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managerial accounting

Financial and Managerial Accounting Using Excel for Success 1st edition James Reeve, Carl S. Warren, Jonathan Duchac - Solutions

Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March Job P and Job Q. Job P was completed and sold by the end of March and Job Q was incomplete at the end of March. The company uses a plant wide predetermined overhead
A company assigns overhead cost to completed jobs on the basis of 150% of direct labour cost The job cost sheet for Job 313 shows that $12,000 in direct materials was used on die job and that $16,000 in direct labour cost was incurred. If 750 units were produced in Job 313, what is die unit product
How is the weighted average contribution margin per unit calculated for companies that sell two or more products?
Sportway Inc. produces high-quality tennis racquets and golf clubs using a patented forming process and high quality hand-finishing. Products move through two production departments: Forming and Finishing. The company uses departmental overhead rates to allocate overhead costs. Overhead is
Creative Web Design uses a job-order costing system to track the costs of its web design projects. The company provides complete website design and hosting services. The following table provides data concerning the three design projects that were in process during May. There was no work in process
Cretin Enterprises uses a predetermined overhead rate of $7 .50 per direct labour hour. This predetermined rate was based on 16,000 estimated direct labour-hours and $120,000 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of $114,750 and
Melissa Loester, the new controller of PowerDrives Inc., has just returned from a seminar on the choice of the activity level in the predetermined overhead rate. Even though the subject did not sound exciting at first, she found that there were some important ideas presented that should get a
Logan Products computes its predetermined overhead rate annually on the basis of machine-hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $348,000 and machines would be run a total of 20,000 hours. Its actual total manufacturing overhead for the year
When would job-order costing be used instead of process costing?
Patterson Products Inc. is considering an upgrade to its manufacturing equipment. The two upgrade options under consideration are shown below.The selling price of the company's product is $120 per unit with variable selling costs of 5% of sales. Fixed selling and administrative costs are $3,300,000
Colby Limited is a manufacturing company whose total factory overhead costs fluctuate somewhat from year to year, according to the number of machine-hours worked in its production facility. These costs at high and low levels of activity over recent years are given below:The factory overhead costs
Running Data began operations on February 1. The company produces GPS watches designed for runners. On February 15, the company purchased 1,000 DVD discs to include with each running watch it sells. The DVD is preloaded with product setup information, an instruction manual including video examples,
Skate World is a merchandising company that sells skateboards both at its retail s tore and its online store. Results for the most recent three months are shown below.Required1. Identify each of the company's expenses (including cost of goods sold) as either variable, fixed, or mixed.2. Using the
For a manufacturing company, what is the difference between how the gross margin and contribution margin are calculated?
Why is it potentially problematic that the high-low method only uses two data points to determine the cost function?
Lilly Martin is a third-year university student who has operated her own lawn care business for the past four years. She has one employee, her younger brother, whom she pays $15 per hour. He has worked an average of 600 hours per season since Lilly started her business. She is planning on giving
The Outdoor Dining Company specializes in producing a set of wood patio furniture consisting of a table and four chairs. The set enjoys great popularity, and the company has ample orders to keep production going at its full capacity of 2,000 sets per year. Annual cost data at full capacity
What are some examples of things socially responsible organizations should provide for their employees?
Crosshill Company's total overhead costs at various levels of activity are presented below:Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 60,000-machine-hour level of activity in May is as follows:The company
A number of graphs displaying cost behaviour patterns are shown below. The vertical axis on each graph represents total cost, and the horizontal axis represents the level of activity (volume).Required:1. For each of the following situations, identify the graph that illustrates the cost behaviour
Wave Runners is a boat rental business that has the following costs over the relevant range of 12,000 to 18,000 operating hours for its boats:Required:1. Complete the schedule of the company's total and unit costs above.2. Assume that Wave Runners rents it boats for $40 per hour and had 15,000
What is meant by the term margin of safety?
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 consultant.e. An airline.f A paper towel manufacturer.g. An auto repair shop.h. A dairy processing plant.I.
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 GPS running watch that records distance, time, speed, heart rate, and a number of other statistics.
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 part 3-13, are variable shipping expenses linear or non-linear? Explain.Data from Part
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 30% variable portion relates to sales commissions based on total sales.**50% of manufactured units are
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 part 3-13, estimate total shipping expenses for 12 air conditioners.Data from Part 3-13Estimate
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 shipping expenses to ship 12 air conditioners if the shipping company reduces the variable cost per
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 operating income decrease in August if Phillips decides to offer its customers a 5% price discount on
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. If a truck is driven only 70,000 kilometres during a year, the average operating cost increases to
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 equipment.e. Office equipment leases.f. Professional development courses.
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 the total contribution margin decrease in August if Phillips decides to offer its customers a 5%
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 competition from other companies providing a similar service, Learn Fast pays its sales staff a fixed salary
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 the next varies considerably, and jobs differ in terms of the complexity of the welding requirements.
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 learning platforms if they are easy and fun to use. EL's approach is to embed the learning content,
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 company's break-even point in unit sales.2. Solve for the company's break-even point in sales
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 part 3-8, if total fixed costs (excluding shipping) are $3,000 per month, estimate operating income
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, and fixed expenses are shown below.Required:1. At what volume of hours per month wi ll James be
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 $5,000 increase in the monthly budget to prepare webinars would increase monthly sales by 50 drones.
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 expenses?
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 aspects of the course to her business. She is particularly interested in adopting the CVP approach to
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 exploring opportunities to increase profitability.Required:1. Frieden's management is considering a
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 to clients' accounts on the basis of professional staff-hours charged to the accounts. Data
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 part 3-8, estimate the total contribution margin for August if seven air conditioners are produced
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 conditioners have an average sales price of 5,000, variable manufacturing costs are $2,500 per unit,
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 conditioners are shipped in October, estimate the variable shipping expense. Total Shipping Expense Units
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 conditioners are shipped in September, estimate the fixed shipping expenses. Total Shipping Expense Units
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 conditioners are shipped in August, estimate the total shipping expenses. Total Shipping Expense Units
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 formula for shipping expenses? Total Shipping Expense Units Shipped Month January... February. $2,200
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 cost of shipping air conditioners? Total Shipping Expense Units Shipped Month January... February.
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 method, what is the variable cost per unit to ship air conditioners? Total Shipping Expense Units
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 should be used if Phillips wants to estimate the behaviour of shipping expenses using the
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 paid time and a half for any hours worked in excess of the standard 40 hours. Assume the overtime is
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 growth in demand for its services, PE is considering selling its existing warehouse used for storing
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 its her time 80/20% between developing new business and overseeing the production process.
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 wages for this company?
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 business risks, even for highly reputable companies. Among other things, Toyota was criticized for not
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 students as an awful teacher for more than 10 years. Other accounting professors within your department
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 soldonly two jobs during March€”Job P and Job Q. The following additional information is
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 sales and production for November 2012 is summarized as follows:1. Prepare a sales budget for
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, 2013, unit sales are expected to follow the patterns established during 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 capital expenditures budget: Director of Facilities: A construction contract was signed in late
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 budgeted expenses for the next three months are as follows:Other operating expenses include $3,500 of
Sage Learning Systems Inc. was organized on September 30, 2012. Projected selling and administrative expenses for each of the first three months of operations are as
Office Universe Supplies Inc. has “cash and carry” customers and credit customers. Office Universe estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the
Pet Mart Wholesale Inc., a pet wholesale supplier, was organized on March 1, 2012. Projected sales for each of the first three months of operations are as follows:March............................$ 90,000April................................150,000May.................................240,000The
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 the preceding information to prepare a cost of goods sold budget for June 2012. Direct materials:
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 chemical process was $240,000 for April. Factory overhead was budgeted $375,000 during April. 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 and depreciation are the only fixed factory costs. Advertising expenses Manufacturing supplies Power
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 process were $32,000 and $15,000, respectively. Also assume the desired inventories on December 31,
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, 2012, paper inventory is 30,500 square yards. The desired December 31, 2012, paper inventory is
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 goods sold. With this in mind, the various department heads were asked to submit estimates of the
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 the current year are $26,400.1. Determine the estimated units of sales of the overall product
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 relevant range are 5,000 units. O’Meara is considering a proposal to spend an additional $50,000 on
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 the sales (units) required to realize income from operations of $200,000.3. Construct a
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 fee of $200,000 paid to industry specialist for marketing adviceb. Brass buttonsc. Legal fees paid
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 (d) estimate the break-even sales (units) by using the profit-volume chart constructed in part
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 development committee estimated that the club needed to sell 5,000 books to break even on its $25,000
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 150,000 $200,000
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 departments, emerging as packaged refined flour. The balance in the account Work in Process—Sifting
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 units, 75% completed Materials added during December from Weaving Department, 85,000 units Direct labor
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 report, using the average cost method. Work in process, March 1,650 pounds, 40% completed Coffee beans

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