Exam 10: Cost-Volume-Profit

If the ending work in process inventory is greater than the beginning work in process inventory then the cost of goods manufactured will be less than total manufacturing costs for the period.

Controlling is the process of determining whether planned goals are being met.

Wasson Company reported the following year-end information: Beginning work in process inventory \ 35,000 Beginning raw materials inventory 18,000 Ending work in process inventory 38,000 Ending raw materials inventory 15,000 Raw materials purchased 560,000 Direct labor 210,000 Manufacturing overhead 120,000 How much is Wasson's total cost of work in process for the year?

Which one of the following characteristics would likely be associated with a just-in-time inventory method?

Managerial accounting is applicable to

On the costs of goods manufactured schedule the item raw materials inventory (ending) appears as a(n)

Assuming that the cost of goods manufactured is $3460000 compute the cost of goods sold using the following information. Raw materials inventory, January 1 \ 30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 1,800,000 Direct labor 890,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation 500,000 Operating expenses 630,000

Given the following data for Harder Company compute cost of goods manufactured: Direct materials used \ 120,000 Beginning work in process \ 20,000 Direct labor 200,000 Ending work in process 10,000 Manufacturing overhead 180,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000 a. $\$ 490,000$ b. $\$ 500,000$ c. $\$ 510,000$ d. $\$ 520,000$

On the costs of goods manufactured schedule depreciation on factory equipment

Total period costs are deducted from total cost of work in process to calculate cost of goods manufactured.

Indirect materials and indirect labor are both inventoriable costs.

How have many companies significantly lowered inventory levels and costs?

Dolan Company's accounting records reflect the following inventories: Dec. 31,2022 Dec. 31,2021 Raw materials inventory \ 310,000 \ 260,000 Work in process inventory 300,000 160,000 Finished qoods inventory 190,000 150,000 During 2022 $800000 of raw materials were purchased direct labor costs amounted to $670000 and manufacturing overhead incurred was $640000. The total raw materials available for use during 2022 for Dolan Company is

Cotter pins and lubricants used irregularly in a production process are classified as

Internal reports must be communicated

Benson Inc.'s accounting records reflect the following inventories: Dec. 31,2021 Dec. 31,2022 Raw materials inventory \ 80,000 \ 64,000 Work in process inventory 104,000 116,000 Finished qoods inventory 100,000 92,000 During 2022 Benson purchased $1450000 of raw materials incurred direct labor costs of $250000 and incurred manufacturing overhead totaling $160000. How much is total manufacturing costs incurred during 2022 for Benson?

Product costs consist of

Kushman Combines Inc.has $20000 of ending finished goods inventory as of December 31 2022.If beginning finished goods inventory was $10000 and cost of goods sold was $50000 how much would Kushman report for cost of goods manufactured?

Gammil Company has beginning and ending raw materials inventories of $96000 and $120000 respectively.If direct materials used were $490000 what was the cost of raw materials purchased?

Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31,2021 Dec. 31,2022 Raw materials inventory \ 120,000 \ 96,000 Winished qoods inventory 156,000 174,000 Finocess inventory 150,000 138,000 During 2022 Ogleby purchased $980000 of raw materials incurred direct labor costs of $175000 and incurred manufacturing overhead totaling $224000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2022?