Exam 2: Basic Managerial Accounting Concepts

________________ are those costs,both direct and indirect,of producing a product in a manufacturing firm or of acquiring a product in a merchandising firm and preparing it for sale.

Which of the following would not be a period cost?

Which of the following would not be found on the income statement of a manufacturer?

Figure 2-4. Junko Company makes financial calculators.During the year Junko manufactured 97,000 financial calculators.Finished goods inventory had the following units on hand: Refer to Figure 2-4.How many financial calculators did Junko sell during the year?

Any costs associated with storing,selling,and delivering the product are classified as product costs.

The ____________________________ represents that total product cost of goods completed during the current period and transferred to finished goods inventory.

Figure 2-8. Last year Quest Company incurred the following costs: Quest produced and sold 2,000 units at a sales price of $125 each.Assume that beginning and ending inventories of materials,work in process,and finished goods were zero. Refer to Figure 2-8.Conversion cost per unit was?

Information from the records of Place,Inc.,for December 2011 is as follows: Net income for the month of December is:

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. Refer to Figure 2-6.What was cost of goods sold for the year?

Expired costs are called

___________________ is the cost of the partially completed goods that are still on the factory floor at the end of a time period.

______________________ is the sum of direct labor cost and manufacturing overhead cost.

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. Refer to Figure 2-6.How many units were sold during the year?

Which of the following can be found on the income statements of both a manufacturing and service organization?

Kutlow Inc.had cost of goods sold of $112,000 for the year ended December 31,2011.The finished goods inventory on January 1,2011 was $28,000 and the finished goods inventory on December 31,2011 was $17,000.What was the amount of cost of goods manufactured for the year?

Price is not:

The process of assigning an indirect cost to a cost object by using a reasonable and convenient method is called _____________.

Which of the following would not be included in overhead?

_________________ equals the sum of direct materials,direct labor,and manufacturing overhead.

________________ and _________________ costs are considered period costs.