Question 1

What is the amount of direct materials used?

Accepted Answer

A) $23,500. 
B) $28,500. 
C) $31,000. 
D) $36,000. 
A) $23,500. 
B) $28,500. 
C) $31,000. 
D) $36,000.

Question 2

What is the amount of net sales?

Accepted Answer

A) $68,500. 
B) $94,000. 
C) $72,500. 
D) $75,000. 
A) $68,500. 
B) $94,000. 
C) $72,500. 
D) $75,000.

Question 3

The emphasis on effective _________ has ________ significantly in recent years in response to SEC requirements imposed by the Sarbanes-Oxley Act of 2002.

Accepted Answer

A) Cost allocation; decreased 
B) Internal accounting controls; increased 
C) Profitability; increased 
D) Cost drivers; decreased 
A) Cost allocation; decreased 
B) Internal accounting controls; increased 
C) Profitability; increased 
D) Cost drivers; decreased

Question 4

What should be the amount of direct materials available for use?

Accepted Answer

A) $112,000. 
B) $183,000. 
C) $189,000. 
D) $204,000. 
A) $112,000. 
B) $183,000. 
C) $189,000. 
D) $204,000.

Question 5

Furniture Co. incurred the following costs during 2013:   What was the amount of direct materials and direct labor used for the year?

Accepted Answer

A) Option A 
B) Option B 
C) Option C 
D) Option D 
A) Option A 
B) Option B 
C) Option C 
D) Option D

Question 6

Consider the following information for Blue Water Equipment, Inc., a manufacturer of sailboat rigging, blocks, and cordage.   Required:
Prepare a statement of cost of goods manufactured and an income statement for Blue Water Equipment, Inc. for the year.

Accepted Answer

Answer may

Question 7

The following data relates to the Solar Products Company:   Required:
Prepare a statement of cost of goods manufactured and cost of goods sold.

Accepted Answer

Answer may

Question 8

When production levels are expected to decline within a relevant range, what effects would be anticipated with respect to each of the following?

Accepted Answer

A) Option A 
B) Option B 
C) Option C 
D) Option D 
A) Option A 
B) Option B 
C) Option C 
D) Option D

Question 9

Consider the following for Guardian Manufacturing Company:   What are the cost of goods manufactured and cost of goods sold?

Accepted Answer

A) Option A 
B) Option B 
C) Option C 
D) Option D 
A) Option A 
B) Option B 
C) Option C 
D) Option D

Question 10

The income statement for a merchandising company includes:

Accepted Answer

A) Direct Labor. 
B) Factory Overhead. 
C) Total Manufacturing Cost. 
D) Cost of Goods Sold. 
E) None of the above. 
A) Direct Labor. 
B) Factory Overhead. 
C) Total Manufacturing Cost. 
D) Cost of Goods Sold. 
E) None of the above.

Question 11

Complete the inventory formula: Beginning Inventory + ______ = ________ + Ending Inventory

Accepted Answer

A) Cost added; cost transferred out 
B) Cost transferred out; cost added 
C) Cost of goods sold; cost added 
D) Cost added; cost of goods manufactured 
A) Cost added; cost transferred out 
B) Cost transferred out; cost added 
C) Cost of goods sold; cost added 
D) Cost added; cost of goods manufactured

Question 12

Certain workers are assigned the task of unpacking production materials received from suppliers. These workers place the material in a storage area pending subsequent use in the production process. The labor cost of such workers is normally classified as:

Accepted Answer

A) Direct labor. 
B) Direct materials. 
C) Indirect labor. 
D) Indirect materials. 
A) Direct labor. 
B) Direct materials. 
C) Indirect labor. 
D) Indirect materials.

Question 13

Work in process inventory, beginning, is calculated to be:

Accepted Answer

A) $4,000. 
B) $9,000. 
C) $11,000. 
D) $12,000. 
E) $16,000. 
A) $4,000. 
B) $9,000. 
C) $11,000. 
D) $12,000. 
E) $16,000.

Question 14

What should be the amount of total manufacturing cost?

Accepted Answer

A) $83,000. 
B) $94,000. 
C) $104,000. 
D) $75,000. 
A) $83,000. 
B) $94,000. 
C) $104,000. 
D) $75,000.

Question 15

Young Fashions Company produces children's clothing. During 2013, the company incurred the following costs:   Inventories for the year were:   Required:
Prepare a statement of cost of goods manufactured and cost of goods sold.

Accepted Answer

Answer may

Question 16

Structural cost drivers are to executional cost drivers as:

Accepted Answer

A) Long-term is to short-term. 
B) Fixed is to variable. 
C) Total is to partial. 
D) Direct is to indirect. 
A) Long-term is to short-term. 
B) Fixed is to variable. 
C) Total is to partial. 
D) Direct is to indirect.

Question 17

Direct labor used is calculated to be:

Accepted Answer

A) $306,000. 
B) $26,000. 
C) $110,000. 
D) $84,000. 
E) $111,000. 
A) $306,000. 
B) $26,000. 
C) $110,000. 
D) $84,000. 
E) $111,000.

Question 18

Barnes Co. incurred the following costs during July:   What was the amount of direct materials used and direct labor for July?

Accepted Answer

A) Option A 
B) Option B 
C) Option C 
D) Option D 
A) Option A 
B) Option B 
C) Option C 
D) Option D

What is the amount of direct materials used?

What is the amount of net sales?

The emphasis on effective _ has significantly in recent years in response to SEC requirements imposed by the Sarbanes-Oxley Act of 2002.

What should be the amount of direct materials available for use?

Furniture Co. incurred the following costs during 2013: What was the amount of direct materials and direct labor used for the year?

Consider the following information for Blue Water Equipment, Inc., a manufacturer of sailboat rigging, blocks, and cordage. Required: Prepare a statement of cost of goods manufactured and an income statement for Blue Water Equipment, Inc. for the year.

The following data relates to the Solar Products Company: Required: Prepare a statement of cost of goods manufactured and cost of goods sold.

When production levels are expected to decline within a relevant range, what effects would be anticipated with respect to each of the following?

Consider the following for Guardian Manufacturing Company: What are the cost of goods manufactured and cost of goods sold?

The income statement for a merchandising company includes:

Complete the inventory formula: Beginning Inventory + = __ + Ending Inventory

Certain workers are assigned the task of unpacking production materials received from suppliers. These workers place the material in a storage area pending subsequent use in the production process. The labor cost of such workers is normally classified as:

Work in process inventory, beginning, is calculated to be:

What should be the amount of total manufacturing cost?

Young Fashions Company produces children's clothing. During 2013, the company incurred the following costs: Inventories for the year were: Required: Prepare a statement of cost of goods manufactured and cost of goods sold.

Structural cost drivers are to executional cost drivers as:

Direct labor used is calculated to be:

Barnes Co. incurred the following costs during July: What was the amount of direct materials used and direct labor for July?

Short-Term Profit Planning: Cost-Volume-Profit CVP Analysis

Implementing Strategy: The Value Chain, the Balanced Scorecard, and the Strategy Map

Job Costing

Activity-Based Costing and Customer Profitability Analysis

Process Costing

Cost Allocation: Departments, Joint Products, and By-Products

Cost Estimation

Short-Term Profit Planning: Cost-Volume-Profit Cvp Analysis

Strategy and the Master Budget

Decision Making With a Strategic Emphasis

Strategy and the Analysis of Capital Investments

Cost Planning for the Product Life Cycle: Target Costing, Theory of Constraints, and Strategic Pricing

Operational Performance Measurement: Sales, Direct-Cost Variances, and the Role of Nonfinancial Performance Measures

Operational Performance Measurement: Indirect-Cost Variances and Resource-Capacity Management

Operational Performance Measurement: Further Analysis of Productivity and Sales

The Management and Control of Quality

Strategic Performance Measurement: Cost Centers, Profit Centers, and the Balanced Scorecard

Strategic Performance Measurement: Investment Centers and Transfer Pricing

Management Compensation, Business Analysis, and Business Valuation

Filters

Exam 3: Basic Cost Management Concepts

What is the amount of direct materials used?

What is the amount of net sales?

The emphasis on effective _________ has ________ significantly in recent years in response to SEC requirements imposed by the Sarbanes-Oxley Act of 2002.

What should be the amount of direct materials available for use?

Furniture Co. incurred the following costs during 2013: What was the amount of direct materials and direct labor used for the year?

Consider the following information for Blue Water Equipment, Inc., a manufacturer of sailboat rigging, blocks, and cordage. Required: Prepare a statement of cost of goods manufactured and an income statement for Blue Water Equipment, Inc. for the year.

The following data relates to the Solar Products Company: Required: Prepare a statement of cost of goods manufactured and cost of goods sold.

When production levels are expected to decline within a relevant range, what effects would be anticipated with respect to each of the following?

Consider the following for Guardian Manufacturing Company: What are the cost of goods manufactured and cost of goods sold?

The income statement for a merchandising company includes:

Complete the inventory formula: Beginning Inventory + ______ = ________ + Ending Inventory

Certain workers are assigned the task of unpacking production materials received from suppliers. These workers place the material in a storage area pending subsequent use in the production process. The labor cost of such workers is normally classified as:

Work in process inventory, beginning, is calculated to be:

What should be the amount of total manufacturing cost?

Young Fashions Company produces children's clothing. During 2013, the company incurred the following costs: Inventories for the year were: Required: Prepare a statement of cost of goods manufactured and cost of goods sold.

Structural cost drivers are to executional cost drivers as:

Direct labor used is calculated to be:

Barnes Co. incurred the following costs during July: What was the amount of direct materials used and direct labor for July?

Short-Term Profit Planning: Cost-Volume-Profit CVP Analysis

Implementing Strategy: The Value Chain, the Balanced Scorecard, and the Strategy Map

Job Costing

Activity-Based Costing and Customer Profitability Analysis

Process Costing

Cost Allocation: Departments, Joint Products, and By-Products

Cost Estimation

Short-Term Profit Planning: Cost-Volume-Profit Cvp Analysis

Strategy and the Master Budget

Decision Making With a Strategic Emphasis

Strategy and the Analysis of Capital Investments

Cost Planning for the Product Life Cycle: Target Costing, Theory of Constraints, and Strategic Pricing

Operational Performance Measurement: Sales, Direct-Cost Variances, and the Role of Nonfinancial Performance Measures

Operational Performance Measurement: Indirect-Cost Variances and Resource-Capacity Management

Operational Performance Measurement: Further Analysis of Productivity and Sales

The Management and Control of Quality

Strategic Performance Measurement: Cost Centers, Profit Centers, and the Balanced Scorecard

Strategic Performance Measurement: Investment Centers and Transfer Pricing

Management Compensation, Business Analysis, and Business Valuation

Filters

The emphasis on effective _ has significantly in recent years in response to SEC requirements imposed by the Sarbanes-Oxley Act of 2002.

Complete the inventory formula: Beginning Inventory + = __ + Ending Inventory