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business
managerial accounting

Questions and Answers of Managerial Accounting

Young Company produced 500 units of product that required 2.5 standard hours per unit. The standard variable overhead cost per unit is $0.70 per hour. The actual variable factory overhead was $840.
Primm Company produced 2,500 units of product that required three standard hours per unit. The standard variable overhead cost per unit is $2.50 per hour. The actual variable factory overhead was
The Radiology Department provides imaging services for Brentmore Medical Center. One important activity in the Radiology Department is transcribing digitally recorded analyses of images into a
Diamond Software, Inc., does software development. One important activity in software development is writing software code. The manager of the WordPro Development Team determined that the average
Young Company produces a product that requires 2.5 standard hours per unit at a standard hourly rate of $9 per hour. If 500 units required 1,200 hours at an hourly rate of $8.75 per hour, what is the
Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May 2012. The company expected to operate the
Primm Company produces a product that requires three standard hours per unit at a standard hourly rate of $20 per hour. If 2,500 units required 7,900 hours at an hourly rate of $21.50 per hour, what
Roadmaster Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 5,500 tires were as
Specialty Polymers, Inc., processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 19,000 units
Young Company produces a product that requires five standard pounds per unit. The standard price is $0.90 per pound. If 500 units required 2,350 pounds, which were purchased at $1.10 per pound, what
Belgian Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available:Belgian Chocolate does not expect
Natural Fragrance, Inc., began operations on January 1, 2012. The company produces a hand and body lotion in an eight-ounce bottle called Eternal Beauty. The lotion is sold wholesale in 12-bottle
Primm Company produces a product that requires four standard gallons per unit. The standard price is $24.50 per gallon. If 2,500 units required 10,600 gallons, which were purchased at $23.75 per
Heart Dress Co. manufactures dresses in a small manufacturing facility. Manufacturinghas 20 employees. Each employee presently provides 35 hours of productive labor perweek. Information about a
Oasis Faucet Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per
Lawrence Company manufactures only one product. For the year ended December 31, 2012, the contribution margin decreased by $87,500 from the planned level of $375,000. The president of Lawrence
The beginning inventory is 80,000 units. All of the units that were manufactured during the period and 44,000 units of the beginning inventory were sold. The beginning inventory fixed manufacturing
Costello Industries Inc. manufactures only one product. For the year ended December 31, 2012, the contribution margin increased by $19,800 from the planned level of $888,800. The president of
On May 31, the end of the first month of operations, Seger Equipment Company prepared the following income statement, based on the variable costing concept:Prepare an income statement under
Variable manufacturing costs are $11 per unit, and fixed manufacturing costs are $55,000. Sales are estimated to be 10,000 units.a. How much would absorption costing income from operations differ
The following data were adapted from a recent income statement of Procter & Gamble Company:Assume that the variable amount of each category of operating costs is as follows:a. Based on the above
Prior to the first month of operations ending April 30, 2012, Jadelis Industries Inc. estimated the following operating results:The company is evaluating a proposal to manufacture 45,000 units
Whirlpool Corporation had the following abbreviated income statement for a recent year:Assume that there were $3,680 million fixed manufacturing costs and $890 million fixed selling, administrative,
Shoes R€™ Us, Inc. manufactures and sells three types of shoes. The income statements prepared under absorption costing method for the three shoes are as follows:In addition, you have
Outdoor Motor Sports Inc. manufactures and sells two styles of ATVs, 4-wheel drive (4WD) and 2-wheel drive (2WD), from a single manufacturing facility. The manufacturing facility operates at 100% of
Zen Skateboards, Inc., manufactures and sells two styles of skateboards, Street Machine and Winter Warrior. These skateboards are sold in two regions, Southern and Northern. Information about the two
Loom Industries, Inc., manufactures and sells a variety of commercial vehicles in the North and South regions. There are two salespersons assigned to each territory. Higher commission rates go to the
Provided below are the marketing segment sales for Caterpillar, Inc., for a recent year.In addition, assume the following information:a. Use the sales information and the additional assumed
The operating revenues of the three largest business segments for Time Warner, Inc.,for a recent year are shown below. Each segment includes a number of businesses, examples of which are indicated in
Blueberry, Inc., sells computer equipment. Management decided early in the year to reduce the price of the speakers in order to increase sales volume. As a result, for the year ended December 31,
Mid-Atlantic Railroad Company transports commodities among three routes (city-pairs): Boston/Philadelphia, Philadelphia/Buffalo, and Buffalo/Boston. Significant costs, their cost behavior, and
Freebird, Inc., manufactures three sizes of industrial work benches€”small (S), medium (M), and large (L). The income statement has consistently indicated a net loss for the M size, and
Extreme Camping Company manufactures three sizes of extreme weather tents€”small (S), medium (M), and large (L). The income statement has consistently indicated a net loss for the M size,
The beginning inventory is 24,000 units. All of the units that were manufactured during the period and 8,000 units of the beginning inventory were sold. The beginning inventory fixed manufacturing
During the first month of operations ended May 31, 2012, Dorm Fridge Company manufactured 12,500 microwaves, of which 11,700 were sold. Operating data for the month are summarized as follows:1.
Sprint Nextelis one of the largest digital wireless service providers in the United States. In a recent year, it had approximately 36.7 million direct subscribers (accounts) that generated revenue of
Tavaris Instruments Company employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons during the year ended December
Kuhn Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons during the year ended June 30, 2012, are as
Fixed manufacturing costs are $36 per unit, and variable manufacturing costs are $84 per unit. Production was 56,000 units, while sales were 42,000 units. Determine (a) Whether variable costing
During the first month of operations ended May 31, 2013, T-Shirt Express Company produced 37,000 designer T-Shirts, of which 34,300 were sold. Operating data for the month are summarized as
During the first month of operations ended July 31, 2012, Lids R€™ Us Inc. manufactured 8,000 hats, of which 6,500 were sold. Operating data for the month are summarized as follows:During
Fixed manufacturing costs are $60 per unit, and variable manufacturing costs are $110 per unit. Production was 320,000 units, while sales were 288,000 units. Determine (a) Whether variable
The demand for solvent, one of numerous products manufactured by Hipp Industries Inc., has dropped sharply because of recent competition from a similar product. The company€™s chemists are
The demand for shampoo, one of numerous products manufactured by Ziggy Hair Care Products Inc., has dropped sharply because of recent competition from a similar product. The company€™s
Hardin Company has the following information for July:Sales...................................................................................$625,000Variable cost of goods
During the first month of operations ended September 30, 2012, Sungsam Inc. manufactured 3,200 flat panel televisions, of which 3,000 were sold. Operating data for the month are summarized as
Tiffany Company has the following information for March:Sales........................................................................................$360,000Variable cost of goods
At a recent staff meeting, the management of Rocket Technologies, Inc., was consider-ing discontinuing the Maestro line of electronic games from the product line. The chief financial analyst reported
Fulp Inc. and Baucom Inc. have the following operating data:a. Compute the operating leverage for Fulp Inc. and Baucom Inc.b. How much would income from operations increase for each company if the
a. If Steele Company, with a break-even point at $378,000 of sales, has actual sales of $540,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales?b. If the
Sunshine Airways provides air transportation services between Philadelphia and Orlando. A single Philadelphia to Orlando round-trip flight has the following operating statistics:It is assumed that
Geitner Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $460,000, and the sales mix is 60% bats and 40% gloves. The unit selling price and the
Name the following chart, and identify the items represented by the letters (a) through (f). Operating Profit (Loss) $150,000 a $100,000 $50,000 $(50,000) $(100,000) $(150,000) 10,000 20,000 30,000
Name the following chart, and identify the items represented by the letters (a) through (f). Sales and Costs $200,000 $150,000 $100,000 $50,000 a 10,000 20,000 30,000 40,000 50,000 60,000 70,000
For the coming year, Weill Inc. anticipates fixed costs of $240,000, a unit variable cost of $80, and a unit selling price of $120. The maximum sales within the relevant range are $1,200,000.a.
Rose Petal Lotion Company consists of two departments, Blending and Filling. The Filling Department received 46,000 ounces from the Blending Department. During the period, the Filling Department
Robusta Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the
Plowers Company estimates that total factory overhead costs will be $480,000 for the year. Direct labor hours are estimated to be 60,000. For Plowers Company, (a) Determine the predetermined
Tylee Furniture Company refinishes and reupholsters furniture. Tylee uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on
Dandee Company has the following information for July:Cost of direct materials used in production...........$ 84,000Direct
Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2012:1. Determine the amounts of the missing items,
The financial statements for Nike, Inc., are presented in Appendix D at the end of the text. What is the major source of financing for Nike?
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Identify the errors in the following income statement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: Sales...... $7,200,000 Add: Sales returns and
Piedmont Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. Piedmont Company returned $4,000 of the merchandise and received full credit.a. If Piedmont Company
The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012: Instructions1. Prepare a multiple-step income
The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012: 1. Prepare a multiple-step income statement.2. Prepare a
My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2012, the end of the current fiscal year, the balances
Selected accounts from the ledger of Balboa Sports for the current fiscal year ended June 30, 2012, are as follows: Prepare a retained earnings statement for the year. Retained Earnings 42,000 July
Three Winds Consulting is a consulting firm owned and operated by Gabriel Brull. The following end-of-period spreadsheet was prepared for the year ended June 30, 2012. Based on the preceding
Pacifica Consulting is a consulting firm owned and operated by Tara Milsap. The end-of-period spreadsheet shown below was prepared for the year ended August 31, 2012. Based on the preceding
The debits and credits for three related transactions are presented in the following T accounts. Describe each transaction. Cash Sales | (1) (5) 32,340 35,000 Accounts Receivable 35,000 (3) Sales
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Herbst Co. issued $80,000,000 of five-year, 13% bonds with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable, using the
Selected transactions completed by Everyday Products Inc. during the fiscal year ending December 31, 2012, were as follows:a. Issued 12,500 shares of $25 par common stock at $32, receiving cash.b.
The comparative balance sheet of Wen Technology, Inc., at December 31, 2013 and 2012, is as follows: The noncurrent asset, noncurrent liability, and stockholders?? equity accounts for 2013 are as
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit
The financial statements for Nike, Inc., are presented in at the end of the text.The following additional information (in millions) is available:Accounts receivable at May 31,
What do the following data taken from a comparative balance sheet indicate about the company€™s ability to borrow additional funds on a long-term basis in the current year as compared to
PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years: a. Determine the (1) current
Recent balance sheet information for two companies in the food industry, H.J. Heinz Company and The Hershey Company, is as follows (in thousands of dollars):a. Determine the ratio of liabilities to
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost:a. Depreciation of welding
Several items are omitted from each of the following income statement and cost of goods manufactured statement data for the month of December 2012: 1. Determine the amounts of the missing items,
The following information is available for Yu Company for 2012: 1. Prepare the 2012 statement of cost of goods manufactured.2. Prepare the 2012 income statement. Inventories January 1 December 31
The following information is available for The Green Hornet Corporation for 2012: 1. Prepare the 2012 statement of cost of goods manufactured.2. Prepare the 2012 income statement. January 1 $165,000
Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for a magazine publisher.a. Maintenance on printing machinesb. Glue used to bind magazinec. Wages of printing
Identify the following costs as a product cost or a period cost for an automobile manufacturer.a. Sales staff salariesb. Rent on office buildingc. Wages of employees that operate painting equipmentd.
Identify the following costs as a product cost or a period cost for a magazine publisher.a. Maintenance on printing machinesb. Sales salariesc. Depreciation expense—corporate headquartersd. Paper
Swain Company has the following information for January:Cost of direct materials used in production...................$12,000Direct
Partial balance sheet data for Lawler Company at December 31, 2012, are as follows: Prepare the Current Assets section of Lawler Company??s balance sheet at December 31, 2012. Finished goods
Saron Manufacturing Company reported the following materials data for the month ending April 30, 2012:Materials purchased...................................$860,000Materials inventory, April
Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. $ 16,000 $ 36,000
The following information is available for Neaves Manufacturing Company for the month ending January 31, 2012:Cost of direct materials used in production......................$215,000Direct
Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by
Cost data for Bedford Manufacturing Company for the month ending May 31, 2012, are as follows: a. Prepare a cost of goods manufactured statement for May 2012.b. Determine the cost of goods sold for
The following information is available for Vega Manufacturing Company for the month ending July 31, 2012:Cost of goods manufactured.................$270,000Selling
GIA Co. uses a job order cost system. The following data summarize the operations related to production for August:a. Materials purchased on account, $660,000.b. Materials requisitioned, $577,500, of
Sinatra Industries, Inc., uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations: a. Materials purchased on
The following information is available for the first month of operations of Icahn Inc., a manufacturer of art and craft items:Sales
Carlin Furniture Company refinishes and reupholsters furniture. Carlin uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted

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