Exam 2: Basic Cost Management Concepts and Accounting for Mass Customization Operations

In a manufacturing company,the cost of goods completed during the period would include which of the following elements?

The choices below depict five costs of Benton Corporation and a possible driver for each cost.Which of these choices likely contains an inappropriate cost driver?

Which of the following is not an example of a variable cost?

The income statements and balance sheets of service,retailing,and manufacturing businesses tend to differ. Required: A.Retailers and manufacturers will disclose a cost-of-goods-sold figure because both of these entities sell goods.Service businesses,in contrast,do not given that such firms provide services. A.Which of these businesses will disclose a cost-of-goods-sold figure on the income statement? Why? B.A retailer will typically disclose inventories as one-line item entitled merchandise inventories.Manufacturers,on the other hand,carry three different types of inventories: raw materials,work in process,and finished goods. B.Briefly describe the difference between a retailing firm and manufacturer's disclosure of inventories on the balance sheet.

Which of the following would not be considered a direct cost with respect to the service department of a new car dealership?

If the total cost of alternative A is $50,000 and the total cost of alternative B is $34,000,then $16,000 is termed the:

Godfrey Corporation engages in mass customization and direct sales,the latter by accepting customer orders over the Internet.As a result,Godfrey:

The following selected information was extracted from the 20x3 accounting records of Midina Products A.Calculate Midina's manufacturing overhead for the year. B.Calculate Midina's cost of goods manufactured. C.Compute Midina's cost of goods sold.