Question 1

Managerial accounting information:

Accepted Answer

A)  Is used mainly by external users. 
B)  Involves gathering information about costs for planning and control decisions. 
C)  Is generally the only accounting information available to managers. 
D)  Can be used for control purposes but not for planning purposes. 
E)  Has little to do with controlling costs. 
A)  Is used mainly by external users. 
B)  Involves gathering information about costs for planning and control decisions. 
C)  Is generally the only accounting information available to managers. 
D)  Can be used for control purposes but not for planning purposes. 
E)  Has little to do with controlling costs.

Question 2

Beginning finished goods inventory plus cost of goods manufactured equals cost of goods available for sale.

Accepted Answer

A) True 
 B)False

Question 3

The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:

Accepted Answer

A)  $250,000. 
B)  $290,000. 
C)  $242,000. 
D)  $258,000. 
E)  $246,000. 
A)  $250,000. 
B)  $290,000. 
C)  $242,000. 
D)  $258,000. 
E)  $246,000.

Question 4

Expenditures directly associated with the manufacture of finished goods that include direct materials and direct labor, are ________ costs.

Accepted Answer

The answer of Expenditures directly associated with the manufacture of...

Question 5

Information for Jersey Metalworks as of December 31 follows. Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; (b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses.

Accepted Answer

The answer of Information for Jersey Metalworks as of December...

Question 6

What are the three types of inventories that are carried by manufacturers? Describe each type of inventory.

Accepted Answer

Manufacturers carry three types of inven

Question 7

What does the days' sales in raw materials inventory ratio reveal?

Accepted Answer

Days' Sales in raw materials i

Question 8

If the cost of the beginning work in process inventory is $60,000, costs of goods manufactured is $890,000, direct materials cost is $330,000, direct labor cost is $210,000, and overhead cost is $315,000, calculate the ending work in process inventory:

Accepted Answer

A)  $35,000. 
B)  $25,000. 
C)  $45,000. 
D)  $350,000. 
E)  $355,000. 
A)  $35,000. 
B)  $25,000. 
C)  $45,000. 
D)  $350,000. 
E)  $355,000.

Question 9

Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year: $\begin{array} { | l | r | } 
\hline \text { Work in Process, January 1 } & 50,000 \
\hline \text { Work in Process, December 31 } & 37,000 \
\hline \text { Direct materials used } & \$ 12,500 \
\hline \text { Total Factory overhead } & 5,500 \
\hline \text { Direct labor used } & 26,500 \
\hline
\end{array}$

Accepted Answer

A)  $13,000. 
B)  $44,500. 
C)  $57,500. 
D)  $94,500. 
E)  $89,000. 
A)  $13,000. 
B)  $44,500. 
C)  $57,500. 
D)  $94,500. 
E)  $89,000.

Question 10

Period costs for a manufacturing company would flow directly to:

Accepted Answer

A)  The income statement as an expense. 
B)  Factory overhead. 
C)  The balance sheet as inventory. 
D)  Cost of goods sold on the income statement. 
E)  The current schedule of cost of goods manufactured. 
A)  The income statement as an expense. 
B)  Factory overhead. 
C)  The balance sheet as inventory. 
D)  Cost of goods sold on the income statement. 
E)  The current schedule of cost of goods manufactured.

Question 11

Romeo Corporation has accumulated the following accounting data for the year:   The cost of goods manufactured for the year is:

Accepted Answer

A)  $21,400. 
B)  $11,000. 
C)  $15,000. 
D)  $17,400. 
E)  $10,200. 
A)  $21,400. 
B)  $11,000. 
C)  $15,000. 
D)  $17,400. 
E)  $10,200.

Question 12

Which of the following costs would not be classified as factory overhead?

Accepted Answer

A)  Property taxes on maintenance machinery. 
B)  Insurance on factory building. 
C)  Wages of the factory janitor. 
D)  Rubber for the soles of shoes produced. 
E)  Small tools used in production. 
A)  Property taxes on maintenance machinery. 
B)  Insurance on factory building. 
C)  Wages of the factory janitor. 
D)  Rubber for the soles of shoes produced. 
E)  Small tools used in production.

Question 13

Which of the following is not part of the materials activity in the flow of manufacturing activities?

Accepted Answer

A)  Beginning raw materials. 
B)  Beginning work in process. 
C)  Raw materials purchases. 
D)  Raw materials available for use. 
E)  Ending raw materials. 
A)  Beginning raw materials. 
B)  Beginning work in process. 
C)  Raw materials purchases. 
D)  Raw materials available for use. 
E)  Ending raw materials.

Question 14

Identify and describe the three categories of manufacturing costs.

Accepted Answer

The three basic cost elements in account

Question 15

If the cost of the beginning work in process inventory is $60,000, direct materials cost is $350,000, direct labor cost is $216,000, and overhead cost is $319,000, and the ending work in process inventory is $55,000, calculate the cost of goods manufactured:

Accepted Answer

A)  $1,000,000. 
B)  $571,000. 
C)  $885,000. 
D)  $890,000. 
E)  $945,000. 
A)  $1,000,000. 
B)  $571,000. 
C)  $885,000. 
D)  $890,000. 
E)  $945,000.

Question 16

Thornton Foods bakes and sells 2,000 dozen muffins each week to food service operations. Among the costs are bakers' salaries, $24,000; production management salaries, $16,000; production equipment operating costs, $32,000; and flour and ingredient costs, $15,000. Using this information, compute: (a) prime costs and (b) conversion costs.

Accepted Answer

(a) Prime Cost (b) Conversion Cost
Baker

Question 17

Period costs can refer to expenditures necessary to finish products during the time period.

Accepted Answer

A) True 
 B)False

Question 18

The following information relates to the manufacturing operations of the JNR Printing Company for the year: Beginning Ending
Raw materials inventory $ 57,000 $60,000
Finished goods 68,000 60,000
The raw materials used in manufacturing during the year totaled $118,000. Raw materials purchased during the year amount to:

Accepted Answer

A)  $107,000. 
B)  $115,000. 
C)  $118,000. 
D)  $121,000. 
E)  $126,000. 
A)  $107,000. 
B)  $115,000. 
C)  $118,000. 
D)  $121,000. 
E)  $126,000.

Question 19

Using the information below for Laurels Company; determine the cost of goods manufactured during the current year: $\begin{array} { | l | r | } 
\hline \text { Direct materials used } & \$ 5,000 \
\hline \text { Direct Labor } & 7,000 \
\hline \text { Total Factory overhead } & 5,100 \
\hline \text { Beginning work in process } & 3,000 \
\hline \text { Ending work in process } & 4,000 \
\hline
\end{array}$

Accepted Answer

A)  $12,000. 
B)  $16,100. 
C)  $17,100. 
D)  $18,100. 
E)  $13,600. 
A)  $12,000. 
B)  $16,100. 
C)  $17,100. 
D)  $18,100. 
E)  $13,600.

Question 20

The following costs are incurred by Gonzalez Manufacturing Co. Classify each cost item as either a period cost or a product cost. If the cost is a product cost, identify it as a prime and/or conversion cost.

Accepted Answer

The answer of The following costs are incurred by Gonzalez...

Managerial accounting information:

Beginning finished goods inventory plus cost of goods manufactured equals cost of goods available for sale.

The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:

Expenditures directly associated with the manufacture of finished goods that include direct materials and direct labor, are ________ costs.

Information for Jersey Metalworks as of December 31 follows. Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; (b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses.

What are the three types of inventories that are carried by manufacturers? Describe each type of inventory.

What does the days' sales in raw materials inventory ratio reveal?

If the cost of the beginning work in process inventory is $60,000, costs of goods manufactured is $890,000, direct materials cost is $330,000, direct labor cost is $210,000, and overhead cost is $315,000, calculate the ending work in process inventory:

Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year: Work in Process, January 1 50,000 Work in Process, December 31 37,000 Direct materials used \ 12,500 Total Factory overhead 5,500 Direct labor used 26,500

Period costs for a manufacturing company would flow directly to:

Romeo Corporation has accumulated the following accounting data for the year: The cost of goods manufactured for the year is:

Which of the following costs would not be classified as factory overhead?

Which of the following is not part of the materials activity in the flow of manufacturing activities?

Identify and describe the three categories of manufacturing costs.

If the cost of the beginning work in process inventory is $60,000, direct materials cost is $350,000, direct labor cost is $216,000, and overhead cost is $319,000, and the ending work in process inventory is $55,000, calculate the cost of goods manufactured:

Period costs can refer to expenditures necessary to finish products during the time period.

Using the information below for Laurels Company; determine the cost of goods manufactured during the current year: Direct materials used \ 5,000 Direct Labor 7,000 Total Factory overhead 5,100 Beginning work in process 3,000 Ending work in process 4,000

The following costs are incurred by Gonzalez Manufacturing Co. Classify each cost item as either a period cost or a product cost. If the cost is a product cost, identify it as a prime and/or conversion cost.

Job Order Costing and Analysis

Process Costing and Analysis

Activity Based Costing and Analysis

Cost Behavior Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Analyzing for Business Transactions

Partnership Accounting

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Exam 1: Managerial Accounting Concepts and Principles

Managerial accounting information:

Beginning finished goods inventory plus cost of goods manufactured equals cost of goods available for sale.

The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:

Expenditures directly associated with the manufacture of finished goods that include direct materials and direct labor, are ________ costs.

Information for Jersey Metalworks as of December 31 follows. Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; (b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses.

What are the three types of inventories that are carried by manufacturers? Describe each type of inventory.

What does the days' sales in raw materials inventory ratio reveal?

If the cost of the beginning work in process inventory is $60,000, costs of goods manufactured is $890,000, direct materials cost is $330,000, direct labor cost is $210,000, and overhead cost is $315,000, calculate the ending work in process inventory:

Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year: Work in Process, January 1 50,000 Work in Process, December 31 37,000 Direct materials used \ 12,500 Total Factory overhead 5,500 Direct labor used 26,500

Period costs for a manufacturing company would flow directly to:

Romeo Corporation has accumulated the following accounting data for the year: The cost of goods manufactured for the year is:

Which of the following costs would not be classified as factory overhead?

Which of the following is not part of the materials activity in the flow of manufacturing activities?

Identify and describe the three categories of manufacturing costs.

If the cost of the beginning work in process inventory is $60,000, direct materials cost is $350,000, direct labor cost is $216,000, and overhead cost is $319,000, and the ending work in process inventory is $55,000, calculate the cost of goods manufactured:

Period costs can refer to expenditures necessary to finish products during the time period.

Using the information below for Laurels Company; determine the cost of goods manufactured during the current year: Direct materials used \ 5,000 Direct Labor 7,000 Total Factory overhead 5,100 Beginning work in process 3,000 Ending work in process 4,000

The following costs are incurred by Gonzalez Manufacturing Co. Classify each cost item as either a period cost or a product cost. If the cost is a product cost, identify it as a prime and/or conversion cost.

Job Order Costing and Analysis

Process Costing and Analysis

Activity Based Costing and Analysis

Cost Behavior Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Analyzing for Business Transactions

Partnership Accounting

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