Exam 15: Introduction to Managerial Accounting

Match each description below to the appropriate phase of the manufacturing process (a-e). -Used by managers for continuous improvement A)Planning B)Directing C)Controlling D)Improving E)Decision making

Darwin Company reports the following information: Product costs are

Indirect labor and indirect materials are classified as

Conversion costs are the combination of direct labor, direct material, and factory overhead costs.

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

Which of the following is not a characteristic of useful managerial accounting reports?

Rent expense on a factory building would be treated as a(n)

If the cost of materials is not a significant portion of the total product cost, the materials may be classified as part of factory overhead cost.

Although finance and accounting professionals often work within verticals and other horizontals, they do not normally report directly to the heads of those units or departments.

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

Magnus Industries has the following data: Determine the cost of raw materials used.

Zoe Corporation has the following information for the month of March. Determine the (a) cost of goods manufactured and (b) cost of goods sold.

Given the following data: What is the amount of raw materials used?

Work in process inventory increased by $20,000 during the current year. Cost of goods manufactured was $180,000. Total manufacturing costs incurred are

Product costs include direct labor and advertising expense.

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Electricity costs to run the factory

Factory overhead cost is sometimes referred to as factory burden.

Which of the following is not a prime cost?

For an automotive repair shop, the wages of mechanics would be classified as direct labor cost.

Indirect labor and indirect materials would be part of factory overhead.