Davidson Production provides the following information on the year 2012: \[\begin{array} { | l | r | r | } \hline \text { COST OF GOODS MANUFACTURED } & & \\ \hline \text { Beginning work in process } & & \$ 5,500 \\ \hline \text { Direct materials used: } & \$ 71,000 & \\ \hline \text { Direct labor } & 37,000 & \\ \hline \text { Manufacturing overhead } & 242,000& \\ \hline \text { Total mfg costs incurred } & & 350,000 \\ \hline \text { Total mfg costs to account for } & &355,500 \\ \hline \text { Ending work in process } & & ( 7,500)\\ \hline \text { Cost of goods manufactured } & & \$ 348,000 \\ \hline \end{array}\] During the year, Davidson produced 71,020 units of product. What was the unit product cost (cost to make each unit)? (Please round to the nearest cent.)

A) $4.90 B) $4.93 C) $5.01 D) $6.27 A) $4.90 B) $4.93 C) $5.01 D) $6.27

Village Company's selected cost data for 2012 are shown below: $\begin{array}{|l|r|} \hline \text { Cost of goods manufactured } & \$ 145,200 \\ \hline \text { Work in process inventory, Jan. } 1,2012 & 18,500 \\ \hline \text { Work in process inventory, Dec. } 31,2012 & 22,500 \\ \hline \text { Direct materials used } & 15,800 \\ \hline \end{array}$ - Assuming manufacturing overhead costs of $83,375, what is the amount of direct labor incurred by Village Company in 2012?

A) $50,025 B) $62,550 C) $41,700 D) $83,400 A) $50,025 B) $62,550 C) $41,700 D) $83,400

Exam 16: Introduction to Management Accounting

Charleston Company was nearing year-end and the CEO wanted to report a high level of inventory on the balance sheet. An order of raw materials was scheduled for delivery on January 2 of the next year, but the CEO asked the accounting manager to record the shipment as being received on the last day of December. The shipment was actually received on January 2^nd, and although the dollar impact of the transaction was not affected in any way, the misrepresentation of facts in the situation would make the behavior unethical.

(True/False)

4.9/5

(34)

Question 121

Which of the following is TRUE for a service company?

(Multiple Choice)

4.8/5

(35)

Question 122

The IMA standards of ethical practice provide that accountants should continually develop their knowledge and skills.

(True/False)

4.8/5

(32)

Question 123

For a manufacturing business, which of the following would be considered an inventoriable product cost?

(Multiple Choice)

4.8/5

(34)

Question 124

Repair and maintenance costs for factory equipment are included in manufacturing overhead.

(True/False)

4.9/5

(38)

Question 125

Which of the following is an example of direct labor?

(Multiple Choice)

4.8/5

(34)

Question 126

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

(Essay)

4.8/5

(34)

Question 127

The following information has been provided by Buffalo Company: • Direct labor: $100,000 • Direct materials used: $40,000 • Direct materials purchased: $67,000 • Cost of goods manufactured: $199,000 • Ending work in process: $46,000 • Corporate headquarters' property taxes: $6,000 • Manufacturing overhead: $79,000 How much was Buffalo's beginning work in process?

(Multiple Choice)

4.9/5

(43)

Question 128

The following information has been provided by LeMaire Company: • Direct labor: $50,000 • Direct materials used: $20,000 • Materials purchased: $27,000 • Cost of goods manufactured: $100,000 • Ending work in process: $16,000 • Corporate headquarters' property taxes: $6,000 • Manufacturing overhead: $39,000 The beginning work in process was:

(Multiple Choice)

4.9/5

(38)

Question 129

Davidson Production provides the following information on the year 2012: COST OF GOODS MANUFACTURED Beginning work in process \ 5,500 Direct materials used: \ 71,000 Direct labor 37,000 Manufacturing overhead 242,000 Total mfg costs incurred 350,000 Total mfg costs to account for 355,500 Ending work in process (7,500) Cost of goods manufactured \ 348,000 During the year, Davidson produced 71,020 units of product. What was the unit product cost (cost to make each unit)? (Please round to the nearest cent.)

(Multiple Choice)

4.9/5

(41)

Question 130

The total manufacturing costs to account for during the year minus the beginning work in process equals cost of goods manufactured.

(True/False)

4.8/5

(29)

Question 131

Period costs do NOT include which of the following?

(Multiple Choice)

4.8/5

(41)

Question 132

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 - Assuming manufacturing overhead costs of $83,375, what is the amount of direct labor incurred by Village Company in 2012?

(Multiple Choice)

4.7/5

(33)

Question 133

Cost of goods manufactured includes direct materials, direct labor, and manufacturing overhead.

(True/False)

4.8/5

(36)

Question 134

Advertising and marketing costs are product costs.

(True/False)

4.8/5

(32)

Question 135

Sales commissions are included in manufacturing overhead.

(True/False)

4.9/5

(36)

Question 136

Which of the following is NOT a part of manufacturing overhead?

(Multiple Choice)

4.8/5

(36)

Question 137

Which of the following BEST describes just-in-time inventory management?

(Multiple Choice)

4.8/5

(44)

Question 138

What is the name given to software systems that can integrate all of a company's worldwide functions, departments and data into a single system?

(Multiple Choice)

4.8/5

(34)

Question 139

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 - How much is the cost of goods sold?

(Multiple Choice)

4.8/5

(38)

Question 140

Showing 121 - 140 of 161

Which of the following is TRUE for a service company?

The IMA standards of ethical practice provide that accountants should continually develop their knowledge and skills.

For a manufacturing business, which of the following would be considered an inventoriable product cost?

Repair and maintenance costs for factory equipment are included in manufacturing overhead.

Which of the following is an example of direct labor?

The total manufacturing costs to account for during the year minus the beginning work in process equals cost of goods manufactured.

Period costs do NOT include which of the following?

Cost of goods manufactured includes direct materials, direct labor, and manufacturing overhead.

Advertising and marketing costs are product costs.

Sales commissions are included in manufacturing overhead.

Which of the following is NOT a part of manufacturing overhead?

Which of the following BEST describes just-in-time inventory management?

What is the name given to software systems that can integrate all of a company's worldwide functions, departments and data into a single system?

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