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DEGREE IN INTERNATIONAL

BUSSINESS

Management Accounting

Exercises

Chapter 1

Year: 2017-

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1.- Consider the following account balances (in thousands) for the Canseco Company:

Concepts Beginning of 200x ($) End of 200x ($) Direct materials inventory 22,000 26, Work-in-process inventory 21,000 20, Finished goods inventory 18,000 23, Concepts For Year 200x ($) Purchases of direct materials 75, Direct manufacturing labor 25, Indirect manufacturing labor 15, Plant insurance 9, Depreciation, plant building and equipment

Repairs and maintenance (plant) 4, Mk., distribution, and customer-service costs

General and administrative costs 29,

Required :

1.- Calculate cost of goods manufactured for 200x, (using the “T” account format and the “table” format shown in the theory slides). 2.-. Prepare the income statement for 200x, calculate the total revenues needed to earn a target gross margin of 56,333333% over revenues.

Solution: 1.- Cost of goods manufactured: $ 136, 2.- Revenues: $ 300,000. Operating income: $47,

2.- The Howell Corporation has the following account balances (in millions):

For Specific Date: Jan.1 200x $ For Year 200x $ Direct materials 15 Purchases of direct materials 325 Work in process 10 Direct Manufacturing labor 100 Finished goods 70 Depreciation, plant building 80 For Specific Date: Dec.31, 200x $ Plant supervisory salaries 5 Direct materials 20 Indirect manufacturing labor 60 Work in process 5 Miscellaneous plant overhead 35 Finished goods 55 Mk.,Distri. & Customer-S. costs 240 Plant supplies used 10 Plan utilities 30 Revenues 950

Required :

1.- Calculate cost of goods manufactured for 200x. , (using the “T” account format, shown in the theory slides). 2.- Prepare an income statement and calculate the operating income.

Solution: 1.- Cost of goods manufactured: $ 645 2.- Operating income: $ 50

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Finished goods inventory 01/01/0x 4.000 4. Direct material used 8.000 12. Direct manufacturing labor 3.000 5. Indirect manufacturing costs 7.000 D Purchases of direct material 9.000 7. Revenues 32.000 31. Accounts receivable 01/01/0x 2.000 1.

Required :

For each of the cases in the accompanying list, find the unknowns designated by the letters A trough D. (using the “T” account format shown in the theory slides).

Solution:

Case 1: A : $ 20,700; B : $ 1, Case 2: C : $ 11,800; D : $ 6,

5 .- For each of the cases in the accompanying list, find the unknowns designated by the

letters A trough H. , (using the “T” account format shown in the theory slides).

Concepts

Case A In thousands $

Case B In thousands $ Beginning Materials Inventory A 400 Beginning Work-in-process 4,400 2, Beginning Finished Good Inventory 3,400 B Purchases 10,000 C Materials used 8,800 D Direct Manufacturing Labor 6,500 2, Indirect Mamufacturing Cost E 1, Ending Materials Inventory 2,600 1, Ending Work-in-process F 100 Ending Finished Good Inventory 200 400 Cost incurred in the period 20,000 5, Cost of good manufactured 18,600 G Cost of good sold H 7,

Solution:

Case 1: A : $ 1,400; E : $ 4,700; F : $ 5,800; H : $ 21, Case 2: B : $ 150; C : $ 2,900; D : $ 1,700; G : $ 7,

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6 .- Consider the following information about some events held during the accounting

period:

1. 1st October year 1, the company bought a machine for € 12,000. The estimated machine’s useful service life is 5 years. It will be pay four months later. The Company has paid in cash €5,000 for the machine’ installation process.
2. In November year 1, the manager decided to pay the machine because he has received a 10% discount for early payment.
3. 1st February year 2, the company sold €250,000 worth of finished products, with a 2% discount in invoice (trade discounts are not entered in the accounts records) and 60 days to receive payment. 20th^ February the company reached the following new payment agreement with its customers: in addition a 6% discount for early payment if the customers paid immediately. The customer sing the new payment agreement.
4. In September year 2, the company purchased Raw material 10,000 kg. at €1. per kilo. They will be pay two months later. The company assumed and paid in cash the freight in expenses: €600.
5. In December year 2, the Raw material ending inventory was 2,000 kg.

Required:

1. Record accounting journal entries.
2. Prepare a table: the columns will display the months (October year 1, November year 1, December year1, February year 2, September year 2, November year 2, December year 2), and the rows will display the accounting concepts (Identify the value of each of the following accounting concepts for each month: payment, expense, cost, investment, revenue, and receive payment).