Exam 2: Cost Terminology and Cost Behaviors

Given the following information for Moore Corporation,prepare the necessary journal entries,assuming that the Raw Material Inventory account contains both direct and indirect material.

Moore Company is a construction company that builds greenhouses on special request.What is the proper classification of the cost of the cement building slab used?

Costs that are incurred to preclude defects and improper processing are:

Period costs

Anderson Enterprises Refer to Anderson Enterprises.For March,conversion cost incurred was

The term "relevant range" as used in cost accounting means the range over which

Which of the following would need to be allocated to a cost object?

The formula for cost of goods sold for a manufacturer is

A production plant could be a cost object.

In an actual cost system,actual production overhead costs are typically accumulated in an Overhead Control account and assigned to Work in Process at the end of the period.

Another name for inventoriable costs is ____________________ costs.

Perry Company. Perry Company manufactures wood file cabinets.The following information is available for June of the current year. The direct labor rate is $9.60 per hour and overhead for the month was $9,600. Refer to Perry Company.If there were 1,500 direct labor hours and $21,000 of raw material purchased,how much is Cost of Goods Sold?

The following information is for the Lawton Manufacturing Company for November. Calculate total manufacturing costs,cost of goods manufactured,and cost of goods sold.

In an actual cost system,factory overhead is applied to Work in Process using a predetermined overhead rate.

The three primary inventory accounts in a manufacturing company are

Moore Company is a construction company that builds greenhouses on special request.What is the proper classification of indirect material used?

A cost that varies inversely with the level of production is known as a ____________________ cost.

A variable cost remains constant on a per-unit basis as production increases.

It is not necessary to prepare the Cost of Goods Manufactured statement prior to preparing the Cost of Goods Sold statement.

Horner Corporation The following information has been taken from the cost records of Horner Corporation for the past year: Refer to Horner Company.Cost of Goods Sold was