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business
managerial accounting

Questions and Answers of Managerial Accounting

Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Additional Information a. Sales and production data for these
Azule Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Additional Information a. Sales and production data for these
Review Apple’s income statement in Appendix A for the year ending September 30, 2017, and identify its net income for 2017.1. Is Apple’s net income prepared using absorption costing or variable
Review Samsung’s income statement in Appendix A for the year ending December, 31 2017, and identify its net income for 2017.1. Review Samsung’s balance sheet data in Appendix A as of December
Refer to the information in QS 6-16. The company sells its product for $50 per unit. Due to new regulations, the company must now incur $2 per unit of hazardous waste disposal costs and $8,500 per
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. To prepare a master budget for January,
Refer to the information in QS 6-16. The company sells its product for $50 per unit. Due to new regulations, the company must now incur $2 per unit of hazardous waste disposal costs and $8,500 per
Near the end of 2019, the management of Isle Corp., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. To prepare a master budget for January, February,
Render Co. CPA is preparing activity-based budgets for 2019. The partners expect the firm to generate billable hours for the year as follows. The company pays $15 per hour to data-entry clerks, $30
Business Solutions?s second-quarter 2020 fixed budget performance report for its computer furniture operations follows. The $156,000 budgeted expenses include $108,000 in variable expenses for desks
Refer to the information from QS 8-18. Compute the variable overhead spending variance and the variable overhead efficiency variance and classify each as favorable or unfavorable.QS8-18Actual machine
The plant assets section of the comparative balance sheets of Anders Company is reported below. Refer to the balance sheet data above from Anders Company. During 2019, equipment with a book value
Refer to the balance sheet data in QS 12-10 from Anders Company. During 2019, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. 1. How much cash
In general, variances tell managersa. Nothing.b. Whom to promote and whom to fire.c. Whether budgeted goals are being achieved.d. Which departments are running at full capacity.
Betty?s Bakery has the following standard cost sheet for one unit of its most popular cake: During the month of May, the company made 600 cakes and incurred the following actual costs:Direct
First Trax Company manufactures snowboards. Its standard cost information follows. First Trax has the following actual results for the month of June: Number of units produced and sold
Beverly Company has determined a standard variable overhead rate of $2.50 per direct labor hour and expects to incur 0.5 labor hour per unit produced. Last month, Beverly incurred 950 actual direct
For each of the following independent cases, fill in the missing amounts: Valerle, Inc. Jess Co. Casey Co. Kevin, Inc. Units produced Standard hours per unit Standard hours Standard rate per hour
In each of the following situations, identify which type of responsibility center is appropriate based on the decision-making authority the manager would possess:1. The manager of the accounting
On January 1, 2018, you deposited $8,000 in a savings account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year.Required
Robertson Resorts is considering whether to expand their Pagosa Springs Lodge. The expansion will create 24 additional rooms for rent. The following estimates are available:Cost of expansion
The following table contains information about four potential investment projects that Castle Corporation is considering. Required: 1. Rank the four projects in order of preference by using: a.
The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015). Let?s see whether these changes are reflected in the income statement of Chevron
Explain the difference between discretionary and common fixed costs. Give an example of each.
The following example is adapted from a real-life case study developed by ENGIE Insight, a technology- enabled energy consulting company that helps companies identify opportunities to reduce energy
Evanson Company expects to produce 500,000 units of their product during the year. Monthly production is expected to range from 40,000 to 80,000 units. The company has budgeted manufacturing costs
Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: Required: Complete the table. Actual Costs Spending Flexible Budget Volume
What are standard costs? When are they set?
Complete the following table: NUMBER OF UNITS Ending Inventory 125 Beginning Inventory Production Sales 500 125 930 750 900 805 845 90 80 710 1,200 85 225 290 160 795
Wholesome Dairy processes milk. The cost of the milk processing is $1,250,000. Wholesome is looking to increase its net income and is exploring the possibility of expanding its products to include
Match each of the following graphs to the correct cost behavior. Cost Behavior1. Variable cost per unit.2. Total variable cost.3. Fixed cost per unit.4. Total fixed cost.5. Total mixed cost.
Match each of the terms on the left by inserting the appropriate definition letter in the space provided. Not all definitions will be used. 1. Contribution margin A. The way in which total cost
Anderson Publishing has two divisions: Book Publishing & Magazine Publishing. The Magazine division has been losing money for the last 5 years and Anderson is considering eliminating that
Frannie Fans currently manufactures ceiling fans that include remotes to operate them. The current cost to manufacture 10,000 remotes is as follows:
More Parts Liquidators specializes in buying excess parts inventories for resale or to incorporate into other products. They recently purchased parts for $100,000 and they have a buyer willing to pay
Baker Company produced 1,500 units in May at a total cost of $10,000 and 4,000 units in June at a total cost of $18,000. Compute the variable cost per unit and the total fixed cost using the highlow
Castle Inc. has the following information: Indicate whether these costs are variable, fixed, or mixed. Explain your answers. Month Amount Units Month Amount Units $20,000 40,000 February $40,000
Classify each of the following as Prevention (P), Appraisal or Inspection (AI), Internal Failure (IF), or External Failure (EF) costs._____ 1. Cost of scrapped product._____ 2. Damage to company’s
Rosehut Olive Oil Company makes two grades of olive oil: standard and extra virgin. Rosehut has identified two activity cost pools, the related costs per pool, the cost driver for each pool, and the
Refer to the information provided in M4?13. Barry Gold, a tax client of Sunrise Accounting, requires 20 miles of transportation, 50 hours of processing time, and 3 hours of office support. Using the
Sunrise Accounting provides basic tax services and ?rent-a-controller? accounting services. Sunrise has identified three activity pools, the related costs per pool, the cost driver for each pool, and
Match each of the definitions by inserting the appropriate term letter in the space provided. Not all terms will be used. 1. An activity, such as machine setups, that occurs before each production
Match each of the terms on the left with the appropriate definition on the right. Not all definitions will be used. 1. Activity-Based Costing A. Activities that are performed to benefit the organi-
Brite Toothbrushes has gathered the following information to complete its Production Report for the month of April. Required: Using the provided information, complete the report. BRITE TOOTHBRUSHES
Laser Resources produces and sells laser components and accessories. All materials are added at the beginning of the process. It has compiled the following information regarding its physical units
For each of the following independent cases (A to D), compute the missing value in the table. Beginning Units Units Started 4,600 1,600 1,500 Units Completed 3,300 Ending Units Case 800 2,400 3,200
Match each of the terms on the left with the appropriate definition on the right. Not all definitions will be used. Term Definition A. Provides information about the umber of units and manufacturing
Pental Manufacturing Company incurred the following transactions during the year:a. Purchased raw materials on account, $50,500.b. Requisitioned raw materials of $32,000 to the factory, which
For each of the following independent cases (1 to 4), compute the missing values. Note: Complete the missing items in alphabetical order. Case 3 Case 1 Case 2 Case 4 $ 7,000 $ 55,000 $16,000
Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per
Cooper Billiards manufactures pool tables. Complete the following table to indicate which account increases or decreases as a result of each action. Note: An action may affect more than one account.
Manufacturing costs for Davenport Company during 2018 were as follows:Beginning Finished Goods, 1/1/18 ................................. $24,100Beginning Raw Materials, 1/1/18
Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $250,000 and direct labor hours to
Describe the three types of analytics. Give an example of how a manager at California Pizza Kitchen might use each type of analytics.
What three factors make “big data” difficult to analyze using traditional tools such as spreadsheets and databases.
The following information is available for Wonderway, Inc., for 2018:Factory rent ............................................................ $40,000Company advertising
Cartwell Inc. makes picture frames which are sold in a local retail store and through various websites.Wood for frames .......................................................... $10,000Rent for
Cotton White, Inc., makes specialty clothing for chefs. The company reported the following costs for 2018:Factory rent ...............................................................................
Match each of the terms on the left with the appropriate definition on the right. Not all definitions will be used. Term Definition A. A company that purchases raw materials and converts them into
Match each of the terms on the left with the appropriate definition on the right. Not all definitions will be used. Term Definition A. Accounting information that is aimed at exter- 1. Budget nal
During the current year, a company declared and paid a $60,000 cash dividend and a 10% stock dividend. How will these two items be treated on the current year’s cash flow statement?
Use an online directory, such as http://www.411.ca or http://www.yellowpages.ca, to find a company in your area that has a website that includes an annual report, with a cash flow statement. Make an
“Damn the new IFRS regulations!” exclaimed George Lindsay, director of operations for Dowell Corporation. The corporate office recently decided to include “Cash flow from operations” as an
Bajaj Ltd. reported the following statistics and results for 20X9:Net operating income............................................$54,000Return on
What are the three basic approaches to improving return on investment (ROI)?
Can an investment with a profitability index of less than 1.00 be an acceptable investment? Explain.
What is the preference rule for ranking investment projects under the NPV method?
Why are preference decisions sometimes called rationing decisions?
Refer to Exhibit 10?3. Is the return on this investment proposal exactly 20%, slightly more than 20%, or slightly less than 20%? Explain your answer. EXHIBIT 10–3 NPV Analysis of a Proposed
Why is the NPV method of making capital budgeting decisions superior to other methods, such as the payback and SRR methods?
The original cost of a machine the company already owns is irrelevant in decision making. Explain why this is so.
“Wonderful! Not only did our salespeople do a good job in meeting the sales budget this year, but our production people did a good job in controlling costs as well,” said Kim Clark, president of
Assume that your team is going to form a company that will manufacture chocolate chip cookies. The team is responsible for preparing a list of all product components and costs necessary to
The Central Valley Company is a manufacturing firm that produces and sells a single product. The company?s revenues and expenses for the last four months are given below. Required: 1. Management
Perrot Industries has $325,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives follow: The working capital needed for project B will be
Information on four investment proposals is provided below: Required: 1. Compute the profitability index for each investment proposal. 2. Rank the proposals in terms of preference. Investment
Zinn Corporation recently agreed to a union contract provision that guarantees a minimum wage of $1,250 per month to each direct labour employee equivalent to 125 hours of work each month. Currently,
Aaha Inc. produces premium protective automotive covers. The direct materials and direct labour standards for one car cover are as follows: Budgeted fixed overhead cost is $17,700, and the normal
The St. Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The blood bank has just finished its operations for September,
Flandro Company uses a standard costing system and sets predetermined overhead rates on the basis of direct labour-hours. The following data are taken from the company’s budget for the current
Pecs Alley is a regional chain of health clubs. The managers of the clubs, who have authority to make investments as needed, are evaluated based largely on ROI. The Vancouver club reported the
Wally Steel Division is a unit of Wally Industries which produces tool and die machinery for manufacturers. The steel division operates as one of several separate investment centres of Wally
Auto Parts is a division of MPI International, located in Wadena, Saskatchewan. Auto Parts manufactures various automobile parts, such as bumpers, fenders, and axles, and sells them to major auto
Primara Corporation has a standard costing system in which it applies overhead to products on the basis of the standard direct labour-hours allowed for the actual output of the period. Data
ToasToe Inc. (TI) is a manufacturer of heating elements for toaster overs. To improve control over operations, the president wants to install a flexible budgeting system, rather than the single
Sharp Company manufactures a product for which the following standards have been set: During March, the company purchased direct materials at a cost of $55,650, all of which were used in the
The Munchkin Theatre is a nonprofit organization devoted to staging plays for children. The theatre has a very small full-time professional administrative staff. Through a special arrangement with
On January 6, the Nick Company reported that, by earning an actual income of $3,000 in December, the company missed meeting its planned target income by $7,000. Due to the fact that the actual volume
The following data were collected by Bemidji Co. for the month of June:Static budget data:Sales..............................................................9,000 units @ $30/unitVariable
JigSaw Puzzle Company makes a certain product using materials measured in metres, labour-hours, and overhead costs.. The company uses a standard costing system. The following information is available
Taylor Inc. uses a standard cost system. The company has the following results for the current period: Variable overhead is applied at $27.50 per direct labour-hour. Actual variable overhead was
Consider a manufacturer that makes a certain product. Variable manufacturing overhead and fixed manufacturing overhead are allocated to each unit made based on budgeted direct labour-hours. The
Selected operating information on three different companies for a recent year is shown below: Required: For each company, state whether the company would have a favourable or unfavourable volume
Canadian Lawn and Yard Services (CLYS) recently decided to implement a standard costing system for all the different kinds of yard and lawn services it provides to customers. For its “standard”
You have been given the following list of variances for the PennadiCompany:Direct materials price variance................................................$14,000 UDirect materials quantity
Why is overhead efficiency variance a misnomer?
Chilczuk, S.A. of Gdansk, Poland, is a major producer of classic Polish sausage. The company uses a standard costing system to help control costs. Overhead is applied to production on the basis of
The standard cost card for the single product manufactured by Cutter, Inc. is provided below: Standard Cost Card?Per UnitDirect materials, 3 metres at $7.50 per
Selected information relating to Yost Company’s operations for the most recent year is as follows:Activity:Denominator activity level (machine-hours)........................30,000Standard hours
You have just been hired by FAB Company, the manufacturer of a revolutionary new garage door opening device. John Foster, the president, has asked that you review the company’s costing system and

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