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managerial accounting

Managerial Accounting 6th Edition Wendy M. Tietz - Solutions

Mack Backpack Company manufactures a variety of backpack models. Each backpack requires a variety of direct materials, including fabric, buckles, zippers, and other materials.Company managers have the following investigation rules for direct materials price variances:• Variances greater than 20%
During the week, the Spartan Restaurant Group’s French fry manufacturing facility incurred 1,500 hours of direct labor. Direct laborers were paid \($16.20\) per hour. The standard hourly labor rate is \($15.80.\) Standards indicate that for the volume of output actually achieved, the factory
Grow Right Products is a manufacturer of large flowerpots for urban settings. The company has these standards:Grow Right allocates variable and fixed manufacturing overhead to production based on standard direct labor hours.Requirements:1. Compute the standard cost of each of the following inputs
Refer to the data in E11-26A.Requirements:1. Make the journal entries to record the purchase and use of direct materials.2. Make the journal entries to record the direct labor.Data From E11-26A:-Boat Guard, which used a standard cost accounting system, manufactured 210,000 boat fenders during the
Melford Containers currently uses a recycled plastic to make bottles for the food industry.Current bottle production information:The cost and time standards per batch of 10,000 bottles are as follows:The variable manufacturing overhead rate is based on total estimated variable manufacturing
The Plated Gnome Company produces meal kits. Each week, it ships thousands of meal kits. Each meal kit includes a variety of foods (direct materials).Company managers have the following investigation rules for direct materials price variances:• Variances greater than 15% are a high priority for
The Rosenbaum Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Rosenbaum purchased and used 98,000 pounds of potatoes at a price of \($0.70\) per pound. During the week, 1,700 direct labor hours were incurred in the plant at a rate of
Refer to the Elegant Designs data set. Assume the company uses a standard cost accounting system.Requirements:1. Record Elegant Designs’ direct materials and direct labor journal entries.2. Record Elegant Designs’ journal entries for manufacturing overhead, including the entry that records the
The Plated Pixie Company produces meal kits. Each week, it ships thousands of meal kits.Each meal kit includes a variety of foods (direct materials).Company managers have the following investigation rules for direct materials price variances:• Variances greater than 20% are a high priority for
Jack Backpack Company manufactures a variety of backpack models. Each backpack requires a variety of direct materials, including fabric, buckles, zippers, and other materials.Company managers have the following investigation rules for direct materials price variances:• Variances greater than 20%
Seacrest Manufacturing produces ceramic teapots. Seacrest allocates overhead based on the number of direct labor hours. The company is looking into using a standard costing system and has developed the following standards (one “unit” is a batch of 100 teapots):Actual cost and operating data
Woodsy Music manufactures harmonicas. Woodsy uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and only partial data for September exist. Woodsy knows that the total direct labor variance for the month was \($2,680\) U and that the standard labor
Folklore Music manufactures harmonicas. Folklore uses standard costs to judge performance. Recently, a clerk mistakenly threw away some of the records, and only partial data for July exist. Folklore knows that the total direct labor variance for the month was \($1,550\) U and that the standard
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began. The components of the Burburr serial case can be completed in any order. Burburr Resorts & Hotels Corporation is a fictitious corporation.Housekeeping is a significant cost in running a hotel;
Go to YouTube.com and search for clips from the show Unwrapped on Food Network or How It’s Made on the Discovery Channel. Watch a clip for a product you find interesting. Companies are not likely to disclose everything about their production process and other trade secrets.When you answer the
The luxury-goods manufacturer Louis Vuitton has several factories in the United States, France, and Spain that produce its bags and accessories. Part of the Louis Vuitton brand appeal to consumers is its exclusivity; its bags and accessories are not mass-marketed.Rather than growing the brand and
BreadCo & More produces organic bread that is sold by the loaf. Each loaf requires 1/2 of a pound of flour. The bakery pays \($2.00\) per pound of the organic flour used in its loaves.The bakery expects to produce the following number of loaves in each of the upcoming four months:The bakery has
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, objectivity, or credibility).1. Jarrett, an accountant for Black Hat Company, builds some slack into the budget for the Human
Freezy’s Yogurt Shoppe sells a variety of single-serve frozen yogurt flavors and toppings.The owner of Freezy’s is trying to forecast its frozen yogurt sales for the upcoming year.The owner suspects that the number of times that Freezy’s is mentioned in any news or social media each week
Dominion Industries manufactures three models of a product in a single plant with two departments: Cutting and Assembly. The company has estimated costs for each of the three product models: the Economy, the Standard, and the Premium models. The company is currently analyzing direct labor hour
Gable Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows:Gable anticipates selling 222,000 jars, with total sales revenue of \($261,000\) in the first quarter of the year following the year given in the preceding
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 suspects that the number of times that Jubilee’s is mentioned in any news or social media each week
Each autumn, as a hobby, Vivianne Olson (doing business as “Vivianne Olson, Inc.”)weaves cotton placemats to sell at a local craft shop. The mats sell for \($30\) per set of four mats. The shop charges a 20% commission and remits the net proceeds to Olson at the end of December. Olson has woven
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began in Chapter 1. The components of the Burburr serial case can be completed in any order. Burburr Resorts & Hotels Corporation is a fictitious corporation.The Las Vegas Burburr will use budgets to
Describe the difference between an operating budget and a capital expenditures budget.
What is a budget committee? What is the budget committee’s role in the budgeting process?
What are financial budgets? List at least three financial budgets.
How does the comprehensive budget for a service company differ from a comprehensive budget for a manufacturing company? Which (if any) operating budgets differ and how, specifically, do they differ? Which (if any) financial budgets differ and how, specifically, do they differ?
Give an example of a sustainable practice that would affect a company’s budget.How might this sustainable practice, if adopted, impact the company’s budget in both the short-term and in the long-term?
Why might a company want to state environmental goals for increased sustainability in its budgets? Explain.
Assume Tucson Tortilla’s sales budget shows projected sales of 32,000 cases in April and 40,000 cases in May. The company’s manager would like to maintain ending safety stock equal to 10% of the next month’s projected sales. How many units should be produced in April?
Assume Georgio’s has the following budgeted sales for the quarter:Determine Georgio’s budget for March cash collections assuming credit sales are collected as follows: 90% is collected the month after sale, 8% is collected two months after the month of sale, and 2% is never collected. COD sales
Pillows Unlimited makes decorative throw pillows for home use. The company sells the pillows to home décor retailers for \($14\) per pillow. Each pillow requires 1.25 yards of fabric, which the company obtains at a cost of \($6\) per yard. The company would like to maintain an ending stock of
The following information was taken from the Pillows Unlimited sales budget, found in Summary Problem 1:The company’s collection history indicates that 75% of credit sales is collected in the month after the sale, 15% is collected two months after the sale, 8% is collected three months after the
Which type of variance causes operating income to be higher than the budgeted operating income?a. Unfavorable varianceb. Favorable variancec. Neutral varianced. Any variance
The basic principle of management by exception would indicate that a manager should investigate which of the following variances?a. All variances regardless of the size of the varianceb. All favorable variances exceeding the budgeted amountc. All unfavorable variances exceeding the budgeted
If the sales revenue volume variance is favorable, then it is likely thata. fewer units were actually sold than the company had anticipated.b. the expenses of the company were less than the amount of expenses that the company had budgeted.c. more units were actually sold than the company had
Which perspective of the balanced scorecard would number of repeat customers be?a. Financialb. Learning and growthc. Customerd. Internal business
Actual salary expense is in Cell B12, budgeted salary expense is in Cell C12, and the absolute value of the salary expense variance is in Cell E12. What formula would be entered in Cell E12 to display whether the variance is Favorable (F) or Unfavorable (U)?a. =IF(B12C12,“U”,“F”)c.
The controller for the Butler Corporation wants to use the what-if analysis tool in Excel to analyze the sales price, volume, and profit related to the graphics card it manufactures.The sales price of the graphics card is \($55\), the variable cost is \($42\), and monthly fixed expenses are
A company expects to receive which of the following benefits when it uses its budgeting process?a. The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.b. The budget helps to motivate employees to achieve the company’s sales growth and
Which of the following is the starting point for the comprehensive budget?a. The direct materials budgetb. The production budgetc. The sales budgetd. The operating expenses budget
The income statement is part of which element of a company’s comprehensive budget?a. The operating budgetsb. The capital expenditures budgetc. The financial budgetd. The cash budget
The usual starting point for a direct labor budget for a manufacturer is thea. direct materials budget.b. sales budget.c. cash budget.d. production budget.
The following budgets are all financial budgets except for thea. combined cash budget.b. budgeted balance sheet.c. budgeted income statement.d. capital expenditures budget.
Which of the following expenses would not appear in a cash budget?a. Depreciation expenseb. Wages expensec. Interest expensed. Marketing expense
A service company would have all of the following budgets except fora. a sales budget.b. an operating expenses budget.c. a budgeted income statement.d. a direct materials budget.
A disadvantage to merchants from accepting debit and credit cards would bea. lost sales.b. transaction fees.c. bounced checks.d. longer time to receive cash.
A direct materials budget would be used in which of the following types of companies?a. Serviceb. Merchandisingc. Manufacturingd. All of the above
According to the text, which of the following factors is not one of the six V’s relating to big data?a. Varietyb. Viabilityc. Veracityd. Vulnerability
The regression line in a scatterplot is also known as a(n)a. high-low line.b. R-squared line.c. linear trendline.d. outcome variable.
See the Winter Sports Inc. data from S8-2. Assume that Winter Sports’ reputation has diminished and other resorts in the vicinity are charging only \($65\) per lift ticket. Winter Sports has become a price-taker and won’t be able to charge more than its competitors.At the market price, Winter
Consider Devine Fashion from S8-6. Assume that the fixed expenses assigned to each department include only the following direct fixed costs of the department (rather than unavoidable fixed costs as given in S8-6):• Salary of the department’s manager• Cost of advertising directly related to
Storage Solutions produces plastic storage bins for household storage needs. The company makes two sizes of bins: Large (50 gallon) and Regular (35 gallon). Demand for the product is so high that the company can sell as many of each size as it can produce.The same machinery is used to produce both
Consider Storage Solutions from S8-9. Assume that demand for Regular bins is limited to 36,000 units and demand for Large bins is limited to 25,000 units.1. How many of each size bin should the company make now?2. Given this product mix, what will be the company’s operating income?3. Explain why
Waverly Pool Toys Corporation manufactures a variety of pool toys. Waverly has just received a special order for a large volume of pool toys at reduced special order prices. The following is a screenshot of the special order in an Excel file in a worksheet named SpecialOrder.To follow is a sample
Suppose Smithers Company is considering discontinuing its organic dried fruit product line. Assume that during the past year, the organic dried fruit’s product line income statement showed the following:Fixed manufacturing overhead costs account for 40% of the cost of goods, while only 30% of the
TreadFast produces two types of exercise treadmills: Regular and Deluxe. The exercise craze and related demand is such that TreadFast could use all of its available machine hours producing either model. The two models are processed through the same production department.What product mix will
Each morning, Jamal Imery stocks the drink case at Jamal’s Beach Hut in Charlotte, North Carolina. Jamal’s Beach Hut has 110 linear feet of refrigerated display space for cold drinks. Each linear foot can hold either five 12-ounce cans or three 20-ounce plastic or glass bottles. The beverage
InteliSystems manufactures an optical switch that it uses in its final product. InteliSystems incurred the following manufacturing costs when it produced 70,000 units last year:InteliSystems does not yet know how many switches it will need this year; however, another company has offered to sell
Refer to E8-31A. InteliSystems needs 79,000 optical switches next year (assume same relevant range). By outsourcing them, InteliSystems can use its idle facilities to manufacture another product that will contribute \($140,000\) to operating income, but none of the fixed costs will be avoidable.
ExcerTreads produces two types of exercise treadmills: Regular and Deluxe. The exercise craze and related demand is such that ExcerTreads could use all of its available machine hours producing either model. The two models are processed through the same production department.What product mix will
TechSystems manufactures an optical switch that it uses in its final product. TechSystems incurred the following manufacturing costs when it produced 71,000 units last year:TechSystems does not yet know how many switches it will need this year; however, another company has offered to sell
TechSystems needs 78,000 optical switches next year (assume same relevant range). By outsourcing them, TechSystems can use its idle facilities to manufacture another product that will contribute \($220,000\) to operating income, but none of the fixed costs will be avoidable. Should TechSystems make
Summer Fun manufactures flotation vests in Philadelphia, Pennsylvania. Summer Fun’s contribution margin income statement for the most recent month contains the following data:Suppose Sparkle Cruiselines wishes to buy 4,600 vests from Summer Fun.Acceptance of the order will not require any
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began in Chapter 1. The components of the Burburr serial case can be completed in any order. Burburr Resorts & Hotels Corporation is a fictitious corporation.What follows are the income statements for
Mrs. Yoder is a large family-style restaurant chain located throughout the Midwest in Amish communities. Currently, Mrs. Yoder makes its own biscuits. Customers love these biscuits; they are light, fluffy, and incredibly delicious.Although customers have started to eat out again, people are not
A beverage company is considering whether to discontinue its line of grape soda. What factors will affect the company’s decision? What is a qualitative factor? Which of the factors you listed are qualitative?
What factors would be relevant to a restaurant that is considering whether to make its own dinner rolls or to purchase dinner rolls from a local bakery?
How would outsourcing change a company’s cost structure? How might this change in cost structure help or harm a company’s competitive position?
What is an opportunity cost? List possible opportunity costs associated with a make-orbuy decision.
What undesirable result can arise from allocating common fixed costs to product lines?
Why could a manager be justified in ignoring fixed costs when making a decision about a special order? When would fixed costs be relevant when making a decision about a special order?
What is the difference between segment margin and contribution margin? When would each be used?
Do joint costs affect a sell as is or process further decision? Why or why not?
How can “make-or-buy” concepts be applied to decisions at a service organization? What types of make-or-buy decisions might a service organization face?
Oscar Company builds outdoor furniture using a variety of woods and plastics. What is a constraint? List at least four possible constraints at Oscar Company.
A computer manufacturer is considering outsourcing its technical support call center to India. Its current technical support call center is located in Dellroy, Ohio. The current call center is one of the top employers in Dellroy and employs about 10% of the townspeople in Dellroy. The town has
Assume that a Campbell’s soup plant is running at 90% of its monthly capacity. Campbell’s has just received a special order to produce 40,000 cases of chicken noodle soup for a national supermarket. The supermarket will sell the soup under its own private brand label.The soup will be the same
Assume Kroger’s grocery store is deciding whether to eliminate the salad bar section of its stores. The product line income statement shows the following quarterly data for the salad bar operations:1. Only \($20,000\) of fixed costs can be eliminated if the salad bar is eliminated. The remaining
Rossignol makes downhill ski equipment. Assume that Atomic has offered to produce ski poles for Rossignol for \($18\) per pair. Rossignol needs 100,000 pairs of poles per period.Rossignol can only avoid \($125,000\) of fixed costs if it outsources; the remaining fixed costs are unavoidable.
Linger Industries makes tennis balls. Linger’s only plant can produce up to 2.5 million cans of balls per year. Current production is 2 million cans. Annual manufacturing, selling, and administrative fixed costs total \($700,000\). The variable cost of making and selling each can of balls is
1. Aziz produces Standard and Deluxe sunglasses:The company has 15,000 machine hours available. In one machine hour, Aziz can produce 70 pairs of the Standard model or 30 pairs of the Deluxe model. Assuming machine hours is a constraint, which model should Aziz emphasize?2. SmartSocks incurs the
Use the information from the FunTime Cruiseline Data Set. Suppose FunTime Cruiseline decides to offer two types of dinner cruises: regular cruises and executive cruises. The executive cruise includes complimentary cocktails and a five-course dinner on the upper deck. Assume that fixed expenses
Refer to your answer to S7-7.a. Compute the total number of dinner cruises that FunTime Cruiseline must sell to break even.b. Compute the number of regular cruises and executive cruises the company must sell to break even.FunTime Cruiseline offers nightly dinner cruises departing from several
Describe what each letter stands for in the CVP graph. D C 300 200 F G H B A 150 E The breakeven point is at K units and at dollars of sales.
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).1. Paige is an accountant for Brookdale Natural Foods, a national grocery chain. Paige prepares internal
Refer to Noodle Time in E7-26A. Mason did franchise her restaurant concept. Because of Noodle Time’s success, Noodles ‘n More has come on the scene as a competitor. To maintain its market share, Noodle Time will have to lower its sales price to \($6.00\) per bowl. At the same time, Noodle Time
Refer to Granville Steel Parts in E7-28A. The owner feels like he’s in a giant squeeze play:The automotive manufacturers are demanding lower prices, and the steel producers have increased raw material costs. Granville’s contribution margin has shrunk to 60% of revenues.The company’s monthly
James Griffin admired his friend Diamond Walker’s success at selling scarves at local craft shows (E7-33A), so he decided to make two types of plant stands to sell at the shows.James makes twig stands out of downed wood from his backyard and the yards of his neighbors, so his variable cost is
Wellington Medical Supply is a retailer of home medical equipment. Last year, Wellington’s sales revenues totaled \($6,300,000\). Total expenses were \($2,200,000\). Of this amount, approximately \($1,260,000\) were variable, while the remainder were fixed. Since Wellington’s offers thousands
Dara Thompson operates a snow cone cart that she takes to outdoor fairs and festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently sells each snow cone for \($4.00\). The variable cost for each snow cone is \($1.50\). The monthly fixed
Refer to Porterville Steel Parts in E7-51B. The owner feels like he’s in a giant squeeze play: The automotive manufacturers are demanding lower prices, and the steel producers have increased raw material costs. Porterville contribution margin has shrunk to 45% of revenues. Porterville monthly
Ibrahim Binney admired his friend Mariah DeLozier’s success at selling scarves at local craft shows (E7-56B), so he decided to make two types of plant stands to sell at the shows. Ibrahim makes twig stands out of downed wood from his backyard and the yards of his neighbors, so his variable cost
The controller for the Jubilee Corporation wants to use the what-if analysis tool in Excel to analyze the sales price, volume, and profit related to the graphics card it manufactures.The sales price of the graphics card is \($60\), the variable cost is \($42\), and monthly fixed expenses are
Claire Swanson operates a snow cone cart that she takes to outdoor fairs and festivals on the weekends. She makes the snow cones from ice shavings topped with flavored sugar syrup. She currently sells each snow cone for \($5.00\). The variable cost for each snow cone is \($2.00\). The monthly fixed
Horner Work Wear, Inc., supplies uniforms for a variety of businesses. Xavier Hoffman is a new intern in the Accounting Department at Horner. To expand sales, the company is considering paying commissions to its sales force. The controller, Trinity Wallace, asks Xavier to complete an analysis
Goose down is used in a wide variety of products, including jackets, bedding, and pillows.Lands’ End, a retailer of clothing and bedding items, uses goose down in many of its products.For a variety of reasons, the cost of down has been increasing over the past several years. On the demand side,
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja spends \($0.50\) on each hot dog sold, including bun and condiments. She sells each hot dog for \($2.00\).1. What is the contribution margin per unit?2. What is the
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Deja’s contribution margin per unit is \($1.50\) and her contribution margin ratio is 75%.1. How many hot dogs does Deja need to sell each month to break even?2. How much

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