Given the following information, determine the cost of goods manufactured. $\begin{array}{|r|r|} \hline \text { Direct labor incurred } & \$ 126,000 \\ \hline \text { Manufacturing overhead incurred } & 359,000 \\ \hline \text { Direct materials used } & 1,000 \\ \hline \text { Finished goods inventory, } 1 / 1 / 2012 & 395,000 \\ \hline \text { Finished goods inventory, } 12 / 31 / 2012 & 442,000 \\ \hline \text { Work in process inventory, } 1 / 1 / 2012 & 193,000 \\ \hline \text { Work in process inventory, } 12 / 31 / 2012 & 218,000 \\ \hline \end{array}$

A) $781,000 B) $461,000 C) $731,000 D) $765,000 A) $781,000 B) $461,000 C) $731,000 D) $765,000

Village Company's selected cost data for 2012 are shown below: $\begin{array}{|l|r|} \hline \text { Cost of goods manufactured } & \$ 145,200 \\ \hline \text { Work in process inventory, Jan. } 1,2012 & 18,500 \\ \hline \text { Work in process inventory, Dec. } 31,2012 & 22,500 \\ \hline \text { Direct materials used } & 15,800 \\ \hline \end{array}$ - What are total manufacturing costs incurred by Village Company in 2012?

A) $149,200 B) $158,300 C) $139,800 D) $117,100 A) $149,200 B) $158,300 C) $139,800 D) $117,100

The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. $\begin{array}{|l|r|} \hline \text { Purchases } & \$ 126,000 \\ \hline \text { Selling and Administrative Expenses } & 90,000 \\ \hline \text { Merchandise inventory, } 1 / 1 / 2012 & 14,000 \\ \hline \text { Merchandise inventory, } 12 / 31 / 2012 & 10,000 \\ \hline \text { Sales Revenue } & 250,000 \\ \hline \end{array}$ - What is the cost per unit sold?

A) $13.00 B) $12.40 C) $14.00 D) $10.40 A) $13.00 B) $12.40 C) $14.00 D) $10.40

Exam 16: Introduction to Management Accounting

Given the following information, determine the cost of goods manufactured. Direct labor incurred \ 126,000 Manufacturing overhead incurred 359,000 Direct materials used 1,000 Finished goods inventory, 1/1/2012 395,000 Finished goods inventory, 12/31/2012 442,000 Work in process inventory, 1/1/2012 193,000 Work in process inventory, 12/31/2012 218,000

(Multiple Choice)

4.9/5

(36)

Question 101

The following information was obtained from Fizz Company: • Advertising costs: $9,900 • Indirect labor: $11,000 • CEO's salary: $49,000 • Direct Labor: $41,000 • Indirect materials: $7,900 • Direct materials: $61,000 • Factory utilities: $9,000 • Factory janitorial costs: $2,300 • Manufacturing equipment depreciation: $2,100 • Delivery vehicle depreciation: $1,100 • Administrative wages and salaries: $21,000 How much were Fizz's period costs?

(Multiple Choice)

4.7/5

(39)

Question 102

Which of the following is an example of a period cost?

(Multiple Choice)

4.7/5

(37)

Question 103

Village Company's selected cost data for 2012 are shown below: Cost of goods manufactured \ 145,200 Work in process inventory, Jan. 1,2012 18,500 Work in process inventory, Dec. 31,2012 22,500 Direct materials used 15,800 - What are total manufacturing costs incurred by Village Company in 2012?

(Multiple Choice)

4.9/5

(39)

Question 104

The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. Purchases \ 126,000 Selling and Administrative Expenses 90,000 Merchandise inventory, 1/1/2012 14,000 Merchandise inventory, 12/31/2012 10,000 Sales Revenue 250,000 - What is the cost per unit sold?

(Multiple Choice)

4.8/5

(28)

Question 105

Indirect materials costs like lubes and cleaning fluids are included in manufacturing overhead.

(True/False)

4.9/5

(44)

Question 106

Which of the following could be found on the income statement of a service company?

(Multiple Choice)

4.9/5

(46)

Question 107

What is total quality management?

(Multiple Choice)

4.9/5

(27)

Question 108

Which of the following is a philosophy of providing customers with superior products and services?

(Multiple Choice)

4.9/5

(36)

Question 109

Baker products shipped an order to a customer on the second day of January. Later that day, the sales manager told the accountant to record the sale as if it had taken place on the last day of December. This would allow the company to book the sales revenue in the year just ended and boost year-end profit. Because the transaction was a legitimate sale, the alteration of the date of sale alone would not be considered unethical.

(True/False)

4.7/5

(34)

Question 110

Which of the following events would NOT be considered unethical under IMA standards?

(Multiple Choice)

4.8/5

(39)

Question 111

The cost of goods sold for Frye Manufacturing in 2012 was $233,000. The January 1, 2012 finished goods inventory balance was $31,600, and the December 31, 2012 finished goods inventory balance was $24,200. What was cost of goods manufactured during 2012?

(Multiple Choice)

4.9/5

(34)

Question 112

For a manufacturing business, which of the following would not be considered an inventoriable product cost?

(Multiple Choice)

4.9/5

(35)

Question 113

Which of the following properly describes the accounting for indirect labor costs?

(Multiple Choice)

4.8/5

(38)

Question 114

Management is accountable to its employees in which of the following ways?

(Multiple Choice)

4.9/5

(39)

Question 115

Which of the following applies to goods that are purchased from a producer and sold by a merchandising company?

(Multiple Choice)

4.9/5

(36)

Question 116

The following information was obtained from Sizzler Company: • Advertising costs: $7,900 • Indirect labor: $9,000 • Direct Labor: $31,000 • Indirect materials: $7,200 • Direct materials: $47,000 • Factory utilities: $3,000 • Factory repair and maintenance: $700 • Factory janitorial costs: $1,900 • Manufacturing equipment depreciation: $1,600 • Delivery vehicle depreciation: $790 • Administrative wages and salaries: $19,000 - How much were Sizzler's product costs?

(Multiple Choice)

4.8/5

(33)

Question 117

following information for the year 2012: Beginning balance-work in process inventory \ 12,000 Ending balance-work in process inventory \ 28,000 Beginning balance-direct materials inventory \ 42,000 Ending balance-direct materials inventory \ 30,000 Purchases-direct materials \ 180,000 Direct labor \ 235,000 Indirect materials \ 23,500 Indirect labor \ 9,500 Depreciation on factory plant \& equipment \ 12,000 Plant utilities \& insurance \ 135,000 - Please refer to the T-accounts below which show the beginning balances for the year. $following information for the year 2012: \begin{array} { l r } \text { Beginning balance-work in process inventory } & \$ 12,000 \\ \text { Ending balance-work in process inventory } & \$ 28,000 \\ \text { Beginning balance-direct materials inventory } & \$ 42,000 \\ \text { Ending balance-direct materials inventory } & \$ 30,000 \\ \text { Purchases-direct materials } & \$ 180,000 \\ \text { Direct labor } & \$ 235,000 \\ \text { Indirect materials } & \$ 23,500 \\ \text { Indirect labor } & \$ 9,500 \\ \text { Depreciation on factory plant \& equipment } & \$ 12,000 \\ \text { Plant utilities \& insurance } & \$ 135,000 \end{array} - Please refer to the T-accounts below which show the beginning balances for the year. Use the T-accounts to record the transactions for the year. What is the ending balance in the work in process account?$ Use the T-accounts to record the transactions for the year. What is the ending balance in the work in process account?

(Multiple Choice)

4.8/5

(37)

Question 118

Managerial accounting's focus is to provide information for internal planning and control.

(True/False)

4.9/5

(38)

Question 119

Which of the following most accurately describes the term cost/benefit analysis?

(Multiple Choice)

4.8/5

(42)

Question 120

Showing 101 - 120 of 161

Which of the following is an example of a period cost?

Village Company's selected cost data for 2012 are shown below: Cost of goods manufactured \ 145,200 Work in process inventory, Jan. 1,2012 18,500 Work in process inventory, Dec. 31,2012 22,500 Direct materials used 15,800 - What are total manufacturing costs incurred by Village Company in 2012?

Indirect materials costs like lubes and cleaning fluids are included in manufacturing overhead.

Which of the following could be found on the income statement of a service company?

What is total quality management?

Which of the following is a philosophy of providing customers with superior products and services?

Which of the following events would NOT be considered unethical under IMA standards?

The cost of goods sold for Frye Manufacturing in 2012 was $233,000. The January 1, 2012 finished goods inventory balance was $31,600, and the December 31, 2012 finished goods inventory balance was $24,200. What was cost of goods manufactured during 2012?

For a manufacturing business, which of the following would not be considered an inventoriable product cost?

Which of the following properly describes the accounting for indirect labor costs?

Management is accountable to its employees in which of the following ways?

Which of the following applies to goods that are purchased from a producer and sold by a merchandising company?

Managerial accounting's focus is to provide information for internal planning and control.

Which of the following most accurately describes the term cost/benefit analysis?

Corporations: Paid-In Capital and the Balance Sheet

Corporations: Effects on Retained Earnings and the Income Statement

The Statement of Cash Flows

Financial Statement Analysis

Job Order and Process Costing

Activity-Based Costing and Other Cost Management Tools

Cost-Volume-Profit Analysis

Short-Term Business Decisions

Capital Investment Decisions and the Time Value of Money

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Filters