Exam 2: Building Blocks of Managerial Accounting

On the line in front of each statement,enter the letter corresponding to the term that best fits that statement.You may use a letter more than once and some letters may not be used at all.

A merchandiser's purchases are equivalent to a manufacturer's

Selected financial information for Brookeville Manufacturing is presented in the following table (000s omitted). What was the cost of goods manufactured?

Which of the following are merchandising companies?

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

Indicate whether each of the following costs is a product cost or a period cost.Assume it is for a manufacturer.

The following amounts were taken from the general ledger of the Excellent Manufacturing Company.Compute the cost of goods manufactured and the cost of goods sold for the company for the year.

Which of the following would not be considered a product cost of a manufacturer?

Selected information regarding a company's most recent quarter follows (all data in thousands). What was manufacturing overhead for the quarter?

Lucky Cow Dairy provided the following expense information for May: What is the total cost for the marketing category of the value chain?

All of the following would be considered a direct material for a kitchen cabinet except

A product support hotline would be considered

Average variable costs

A ________ company's balance sheet reports just one inventory called "Inventory."

Variable costs

Collectively,all costs such as distribution,marketing,and design are part of

Explain the type of inventory that is characteristic at a service company.

If a company wants to determine a product's cost,it must assign both direct and indirect costs.

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

The ________ element in the value chain would contain inventoriable costs for a manufacturer.