Exam 10: Cost-Volume-Profit

As inventoriable costs expire they become

The subtotal "Cost of goods manufactured" appears on

Financial statements for external users can be described as

Worth Company reported the following year-end information: beginning work in process inventory $180000; cost of goods manufactured $866000; beginning finished goods inventory $252000; ending work in process inventory $220000; and ending finished goods inventory $264000.Worth Company's cost of goods sold for the year is

Samson Company reported total manufacturing costs of $320000 manufacturing overhead totaling $52000 and direct materials totaling $64000.How much is direct labor cost?

Assuming that the direct materials used are $1700000 compute the total manufacturing costs using the following information. Raw materials inventory, January 1 \ 20,000 Raw materials inventory, December 31 40,000 Work in process, January 1 18,000 Work in process, December 31 12,000 Finished goods, January 1 40,000 Finished goods, December 31 32,000 Raw materials purchases 1,700,000 Direct labor 760,000 Factory utilities 150,000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000

Which of the following statements about internal reports is not true?

Assuming the cost of direct materials used is $1800000 compute the total manufacturing costs using the information below. 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

For inventoriable costs to become expenses under the matching principle

Planning is a function that involves

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. Dolan Company's total manufacturing costs incurred in 2022 amounted to

Barton Company has beginning work in process inventory of $144000 and total manufacturing costs of $686000.If cost of goods manufactured is $660000 what is the cost of the ending work in process inventory?

Period costs are not inventoriable costs.

Which one of the following is not a direct material?

Which of the following are period costs?

Which of the following is not a separate management function?

The managerial function of controlling

What activities and responsibilities are notassociated with management's functions?

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 is total manufacturing costs incurred during 2022 for Ogleby?

A manager that is establishing objectives is performing which management function?