Managerial accounting for managers
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Managerial accounting for managers
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Get Help Now!Noreen, E., Brewer, P., & Garrison, R. (2016). Managerial accounting for managers. (4th ed.). McGraw-Hill ISBN: 9781308886718
Complete homework exercises in Word or Excel.
Complete homework exercises in Word or Excel. Chapter 10: Exercises 1, 2, 3, 4 Chapter 11: Exercises 1, 2, 3, 8
EXERCISE 10–1 Prepare a Flexible Budget [LO 10–1]
Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s planning budget for May appears below:
Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q). . . . . . . . . . . . . . . . . . . 100 Revenue ($365.00q). . . . . . . . . . . . . . . . . . . . . . . $36,500 Expenses: Wages and salaries ($8,000 + $125.00q) . . . . . . 20,500 Supplies ($3.00q). . . . . . . . . . . . . . . . . . . . . . . 300 Equipment rental ($1,800 + $32.00q) . . . . . . . . 5,000 Insurance ($3,400). . . . . . . . . . . . . . . . . . . . . . 3,400 Miscellaneous ($630 + $1.80q). . . . . . . . . . . . . . 810 Total expense. . . . . . . . . . . . . . . . . . . . . . . . . . . 30,010 Net operating income. . . . . . . . . . . . . . . . . . . . . . $ 6,490 Required:
During May, the company’s activity was actually 105 diving-hours. Prepare a flexible budget for that level of activity.
EXERCISE 10–2 Prepare a Report Showing Activity Variances [LO 10–2]
Flight Cafe; is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The company’s planning budget for July appears below:
Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q). . . . . . . . . . . . . . . . . . . . . . . . 18,000 Revenue ($4.50q) . . . . . . . . . . . . . . . . . . . . . . . . . $ 81,000 Expenses: Raw materials ($2.40q). . . . . . . . . . . . . . . . . . . . 43,200 Wages and salaries ($5,200 + $0. 30q) . . . . . . . . 10,600 Utilities ($2,400 + $0. 05q). . . . . . . . . . . . . . . . . 3,300 Facility rent ($4,300). . . . . . . . . . . . . . . . . . . . . . 4,300 Insurance ($2,300). . . . . . . . . . . . . . . . . . . . . . . 2,300 Miscellaneous ($680 + $0. 10q). . . . . . . . . . . . . . 2,480 Total expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,180 Net operating income. . . . . . . . . . . . . . . . . . . . . . . $ 14,820 In July, 17,800 meals were actually served. The company’s flexible budget for this level of activity appears below:
Flight Café Flexible Budget For the Month Ended July 31 Budgeted meals (q). . . . . . . . . . . . . . . . . . . . . . . . 17,800 Revenue ($4. 50q). . . . . . . . . . . . . . . . . . . . . . . . . $80,100 Expenses: Raw materials ($2. 40q). . . . . . . . . . . . . . . . . . . 42,720 Wages and salaries ($5,200 + $0. 30q). . . . . . . . 10,540 Utilities ($2,400 + $0. 05q). . . . . . . . . . . . . . . . . 3,290 Facility rent ($4,300). . . . . . . . . . . . . . . . . . . . . . 4,300 Insurance ($2,300). . . . . . . . . . . . . . . . . . . . . . . 2,300 Miscellaneous ($680 + $0. 10q). . . . . . . . . . . . . . 2,460 Total expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,610 Net operating income. . . . . . . . . . . . . . . . . . . . . . . $14,490 Page 460
Required:
- Prepare a report showing the company’s activity variances for July.
- Which of the activity variances should be of concern to management? Explain.
EXERCISE 10–3 Prepare a Report Showing Revenue and Spending Variances [LO 10–3]
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company’s flexible budget for August appears below:
Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q). . . . . . . . . . . . . . . . . . . . . . . . 8,000 Revenue ($4. 00q). . . . . . . . . . . . . . . . . . . . . . . . $32,000 Expenses: Packing supplies ($0. 50q). . . . . . . . . . . . . . . 4,000 Oyster bed maintenance ($3,200). . . . . . 3,200 Wages and salaries ($2,900 + $0. 30q).. 5,300 Shipping ($0.80q). . . . . . . . . . . . . . . . . . . . . 6,400 Utilities ($830). . . . . . . . . . . . . . . . . . . . . . . . 830 Other ($450 + $0. 05q). . . . . . . . . . . . . . . . 850 Total expense. . . . . . . . . . . . . . . . . . . . . . . . . . . 20,580 Net operating income. . . . . . . . . . . . . . . . . . . $11,420 The actual results for August appear below:
Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds. . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $35,200 Expenses: Packing supplies. . . . . . . . . . . . . . . . . . . . . . . 4,200 Oyster bed maintenance. . . . . . . . . . . . . . . . . 3,100 Wages and salaries . . . . . . . . . . . . . . . . . . . . 5,640 Shipping. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,950 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 810 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980 Total expense. . . . . . . . . . . . . . . . . . . . . . . . . 21,680 Net operating income. . . . . . . . . . . . . . . . . . . . $13,520 Required:
Prepare a report showing the company’s revenue and spending variances for August.
EXERCISE 10–4 Prepare a Flexible Budget Performance Report [LO 10–4]
Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below:
Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 48 50 Revenue ($320.00q) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,650 $15,360 $16,000 Expenses: Wages and salaries ($4,000 + $82.00q). . . . . . . . . . . . . . . . . . 8,430 7,936 8,100 Fuel ($23.00q) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,260 1,104 1,150 Airport fees ($650 + $38.00q). . . . . . . . . . . . . . . . . . . . . . . . . 2,350 2,474 2,550 Aircraft depreciation ($7. 00q). . . . . . . . . . . . . . . . . . . . . . . . . 336 336 350 Office expenses ($190 + $2. 00q). . . . . . . . . . . . . . . . . . . . . . . 460 286 290 Total expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,836 12,136 12,440 Net operating income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 814 $ 3,224 $ 3,560 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.
Required:
- Prepare a flexible budget performance report for July.
- Which of the variances should be of concern to management? Explain.
EXERCISE 11–1 Direct Materials Variances [LO11–1]
Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company’s products, a football helmet for the North American market, requires a special plastic. During the quarter ending June 30, the company manufactured 35,000 helmets, using 22,500 kilograms of plastic. The plastic cost the company $171,000.
According to the standard cost card, each helmet should require 0.6 kilograms of plastic, at a cost of $8 per kilogram.
Required:
- According to the standards, what cost for plastic should have been incurred to make 35,000 helmets? How much greater or less is this than the cost that was incurred?Page 499
- Break down the difference computed in requirement 1 into a materials price variance and a materials quantity variance.
EXERCISE 11–2 Direct Labor Variances [LO11–2]
SkyChefs, Inc., prepares in-flight meals for a number of major airlines. One of the company’s products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 4,000 of these meals using 960 direct labor-hours. The company paid these direct labor workers a total of $9,600 for this work, or $10.00 per hour.
According to the standard cost card for this meal, it should require 0.25 direct labor-hours at a cost of $9.75 per hour.
Required:
- According to the standards, what direct labor cost should have been incurred to prepare 4,000 meals? How much does this differ from the actual direct labor cost?
- Break down the difference computed in requirement 1 into a labor rate variance and a labor efficiency variance.
EXERCISE 11–3 Variable Overhead Variances [LO11–3]
Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer, the order is forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to the customer. The company uses a predetermined variable overhead rate based on direct labor-hours.
In the most recent month, 120,000 items were shipped to customers using 2,300 direct labor-hours. The company incurred a total of $7,360 in variable overhead costs.
According to the company’s standards, 0.02 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.25 per direct labor-hour.
Required:
According to the standards, what variable overhead cost should have been incurred to fill the orders for the 120,000 items? How much does this differ from the actual variable overhead cost?
Break down the difference computed in requirement 1 into a variable overhead rate variance and a variable overhead efficiency variance.
EXERCISE 11–8 Direct Materials and Direct Labor Variances [LO11–1, LO11–2]
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following standards for the Maze toy:
Direct materials: 6 microns per toy at $0.50 per micron Direct labor: 1.3 hours per toy at $8 per hour During July, the company produced 3,000 Maze toys. Production data for the month on the toy follow:
Direct materials: 25,000 microns were purchased at a cost of $0.48 per micron. 5,000 of these microns were still in inventory at the end of the month.
Direct labor: 4,000 direct labor-hours were worked at a cost of $36,000.
Required:
- Compute the following variances for July:
- a.The materials price and quantity variances.
- b.The labor rate and efficiency variances.
- Prepare a brief explanation of the possible causes of each variance.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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