Zoe Corporation has the following information for the month of March. Determine the (a) cost of goods manufactured and (b) cost of goods sold. $\begin{array}{lr} \text { Cost of materials used in production } & \$ 69,000 \\ \text { Direct labor } & 27,000 \\ \text { Factory overhead } & 34,000 \\ \text { Work in process inventory, March 1 } & 15,000 \\ \text { Work in process inventory, March 31 } & 19,500 \\ \text { Finished goods inventory, March 1 } & 25,000 \\ \text { Finished goods inventory, March 31 } & 23,000 \end{array}$

The answer of Zoe Corporation has the following information for...

The following information is taken from the financial records of Gunner Manufacturing:?? $\begin{array}{lr} \text { Cost of materials used } & \$ 45,000 \\ \text { Direct labor costs } & 48,000 \\ \text { Factory overhead } & 39,000 \\ \text { Work in process, beginning } & 18,000 \\ \text { Work in process, ending } & 28,000 \end{array}$ What is the cost of goods manufactured?

A) $178,000 B) $132,000 C) $122,000 D) $142,000 A) $178,000 B) $132,000 C) $122,000 D) $142,000

Use the information below for Darwin Company to answer the questions that follow. \[\begin{array} { l r } \text { Sales } & \$ 76,500 \\ \text { Direct materials used } & 7,300 \\ \text { Depreciation on factory equipment } & 4,700 \\ \text { Indirect labor } & 5,900 \\ \text { Direct labor } & 10,500 \\ \text { Factory rent } & 4,200 \\ \text { Factory utilities } & 1,200 \\ \text { Sales salaries expense } & 15,600 \\ \text { Office salaries expense } & 8,900 \\ \text { Indirect materials } & 1,200 \end{array}\] -Darwin Company's product costs are

A) $24,500 B) $30,300 C) $29,200 D) $35,000 A) $24,500 B) $30,300 C) $29,200 D) $35,000

Exam 18: Introduction to Managerial Accounting

Laramie Technologies has the following data: Work in process inventory, beginning \ 45,000 Work in process inventory, ending 32,000 Direct labor costs 56,000 Cost of materials used 50,000 Factory overhead 28,000 Calculate the cost of goods manufactured.

(Essay)

4.9/5

(32)

Question 21

A performance report that identifies the amount of employee downtime is a financial accounting report.

(True/False)

4.9/5

(34)

Question 22

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Salary of plant manager

(Multiple Choice)

4.9/5

(36)

Question 23

All of the following would be reported on the balance sheet as a current asset except

(Multiple Choice)

4.8/5

(44)

Question 24

Zoe Corporation has the following information for the month of March. Determine the (a) cost of goods manufactured and (b) cost of goods sold. Cost of materials used in production \ 69,000 Direct labor 27,000 Factory overhead 34,000 Work in process inventory, March 1 15,000 Work in process inventory, March 31 19,500 Finished goods inventory, March 1 25,000 Finished goods inventory, March 31 23,000

(Essay)

4.8/5

(37)

Question 25

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

(Multiple Choice)

4.8/5

(29)

Question 26

What is decision making? Who is responsible for decision making in a managerial situation?

(Essay)

4.8/5

(42)

Question 27

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Direct labor incurred

(Multiple Choice)

4.7/5

(46)

Question 28

The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead.

(True/False)

4.8/5

(32)

Question 29

Which of the following statements is false?

(Multiple Choice)

4.8/5

(27)

Question 30

Product costs are not expensed until the product is sold.

(True/False)

4.8/5

(30)

Question 31

Indirect labor and indirect materials are classified as

(Multiple Choice)

4.8/5

(33)

Question 32

Managerial accounting provides useful information to managers on product costs.

(True/False)

4.8/5

(33)

Question 33

The following information is taken from the financial records of Gunner Manufacturing:?? Cost of materials used \ 45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning 18,000 Work in process, ending 28,000 What is the cost of goods manufactured?

(Multiple Choice)

4.8/5

(32)

Question 34

A cost can be a payment of cash for the purpose of generating revenues.

(True/False)

4.8/5

(31)

Question 35

Use the information below for Darwin Company to answer the questions that follow. Sales \ 76,500 Direct materials used 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales salaries expense 15,600 Office salaries expense 8,900 Indirect materials 1,200 -Darwin Company's product costs are

(Multiple Choice)

4.9/5

(28)

Question 36

Which of the following items would not be classified as part of factory overhead?

(Multiple Choice)

4.8/5

(32)

Question 37

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

(Multiple Choice)

4.9/5

(35)

Question 38

Factory overhead is an example of a product cost.

(True/False)

4.9/5

(23)

Question 39

Match the items below for a bakery to the type of cost (a-d). Answers may be used more than once. -Depreciation expense-office

(Multiple Choice)

4.8/5

(35)

Question 40

Exam 18: Introduction to Managerial Accounting

Laramie Technologies has the following data:​​ Work in process inventory, beginning \ 45,000 Work in process inventory, ending 32,000 Direct labor costs 56,000 Cost of materials used 50,000 Factory overhead 28,000 Calculate the cost of goods manufactured.

A performance report that identifies the amount of employee downtime is a financial accounting report.

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Salary of plant manager

All of the following would be reported on the balance sheet as a current asset except

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

What is decision making? Who is responsible for decision making in a managerial situation?

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Direct labor incurred

The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead.

Which of the following statements is false?

Product costs are not expensed until the product is sold.

Indirect labor and indirect materials are classified as

Managerial accounting provides useful information to managers on product costs.

The following information is taken from the financial records of Gunner Manufacturing:?? Cost of materials used \ 45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning 18,000 Work in process, ending 28,000 What is the cost of goods manufactured?

A cost can be a payment of cash for the purpose of generating revenues.

Which of the following items would not be classified as part of factory overhead?

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

Factory overhead is an example of a product cost.

Match the items below for a bakery to the type of cost (a-d). Answers may be used more than once. -Depreciation expense-office

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting Systems

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Current Liabilities and Payroll

Accounting for Partnerships and Limited Liability Companies

Corporations: Organization, Stock Transactions, and Dividends

Long-Term Liabilities: Bonds and Notes

Investments and Fair Value Accounting

Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Cost Systems

Cost-Volume-Profit Analysis

Evaluating Variances From Standard Costs

Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Filters

Laramie Technologies has the following data: Work in process inventory, beginning \ 45,000 Work in process inventory, ending 32,000 Direct labor costs 56,000 Cost of materials used 50,000 Factory overhead 28,000 Calculate the cost of goods manufactured.