Exam 2: Basic Managerial Accounting Concepts

Figure 2-3. Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the sales revenue percent?

Figure 2-3. Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the operating income percent?

If beginning work-in-process inventory is $120,000, ending work-in-process inventory is $160,000, cost of goods manufactured is $400,000 and direct materials used are $100,000, what are the conversion costs?

Select the appropriate classification for each of the items listed below. a. Product cost b. Period cost -Sugar used in soft drink production

Select the appropriate item for each of the definitions listed below. a. gross margin b. selling expenses c. sales revenue d. cost of goods sold e. operating income -gross margin - selling and administrative expenses

Select the appropriate classification for each of the items listed below. a. Product cost b. Period cost -Cost of conference for sales team

Kutlow Inc. had cost of goods sold of $112,000 for the year ended December 31, 2011. The finished goods inventory on January 1, 2011 was $28,000 and the finished goods inventory on December 31, 2011 was $17,000. What was the amount of cost of goods manufactured for the year?

A fixed cost is a cost that does not increase in total as output increases and does not decrease in total as output decreases.

On a manufacturer's income statement expenses are separated into the following three categories:

Select the appropriate classification of the items listed below. a. selling expense b. administrative expense c. direct materials d. direct labor e. overhead -Glue used in the manufacture of furniture

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. a. direct materials b. direct labor c. overhead d. selling expense e. administrative expense -factory security costs

Select the appropriate item for each of the definitions listed below. a. gross margin b. selling expenses c. sales revenue d. cost of goods sold e. operating income -Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory

Product costs consist of

Bartlow Company has supplied the following information from its accounting records for the month of May. Required: Solve for the missing amounts (?)

A variable cost in total

Direct materials can be directly traced to the goods or services being produced.

Price must be greater than cost in order for the firm to generate revenue.

An income statement of a manufacturer

Select the appropriate item for each of the definitions listed below. a. gross margin b. selling expenses c. sales revenue d. cost of goods sold e. operating income -sales revenue -cost of goods sold

Andover Inc. had a gross margin for the month of February totaling $42,000. They sold 5,000 units during the month at a sales price of $20 per unit. What was the amount of cost of goods sold for the month?