard cost
Zimmerman Clothiers manufactures women’s business suits. The company uses a standard cost accounting system. In March 2014, 15,700 suits were made. The following standard and actual cost data
Using the information in P11-5A, compute the overhead controllable variance and the overhead volume variance.Data From Problem 11-5A:Pace Labs, Inc. provides mad cow disease testing for both state
Simba Company’s standard materials cost per unit of output is $10 (2 pounds × $5). During July, the company purchases and uses 3,200 pounds of materials costing $16,192 in making 1,500 units of
Lowell Company’s manufacturing overhead budget for the first quarter of 2014 contained the following data. Actual variable
Waterways Corporation is preparing its budget for the coming year, 2014. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in
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
Dewitt Corporation needs to set a target price for its newly designed product M14– M16. The following data relate to this new product.
This problem asks you to perform break-even analysis based on Waterways’ sales mix and to make sales mix decisions related to Waterways’ use of its productive facilities.An optional extension of
Many of you will someday own your own business. One rapidly growing opportunity is no-frills workout centers. Such centers attract customers who want to take advantage of state-of-the- art fitness
Determine the missing amounts
Your roommate asks for your help on the following questions about CVP analysis formulas. (a) How can the mathematical equation for break-even sales show both sales units and sales
Waterways looked into ABC as a method of costing because of the variety of items it produces and the many different activities in which it is involved. This problem asks you to help Waterways use an
Luxury Furniture designs and builds factory-made, premium, wood armoires for homes. All are of white oak. Its budgeted manufacturing overhead costs for the year 2014 are as follows.
Schultz Electronics manufactures two large-screen television models: the Royale which sells for $1,600, and a new model, the Majestic, which sells for $1,300. The production cost computed per unit
Having itemized its costs for the first quarter of next year’s budget, Santana Corporation desires to install an activity-based costing system. First, it identified the activity cost pools in which
Perdon Corporation manufactures safes—large mobile safes, and large walk-in stationary bank safes. As part of its annual budgeting process, Perdon is analyzing the profitability of its two
Rich Novelty Company identified the following activities in its production and support operations. Classify each of these activities as either value-added or non–value-added. (a) Machine
Hollins, Inc., a manufacturer of computer chips, employs activity-based costing. The budgeted data for each of the activity cost pools is provided below for the year 2014.
Classify each of the following activities within a tax-preparation business as value-added (VA) or non–value-added (NVA). (a) Advertising. (b) Completing tax returns. (c) Billing
Indicate whether the following statements are true or false. (a) The reasoning behind ABC cost allocation is that products consume activities and activities consume resources. (b)
What are the benefits of activity-based costing?
Florida Beach Company manufactures suntan lotion, called Surtan, in 11-ounce plastic bottles. Surtan is sold in a competitive market. As a result, management is very cost-conscious. Surtan is
Venuchi Cleaner Company uses a weighted-average process cost system and manufactures a single product—an all-purpose liquid cleaner. The manufacturing activity for the month of March has just been
Luxman Company has several processing departments. Costs charged to the Assembly Department for October 2014 totaled $1,298,400 as follows.Work in process, October 1 Materials
Borman Corporation manufactures in separate processes refrigerators and freezers for homes. In each process, materials are entered at the beginning and conversion costs are incurred uniformly.
Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department, fiberglass is heated and shaped into the form of a ski. In the Packaging
Hamilton Processing Company uses a weighted-average process cost system and manufactures a single product—a premium rug shampoo and cleaner. The manufacturing activity for the month of October has
Morse Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2014
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2014 totaled $2,280,000 as follows.Work in process, November 1 Materials
Seagren Industries Inc. manufactures in separate processes furniture for homes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and
Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling
Royale Mortgage Company uses a process cost system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final
The assembly department has the following production data for the current month. Materials are entered at the
The Smelting Department of Mathews Company has the following production and cost data for November.Production: Beginning work in process 2,000 units that are 100% complete as to materials and 20%
Data for Cascio Company are given in BE3-7. 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 cost and
Refer to P1–5A and add the following requirement. Prepare a letter to the president of the company, Shelly Phillips, describing the changes you made. Explain clearly why net income is
Elliott Company, a manufacturer of tennis rackets, started production in November 2013. For the preceding 5 years, Elliott had been a retailer of sports equipment. After a thorough survey of tennis
Pedriani Company uses a job order cost system and applies overhead to production on the basis of direct labor hours. On January 1, 2014, Job No. 25 was the only job in process. The costs incurred
Pure Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client’s consultation is treated as a separate job. Overhead is applied to each job based
(a) Distinguish between the two types of cost accounting systems.(b) Can a company use both types of cost accounting systems?
Bawarchi Company is known for making fire screens that fit over the back of cooking grills in restaurants. Current production is 20,000 units. This is also the maximum number of screens that Bawarchi
Case Construction Company, a three-year-old business, provides contracting and construction services to a variety of clients. Given that each construction job is different from the others, Susan
Ortiz Company is a manufacturer of toys. Its controller resigned in August 2014. An inexperienced assistant accountant has prepared the following income statement for the month of August 2014.
The following data were taken from the records of Moxie Company for the year ended December 31, 2014.Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials
Elliott Company, a manufacturer of tennis rackets, started production in November 2013. For the preceding 5 years, Elliott had been a retailer of sports equipment. After a thorough survey of tennis
Phillips Company is a manufacturer of computers. Its controller resigned in October 2014. An inexperienced assistant accountant has prepared the following income statement for the month of October
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2014.Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw
Bell Company, a manufacturer of audio systems, started its production in October 2014. For the preceding 3 years, Bell had been a retailer of audio systems. After a thorough survey of audio system
Buhler Motor Company manufactures automobiles. During September 2014, the company purchased 5,000 headlamps at a cost of $10 per lamp. Buhler withdrew 4,650 lamps from the warehouse during the month.
Chambers Company produces blankets. From its accounting records, it prepares the following schedule and financial statements on a yearly basis. (a) Cost of goods manufactured schedule.
The following information is available for Aikman Company.Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit. (c) Show the
Kwik Delivery Service reports the following costs and expenses in June 2014.InstructionsDetermine the total amount of (a) delivery service (product) costs and (b) period costs.
The following information is available for Fishel Company.Prepare the cost of goods manufactured schedule for the month of April.
What is activity-based costing, and what are its potential benefits?
In Statement of Financial Accounting Standards No. 95, the Financial Accounting Standards Board (FASB) recommended but did not require that companies use the direct method. In Appendix B, Paragraphs
On October 31, 2012, Henderson Company’s total current assets were $65,000 and its total current liabilities were $20,000. On November 1, 2012, Henderson purchased marketable securities for $10,000
Smiley Medical Equipment Company makes a blood pressure measuring kit. Elbert Jackson is the production manager. The production department’s static budget and actual results for 2012
Using the internet, locate the most recent financial statements for two companies from the same industry. Find (or calculate) the ratios listed below, and compare the two companies. (If you cannot
The after-tax cost of interest expense is used in calculating which of the following? a. Times-interest-earned b. Return on total assets c. Debt ratio d.
A small pizza restaurant, founded and owned by the Martinelli sisters, would be expected to have which of the following? a. High price-earnings ratio b. High inventory
Fred and Torrie Jones are a retired couple looking for income. They are currently rebalancing their portfolio of stocks to include more with high dividends. Fred and Torrie will be most interested in
Profitability ratios are used by which of the following groups? a. Company managers b. Creditors c. Lenders d. Investors e. All of the above

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