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managerial accounting

Questions and Answers of Managerial Accounting

Refer to the Farnsworth Company information in Problem 3-41 for the first 10 months of data on receiving orders and receiving cost. Now suppose that Tracy has gathered two more months of data:For the
Refer to the Farnsworth Company information in Problem 3-41 for the first 10 months of data on receiving orders and receiving cost. Now suppose that Tracy has gathered two more months of data:For the
Refer to the Farnsworth Company information in Problem 3-41. However, now assume that Tracy has used the method of least squares on the receiving data and has gotten the following results:
Refer to the company information in Exercise 3-33.Required:1. What is the cost formula for a year?2. Using the cost formula from Requirement 1, predict the cost of parts inspection for a year in
Refer to the Fly High Airlines company information in Exercise 3-31.Required:1. Develop annual cost formulas for airplane depreciation, fuel, and airplane maintenance.2. Using the three annual cost
Refer to the Luisa Crimini company information in Exercise 3-28.Required:Prepare a scattergraph based on Luisa’s data. Use cost for the vertical axis and number of tanning appointments for the
Refer to the Ben Palman art gallery information in Exercise 3-26.Required:1. Assume that the cost driver is number of opening shows. Develop the cost formula for the gallery’s costs for a year.2.
Appendix) In the method of least squares, the coefficient that tells the percentage of variation in the dependent variable that is explained by the independent variable is a. the
The cost formula for monthly supervisory cost in a factory. Total cost =$4,500This cost a. is strictly variable.
An advantage of the scattergraph method is that it a. is objective. b. is easier to use than the high-low method. c. is the most accurate method. d.
The following six months of data were collected on maintenance cost and the number of machine hours in a factory:Select the correct set of high and low months.
The following six months of data were collected on maintenance cost and the number of machine hours in a factory:Select the independent and dependent variables
An advantage of the high-low method is that it a. is objective. b. is subjective. c. is the most accurate method. d. removes outliers. e.
The following cost formula for total purchasing cost in a factory was developed using monthly data. Purchasing cost =$123,800 + ($15 × Number of purchase orders)Next month,
The following cost formula was developed using monthly data for a hospital. Total cost = $51,400 + ($125 × Number of patient days)The term ‘‘Total cost’’ a.
The following cost formula was developed using monthly data for a hospital. Total cost = $51,400 + ($125 × Number of patient days)The term ‘‘Number of patient
The following cost formula was developed using monthly data for a hospital. Total cost = $51,400 + ($125 × Number of patient days)The term $125 a. is the variable
The following cost formula was developed by using monthly data for a hospital. Total cost = $51,400 + ($125 × Number of patient days)The term $51,400 a. is the
Which of the following would probably be a fixed cost in an automobile insurance company? a. Application forms b. Time spent by adjusters to evaluate accidents c.
Which of the following would probably be a variable cost in a soda bottling plant? a. Direct labor b. Bottles c. Carbonated water d. Power to run the
A factor that causes or leads to a change in a cost or activity is a(n) a. driver. b. intercept. c. slope. d. variable term. e. cost object.
A factor that causes or leads to a change in a cost or activity is a(n) a. driver. b. intercept. c. slope. d. variable term. e. cost object.
Refer to the data provided in Exercise 2-39.Required:Prepare an income statement for Jasper Company for last year. Calculate the percentage of sales for each line item on the income statement. Round
Refer to the data provided in Exercise 2-39.Required:1. Calculate the sales revenue for last year.2. Prepare an income statement for Jasper Company for last year.Data From Exercise 2-39:Jasper
Refer to the data provided in Exercise 2-37.Required:What was the cost of goods sold for March?Data From Exercise 2-37:In March, Chilton Company purchased materials costing $14,000 and incurred
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. Operating income is a. $34,000. b. $110,000. c. $234,000. d. $270,000.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. The total period expense is a. $276,000. b. $200,000. c. $76,000. d.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. The gross margin per unit is a. $24.00. b. $11.00. c. $16.00. d.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. The cost of goods sold per unit is: a. $7.00. b. $20.00. c. $15.00. d.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. Conversion cost per unit is: a. $7.00. b. $20.00. c. $15.00. d. $5.00.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. Conversion cost per unit is: a. $7.00. b. $20.00. c. $15.00. d. $5.00.
Last year, Barnard Company incurred the following costs: Direct materials $ 50,000
Which of the following is a period expense? a. Factory insurance b. CEO salary c. Direct labor d. Factory maintenance e. All of the above
JackMan Company produces diecast metal bulldozers for toy shops. JackMan estimated the following average costs per bulldozer: Direct materials
Stone Inc. is a company that purchases goods (e.g., chess sets, pottery) from overseas and resells them to gift shops in the United States. Stone Inc. is which of the following? a.
Target is which of the following? a. Retailer b. Wholesaler c. Manufacturing firm d. Service firm e. None of the above
Kellogg’s makes a variety of breakfast cereals. Kellogg’s is which of the following? a. Retailer b. Wholesaler c. Manufacturing firm d. Service
Bobby Dee’s is an owner-operated company that details (thoroughly cleans—inside and out) automobiles. Bobby Dee’s is which of the following? a. Retailer b.
Which of the following is an indirect cost? a. The cost of denim in a jeans factory b. The cost of mixing labor in a factory that makes over-the-counter pain relievers
The accountant in a factory that produces biscuits for fast-food restaurants wants to assign costs to boxes of biscuits. Which of the following costs can be traced directly to boxes of
Refer to the Wachman Company information in Multiple-Choice Exercise 2-3. Total gross margin for last year was a. $75,000. b. $44,000. c. $61,000. d.
Wachman Company produces a product with the following per-unit costs: Direct materials
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, overhead, and operating expense. c.
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, overhead, and operating expense.
Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be
Using the Internet, locate the code of conduct for three different companies. Briefly describe each code of conduct. How are they similar? How are they different?
Which of the following is typically found in a corporation’s code of ethics? a. Respect for others b. Integrity c. Honesty d. Competence
The chief accounting officer for a firm is the a. chief executive officer. b. chief operating officer. c. vice president of sales. d. production
Managerial accountants in an organization are typically a. line positions. b. marketing positions. c. staff positions. d. production positions.
terms of strategic positioning, which two general strategies may be chosen by a company? a. Activity-based costing and value chain emphasis b. Revenue production and cost
Which of the following is a characteristic of financial accounting? a. There is an internal focus. b. Subjective information may be used. c. There is a historical
Which of the following is a characteristic of managerial accounting? a. There is an internal focus. b. Subjective information may be used. c. There is an emphasis
The process of choosing among competing alternatives is called a. controlling. b. decision making. c. planning. d. performance evaluation.
Setting objectives and identifying methods to achieve those objectives is called a. controlling. b. decision making. c. planning. d. performance evaluation. e. none of
The users of managerial accounting information include a. for-profit companies. b. not-for-profit organizations. c. city governments. d. educational
The provision of accounting information for internal users is known as a. managerial accounting. b. accounting. c. financial accounting. d. information
Homestead would provide a building to store supplies and would handle all recordkeeping. Homestead has a storage barn not currently in use. Shelving would be required for stacking the product, and a
Sage Ltd. had the following results for the month of March. What was the cost of goods manufacturedin March?Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consider each of the following situations independently. 1. Annual cash inflows from two competing investment opportunities are given below. Each investment opportunity will require the same initial
Memorsave Inc. makes and sells picture frames. From July to October of the coming year, Memorsave expects the following unit
Memorsave Inc. makes and sells picture frames. Budgeted direct labour hours for July to September of the coming year are:July 15,200August 16,350September 17,100The variable overhead
The Faber division of Fondori Company had operating income last year of $170,250 and operating assets of $3,625,000. Fondori's minimum acceptable rate of return is 5 percent.Required:1. Calculate the
PaperTigers is a software development company operating in Waterloo, Ontario. The company specializes in developing applications for the healthcare industry relating to controlling the distribution
Consider the following conversation between Mary, a self-employed printer, and Peter, an assistant in the athletics and recreation department of a local university.Peter: Mary, we have been customers
Before reading Chapter 1, what did you picture accountants doing, day in and day out, at their jobs? From where did this mental picture come (e.g., movies, first accounting class, speaking with
When you think of an accountant, who do you picture? Do you personally know anyone (family member, friend, relative) whose chosen career is accounting? If so, do they fit your description of an
Omega Ltd. manufactures digital compasses for navigation. The company’s total overhead budget for April for the manufacture of 4,000 units was $99,200. Overhead is applied on the basis of direct
The total static budget variance for KCC Ltd. for the month of December was $7,000 U. The total flexible budget variance was $3,000 U. The actual results for the month showed net operating income of
A plant manager hired a large number of replacement production workers at the start of March because he was able to hire them for much less than the usual wage rate. As a result, the direct labour
Perrot Industries has $265,000 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
Melissa has created a successful business manufacturing and selling Sparkles, a high-end stuffed unicorn toy for young children. She sells them to department stores for $50 each. Current
Alpha Corporation Ltd. makes specialized metal engine stampings for one of the major automobile manufacturers. Alpha is considering replacing one of the stamping machines used in the production of
Bullitt Corp. needs a make-or-buy decision for several of its products. For one product, the variable cost per part is $13.50. Fixed costs traceable to the part are $2,000, of which $1,000 is
TBI Ltd. makes tennis balls and other tennis-related items. This year?s expected production of tennis balls is 10,000 tins (each consisting of three tennis balls). Cost data are as follows: The
Imperial Jewellers is considering a special order for 20 handcrafted gold bracelets for a major upscale wedding. The gold bracelets are to be given as gifts to members of the wedding party. The
Brown Corp.’s weekly production output is 800 units of a product that sells for $20 per unit and has variable costs of $16 per unit. Maximum capacity is 1,000 units per month. Total fixed costs per
Deng Corp. produces hydraulic lifts that are used by hospitals to move bedridden patients. The costs ofmanufacturing and marketing the hydraulic lifts at the company’s standard normal volume of
Janice owns the Cute Cut Salon. She employs five stylists and pays each a base salary of $1,500 per month. One of the stylists serves as the manager, receiving an extra $500 per month. In addition to
In 2015, Vario Company expects to sell 54,000 units of its only product at a price per unit of $250.The following information is available:• The variable manufacturing cost per unit is $145.• The
Repeat Company is a new company in a competitive economy. Last year, the company had the following financial results:Sales (units) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Walton Ltd. is considering replacing an existing machine with a new and faster machine that will produce a more reliable product (i.e., better tolerances). The switch to a new machine resulting in a
Following are the selling and cost information data concerning Realm Co.’s only product:Selling price per unit . . . . . . . . . . . . . . . . . $100Costs per unit (10,000 units produced and
The following data are for the Biro Liu Company, a manufacturer of ballpoint pens:Income tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . 50%Selling price per unit . . . . . . . . . . . .
Boomer Company has reported an operating loss of $40,000 on sales of $20,000. The contribution margin was negative $10,000. The company has proposed the purchase of a new machine. Fixed costs are
Arctic Ltd. produces gloves.Required:If the sales price per glove is $8.50, the unit variable cost is $6.75, and the break-even point is at sales of 39,000 gloves, what are the total fixed costs?
Dolly Inc. has a break-even point of 8,000 units. At that break-even point, variable costs are $8,000, and fixed costs are $4,000.Required:What is the contribution margin of the 401st unit sold?
The LineRider Company’s break-even point for 2015 was computed as $150,500. Operating results for the year showed a margin of safety equal to 30% of the actual units sold. Net income earned during
The following schedule shows the excess of cash receipts over cash disbursements projected for the Zoptic Company for 2015: The company borrows and repays from an open line of credit in round
All sales of Gamma Electronics Supply are made on credit. Sales are billed twice monthly, on the 10th of the month for sales made in the last half of the prior month, and on the 20th of the month for
The controller of Ultramint Company wishes to improve the company’s control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2015:June 30,
A company has the following incomplete production budget data for the first quarter: In the previous December, ending inventory was 200 units, which was the minimum required, at 10% of projected
The following information relates to Young Company for September of this year:Opening cash balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,000Depreciation expense .
Classic Windows is a small company that builds specialty wooden windows for local builders. For the year 2014 Lori Newman prepared the following profitability statement for two of the company?s major
Mahal Co. produces two products?standard and deluxe?and allocates its fixed manufacturing costs using a predetermined overhead rate based on estimated total overhead for the year and estimated
In an attempt to conceal a theft of funds, Snake N. Grass, controller of Bucolic Products, Inc., placed a bomb in the company?s record vault. The ensuing explosion left only fragments of the
Weyakwin Enterprises specializes in offering architectural consulting and design services to large clients. Given the nature of the services it provides, the company does not work on more than six
Kelvin Aerospace, Inc. manufactures parts, such as rudder hinges, for the aerospace industry. The company uses a job-order costing system with a plantwide predetermined overhead rate based on direct
Grass Roots Consulting Company (GRCC) provides a variety of services to clients. For the year 2015, it had established the following budget (i.e., estimated amounts): Consultants are paid at the
On the year-end trial balance of Jo Company, the credit entry in the finished goods inventory account was $3,630,000, and the credit entry to the manufacturing overhead (MOH) control account was
Gallop Corporation prepared the following report for the first quarter of 2015: Gallop?s controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviour. Her

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