Master Budget Case: ToyWorks Ltd. (B) ToyWorks Ltd. is a company that manufactures and sells a single product‚ which they call a Toodle. For planning and control purposes they utilize a monthly master budget‚ which is usually developed at least six months in advance of the budget year. Their fiscal year end is June 30. During the summer of 2007‚ Chris Leigh‚ the ToyWorks controller‚ spent considerable time with Pat Frazer‚ the Manager of Marketing‚ putting together a sales forecast for
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total assets and total equity. d. decrease one asset account and increase an equity account. 2. Warren Company makes candy. During the most recent accounting period‚ Warren paid $3‚000 for raw materials‚ $4‚000 for labor‚ and $2‚000 for overhead costs that were incurred to make candy. Warren started and completed 10‚000 units of candy‚ of which 7‚000 were sold. Based on this information‚ Warren would recognize which of the following amounts of expense on the income statement? a. $2
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CMA Exam Support Package Examination Essay Questions For Practice © Copyright 2010 By Institute of Certified Management Accountants Introduction The Institute of Certified Management Accountants (ICMA) is publishing this book of practice questions with answers to help you prepare for the CMA examination. Each question is referenced to the Content Specification Outline (CSO) and the Learning Outcome Statements (LOS). These questions are actual “retired” questions from the CMA exams
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manufacturing overhead cost. y = $80‚000 + $12X where: y = monthly manufacturing overhead cost X = machine-hours The standard error of estimate of the regression is $6‚000. The standard time required to manufacture one six-unit case of Tory’s single product is four machine-hours. Tory applies manufacturing overhead to production on the basis of machine-hours‚ and its normal annual production is 50‚000 cases. 4. [CMA Adapted] Tory’s estimated variable manufacturing overhead cost for a month
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shop. The second floor is used for making dresses and storing of raw material. Required: a) Use the answer sheet in Appendix A. Classify these costs into two ways (1) product cost (either as direct materials‚ direct labour or manufacturing overhead) or period cost and (2) variable cost or fixed cost with respect to the number of unit produced or sold. For classifying whether product cost or period cost‚ place the dollar amount (in monthly amount) in the appropriate headings. For classifying
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hour) $828 Manufacturing overhead cost (6 hours $9 per hour) 54 Total wages earned $882 2-16 Direct labour cost (35 hours $26 per hour) $910 Manufacturing overhead cost (5 hours $26 per hour) 130 Total wages earned $1‚040 Problem 2-15 (30 minutes) Name of the Cost Variable Cost Fixed Cost Product Cost Period (Selling and Admin.) Cost Opportunity Cost Sunk Cost Direct Materials Direct Labour Mfg. Overhead Rental
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is the simplest scheduling algorithm‚ FIFO simply queues processes in the order that they arrive in the ready queue. Since context switches only occur upon process termination‚ and no reorganization of the process queue is required‚ scheduling overhead is minimal. Throughput can be low‚ since long processes can hog the CPU Turnaround time‚ waiting time and response time can be high for the same reasons above No prioritization occurs‚ thus this system has trouble meeting process deadlines
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(list both qualitative factors and factors that you can quantify based on the case). Quantitative 1-Feet driven per hour performance-( hourly hammer‚crane ‚labour ‚overhead cost) 2-Piles driven per set of pads 3-Number of pads used for each set 4-Time required per change of a set-( hourly hammer‚crane ‚labour ‚overhead cost) Qualitative 1-Inadequate pads have risk of cracking the pile 2-Most of pads are unbranded 3-There is no real way of distribution‚ manufacturers offer heavy supply
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1. Jennifer Trucking Company operates a large rig transportation business in Texas that transports locally grown vegetables to San Diego‚ California. The company owns 5 large rigs and hires local drivers paid fixed salaries monthly‚ regardless of the number of trips or tons of cargo that each driver transports each month. The below table presents details about the number of drivers and the total cargo transported by the company at different staff levels. Drivers employed Total Cargo Transported
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costing system are different because processing costing captures costs and averages over the volume of identified or similar units are made. And the costs are assigned to each unit. Job order costing tracks specific cost to specific jobs that are being done (M.U.S.E.‚ 2010). The process costing system is a system in which all costs are captured and averaged over the volume of identified or similar units that are made. An average of all costs is assigned to each unit and
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