Exam 1: A: Basic Cost Management Concepts

In a cost management system,what does the process view NOT include?

What is the sum of the total additions to work in process during a period?

Which of the following costs is a product cost?

Inventory balances for the James Enterprises in February are as follows: February 1 February 28 Raw materials \ 27,000 \ 21,000 Work in process 48,000 37,200 Finished goods 108,000 90,000 During February,purchases of direct materials were $36,000.Direct labour and factory overhead costs were $60,000 and $84,000,respectively. What were the prime costs for February?

Extending the close of the fiscal year beyond December 31 so that some of next year's sales are included in the current year would be a violation of which standard of ethical conduct for management accountants?

Which of the following costs is a period cost?

Today's cost managers must assemble cost information and determine how to value things.Which methods would NOT be critical to achieving this?

In a company that supplies garlic bread to pizza restaurants,which of the following would be considered a transforming process?

What is a major subsystem of the cost accounting information system?

Information from the records of the Tyler Enterprises for March is as follows: Sales \ 41,000 Direct labour 10,000 Selling and administrative expenses 7,000 Direct materials purchases 6,000 Factory averhead 13,500 $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ Direct materials \ 1,200 \ 1,400 Work in process 2,500 2,800 Finished goods 2,300 1,900 -Refer to the figure.What is the cost of goods sold?

Selected data concerning the past year's operations of the Wood Corporation are as follows: Selling and administrative expenses \ 300,000 Direct materials used 530,000 Direct labour (100,000 hours) 600,000 Factory overhead application rate 5 per DLH $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ Work in process \ 150,000 \ 160,000 Finished goods 80,000 50,000 What is the cost of goods sold?

Which of the following is NOT an objective of the operational control system?

Which of the following is an example of a loss?

What is determining the bid your company should submit on a construction contract an example of?

Which of the following is an example of a tangible product,rather than a service?

Which of the following is NOT a trait of a functional-based cost management system?

How is competitive advantage established?

What is inspecting units produced to determine if they meet specifications an example of?

What are selling and administrative costs classified as?

When are product costs converted from cost to expense?