Question 1

Selected information regarding a company's most recent quarter follows (all data in thousands).
 
What was the ending raw materials inventory?

Accepted Answer

A) $600 
B) $350 
C) $90 
D) $490 
A) $600 
B) $350 
C) $90 
D) $490 C

Question 2

Tuity Fruity Beverage Company's operating activities for the year are listed below.
 
What is the cost of goods available for sale?

Accepted Answer

A) $140,000 
B) $152,000 
C) $80,000 
D) $134,000 
A) $140,000 
B) $152,000 
C) $80,000 
D) $134,000 B

Question 3

Lots of Stuff Company reports the following data for its first year of operation.
 
What are the total manufacturing costs to account for?

Accepted Answer

A) $455,000 
B) $295,000 
C) $750,000 
D) $520,000 
A) $455,000 
B) $295,000 
C) $750,000 
D) $520,000 B

Question 4

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include:
 
Prime costs for Country Furniture Company totaled

Accepted Answer

A) $92,000. 
B) $247,500. 
C) $250,500. 
D) $368,500. 
A) $92,000. 
B) $247,500. 
C) $250,500. 
D) $368,500.

Question 5

Company X sells widgets.The following information summarizes the company's operating activities for the year:
 
What are total operating expenses?

Accepted Answer

A) $3,000 
B) $2,500 
C) $3,500 
D) $4,500 
A) $3,000 
B) $2,500 
C) $3,500 
D) $4,500

Question 6

When manufacturing products,direct labor and direct materials are classified as

Accepted Answer

A) period costs and expensed when incurred. 
B) product costs and expensed when the goods are sold. 
C) product costs and expensed when incurred. 
D) period costs and expensed when the goods are sold. 
A) period costs and expensed when incurred. 
B) product costs and expensed when the goods are sold. 
C) product costs and expensed when incurred. 
D) period costs and expensed when the goods are sold.

Question 7

Variable costs per unit decrease as production volume increases.

Accepted Answer

A) True 
 B)False

Question 8

Rustic Living Furniture Company manufactures furniture at its central Kentucky factory.Some of its costs from the past year include:
 
Direct labor costs for Rustic Living Furniture Company totaled

Accepted Answer

A) $227,500. 
B) $220,000. 
C) $100,000. 
D) $60,000. 
A) $227,500. 
B) $220,000. 
C) $100,000. 
D) $60,000.

Question 9

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include:
 
Direct material costs for Country Furniture Company totaled

Accepted Answer

A) $82,000. 
B) $10,000. 
C) $95,000. 
D) $92,000. 
A) $82,000. 
B) $10,000. 
C) $95,000. 
D) $92,000.

Question 10

Where would period costs be found on the financial statements?

Accepted Answer

A) Under current assets on the balance sheet 
B) Under current liabilities on the balance sheet 
C) As operating expenses on the income statement in the period incurred 
D) As operating expenses on the income statement for a previous period 
A) Under current assets on the balance sheet 
B) Under current liabilities on the balance sheet 
C) As operating expenses on the income statement in the period incurred 
D) As operating expenses on the income statement for a previous period

Question 11

Which of the following statements is correct concerning product costs?

Accepted Answer

A) Product costs are expensed in the period the related product is sold. 
B) Product costs are expensed in the period incurred. 
C) Product costs are shown with operating expenses on the income statement. 
D) Product costs are shown with current liabilities on the balance sheet. 
A) Product costs are expensed in the period the related product is sold. 
B) Product costs are expensed in the period incurred. 
C) Product costs are shown with operating expenses on the income statement. 
D) Product costs are shown with current liabilities on the balance sheet.

Question 12

Direct labor for a company was $145,000;manufacturing overhead was $300,000;and direct materials were $270,000.Conversion costs would total

Accepted Answer

A) $570,000. 
B) $715,000. 
C) $415,000. 
D) $445,000. 
A) $570,000. 
B) $715,000. 
C) $415,000. 
D) $445,000.

Question 13

Tall Timbers reports the following data for its first year of operation.
 
What is the cost of goods sold?

Accepted Answer

A) $65,000 
B) $85,000 
C) $117,000 
D) $115,000 
A) $65,000 
B) $85,000 
C) $117,000 
D) $115,000

Question 14

The balance sheet of a service company has

Accepted Answer

A) raw materials inventory. 
B) little or no inventory. 
C) three categories of inventory. 
D) two categories of inventory. 
A) raw materials inventory. 
B) little or no inventory. 
C) three categories of inventory. 
D) two categories of inventory.

Question 15

All of the following activities are included in the value chain except

Accepted Answer

A) customer service. 
B) design. 
C) safety. 
D) production. 
A) customer service. 
B) design. 
C) safety. 
D) production.

Question 16

A snow removal business would be classified as a

Accepted Answer

A) manufacturing company. 
B) merchandising company. 
C) simple company. 
D) service company. 
A) manufacturing company. 
B) merchandising company. 
C) simple company. 
D) service company.

Question 17

Joe's Bottling Company provided the following expense information for July:
 
What is the total cost for the production category of the value chain?

Accepted Answer

A) $457,000 
B) $307,000 
C) $148,000 
D) $146,000 
A) $457,000 
B) $307,000 
C) $148,000 
D) $146,000

Question 18

The sales price of a particular unit is $19.00.The company plans to sell 7,500 units.The variable costs are $6.00 per unit and monthly fixed costs are $112,500.Given this information what is the average fixed cost per unit?

Accepted Answer

A) $6.00 per unit 
B) $21.00 per unit 
C) $13.00 per unit 
D) $15.00 per unit 
A) $6.00 per unit 
B) $21.00 per unit 
C) $13.00 per unit 
D) $15.00 per unit

Question 19

Fit Apparel Company reports the following data for its first year of operation.
 
What are the total manufacturing costs to account for?

Accepted Answer

A) $650,000 
B) $835,000 
C) $$185,000 
D) $675,000 
A) $650,000 
B) $835,000 
C) $$185,000 
D) $675,000

Question 20

Sneider Family Orange Groves processes a variety of fresh juices.The company has the following expenses for July:
 
What is the total cost for the distribution category of the value chain?

Accepted Answer

A) $28,000 
B) $29,000 
C) $222,000 
D) $151,000 
A) $28,000 
B) $29,000 
C) $222,000 
D) $151,000

Selected information regarding a company's most recent quarter follows (all data in thousands). What was the ending raw materials inventory?

Tuity Fruity Beverage Company's operating activities for the year are listed below. What is the cost of goods available for sale?

Lots of Stuff Company reports the following data for its first year of operation. What are the total manufacturing costs to account for?

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include: Prime costs for Country Furniture Company totaled

Company X sells widgets.The following information summarizes the company's operating activities for the year: What are total operating expenses?

When manufacturing products,direct labor and direct materials are classified as

Variable costs per unit decrease as production volume increases.

Rustic Living Furniture Company manufactures furniture at its central Kentucky factory.Some of its costs from the past year include: Direct labor costs for Rustic Living Furniture Company totaled

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include: Direct material costs for Country Furniture Company totaled

Where would period costs be found on the financial statements?

Which of the following statements is correct concerning product costs?

Direct labor for a company was $145,000;manufacturing overhead was $300,000;and direct materials were $270,000.Conversion costs would total

Tall Timbers reports the following data for its first year of operation. What is the cost of goods sold?

The balance sheet of a service company has

All of the following activities are included in the value chain except

A snow removal business would be classified as a

Joe's Bottling Company provided the following expense information for July: What is the total cost for the production category of the value chain?

The sales price of a particular unit is $19.00.The company plans to sell 7,500 units.The variable costs are $6.00 per unit and monthly fixed costs are $112,500.Given this information what is the average fixed cost per unit?

Fit Apparel Company reports the following data for its first year of operation. What are the total manufacturing costs to account for?

Sneider Family Orange Groves processes a variety of fresh juices.The company has the following expenses for July: What is the total cost for the distribution category of the value chain?

Introduction to Managerial Accounting

Job Costing

Activity-Based Costing, lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters

Exam 2: Building Blocks of Managerial Accounting

Selected information regarding a company's most recent quarter follows (all data in thousands). What was the ending raw materials inventory?

Tuity Fruity Beverage Company's operating activities for the year are listed below. What is the cost of goods available for sale?

Lots of Stuff Company reports the following data for its first year of operation. What are the total manufacturing costs to account for?

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include: Prime costs for Country Furniture Company totaled

Company X sells widgets.The following information summarizes the company's operating activities for the year: What are total operating expenses?

When manufacturing products,direct labor and direct materials are classified as

Variable costs per unit decrease as production volume increases.

Rustic Living Furniture Company manufactures furniture at its central Kentucky factory.Some of its costs from the past year include: Direct labor costs for Rustic Living Furniture Company totaled

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include: Direct material costs for Country Furniture Company totaled

Where would period costs be found on the financial statements?

Which of the following statements is correct concerning product costs?

Direct labor for a company was $145,000;manufacturing overhead was $300,000;and direct materials were $270,000.Conversion costs would total

Tall Timbers reports the following data for its first year of operation. What is the cost of goods sold?

The balance sheet of a service company has

All of the following activities are included in the value chain except

A snow removal business would be classified as a

Joe's Bottling Company provided the following expense information for July: What is the total cost for the production category of the value chain?

The sales price of a particular unit is $19.00.The company plans to sell 7,500 units.The variable costs are $6.00 per unit and monthly fixed costs are $112,500.Given this information what is the average fixed cost per unit?

Fit Apparel Company reports the following data for its first year of operation. What are the total manufacturing costs to account for?

Sneider Family Orange Groves processes a variety of fresh juices.The company has the following expenses for July: What is the total cost for the distribution category of the value chain?

Introduction to Managerial Accounting

Job Costing

Activity-Based Costing, lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters