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managerial accounting
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Managerial Accounting
The manager of the main laboratory facility at Rosedale Health Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies
Refer to the laboratory overhead cost and activity data for Rosedale Health Center in E6-55B. Use the high-low method to determine the laboratory’s cost equation for total laboratory overhead. Use
Using the data provided in E6-55B, the laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:Requirements:1.
Vintage Carriage Company offers guided horse-drawn carriage rides through historic Camden, South Carolina. The carriage business is highly regulated by the city. Vintage Carriage Company has the
Squire Manufacturing manufactures a single product that it will sell for \($77\) per unit. The company is looking to project its operating income for its first two years of operations.Cost
The annual data that follow pertain to Aquatic Optics, a manufacturer of swimming goggles (the company has no beginning inventory):Requirements:1. Prepare both conventional (absorption costing) and
Laksmana, Li & Associates, a consulting firm, is interested in predicting its monthly overhead costs. The controller imported its monthly cost data from the past two years into Excel. The monthly
Akaya Dawson is the Chief Operating Officer at Mercy Hospital in Atlanta, Georgia. She is analyzing the hospital’s overhead costs but is not sure whether nursing hours or the number of patient days
Suravi Uchil is the Chief Operating Officer at Union Hospital in Newark, New Jersey. She is analyzing the hospital’s overhead costs but is not sure whether nursing hours or the number of patient
World Strings produces student-grade violins for beginning violin students. The company produced 2,700 violins in its first month of operations. At month end, 800 finished violins remained unsold.
Fanfare Products, Inc., is a manufacturer of mobile devices. Keshunn is the plant manager at Fanfare’s Toledo, Ohio, plant. The Toledo plant manufactures a smartphone, the Zoom, which has sold well
Compute the(a) total fixed cost and(b) fixed cost per guest if the hotel has 16,000 guests next month. Compare the fixed cost per guest at the higher occupancy rate to the fixed cost per guest when
Assume the local fitness club charges a membership fee of \($30\) per month for unlimited use of the exercise equipment plus an additional fee of \($5\) for every instructor-led exercise class you
Sony makes MP3 players and uses both absorption and variable costing. Assume Sony incurred the following manufacturing costs in producing 10,000 MP3 players last month:1. What is the product cost per
The previous manager of Fitness-for-Life started the following schedule but left before completing it. The manager wasn’t sure but thought the club’s fixed operating costs were \($10,000\) per
As the new manager of a local fitness club, Fitness-for-Life, you have been studying the club’s financial data. You would like to determine how the club’s costs behave in order to make accurate
Kelley Industries makes high-performance swimwear for triathletes. Kelley’s manufacturing costs for the production of 100,000 swimsuits were as follows:Requirements:1. Calculate the product cost
Consider the Unity Gas proposed entry into the online ordering system in P1-42B.Bronson revises her estimates of the benefits from the new system’s lower labor costs.She now thinks the savings will
For several years running, the Over-the-Top Buffet, a Las Vegas Burburr all-you-can-eat attraction, has been voted the best buffet by several publications. The Over-the-Top Buffet offers a seemingly
Sheldon Products produces plastic containers through a blow-molding process. The company uses process costing because its products are generally homogeneous and are produced in large batches.Malachi
What characteristics of the product or manufacturing process would lead a company to use a process costing system? Give two examples of companies that are likely to be using process costing. What
What are conversion costs? In a job costing system, at least some conversion costs are assigned directly to products. Why do all conversion costs need to be assigned to processing departments in a
Dairymaid makes organic yogurt. The only ingredients, milk and bacteria cultures, are added at the very beginning of the fermentation process. At month end, Dairymaid has 100,000 cups of yogurt that
Dairymaid’s yogurt goes through two sequential processes in two departments: Fermenting and Packaging. Assume that in the Packaging Department, Step 4 of the process costing procedure indicated the
Florida Tile produces ceramic tiles using two sequential production departments: Tile-Forming and Tile-Finishing. The following information was found for Florida Tile’s first production process,
This problem extends the Summary Problem 1 to a second department. During May, Florida Tile Industries reports the following in its Tile-Finishing Department:Requirements:1. Complete the five-step
If a company sells one unit above its breakeven sales, then its operating income would be equal toa. the unit selling price.b. the fixed expenses.c. the unit contribution margin.d. zero.
How is the sales volume in dollars necessary to reach a target profit calculated?a. target profit ÷ unit contribution marginb. target profit ÷ contribution margin ratioc. (fixed expenses + target
The number of units to be sold to reach a certain target profit is calculated asa. target profit ÷ unit contribution marginb. target profit ÷ contribution margin ratioc. (fixed expenses + target
The breakeven point on a CVP graph isa. the intersection of the sales revenue line and the total expense line.b. the intersection of the fixed expense line and the total expense line.c. the
A shift in the sales mix from a product with a high contribution margin ratio toward a product with a low contribution margin ratio will cause the breakeven point toa. increase.b. decrease.c. remain
What is the margin of safety?a. The amount of fixed and variable costs that make up a company’s total costsb. The sales level at which operating income is zeroc. The difference between the sales
All of the following would be considered a company with high operating leverage, except a(n)a. airline company.b. t-shirt kiosk in a mall.c. hotel chain.d. amusement park.
When analyzing the impact of various combinations of sales price and volume on profit by using a what-if analysis in Excel, which of the following items would be needed?a. Total fixed expensesb.
The purchasing manager for Rockwell Hall Bags has been able to purchase the material for its signature handbags for \($9\) less per bag than in the prior year. Keeping everything else the same, what
Suppose a company can replace the packing material it currently uses with a biodegradable packing material. The company believes this move to biodegradable packing materials will be well received by
Explain why departmental overhead rates might be used instead of a single plantwide overhead rate.
Assume a job with one stair climber requires 5 direct labor (DL) hours to produce: 3 DL hours in the Machining Department and 2 DL hours in the Assembly Department. Use the plantwide overhead rate
Which of the following would you expect to see at a company that espouses lean thinking?1. Larger inventories 2. Smaller batch sizes3. More organized workstations 4. Longer setup times 5.
Indianapolis Auto Parts (IAP) has a Seat Manufacturing Department that uses ABC. IAP’s activity cost allocation rates include the following:Suppose Ford has asked for a bid on 50,000 built-in baby
The CEO of IAP is concerned with the quality of its products and the amount of resources currently spent on customer returns. The CEO would like to analyze the costs incurred in conjunction with the
Gallagher Counter Co. produces quartz countertops in two sequential production departments: Forming and Polishing. The Polishing Department calculated the following costs per equivalent unit (square
Refer to the Arctic Springs Filtration Department Data Set.1. Compute the December conversion costs in the Filtration Department.2. If the Filtration Department completely processed 200,000 liters,
Refer to the Arctic Springs Filtration Department Data Set. At Arctic Springs, water is added at the beginning of the filtration process. Conversion costs are incurred evenly throughout the process,
Refer to the Arctic Springs Filtration Department Data Set.Complete Steps 3 and 4 of the process costing procedure: Summarize total costs to account for and then compute the cost per equivalent unit
Refer to the Arctic Springs Filtration Department Data Set. Complete Step 5 of the process costing procedure: Assign costs to units completed and to units in ending inventory. Prepare a schedule that
Refer to the Arctic Springs Filtration Department Data Set.1. Record the journal entry to transfer the cost of the 160,000 liters completed and transferred out of the Filtration Department and into
Refer to the Arctic Springs Bottling Department Data Set.1. Draw a time line.2. Complete the first two steps of the process costing procedure for the Bottling Department: summarize the physical flow
Refer to the Arctic Springs Bottling Department Data Set and. Complete Steps 3 and 4 of the process costing procedure: Summarize total costs to account for and then compute the cost per equivalent
Refer to the Arctic Springs Bottling Department Data Set. Complete Step 5 of the process costing procedure: Assign costs to units completed and to units in ending inventory.Arctic Springs produces
Refer to the Arctic Springs Bottling Department Data Set 1. Prepare the journal entry to record the cost of units completed and transferred to finished goods.2. Post all transactions to the Work in
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).
Golden Sun Bakery mass-produces bread using three sequential processing departments:Mixing, Baking, and Packaging. The following transactions occurred during April:Requirements:1. Post each of these
Patty’s Pumpkin Pies collected the following production information relating to November’s baking operations:Requirements:Complete the first two steps in the process costing procedure:1.
Refer to the Churning Department information for Woodson Dairy in E5-31A.Requirements:1. What journal entry(s) would have been made during the month to record manufacturing costs? (Use Wages Payable
Paulson Winery in Albany, New York, has two departments: Fermenting and Packaging.Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging
Alpha Semiconductors experienced the following activity in its Photolithography Department during December. Materials are added at the beginning of the photolithography process.Requirements:1.
Early Start Bakery mass-produces bread using three sequential processing departments:Mixing, Baking, and Packaging. The following transactions occurred during February:Requirements:1. Post each of
Refer to E5-47B and E5-48B. Assume the Landon Dairy Forming Department has the following costs per equivalent unit (EU) on its own production cost report for the month of January:Cost per EU
Grammer Chicken produces canned chicken a la king. The chicken a la king passes through three departments: (1) Mixing, (2) Retort (sterilization), and (3) Packing. In the Mixing Department, chicken
This case is a continuation of the Burburr Resorts & Hotels Corporation serial case that began in Chapter. The components of the Burburr serial case can be completed in any order. Burburr Resorts &
Refer to E5-31A and E5-32A. Assume the Woodson Dairy Forming Department has the following costs per equivalent unit (EU) on its own production cost report for the month of January:Cost per EU
Match the following concepts to their descriptions:1. Document specifying when jobs will be manufactured.2. Product costing system used by mass manufacturers.3. Bill from supplier.4. Document
Recall that Life Fitness had estimated \($1,000,000\) of MOH for the year and 62,500 DL hours, resulting in a predetermined MOH rate of \($16/DL\) hour. By the end of the year, the company had
Cristal Haymeyer, CPA, pays her new staff accountant, Anika, a salary equivalent to \($25\) per hour, while Cristal receives a salary equivalent to \($40\) per hour. The firm’s predetermined
E-Z-Boy Furniture makes sofas, loveseats, and recliners. The company allocates manufacturing overhead based on direct labor hours. E-Z-Boy estimated a total of \($2\) million of manufacturing
Fashion Fabrics makes custom handbags and accessories for high-end clothing boutiques.Record summary journal entries for each of the following transactions that took place during the month of
Which of the following reasons would indicate that a company should consider using departmental overhead rates rather than using a single plantwide overhead rate?a. Each product is in each department
Which costing system is most likely to produce the least cost distortion?a. Traditional costing systemb. Plantwide overhead ratec. Departmental overhead allocation ratesd. Activity-based costing
Which of the following statements is false?a. Activity-based costing can only be used by manufacturing firms.b. Activity-based costing focuses on allocating indirect costs.c. An activity-based
Which of the following is not a good reason for a paint manufacturer to use activity-based costing?a. The paint industry is highly competitive.b. The paint manufacturer produces a variety of paint
A window manufacturer has a commitment to lean production. What is not a benefit from adopting a lean production philosophy?a. More space available for productionb. Ability to continue production
The cost of reworking defective products before shipping to customers would be classified as which type of quality costs?a. Prevention costb. Appraisal costc. Internal failure costd. External failure
A computer manufacturer’s spending on testing its computers before shipping them to customers helps reduce which of the following costs?a. Prevention costsb. Appraisal costsc. Internal failure
All of the following statements are true excepta. Correlation is a statistical measure that indicates the strength and direction of the relationship between two variables.b. A positive correlation
A 20-ounce bottle of Dasani water typically costs about \($1.99\) at a convenience store. At an airport shop, that same bottle of Dasani water could cost \($2.89\) —or more. The costs of operating
Boswell manufactures high-quality speakers. Suppose Boswell is considering spending the following amounts on a new quality program:Boswell expects this quality program to save costs as follows:It
Dayton Industries is contemplating some operational changes to reduce its overall costs of quality. The company believes that if it upgrades one component of its product at an additional cost of
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).
Refer to your answers in E4-28A. In addition to the manufacturing overhead costs, the following data are budgeted for the company’s Standard and Deluxe models for next year:Requirements:1. Compute
Sinclair Corp. manufactures radiation-shielding glass panels. Suppose Sinclair is considering spending the following amounts on a new TQM program:Sinclair expects the new program to save costs
Farraway Company uses ABC to account for its chrome wheel manufacturing process.Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials
Several years after reengineering its production process, King Corporation hired a new controller, Jaxson Erickson. He developed an ABC system very similar to the one used by King’s chief rival.
Bradshaw Corp. manufactures radiation-shielding glass panels. Suppose the company is considering spending the following amounts on a new TQM program:The company expects the new program would save
Powell Products manufactures its products in two separate departments: Machining and Assembly. Total manufacturing overhead costs for the year are budgeted at \($1,050,000\).Of this amount, the
Percival Pharmaceuticals manufactures an over-the-counter allergy medication called Breathe. Percival is trying to win market share from Sudafed and Tylenol.The company has developed several
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 has several
Cal-Maine Foods, Inc., is the largest producer of shell eggs in the United States. In fiscal 2021, it sold approximately 1,073.2 million dozen shell eggs,9 which was approximately 13% of shell eggs
Use your answers from S3-6 to determine the total manufacturing overhead allocated to Edmonton’s manufacturing jobs in the following independent situations:1. Assume that the company actually used
Use your answers from S3-7 to determine the total overallocation or underallocation of manufacturing overhead during the year. Actual manufacturing costs for the year for Edmonton Pools totaled
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).
Listed next are several terms. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all.a. is used by companies that produce
The following table lists several processes. Place a check mark next to those items that are most likely to be strong candidates for RPA. Process a. Hospital patient billing b. Insurance claims
Lawrence Plastics manufactures custom park furniture and signage from recycled plastics(primarily shredded milk jugs). Many of the company’s customers are municipalities that are required by law to
Smith Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the
Refer to the data in Exercise 3-29A. Smith’s accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $364,000, not
For each of the following companies, specify whether the company would be more likely to use job costing or process costing.a. Yacht builderb. Cereal manufacturerc. Landscaperd. Pet food processore.
Hamilton Lighting manufactures a variety of lamps for lighting specialty stores. In September, Hamilton Lighting received an order from Rose Decor for 34 missionstyle table lamps. The order from Rose
Benson Foundry in Charleston, South Carolina, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the
Refer to the data in Exercise E3-45B. Benson Foundry’s accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually
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