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business
managerial accounting

Questions and Answers of Managerial Accounting

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
Frank Western, supervisor of the machining department of Freemont Company, was visibly upset after being reprimanded for his department?s poor performance over the prior month. The department?s
Lane Company manufactures a single product that requires a great deal of hand labour. Overhead cost is applied on the basis of direct labour-hours. The company?s condensed flexible budget for
Begum Company has developed the following standard overhead costs based on a capacity of 400,000 direct labour-hours:Variable overhead costs (2 hours at $4)..........................................$
Winterfell Inc., a manufacturing company, has the following standard costs for one unit of production: The planning budget for the quarter was based on 6,200 units. Actual results for the last
Following are a number of terms associated with decentralization in organizations:Cost centre..................................Profit centreSegment.......................................Investment
Indi Services Corporation, headquartered in Bengaluru, India, provides specialized information technology (IT) services and consists of three divisions: (1) financial services, (2) health services,
Prairie Electronics, located in Regina, manufactures three product lines: (1) high-end speakers, (2) personal computers, and (3) handheld devices. For 20X5, it compiled the following budgeted
The valve division of Bendix Inc. produces a small valve that is used by various companies as a component part in their products. Bendix Inc. operates its divisions as autonomous units, giving its
Klinker Corporation consists of three segments: North America, Europe, and Asia. Revenues during 20X3 for the three segments were $1,200,000, $3,800,000, and $800,000, respectively. Variable costs
Selected operating data for two divisions of Outback Brewing, Ltd. of Australia are as follows: Required: 1. Compute the rate of return for each division using the ROI formula stated in terms of
Provide the missing data in the following tabulation: Division Alpha Bravo Charlie $12,000,000 Sales ? $ 1,200,000 Net operating income 210,000 Average operating assets $1,600,000 ? Margin 7% 8% ?
WeiermanDepartment Store is located in the downtownarea of Edmonton, Alberta. While the store had been profitable formany years, it is facing increasingcompetition fromlarge national chains that have
Crawford Company’s plans for a new product require a target cost per unit of $50. It plans to sell 20,000 units at $60 per unit. The average investment, including design and development, is
Meiji Isetan Corp. of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow (in millions of yen, denoted by ?): Required: 1. For each
A family friend has asked for your help in analyzing the operations of three anonymous companies. Required: Company в $7,000,000 Sales $10,800,000 $9,000,000 Net operating income $ 280,000
CommercialServices.com Corporation provides business-to-business services on the Internet. Data concerning the most recent year
Selected sales and operating data for three divisions of a multinational structural engineering firmare provided below: Required: 1. Compute the ROI for each division using the formula stated in
Guenther Corporation uses the return on investment (ROI) measure to evaluate its managers. A summary of the performance of two divisions is given below: The minimum required return on operating
Eucalyptus Design Ltd. of Canberra, Australia, is a company specializing in providing design services to residential developers. Last year, the company had net operating income of $604,000 on sales
Financial data for Joel de Paris Inc. for last year follow: The company paid dividends of $15,000 last year. The ?Investment in Buisson, S.A.? on the balance sheet represents an investment in the
The following information relates to Lionel Manufacturing Company for 20X7:Original cost of assets as of January 1, 20X6....................................................$200,000Useful life of
Xylo Co. reported the following statistics and results for 20X9:ROI.............................................................................................14%Invested capital (average operating
One division of a company has reported the following operating results for the year just ended:Sales................................................................$600,000Operating
The income statement for Huerra Company for last year is provided below: The company had average operating assets of $2,000,000 during the year. Required: 1. Compute the company?s ROI for the
Explain the balanced scorecard.
Mushi Heavy Industries manufactures primarily heavy machinery and drilling installations for mining, oil wells, and other similar industries. The vice-president of the transport division, newly
Bharat Curry Foods (BCF) prepares and sells frozen curry dinners. The company reported the following operating results for 20X1, in which there were no inventories of dinners at the beginning and end
Typically, the market price of a company’s shares takes a beating when the company announces that it has not met analysts’ expectations. As a result, many companies are under a lot of pressure to
Several investors are in the process of organizing a new company. The investors believe that $1,000,000 will be needed to finance the new company’s operations, and they are considering three
Gauging the success of a company usually involves some assessment of the firm’s earnings. When evaluating earnings, investors should consider the quality and sources of the company’s earnings, as
Distinguish between a manager’s financing and operating responsibilities. Which of these responsibilities is the return on total assets ratio designed to measure?
Why is it more difficult to obtain positive financial leverage from preferred shares than from long-term debt?
Empire Labs Inc. was organized several years ago to produce and market several new miracle drugs. The company is small but growing, and you are considering the purchase of some of its common shares
Refer to the data in Problem 13–9. Although Empire Labs Inc. has been profitable since it was organized several years ago, the company is beginning to experience some difficulty in paying its bills
Weaver Company experiences a great deal of seasonal variation in its business activities. The company’s high point in business activity is in June; its low point is in January. During which month
Refer to the data in Problem 13–9. The president of Empire Labs Inc. is deeply concerned. Sales increased by $5 million from last year to this year, yet the company’s net income increased by only
Oxident Products is the manufacturer of a vitamin supplement. The changes that have taken place on the company?s balance sheet accounts as a result of the past year?s activities follow: The
With the economy in expansion, profits at Canada’s large corporations are high, and cash flowing in is at record levels. Management must decide what to do with the growing pool of cash. Should the
Give an example of a direct exchange, and explain how such exchanges are handled when preparing a cash flow statement.
How do absorption costing and variable costing differ in how they treat fixed manufacturing overhead costs?
A company purchased a new machine for $12,400. The expected useful life of this machine is six years with no salvage value. The new machine’s CCA rate is 17%. The company has a minimum after-tax
Bliny Corporation makes a product with the following standard costs for direct material and direct labour:Direct material: 2.00 metres at $3.25 per metre.................................$6.50Direct

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