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business
managerial accounting

Questions and Answers of Managerial Accounting

Units of production data for the two departments of Continental Cable and Wire Company for May of the current fiscal year are as follows:Each department uses the average cost method.a. Determine the
The following information concerns production in the Finishing Department for March. The Finishing Department uses the average cost method.a. Determine the number of units in work in process
The charges to Work in Process€”Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all
The following information concerns production in the Forging Department for April. The Forging Department uses the average cost method.a. Determine the cost per equivalent unit.b. Determine the cost
The manufacturing costs of Fuld Industries for three months of the year are provided below.Using the high-low method, determine (a) The variable cost per unit (b) The total fixed cost.
Colt Industries Inc., operating at full capacity, sold 30,000 units at a price of $56 per unit during 2012. Its income statement for 2012 is as follows:The division of costs between fixed and
The manufacturing costs of Greenburg Enterprises for the first three months of the year are provided below.Using the high-low method, determine (a) The variable cost per unit (b) The total
Armstrong Company, operating at full capacity, sold 80,000 units at a price of $124 per unit during 2012. Its income statement for 2012 is as follows:The division of costs between fixed and variable
For the coming year, Viking Products Inc. anticipates a unit selling price of $125, a unit variable cost of $50, and fixed costs of $1,200,000.1. Compute the anticipated break-even sales (units).2.
Gluxman Company sells 10,000 units at $25 per unit. Variable costs are $22 per unit, and fixed costs are $20,000. Determine(a) The contribution margin ratio, (b) The unit contribution
Last year, Gelbin Inc. had sales of $240,000, based on a unit selling price of $120. The variable cost per unit was $90, and fixed costs were $42,000. The maximum sales within Gelbin’s relevant
Gregory Enterprises sells a product for $80 per unit. The variable cost is $55 per unit, while fixed costs are $20,000. Determine (a) The break-even point in sales units (b) The break-even
Grobe Inc. sells a product for $50 per unit. The variable cost is $40 per unit, while fixed costs are $14,000. Determine (a) The break-even point in sales units (b) The break-even point if
Fortress Inc. manufactures pistons for custom motorcycles within a relevant range of 300,000 to 375,000 pistons per year. Within this range, the following partially completed manufacturing cost
Emily Enterprises reports the following data:Determine Emily Enterprises€™s operating leverage. Sales Variable costs Contribution margin Fixed costs Income from operations $180,000 100,000
Crane Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows:a.
Ivey Inc. sells a product for $100 per unit. The variable cost is $75 per unit, and fixed costs are $30,000. Determine (a) The break-even point in sales units (b) The break-even point in
Hofstra Company sells a product for $120 per unit. The variable cost is $100 per unit, and fixed costs are $120,000. Determine (a) The break-even point in sales units (b) The break-even
Diamond Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by
a. Bryan Company budgets sales of $1,800,000, fixed costs of $1,000,000, and variable costs of $1,080,000. What is the contribution margin ratio for Bryan Company?b. If the contribution margin ratio
For a recent year, McDonald€™s company-owned restaurants had the following sales and expenses (in millions):Assume that the variable costs consist of food and packaging, payroll, and 40% of
For the current year ending March 31, Ewok Company expects fixed costs of $740,000, a unit variable cost of $55, and a unit selling price of $80.a. Compute the anticipated break-even sales (units).b.
Anheuser-Busch InBev Companies, Inc., reported the following operating information for a recent year (in millions):In addition, assume that Anheuser-Busch InBev sold 200 million barrels of beer
Currently, the unit selling price of a product is $110, the unit variable cost is $80, and the total fixed costs are $345,000. A proposal is being evaluated to increase the unit selling price to
Media outlets such as ESPN and Fox Sports often have Web sites that provide in-depth coverage of news and events. Portions of these Web sites are restricted to members who pay a monthly subscription
At the beginning of the 2012 school year, Candace Thompson decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on
At the beginning of the period, the Assembly Department budgeted direct labor of $166,500 and property tax of $12,000 for 9,000 hours of production. The department actually completed 11,200 hours of
At the beginning of the period, the Fabricating Department budgeted direct labor of $6,500 and equipment depreciation of $2,000 for 400 hours of production. The department actually completed 500
MyLife Publishers Inc. projected sales of 165,000 diaries for 2012. The estimated January 1, 2012, inventory is 24,200 units, and the desired December 31, 2012, inventory is 18,200 units. What is the
Confederate Candle Co. projected sales of 64,000 candles for 2012. The estimated January 1, 2012, inventory is 2,900 units, and the desired December 31, 2012, inventory is 3,200 units. What is the
The controller of Santa Fe Housewares Inc. instructs you to prepare a monthly cash bud-get for the next three months. You are presented with the following budget information:The company expects to
As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2013, the following tentative trial balance as of December 31, 2012, is prepared
Confederate Candle Co. budgeted production of 64,300 candles in 2012. Wax is required to produce a candle. Assume eight ounces (one-half of a pound) of wax is required for each candle. The estimated
MyLife Publishers Inc. budgeted production of 159,000 diaries in 2012. Each diary requires assembly. Assume that 12 minutes are required to assemble each diary. If assembly labor costs $14.50 per
Confederate Candle Co. budgeted production of 64,300 candles in 2012. Each candle requires molding. Assume that 15 minutes are required to mold each candle. If molding labor costs $13.00 per hour,
Prepare a cost of goods sold budget for Confederate Candle Co. using the information in Practice Exercises and Assume the estimated inventories on January 1, 2012, for finished goods and work in
MyLife Publishers Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales on account are budgeted to be $340,000 for April and $300,000
Confederate Candle Co. pays 20% of its purchases on account in the month of the purchase and 80% in the month following the purchase. If purchases are budgeted to be $18,000 for October and $19,500
Levi Strauss & Co.manufactures slacks and jeans under a variety of brand names, such as Dockers® and 501 Jeans ®. Slacks and jeans are assembled by a variety of different sewing
Earthy Grains Food Company is a diversified food company with three operating divisions organized as investment centers. Condensed data taken from the records of the three divisions for the year
The income from operations and the amount of invested assets in each division of Steele Industries are as follows:a. Compute the rate of return on investment for each division.b. Which division is
Based on the data in Exercise 23-10, assume that management has established a 9% mini-mum acceptable rate of return for invested assets.a. Determine the residual income for each division.b. Which
On May 1, Interstate Distribution Company is considering leasing a building and buying the necessary equipment to operate a public warehouse. Alternatively, the company could use the funds to invest
Sure-Bilt Construction Company is considering selling excess machinery with a book value of $280,000 (original cost of $400,000 less accumulated depreciation of $120,000) for $276,000, less a 5%
The capital investment committee of Safety Haul Trucking Inc. is considering two in-vestment projects. The estimated income from operations and net cash flows from each investment are as follows:Each
Lifestyle Publications Inc. is considering two new magazine products. The estimated net cash flows from each product are as follows:Each product requires an investment of $320,000. A rate of 10% has
Runway Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows:Each project requires an investment of $700,000. A rate of 15% has been
Evergreen Security Bank, Inc., wishes to evaluate three capital investment projects by using the net present value method. Relevant data related to the projects are summarized as follows:1. Assuming
Toasted Treats Snack Company is considering two possible investments: a delivery truck or a bagging machine. The delivery truck would cost $44,271 and could be used to deliver an additional 61,000
Al a Mode, Inc., is considering one of two investment options. Option 1 is a $60,000 investment in new blending equipment that is expected to produce equal annual cash flows of $16,000 for each of
The total factory overhead for Urban Styles, Inc., is budgeted for the year at $225,000, divided into two departments: Cutting, $72,000, and Sewing, $153,000. Urban Styles manufactures two types of
Oasis Palms Hotel uses activity-based costing to determine the cost of servicing customers. There are three activity pools: guest check-in, room cleaning, and meal service. The activity rates
Contemporary Lighting Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs
Kitchen Mate, Inc., is estimating the activity cost associated with producing ovens and refrigerators. The indirect labor can be traced into four separate activity pools, based on time records
Memory Disk Inc. is considering a change to activity-based product costing. The company produces two products, CDs and DVDs, in a single production department. The production department is estimated
Gourmet Appliance Company manufactures small kitchen appliances. The product line consists of blenders and toaster ovens. Gourmet Appliance presently uses the multiple production department factory
Valley Hospital plans to use activity-based costing to assign hospital indirect costs to the care of patients. The hospital has identified the following activities and activity rates for the hospital
David Harrelson Motorcycle Company manufactures a variety of motorcycles. Harrelson’s purchasing policy requires that the purchasing agents place each quarter’s purchasing requirements out for
The High Altitude Ski Company manufactures skis in the finishing and assembly process. Skis are manufactured in 34-ski batch sizes. The finishing time is 20 minutes per ski. The assembly time is 16
Glow Bright Co. manufactures light bulbs. Glow Bright’s purchasing policy requires that the purchasing agents place each quarter’s purchasing requirements out for bid. This is because the
The chief executive officer (CEO) of Advent Inc. has just returned from a management seminar describing the benefits of the just-in-time philosophy. The CEO issued the fol-lowing statement after
Classic Chef Appliance Company manufactures home kitchen appliances. The manufacturing process includes stamping, final assembly, testing, and shipping. In the stamping operation, a number of
The Nite Life Jean Company manufactures jeans in the cutting and sewing process. Jeans are manufactured in 90-jean batch sizes. The cutting time is 9 minutes per jean. The sewing time is 12 minutes
Audio Max Electronics Company manufactures electronic stereo equipment. The manufacturing process includes printed circuit (PC) card assembly, final assembly, testing, and shipping. In the PC card
The American textile industry has moved much of its operations offshore in the pursuit of lower labor costs. Textile imports have risen from 2% of all textile production in 1962 to over 70% in 2010.
Connect Tek Inc. manufactures and assembles two major types of telephone assemblies€” a cordless phone and a cellular phone. The process consists of a just-in-time cell for each product. The data
Optic Matrix Inc. manufactures and assembles automobile instrument panels for both Yokohama Motors and Detroit Motors. The process consists of a just-in-time product cell for each
Active Apparel Company manufactures various styles of men’s casual wear. Shirts are cut and assembled by a workforce that is paid by piece rate. This means that they are paid according to the
The president of Cardio Care Exercise Equipment Co. has been concerned about the growth in costs over the last several years. The president asked the controller to perform an activity analysis to
The administrator of elections for the city of Madisonville has been asked to perform an activity analysis of its optical scanning center. The optical scanning center reads voter forms into the
Furry Friends Inc. manufactures toy stuffed animals. The direct labor time required to cut, sew, and stuff a toy is 10 minutes per unit. The company makes two types of stuffed toys—a lion and a
The budgeted conversion costs for a just-in-time cell are $1,267,500 for 1,950 production hours. Each unit produced by the cell requires 12 minutes of cell process time. During the month, 575 units
Jackson Inc. has analyzed the setup time on its computer-controlled lathe. The setup requires changing the type of fixture that holds a part. The average setup time has been 135 minutes, consisting
The budgeted conversion costs for a just-in-time cell are $180,000 for 1,800 production hours. Each unit produced by the cell requires 24 minutes of cell process time. During the month, 450 units are
Cardio Care Inc., manufactures stationary bicycles and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities, several
Metropolitan Bank uses activity-based costing to determine the cost of servicing customers. There are three activity pools: teller transaction processing, check processing, and ATM transaction
Elegant Occasions Inc. sells china and flatware over the Internet. For the next period, the budgeted cost of the sales order processing activity is $78,300, and 4,350 sales orders are estimated to be
PlayTyme Company manufactures and sells outdoor play equipment. PlayTyme uses activity-based costing to determine the cost of the sales order processing and the customer return activity. The sales
What would happen to net income if the activities noted in Discussion Question 6 were allocated to products for financial statement reporting and theinventory increased?Data from Discussion Question
The management of Cobalt Engines Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in
Peach Computer Company manufactures a desktop and portable computer through two production departments, Assembly and Testing. Presently, the company uses a single plantwide factory overhead rate for
Blue Skies Airline provides passenger airline service, using small jets. The airline connects four major cities: Atlanta, Cincinnati, Chicago, and Los Angeles. The company expects to fly 140,000
Healthmark Medical Inc. wishes to determine its product costs. Healthmark offers a variety of medical procedures (operations) that are considered its €œproducts.€ The overhead
Comfort Step Company manufactures and sells shoes. Comfort Step uses activity-based costing to determine the cost of the sales order processing and the shipping activity. The sales order processing
The total factory overhead for Maritime Marine Company is budgeted for the year at $600,000, divided into four activities: fabrication, $204,000; assembly, $105,000; setup, $156,000; and inspection,
Home & Farm Glove Company produces three types of gloves: small, medium, and large. A glove pattern is first stenciled onto leather in the Pattern Department. The stenciled patterns are then sent
Z-Rox Inc. manufactures office copiers, which are sold to retailers. The price and cost of goods sold for each copier are as follows:Price................................................$890 per
Western Mechancial Inc. manufactures cooling units for commercial buildings. The price and cost of goods sold for each unit are as follows:Price...........................................$55,200 per
The total factory overhead for Urban Styles, Inc., is budgeted for the year at $225,000, divided into four activities: cutting, $22,500; sewing, $45,000; setup, $100,000; and inspection, $57,500.
Flint Engine Parts Inc. (FEP) produces three products€”pistons, valves, and cams€”for the heavy equipment industry. FEP has a very simple production process and product line and
Alabama Paper Company manufactures three products (computer paper, newsprint, and specialty paper) in a continuous production process. Senior management has asked the controller to conduct an
The total factory overhead for Maritime Marine Company is budgeted for the year at $600,000, divided into two departments: Fabrication, $420,000, and Assembly, $180,000. Maritime manufactures two
Krispy Treats Snack Food Company manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period:Factory
Pro Audio Inc. manufactures two products: receivers and loudspeakers. The factory over-head incurred is as follows: Indirect labor.................................................$260,000Sub
White Mountain Sports Inc. manufactures two products: snowboards and skis. The factory overhead incurred is as follows:Indirect labor........................$200,000Cutting
Sousa Band Instruments Inc. makes three musical instruments: trumpets, tubas, and trombones. The budgeted factory overhead cost is $139,500. Factory overhead is allocated to the three products on the
The total factory overhead for Maritime Marine Company is budgeted for the year at $600,000. Maritime Marine manufactures two types of boats: speedboats and bass boats. The speedboat and bass boat
Daisy Dairy Company manufactures three products€”whole milk, skim milk, and cream€”in two production departments, Blending and Packing. The factory overhead for Daisy Dairy is
California Chrome Company manufactures three chrome-plated products€”automobile bumpers, valve covers, and wheels. These products are manufactured in two production departments (Stamping
The total factory overhead for Urban Styles, Inc., is budgeted for the year at $225,000. Urban Styles manufactures two types of men’s pants: jeans and khakis. The jeans and khakis each require 0.15

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