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managerial accounting

Questions and Answers of Managerial Accounting

Which would be more appropriate in each of the following organizations-job-order costing or processcostr. ng?.a. A custom home builder.b. A music producer.c. A website designer.d. A business
John Ranton, president and founder of Running Mate, could hardly contain his excitement over the operating results for his company's second year of operations. Running Mate is an online retailer of a
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Given the facts in
Anand Limited manufactures drones for industrial use. Most of their costs are either true variable costs or fixed costs. However, an account analysis shows the following items are mixed costs.*The
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Given the facts in
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Estimate variable
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:By how much would
Describe a non-linear variable cost and give an example.
We Deliver operates a fleet of delivery trucks in Halifax. Analysis shows that if a truck is driven 105,000 kilometres during a year, the average operating cost is 11.4 cents ($0.114) per kilometer.
What is a mixed cost? Give some examples.
Classify the following fixed costs as normally being either committed or discretionary:a. Depreciation on buildings.b. Property taxes.c. Research and development.d. Maintenance on production
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:By how much would
What is the purpose of preparing a scattergram?
Learn Fast specializes in developing online training modules for its client~. Most of its costs are fixed but some have unusual cost behaviour patterns. For exan1ple, because of the intense
Waverley Welding Company provides welding services for a variety of industrial customers in the manufacturing, aerospace, and electronics industries. The number of jobs completed from one month to
Easy Learning (EL) develops on line learning platforms for companies using gamification techniques to make the learning experience engaging. Research shows that employees are far more likely to use
What determines the slope of a profit graph?
Mauro Products distributes a single product, a scarf; its selling price is $ I 5 and its variable cost is $12 per unit. The company's monthly fixed expense is $4,200. Required:1. Solve for the
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Given the facts in
James House is planning on starting a cleaning services business but has not decided whether he should focus on residential clients or commercial clients. His estimates of revenue, variable expenses,
Name the two approaches to break-even analysis. Briefly explain how each approach works.
Information for Drone On Limited is shown below:Total fixed expenses are $100,000 per month, and Drone On Limited is selling 1,000 drones per month.Required:1. The marketing manager argues that a
What effect would an increase in the income tax rate from 25% to 30% have on the break-even level of sales (dollars or units), assuming no change to price per unit, variable cost per unit, or fixed
What is meant by the term cost structure?
How is the weighted average contribution margin per unit calculated for companies that sell two or more products?
Teri Hall recently opened Sheer Elegance Inc., a store specializing in fashionable stockings. Hall has just completed a course in managerial accounting, and she believes that she can apply certain
Frieden Company's contribution format income statement for last month is shown below:Competition is intense, and Frieden Company's profits vary considerably from one year to the next. Management is
Estate Pension Services helps clients set up and administer pension plans that comply with tax Jaws and regulatory requirements. The firm uses a job-order costing system in which overhead is applied
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Given the facts in
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:If the air
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:If 10 air
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:If nine air
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:If seven air
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:What is the cost
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:What is the fixed
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Using the high-low
Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable variation in shipping expenses from month to month as per the data below:Which two months
Jan Davis is employed by Wesley Limited. Last week she worked 48 hours assembling one of the company's products. Wesley's employees work a 40-hour week and Davis is paid $24 per hour. Employees are
Performance Edge (PE) is a consulting firm that helps companies develop employee recognition programs. It maintains a large inventory of prizes companies can give to deserving employees. Because of
Classic Sound is a s tart-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO spl
ls it possible for a company to have $0 in cost of goods manufactured but $100,000 in cost of goods sold? Explain.
Should overtime premiums paid to employees to complete a rush order for a specific customer be classified as overhead or as direct labour? Explain.
What is the relevant range, and why is it important to understand this when predicting costs?
A company pays its employees a weekly salary based on working 40 hours per week and pays $20 per hour for time worked in excess of 40 hours. ln terms of cost behavior, what type of cost is total
What is the difference between raw materials inventory and work in process inventory? Are they included on the balance sheet or income statement?
What are administrative costs? How are they treated on the income statement?
Problems experienced by Toyota Motor Corporation with accelerator pedals sticking and brakes malfunctioning in some of its vehicle models illustrate how important it is to identify and control
Assume that you are the chairman of the Department of Accountancy at Central Manitoba University. One of the accounting professors in your department, Dr. Smith, has been uniformly regarded by
How do you compute the cost of goods manufactured?
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments€”Molding and Fabrication. It started, completed, and
How is the unit product cost of a job calculated?
What is job-order costing?
Managers often assume a strictly linear relationship between cost and the level of activity.Under what conditions would this be a valid or invalid assumption?
The budget director of Monarch Furniture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning
Alert Systems Inc. prepared the following sales budget for the current year:At the end of December 2012, the following unit sales data were reported for the year:For the year ending December 31,
On January 1, 2012, the controller of Med-Tek Inc. is planning capital expenditures for the years 2012–2015. The following interviews helped the controller collect the necessary information for the
Select Physical Therapy Inc. is planning its cash payments for operations for the third quarter ( July€“September), 2013. The Accrued Expenses Payable balance on July 1 is $28,000. The
Sage Learning Systems Inc. was organized on September 30, 2012. Projected selling and administrative expenses for each of the first three months of operations are as
Office Universe Supplies Inc. has “cash and carry” customers and credit customers. Office Universe estimates that 25% of monthly sales are to cash customers, while the remaining sales are to
Pet Mart Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2012. Projected sales for each of the first three months of operations are as follows:March............................$
The controller of Oriental Ceramics Inc. wishes to prepare a cost of goods sold budget for June. The controller assembled the following information for constructing the cost of goods sold budget:Use
Dover Chemical Company uses oil to produce two types of plastic products, P1 and P2. Dover budgeted 30,000 barrels of oil for purchase in April for $78 per barrel. Direct labor budgeted in the
Blondie Candy Company budgeted the following costs for anticipated production for July 2012:Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance
Prepare a cost of goods sold budget for MyLife Publishers Inc. using the information in Practice Exercises and Assume the estimated inventories on January 1, 2012, for finished goods and work in
MyLife Publishers Inc. budgeted production of 159,000 diaries in 2012. Paper is required to produce a diary. Assume eight square yards of paper are required for each diary. The estimated January 1,
Baker Co. expects to maintain the same inventories at the end of 2012 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of
Data related to the expected sales of two types of frozen pizzas for Delicious Frozen Foods Inc. for the current year, which is typical of recent years, are as follows:The estimated fixed costs for
Last year, O’Meara Co. had sales of $2,000,000, based on a unit selling price of $500. The variable cost per unit was $300, and fixed costs were $720,000. The maximum sales within O’Meara’s
For the coming year, Sorkin Company anticipates a unit selling price of $80, a unit variable cost of $40, and fixed costs of $400,000.1. Compute the anticipated break-even sales (units).2. Compute
Olympic Clothing Co. manufactures a variety of clothing types for distribution to several major retail chains. The following costs are incurred in the production and sale of blue jeans:a. Consulting
Using the data for Weill Inc. in Exercise 19-17, (a) determine the maximum possible operating loss, (b) compute the maximum possible income from operations, (c) construct a profit-volume chart, and
The Junior League of Kernersville, North Carolina, collected recipes from members and published a cookbook entitled Food Is Love. The book will sell for $15 per copy. The chairwoman of the cookbook
Walker Co. reports the following data:Determine Walker Co.€™s operating leverage. Sales Variable costs Contribution margin $600,000 250,000 $350,000 Fixed costs Income from operations
Marsh Company has sales of $600,000, and the break-even point in sales dollars is $456,000. Determine the company’s margin of safety as a percent of current sales.
Mitra Inc. has sales of $910,000, and the break-even point in sales dollars is $746,200. Determine the company’s margin of safety as a percent of current sales.
State Fair Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging
Prepare a cost of production report for the Cutting Department of Tanner Carpet Company for December 2012. Use the average cost method with the following data: Work in process, December 1, 4,500
The increases to Work in Process€”Roasting Department for Boston Coffee Company for March 2012 as well as information concerning production are as follows:Prepare a cost of production
The debits to Work in Processâ€”Roasting Department for St. Arbucks Coffee Company for July 2012, together with information concerning production, are as follows:All direct materials are placed
Golden Bear Refining Company processes gasoline. On April 1 of the current year, 5,000 units were 3„5 completed in the Blending Department. During April, 45,000 units entered the Blending
Pacific Products Inc. completed and transferred 55,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending
Units of production data for the two departments of Atlantic Cable and Wire Company for June of the current fiscal year are as follows:If all direct materials are placed in process at the beginning
The Converting Department of Soft N’ Dry Towel and Tissue Company had 920 units in work in process at the beginning of the period, which were 75% complete. During the period, 16,200 units were
The costs of materials consumed in producing good units in the Forming Department were $84,000 and $85,500 for May and June, respectively. The number of equivalent units produced in May and June was
The costs of energy consumed in producing good units in the Baking Department were $15,680 and $15,400 for August and September, respectively. The number of equivalent units produced in August and
AM Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following
Jagger and Richards Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for October:In addition, the
Capri Wigs Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Capri Wigs prepared the following
Kraus Industries Inc. manufactures recreational vehicles. Kraus uses a job order cost system. The time tickets from July jobs are summarized below.Job 501............................$4,200Job
A summary of the time tickets for the current month follows:Journalize the entry to record the factory labor costs. Job No. 301 Job No. Amount Amount $ 3,200 2,450 3,875 14,500 $ 4,500 3,450 3,760
An incomplete subsidiary ledger of wire cable for June is as follows:a. Complete the materials issuances and balances for the wire cable subsidiary ledger under FIFO.b. Determine the balance of wire
At the end of June, Plowers Company had completed Jobs 30 and 32. Job 30 is for 6,000 units, and Job 32 is for 6,875 units. Using the data from Practice Exercises 17-1B, 17-2B, and 17-4B, determine
At the end of April, Darling Company had completed Jobs 50 and 51. Job 50 is for 10,000 units, and Job 51 is for 12,500 units. Using the data from Practice Exercises 17-1A, 17-2A, and 17-4A,
Based on the data in Exercise 12-1, what factors other than earnings per share should be considered in evaluating these alternative financing plans?Data from Exercise 12-1:Kelton Co., which produces
Selected transactions completed by Gampfer Company during its first fiscal year endingDecember 31 were as follows:Jan. 2. Issued a check to establish a petty cash fund of $3,200.Mar. 14. Replenished
In the following summary of data for a payroll period, some amounts have been intentionally omitteda. Calculate the amounts omitted in lines (1), (3), (8), and (12).b. Journalize the entry to record
Assume the same facts as in Exercise 9-25, except that the book value of the press traded in is $185,000. (a) What is the amount of cash given? (b) What is the gain or loss on the exchange?Data from
The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal year for Best Buy and Radio Shack:a. Compute the fixed asset turnover for each company. Round to
List the errors you find in the following partial balance sheet: Contours Company Balance Sheet December 31, 2012 Assets Total current assets. $350,000 Replacement Accumulated Depreciation Book Value
Use the data in Exercises 8-27 and 8-28 to analyze the accounts receivable turnover ratios of H.J. Heinz Company and The Limited Brands Inc.a. Compute the average accounts receivable turnover ratio

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