Question 1

Information from the records of Cain Corporation for December 2011 are as follows:   The conversion costs are:

Accepted Answer

A)  $960,000. 
B)  $1,179,000. 
C)  $705,000. 
D)  $564,000. 
A)  $960,000. 
B)  $1,179,000. 
C)  $705,000. 
D)  $564,000.

Question 2

Select the appropriate classification for each of the following costs.
-Supplies for factory washroom

Accepted Answer

A) Period 
B) Product 
A) Period 
B) Product

Question 3

Which of the following is an example of direct labor?

Accepted Answer

A)  vice president of marketing 
B)  assembly line worker for televisions 
C)  staff accountant 
D)  supervisor at a manufacturing plant 
A)  vice president of marketing 
B)  assembly line worker for televisions 
C)  staff accountant 
D)  supervisor at a manufacturing plant

Question 4

Figure 2-6.Seaview Company took the following data from their income statement at the end of the current year.  
-Refer to Figure 2-6. What was gross margin for the year?

Accepted Answer

A)  $60,000 
B)  $100,000 
C)  $40,000 
D)  none of these 
A)  $60,000 
B)  $100,000 
C)  $40,000 
D)  none of these

Question 5

Expired costs are called ____________.

Accepted Answer

The answer of Expired costs are called ____________.
...

Question 6

_________________ equals the sum of direct materials, direct labor, and manufacturing overhead.

Accepted Answer

The answer of _________________ equals the sum of direct materials,...

Question 7

Figure 2-5.In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows:
 $\begin{array}{lcc}&\text { July } 1&\text { July } 31\
\text { Materials } & \$ 6,200 & \$ 7,100 \
\text { Work in process } & \$ 700 & \$ 1,200 \
\text { Finished goods } & \$ 3,300 & \$ 2,700
\end{array}$
-Refer to Figure 2-5. If Econo Company sold 10,000 units during July and gross margin totaled $29,800, what was the sales price per unit?

Accepted Answer

A)  $9.94 
B)  $10.00 
C)  $10.09 
D)  $10.11 
A)  $9.94 
B)  $10.00 
C)  $10.09 
D)  $10.11

Question 8

In June, Olympic Company purchased materials costing $38,000, and incurred direct labor cost of $42,000. Overhead totaled $27,000 for the month. Information on inventories was as follows.
$\begin{array}{lcc}&\text { June } 1&\text { June } 30\
\text { Materials } & \$ 3,000 & \$ 2,700 \
\text { Work in process } & 1,000 & 1,275 \
\text { Finished goods } & 2,500 & 1,775
\end{array}$ Required:
A. Calculate the cost of direct materials used during June. 
B.Calculate the total manufacturing cost for June. 
C.Calculate the cost of goods manufactured for June. 
D.Calculate cost of goods sold for June.

Accepted Answer

The answer of In June, Olympic Company purchased materials costing...

Question 9

___________________ is the cost of the partially completed goods that are still on the factory floor at the end of a time period.

Accepted Answer

The answer of ___________________ is the cost of the partially...

Question 10

An indirect cost

Accepted Answer

A)  can be easily and accurately traced to a cost object. 
B)  is hard to trace. 
C)  should never be assigned to a cost object. 
D)  do none of these. 
A)  can be easily and accurately traced to a cost object. 
B)  is hard to trace. 
C)  should never be assigned to a cost object. 
D)  do none of these.

Question 11

It is beneficial to assign indirect costs to cost objects.

Accepted Answer

A) True 
 B)False

Question 12

Research and development costs would be classified as product cost.

Accepted Answer

A) True 
 B)False

Question 13

________________ and _________________ costs are considered period costs.

Accepted Answer

Selling and administ

Question 14

Operating income equals

Accepted Answer

A)  sales revenue - cost of goods sold - selling and administrative expense 
B)  gross margin - selling expenses 
C)  sales revenue - cost of goods sold 
D)  sales revenue - selling and administrative expenses 
A)  sales revenue - cost of goods sold - selling and administrative expense 
B)  gross margin - selling expenses 
C)  sales revenue - cost of goods sold 
D)  sales revenue - selling and administrative expenses

Question 15

Select the appropriate definition for each of the items listed below.
-A cost that is not inventoried

Accepted Answer

A) period cost 
B) direct cost 
C) opportunity cost 
D) variable cost 
E) indirect cost
F)fixed cost
G)product cost 
A) period cost 
B) direct cost 
C) opportunity cost 
D) variable cost 
E) indirect cost
F)fixed cost
G)product cost

Question 16

Select the appropriate definition for each of the items listed below.
-The cost of units unfinished at the end of the current period

Accepted Answer

A) Work in process inventory 
B) Finished goods inventory 
C) Cost of goods sold 
D) Cost of goods manufactured 
E) Total manufacturing costs 
A) Work in process inventory 
B) Finished goods inventory 
C) Cost of goods sold 
D) Cost of goods manufactured 
E) Total manufacturing costs

Question 17

See the following separate cases.
  Required: Solve for the missing amounts (A,B,C,D).

Accepted Answer

The answer of See the following separate cases.
  Required:...

Question 18

Explain the difference between a cost that is included in valuing inventory and a cost that is not included in valuing inventory.

Accepted Answer

A cost that is included in valuing inven

Question 19

Select the appropriate classification of the output generated by each of the following industries.
-Bowling alley

Accepted Answer

A) Tangible 
B) Intangible 
A) Tangible 
B) Intangible

Question 20

______________is the amount of cash or cash equivalent sacrificed for goods and/or services that are expected to bring a current or future benefit to the organization.

Accepted Answer

The answer of ______________is the amount of cash or cash...

Information from the records of Cain Corporation for December 2011 are as follows: The conversion costs are:

Select the appropriate classification for each of the following costs. -Supplies for factory washroom

Which of the following is an example of direct labor?

Figure 2-6.Seaview Company took the following data from their income statement at the end of the current year. -Refer to Figure 2-6. What was gross margin for the year?

Expired costs are called ____________.

_________________ equals the sum of direct materials, direct labor, and manufacturing overhead.

___________________ is the cost of the partially completed goods that are still on the factory floor at the end of a time period.

An indirect cost

It is beneficial to assign indirect costs to cost objects.

Research and development costs would be classified as product cost.

and _ costs are considered period costs.

Operating income equals

Select the appropriate definition for each of the items listed below. -A cost that is not inventoried

Select the appropriate definition for each of the items listed below. -The cost of units unfinished at the end of the current period

See the following separate cases. Required: Solve for the missing amounts (A,B,C,D).

Explain the difference between a cost that is included in valuing inventory and a cost that is not included in valuing inventory.

Select the appropriate classification of the output generated by each of the following industries. -Bowling alley

______________is the amount of cash or cash equivalent sacrificed for goods and/or services that are expected to bring a current or future benefit to the organization.

Introduction to Managerial Accounting

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 2: Basic Managerial Accounting Concepts

Information from the records of Cain Corporation for December 2011 are as follows: The conversion costs are:

Select the appropriate classification for each of the following costs. -Supplies for factory washroom

Which of the following is an example of direct labor?

Figure 2-6.Seaview Company took the following data from their income statement at the end of the current year. -Refer to Figure 2-6. What was gross margin for the year?

Expired costs are called ____________.

_________________ equals the sum of direct materials, direct labor, and manufacturing overhead.

___________________ is the cost of the partially completed goods that are still on the factory floor at the end of a time period.

An indirect cost

It is beneficial to assign indirect costs to cost objects.

Research and development costs would be classified as product cost.

________________ and _________________ costs are considered period costs.

Operating income equals

Select the appropriate definition for each of the items listed below. -A cost that is not inventoried

Select the appropriate definition for each of the items listed below. -The cost of units unfinished at the end of the current period

See the following separate cases. Required: Solve for the missing amounts (A,B,C,D).

Explain the difference between a cost that is included in valuing inventory and a cost that is not included in valuing inventory.

Select the appropriate classification of the output generated by each of the following industries. -Bowling alley

______________is the amount of cash or cash equivalent sacrificed for goods and/or services that are expected to bring a current or future benefit to the organization.

Introduction to Managerial Accounting

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters

and _ costs are considered period costs.