Problem 2-16 Plantwide Predetermined Overhead Rates; Pricing (LO2-1, LO2-2, LO2-3) Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed Manufacturing overhead cost Variable manufacturing overhead cont per direct labor-hour Variable manufacturing overhead cost per machine-hour 95,000 47,500 $266,000 $ 2.60 $ 5.20 During the year, Job 550 was started and completed. The following information is available with respect to this job: ces Direct materials Direct labor cost Direct labor-hours Machine-hours Required: 1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? 2. Assume that Landen's controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 5507 (Round your intermediate calculations to 2 decimal places. Round your “Predetermined Overhead Rato” answers to 2 decimal places and all other answers to the nearest whole dollar.) per DLH 1. Direct labor hours: a. Predetermined overhead rate b. Total manufacturing cost of Job 650 c. Selling price 2. Machine hours: a. Predetermined overhead rate b. Total manufacturing cost of Job 660 c. Selling price per MH

1 All of these are the fundamental success drivers of competitive advantage except:

A) Speed

B) Innovation

C) Globalization

D) Cost competitiveness

E) Quality

2 The management function that specifies goals to be achieved and deciding in advance the appropriate actions to achieve those goals is:

A) Leading

B) Controlling

C) Organizing

D) Planning

E) Communicating

3 Good ________ provide operating skills and practical problem solving that keep the company working

A) board of directors

B) middle managers

C) frontline managers

D) employees

E) none of the above

4 When comparing actual sales figures with goals established earlier to see if the department met the target, what function is being performed?

A) Planning

B) Organizing

C) Coordinating

D) Leading

E) Controlling

5 All of these, except ________, compose a firm’s competitive environment

A) competitors

B) demographics

C) new entrants

D) substitutes

E) customers

6 Lack of information needed to understand and predict the future is called environmental

A) uncertainty

B) dynamism

C) complexity

D) scanning

E) analysis

7 An aspect of the organization’s internal environment where the organization is comprised of many different units that work on different kinds of tasks, using different skills and work methods is

A) differentiation

B) integration

C) departmentalization

D) span of control

E) specialization

8 _______ is a term describing the oversight of the firm by its executive staff and board of directors

A) Corporate authority

B) Corporate governance

C) Vertical governance

D) Horizontal governance

E) Horizontal authority

9 The first step in effective delegation is

A) schedule checkpoints for reviewing progress

B) select the person for the tasks

C) define the goal succinctly

D) follow through

E) solicit the subordinate’s views about suggested approaches

10 The first step in the basic planning process is

A) establishment of mission, vision, and goals

B) Situation analysis

C) Goals and plans selection

D) Identifying and diagnosing the problem

E) strategic control

11 ______ is means whereas ______ are ends

A) Goals; plans

B) Vision; mission

C) Plans; goals

D) Mission; vision

E) Goals; strategies

12 _______ represents one of the most visible signs of possible corporate commitment to ethical behavior

A) Strategic retreat

B) Stonewalling

C) Strategic voluntarism

D) Coalition building

E) Written code of ethics

13 An organization that seeks to maximize internal efficiency is

A) mechanistic

B) network

C) Organic

D) flexible

E) time-based

14 Large organizations are typically less _______ and more _______

A) bureaucratic; organic

B) mechanistic; organic

C) organic; bureaucratic

D) mechanistic; networked

E) networked; organic

15 _______ involves teaching managers and professional employees broader skills needed for their present and future jobs

A) Outplacement

B) Development

C) Assessment center

D) Training

E) MBO

16 MBO is one approach to ________ appraisals

A) trait

B) behavioral

C) results

D) personality

E) leadership

17 ______ is a mental image of a possible and desirable future state of the organization

A) A vision

B) A taut

C) Power

D) Leadership

E) A strategy

18 Which of these powers are considered “personal” powers?

A) reward and coercive

B) referent and legitimate

C) legitimate and reward

D) reward and expert

E) expert and referent

19 All of the following are personality characteristics that distinguish effective leaders from other people except

A) self confidence

B) integrity

C) drive

D) honesty

E) knowledge of the business

20 A leadership philosophy characterized by an absence of managerial decision making is called _______ style

A) autocratic

B) democratic

C) participation

D) laissez-faire

E) empowering

21 A (n) _______ leader is a person who is dominant, self-confident, convinced of the moral righteousness of his/her beliefs, and able to arouse a sense of excitement and adventure in followers

A) charismatic

B) autocratic

C) democratic

D) transactional

E) task-directed

22 Which of these represent the first step of a typical control system?

A) Comparing performance against standards

B) Measuring performance

C) Setting performance standards

D) Determining deviations

E) Taking corrective action

23 People resist control systems because

A) control systems increase the accuracy of performance data and make

employees more accountable for their actions

B) control systems can change expertise and power structures

C) control systems can change the social structure of the organization

D) control system is seen as an invasion of privacy

E) all of these

24 What is the set of important assumptions about the organization and its goals and practices those members of the company share?

A) Activity-based costing

B) ROI

C) Organization culture

D) Management myopia

E) Internal audit

25 Types of Plans are _______________

A) Descriptive

B) Strategic

C) Tactical

D) Functional

E) all the above

Brief Exercise 11-6 Your answer is partially correct. Try again. The stockholders' equity section of Swifty Corporation's balance sheet consists of common stock ($8 par) $1.016,000 and retained earnings $450,000. A 15 % stock dividend (19.050 shares) is declared when the market price per share is $18. (a) Show the before-and-after effects of the dividend on the components of stockholders' equity After Dividend Before Dividend Stockholders Equity Paid-in Capital 1,016,000 Common Stock C Paid-in Capital in Excess of Par Value-Common Stoco 1,016,000 Total Paid-in Capital 450,000 Retained Eamings 1466000 C oldore Enuite Downloadable eTextbook Gradebook ORION Assignment ctice nment UCIUEC DIVUCuu Stockholders Equity Paid-in Capital 1,016,000 Common Stock Paid-in Capital in Excess of Par Value-Common Stock 1,016,000 Total Paid-in Capital 450,000 Retained Eamings 1466000 Total Stockholders Equity (b) Show the before-and-after effects of the dividend on the shares outstandino. After Dividend Before Dividend Outstanding shares Open Show Work Click if you would like to Show Work for this question:

Explain the most important products or services from your firm and describe the most important expenses according with the income statement of your firm. Answer this question your firm makes profits because the ability to control expenses or because the ability to deliver products with higher gross profit margins? In the process to operate the business explain why databases and organizational structure is important to human resources to cooperate and coordinate efforts to achieve corporate goals? Company/Firm is Bed Bath and Beyond Each question has to be more than 250 words, 500 in total

The following information was derived from an Income Statement when 20,000 units were sold. Sales $1,250,000 Variable Costs 250,000 Contribution Margin $1,000,000 Fixed Costs 400,000 Net Income $ 600,000

Determine the break-even point in units sold.

What is the margin of safety?

How many units must be sold if a Net Income of $800,000 is desired?