Exam 2: Basic Managerial Accounting Concepts

The cost of the partially completed goods at the end of the period would be

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 direct materials used in July?

Select the appropriate classification of the output generated by each of the following industries. a. Tangible b. Intangible -CPA firm

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. -Refer to Figure 2-6. What was the sales price per unit?

Select the appropriate definition for each of the items listed below. a. per-unit prime cost b. per-unit conversion cost c. per-unit cost of goods manufactured -(total manufacturing costs + work in process beginning - work in process ending)/units produced

Select the appropriate definition for each of the items listed below. a. Work in process inventory b. Finished goods inventory c. Cost of goods sold d. Cost of goods manufactured e. Total manufacturing costs -Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory

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

Overhead includes

Non-manufacturing costs include

See the following separate cases. Required: Solve for the missing amounts (A,B,C,D,E,F)

Costs are subdivided into what two major functional categories?

Select the appropriate definition for each of the items listed below. a. period cost b. direct cost c. opportunity cost d. variable cost e. indirect cost f. fixed cost g. product cost -A cost that is difficult to trace to a cost object

Select the appropriate classification of the items listed below. a. selling expense b. administrative expense c. direct materials d. direct labor e. overhead -Salary of chief executive officer

Which of the following is an example of a tangible product?

Price is not:

Select the appropriate classification of the output generated by each of the following industries. a. Tangible b. Intangible -Medical clinic

Gross margin equals

Costs are incurred to produce future benefits.

Select the appropriate classification of the items listed below. a. selling expense b. administrative expense c. direct materials d. direct labor e. overhead -Wages of assembly line workers in an automobile plant

MATCHING Select the appropriate classification for each of the following costs. a. Period b. Product -Research and development costs