The following information was obtained from Fizz Company: \[\begin{array} { | l | r | } \hline \text { Advertising Costs } & \$ 9,900 \\ \hline \text { Indirect Labor } & 11,000 \\ \hline \text { CEO's Salary } & 49,000 \\ \hline \text { Direct Labor } & 41,000 \\ \hline \text { Indirect Materials } & 7,900 \\ \hline \text { Direct Materials Used } & 61,000 \\ \hline \text { Factory Utilities } & 700 \\ \hline \text { Factory Janitorial Costs } & 2,300 \\ \hline \text { Manufacturing Equipment Depreciation } & 2,100 \\ \hline \text { Delivery Vehicle Depreciation } & 1,100 \\ \hline \text { Administrative Wages and Salaries } & 21,000 \\ \hline \end{array}\] Calculate Fizz's total product costs.

A) $126,000 B) $104,100 C) $127,100 D) $115,000 A) $126,000 B) $104,100 C) $127,100 D) $115,000

Fireox Company's selected cost data for 2015 are shown below: \[\begin{array} { | l | r | } \hline \text { Cost of Goods Manufactured } & \$ 145,200 \\ \hline \text { Work-in-Process Inventory, Jan. 1, 2015 } & 18,500 \\ \hline \text { Work-in-Process Inventory, Dec. } 31,2015 & 22,500 \\ \hline \text { Direct Materials Used } & 15,800 \\ \hline \end{array}\] What is the total of manufacturing costs incurred by Fireox Company in 2015?

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 relates to Webster Inc.: \[\begin{array} { | l | r | } \hline \text { Advertising Costs } & \$ 10,270 \\ \hline \text { Administrative Salaries } & 24,700 \\ \hline \text { Delivery Vehicle Depreciation } & 1,027 \\ \hline \text { Factory Repair and Maintenance } & 910 \\ \hline \text { Indirect Labor } & 11,700 \\ \hline \text { Indirect Materials } & 9,360 \\ \hline \text { Manufacturing Equipment Depreciation } & 2,080 \\ \hline \text { Office Rent } & 61,100 \\ \hline \text { President's Salary } & 40,300 \\ \hline \text { Sales Revenue } & 450,000 \\ \hline \text { Sales Salary } & 4,500 \\ \hline \end{array}\] How much were Webster's period costs?

A) $141,897 B) $474,050 C) $615,947 D) $61,503 A) $141,897 B) $474,050 C) $615,947 D) $61,503

Exam 18: Introduction to Managerial Accounting

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 Used 61,000 Factory Utilities 700 Factory Janitorial Costs 2,300 Manufacturing Equipment Depreciation 2,100 Delivery Vehicle Depreciation 1,100 Administrative Wages and Salaries 21,000 Calculate Fizz's total product costs.

(Multiple Choice)

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Question 81

Indirect materials costs are included in manufacturing overhead.

(True/False)

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Question 82

Which of the following represents the combined sum of direct labor and manufacturing overhead?

(Multiple Choice)

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Question 83

If Royal Ltd. purchases each unit of product X for $100 and can sell it in the market for $135, the selling price of the product for Royal would be $100.

(True/False)

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Question 84

One of the primary activities of Rex Inc. is to purchase hats from Viva Inc. in Texas and sell them to its customers in Washington for a profit. It is likely that Rex is a:

(Multiple Choice)

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Question 85

The cost of goods sold for Frye Manufacturing in 2015 was $233,000. The January 1, 2015, finished goods inventory balance was $31,600, and the December 31, 2015, finished goods inventory balance was $24,200. Calculate the cost of goods manufactured during 2015.

(Multiple Choice)

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Question 86

Fireox Company's selected cost data for 2015 are shown below: Cost of Goods Manufactured \ 145,200 Work-in-Process Inventory, Jan. 1, 2015 18,500 Work-in-Process Inventory, Dec. 31,2015 22,500 Direct Materials Used 15,800 What is the total of manufacturing costs incurred by Fireox Company in 2015?

(Multiple Choice)

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Question 87

Management of a company is accountable to ________ for obeying laws and paying taxes.

(Multiple Choice)

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Question 88

Product costs, such as direct materials, are expensed in the period they were paid.

(True/False)

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Question 89

Which of the following is an objective of management accounting?

(Multiple Choice)

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Question 90

Which of the following is the primary focus of financial accounting?

(Multiple Choice)

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Question 91

Which of the following correctly describes the accounting for administrative expenses of a manufacturing company?

(Multiple Choice)

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Question 92

For a manufacturing business, which of the following would be considered a period cost?

(Multiple Choice)

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Question 93

The following information relates to Webster Inc.: Advertising Costs \ 10,270 Administrative Salaries 24,700 Delivery Vehicle Depreciation 1,027 Factory Repair and Maintenance 910 Indirect Labor 11,700 Indirect Materials 9,360 Manufacturing Equipment Depreciation 2,080 Office Rent 61,100 President's Salary 40,300 Sales Revenue 450,000 Sales Salary 4,500 How much were Webster's period costs?

(Multiple Choice)

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Question 94

Period costs are the:

(Multiple Choice)

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Question 95

The Work-in-Process Inventory account includes the:

(Multiple Choice)

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Question 96

Which of the following is true of just-in-time (JIT) inventory management?

(Multiple Choice)

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Question 97

A company that uses labor, equipment, supplies, and facilities to convert raw materials into finished products is a:

(Multiple Choice)

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Question 98

For a manufacturing firm, which of the following is a period cost?

(Multiple Choice)

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Question 99

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

(Multiple Choice)

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Question 100

Exam 18: Introduction to Managerial Accounting

Indirect materials costs are included in manufacturing overhead.

Which of the following represents the combined sum of direct labor and manufacturing overhead?

If Royal Ltd. purchases each unit of product X for $100 and can sell it in the market for $135, the selling price of the product for Royal would be $100.

One of the primary activities of Rex Inc. is to purchase hats from Viva Inc. in Texas and sell them to its customers in Washington for a profit. It is likely that Rex is a:

The cost of goods sold for Frye Manufacturing in 2015 was $233,000. The January 1, 2015, finished goods inventory balance was $31,600, and the December 31, 2015, finished goods inventory balance was $24,200. Calculate the cost of goods manufactured during 2015.

Fireox Company's selected cost data for 2015 are shown below: Cost of Goods Manufactured \ 145,200 Work-in-Process Inventory, Jan. 1, 2015 18,500 Work-in-Process Inventory, Dec. 31,2015 22,500 Direct Materials Used 15,800 What is the total of manufacturing costs incurred by Fireox Company in 2015?

Management of a company is accountable to ________ for obeying laws and paying taxes.

Product costs, such as direct materials, are expensed in the period they were paid.

Which of the following is an objective of management accounting?

Which of the following is the primary focus of financial accounting?

Which of the following correctly describes the accounting for administrative expenses of a manufacturing company?

For a manufacturing business, which of the following would be considered a period cost?

Period costs are the:

The Work-in-Process Inventory account includes the:

Which of the following is true of just-in-time (JIT) inventory management?

A company that uses labor, equipment, supplies, and facilities to convert raw materials into finished products is a:

For a manufacturing firm, which of the following is a period cost?

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

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets

Flexible Budgets and Standard Cost Systems

Cost Allocation and Responsibility Accounting

Short-Term Business Decisions

Capital Investment Decisions

Filters