Exam 1: Introduction to Financial Statements

Penner Company reported total manufacturing costs of $450,000, manufacturing overhead totaling $78,000, and direct materials totaling $96,000.How much is direct labor cost?

Direct materials costs and indirect materials costs are manufacturing overhead.

Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively.If direct materials used were $490,000, what was the cost of raw materials purchased?

For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to

Which of the following is not a management function?

The controller of a company is responsible for all of the accounting and finance issues a company faces..

Direct materials become a cost of the finished goods manufactured when they are acquired, not when they are used.

The balanced scorecard approach attempts to maintain as little inventory on hand as possible.

Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of $686,000.If cost of goods manufactured is $660,000, what is the cost of the ending work in process inventory?

Indirect materials and indirect labor are both inventoriable costs.

What term describes all business processes associated with providing a product or service?