Question 1

Materials that become part of a product usually are classified as _______________.

Accepted Answer

The answer of Materials that become part of a product...

Question 2

A variable cost in total

Accepted Answer

A) increases as output increases and decreases as output decreases. 
B) increases as output increases and/or decreases. 
C) remains constant no matter the level of output. 
D) increases as output decreases and decreases as output increases. 
A) increases as output increases and decreases as output decreases. 
B) increases as output increases and/or decreases. 
C) remains constant no matter the level of output. 
D) increases as output decreases and decreases as output increases.

Question 3

Employees who convert direct materials into a product are classified as _____________.

Accepted Answer

The answer of Employees who convert direct materials into a...

Question 4

Cost of goods sold

Accepted Answer

A) represents all costs associated with research,development,and general administration of the organization. 
B) is found on the Balance Sheet. 
C) is the cost of the partially completed goods that are still on the factory floor at the end of the period. 
D) is the total product cost for the units sold during a period. 
A) represents all costs associated with research,development,and general administration of the organization. 
B) is found on the Balance Sheet. 
C) is the cost of the partially completed goods that are still on the factory floor at the end of the period. 
D) is the total product cost for the units sold during a period.

Question 5

Wapato Company produces a product with the following per unit costs.
   Last year,Wapato produced and sold 3,000 units at a sales price of $80 each.Total selling and administrative expenses were $25,000.
Required: Solve for the following:

Accepted Answer

The answer of Wapato Company produces a product with the...

Question 6

Assigning costs involves the way that a cost is linked to some cost object.

Accepted Answer

A) True 
 B)False

Question 7

During the month of January,Enterprise Inc.had total manufacturing costs of $110,000.They incurred $40,000 of direct labor cost and $30,000 of overhead cost during the month.If the materials inventory on January 1 was $3,000 less that the materials inventory on January 31,what was the cost of materials purchased during the month?

Accepted Answer

A) $37,000 
B) $43,000 
C) $40,000 
D) none of these 
A) $37,000 
B) $43,000 
C) $40,000 
D) none of these

Question 8

Prime cost is

Accepted Answer

A) indirect materials cost and direct labor cost. 
B) direct materials cost and direct labor cost. 
C) direct labor cost and indirect labor cost. 
D) direct materials cost and indirect labor cost. 
A) indirect materials cost and direct labor cost. 
B) direct materials cost and direct labor cost. 
C) direct labor cost and indirect labor cost. 
D) direct materials cost and indirect labor cost.

Question 9

Bartlow Company has supplied the following information from its accounting records for the month of May.
   Required: Solve for the missing amounts (?)

Accepted Answer

The answer of Bartlow Company has supplied the following information...

Question 10

Cost of goods manufactured represents the cost of direct materials,direct labor,and overhead incurred during the current accounting period.

Accepted Answer

A) True 
 B)False

Question 11

Indirect costs are costs that are not easily and accurately traced to a cost object.

Accepted Answer

A) True 
 B)False

Question 12

Property taxes on a factory building would normally be classified as a fixed cost.

Accepted Answer

A) True 
 B)False

Question 13

The unit cost

Accepted Answer

A) is the total product costs divided by the number of units produced. 
B) includes period costs. 
C) is the total prime costs divided by the number of units produced. 
D) is the total conversion costs divided by the number of units produced. 
A) is the total product costs divided by the number of units produced. 
B) includes period costs. 
C) is the total prime costs divided by the number of units produced. 
D) is the total conversion costs divided by the number of units produced.

Question 14

Figure 2-3. Bartlow,Inc.had the following income statement for the month of May.
  Refer to Figure 2-3.What was the sales revenue percent?

Accepted Answer

A) 100% 
B) 48% 
C) 52% 
D) 16% 
A) 100% 
B) 48% 
C) 52% 
D) 16%

Question 15

Figure 2-1. Concam Inc.manufactures television sets.Last month direct materials (electronic components,etc.)costing $500,000 were put into production.Direct labor of $800,000 was incurred,overhead equaled $450,000,and selling and administrative costs totaled $360,000.The company manufactured 8,000 television sets during the month.Assume that there were no beginning or ending work in process balances.
Refer to Figure 2-1.The per-unit conversion cost was:

Accepted Answer

A) $218.75 
B) $156.25 
C) $162.50 
D) $100.00 
A) $218.75 
B) $156.25 
C) $162.50 
D) $100.00

Question 16

_____________________ is the way that a cost is linked to some cost object.

Accepted Answer

The answer of _____________________ is the way that a cost...

Question 17

Figure 2-5. In July,Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000.Overhead totaled $32,000 for the month.Information on inventories was as follows:
  Refer to Figure 2-5.What was the cost of goods manufactured for July?

Accepted Answer

A) $70,500 
B) $70,700 
C) $69,600 
D) $69,100 
A) $70,500 
B) $70,700 
C) $69,600 
D) $69,100

Question 18

Information from the records of Cain Corporation for December 2011 are as follows:   The prime costs are:

Accepted Answer

A) $960,000. 
B) $564,000. 
C) $705,000. 
D) $969,000. 
A) $960,000. 
B) $564,000. 
C) $705,000. 
D) $969,000.

Materials that become part of a product usually are classified as _______________.

A variable cost in total

Employees who convert direct materials into a product are classified as _____________.

Cost of goods sold

Wapato Company produces a product with the following per unit costs. Last year,Wapato produced and sold 3,000 units at a sales price of $80 each.Total selling and administrative expenses were $25,000. Required: Solve for the following:

Assigning costs involves the way that a cost is linked to some cost object.

Prime cost is

Bartlow Company has supplied the following information from its accounting records for the month of May. Required: Solve for the missing amounts (?)

Cost of goods manufactured represents the cost of direct materials,direct labor,and overhead incurred during the current accounting period.

Indirect costs are costs that are not easily and accurately traced to a cost object.

Property taxes on a factory building would normally be classified as a fixed cost.

The unit cost

Figure 2-3. Bartlow,Inc.had the following income statement for the month of May. Refer to Figure 2-3.What was the sales revenue percent?

_____________________ is the way that a cost is linked to some cost object.

Figure 2-5. In July,Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000.Overhead totaled $32,000 for the month.Information on inventories was as follows: Refer to Figure 2-5.What was the cost of goods manufactured for July?

Information from the records of Cain Corporation for December 2011 are as follows: The prime costs are:

Introduction to Managerial Accounting

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing,and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 2: Basic Managerial Accounting Concepts

Materials that become part of a product usually are classified as _______________.

A variable cost in total

Employees who convert direct materials into a product are classified as _____________.

Cost of goods sold

Wapato Company produces a product with the following per unit costs. Last year,Wapato produced and sold 3,000 units at a sales price of $80 each.Total selling and administrative expenses were $25,000. Required: Solve for the following:

Assigning costs involves the way that a cost is linked to some cost object.

Prime cost is

Bartlow Company has supplied the following information from its accounting records for the month of May. Required: Solve for the missing amounts (?)

Cost of goods manufactured represents the cost of direct materials,direct labor,and overhead incurred during the current accounting period.

Indirect costs are costs that are not easily and accurately traced to a cost object.

Property taxes on a factory building would normally be classified as a fixed cost.

The unit cost

Figure 2-3. Bartlow,Inc.had the following income statement for the month of May. Refer to Figure 2-3.What was the sales revenue percent?

_____________________ is the way that a cost is linked to some cost object.

Figure 2-5. In July,Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000.Overhead totaled $32,000 for the month.Information on inventories was as follows: Refer to Figure 2-5.What was the cost of goods manufactured for July?

Information from the records of Cain Corporation for December 2011 are as follows: The prime costs are:

Introduction to Managerial Accounting

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing,and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters