Exam 1: A: Basic Cost Management Concepts

In just-in-time manufacturing,how much does each operation produce?

What is the term for a set of interrelated parts that performs one or more processes to accomplish specific objectives?

Information from the records of the Scully Company for July was as follows: Sales \3 07,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labour 75,000 Variable factory overhead 50,000 Factory overhead 51,250 $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ July 1 July 31 Direct materials \ 8,000 \ 10,500 Work in process 18,750 21,000 Finished goods 17,250 14,250 Scully Corporation produced 20,000 units. -Refer to the figure.What are the conversion costs per unit?

What is analyzing cost overruns to determine their cause an example of?

Which of the following positions would most likely be a line manager?

The following information has been provided: Cost of goods manufactured \7 5 Work in process Beginning 12 Ending 14 Direct labour 40 Materials placed in production 15 Factory overhead ? What is the amount of factory overhead?

Selected data concerning the past year’s operations of the Karl Enterprises are as follows: Selling and administrative expenses \ 75,000 Direct materials used 265,000 Direct labour (25,000 hours) 300,000 Factory overhead application rate 16 per DLH $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ Beginning Ending Direct materials \ 50,000 \ 45,000 Work in process 75,000 90,000 Finished goods 40,000 25,000 -Refer to the figure.What is the cost of goods sold?

Disclosing all information,unfavourable as well as favourable,that could influence an intended user's understanding of reports would relate to what section of the IMA Code of Conduct?

Inventory balances for Rude,Inc.,in April are as follows: April 1 April 30 Materials \ 9,000 \7 ,000 Work in process 16,000 12,400 Finished goods 36,000 30,000 During April,purchases of direct materials were $18,000.Direct labour and factory overhead costs were $20,000 and $28,000,respectively. What was the cost of goods manufactured in April?

When a management accountant attends training seminars on new FASB rules,which part of the IMA Code of Conduct is being observed?

An appliance repair shop purchased materials costing $9,000 in May. The beginning inventory of material parts was $4,500 and the ending inventory of material parts was $4,000. Payments for direct labour for May totalled $27,000, secretarial costs were $2,000, and overhead of $5,000 was incurred. In addition, $5,000 was spent on advertising and $2,000 for the franchise name. Revenue for May was $50,000. -Refer to the figure.What is the gross margin for May?

What cost management tool supports a firm's concentration on the delivery of value to the customer?

What management function involves setting a company's profit targets for the upcoming year?

Which of the following activities is NOT associated with the financial accounting information system?

What emerging trend in cost accounting deals with managers striving to create an environment that will enable workers to manufacture perfect (zero-defect)products?

What is evaluating the performance of a segment of the company an example of?

What type of inventory is normally sold to other organizations?

Which of the following costs is NOT a period cost?

Newton Company recently had a fire in its accounting office,destroying most of its records.Only the following information could be salvaged for the year: Direct labour \ 400,000 Factory overhead 200,000 Cost of goods sold 800,000 Work in process, January 1 80,000 Finished goods, January 1 160,000 Work in process, December 31 100,000 Finished goods, December 31 120,000 What is the cost of direct materials used in production during the year?

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. -Refer to the figure.What is the cost of materials used in production?