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Magellan Materials manufactures metal and plastic gutters for use in commercial and residential construction. Production occurs in two separate plants. Distribution is from a central warehouse, and there is a centrally managed sales office. Both production plants are currently treated as cost centers, and their budgets are prepared in close consultation with the central office. Analysis of standard cost variances is used as a control mechanism in the two plants.
Required:
a. Explain how budgets and variance analysis provide a means of controlling cost in the production plants.
b. List four non financial performance measures that plant managers can use to assess the operations they control.
Prepare the firms Manufacturing, Trading, Profit and Loss Accounts for the year ended 30 September, 2009 in vertical form.
Richie Rich, the president of Rich's Money Company, has asked for information about the cost behavior of manufacturing support costs. Specifically, he wants to know how much support cost is fixed and how much is variable. The following data are th..
Tioga Company manufactures sophisticated lenses and mirrors used in large optical telescopes. The company is not preparing its annual profit plan.
What is the total amount of the costs listed above that are not direct costs of the Brentwood Store and what was Indiana Corporation's net operating income for the year using variable costing?
Paul's Limo Service has the following information for June:
relationship between revenue and variable costs will not change but fixed cost will increase
Golf Challenge Corp. is a retail sports store carrying golf apparel and equipment.
Select one or two concepts from this chapter and describe how you might use those concepts in your future career.
Calculate the consumption ratios for each activity. Do you think that the direct labor costs and direct materials costs are accurately traced to each briefcase? Explain.
Calculate the product cost for one tent. Calculate the total product cost for last year. Prepare an income statement for external users. Did you need to prepare a supporting statement of cost of goods manufactured? Explain.
Compare bottom-line financial results of using the fixed budget and flexible budget if volumes (a) increase by 10% or (b) decrease by 10%.
Develop what criteria would you established for honest and proper judgments?
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