Castillo Corporation,a manufacturer,reports costs for the year as follows: \[\begin{array} { | l | r | } \hline \text { Direct Materials Used } & \$ 735,000 \\ \hline \text { Wages to Line Workers } & 510,000 \\ \hline \text { Office Rent } & 26,000 \\ \hline \text { Indirect Materials Used } & 700,000 \\ \hline \end{array}\] How much is the total period costs for Castillo?

A) $735,000 B) $510,000 C) $26,000 D) $700,000 A) $735,000 B) $510,000 C) $26,000 D) $700,000 C

Arturo Manufacturing,Inc.provided the following information for the year: \[\begin{array} { | l | r | } \hline \text { Beginning Balance - Work-in-Process Inventory } & \$ 150,000 \\ \hline \text { Ending Balance - Work-in-Process Inventory } & 62,500 \\ \hline \text { Beginning Balance - Direct Materials } & 269,000 \\ \hline \text { Ending Balance - Direct Materials } & 53,700 \\ \hline \text { Purchases - Direct Materials } & 133,000 \\ \hline \text { Direct Labor } & 74,380 \\ \hline \text { Indirect Materials } & 52,350 \\ \hline \text { Indirect Labor } & 132,500 \\ \hline \text { Depreciation on Factory Plant and Equipment } & 72,160 \\ \hline \text { Plant Utilities and Insurance } & 70,980 \\ \hline \end{array}\] How much is the cost of goods manufactured?

A) $838,170 B) $750,670 C) $900,670 D) $766,010 A) $838,170 B) $750,670 C) $900,670 D) $766,010

Artisan Inspiration,Inc.is a merchandiser of stone ornaments.The company sold 8000 units during the year.The company has provided the following information: \[\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 593,000 \\ \hline \text { Purchases (excluding Freight In) } & 304,000 \\ \hline \text { Selling and Administrative Expenses } & 68,000 \\ \hline \text { Freight In } & 14,000 \\ \hline \text { Beginning Merchandise Inventory } & 46,000 \\ \hline \text { Ending Merchandise Inventory } & 42,000 \\ \hline \end{array}\] What is the operating income for the year? (Round your answer to the nearest whole dollar.)

A) $203,000 B) $322,000 C) $271,000 D) $525,000 A) $203,000 B) $322,000 C) $271,000 D) $525,000

Citrine Manufacturing provided the following information for the month ended March 31: \[\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 22,000 \\ \hline \text { Beginning Finished Goods Inventory } & 7,000 \\ \hline \text { Ending Finished Goods Inventory } & 6,500 \\ \hline \text { Cost of Goods Manufactured } & 10,600 \\ \hline \text { Selling and Administrative Expenses } & 5,125 \\ \hline \end{array}\] Prepare the income statement.

Citrine Manufacturing Income Statement M

The following information was obtained from Moreau Manufacturing,Inc.: \[\begin{array} { | l | r | } \hline \text { Advertising Costs } & \$ 9900 \\ \hline \text { Indirect Labor } & 53,000 \\ \hline \text { CEO's Salary } & 620,000 \\ \hline \text { Direct Labor } & 40,000 \\ \hline \text { Indirect Materials Used } & 7500 \\ \hline \text { Direct Materials Used } & 65,000 \\ \hline \text { Factory Utilities } & 760 \\ \hline \text { Factory Janitorial Costs } & 1200 \\ \hline \text { Manufacturing Equipment Depreciation } & 3100 \\ \hline \text { Delivery Vehicle Depreciation } & 1000 \\ \hline \text { Administrative Wages and Salaries } & 24,000 \\ \hline \end{array}\] Calculate Moreau Manufacturing's total product costs.

A) $170,560 B) $654,900 C) $105,000 D) $165,500 A) $170,560 B) $654,900 C) $105,000 D) $165,500

Rios Corporation reports costs for the year as follows: $\begin{array}{|r|r|} \hline\text { Direct Materials Used } & \$ 780,000 \\ \hline \text { Wages to Line Workers } & 245,000 \\ \hline \text { Office Rent } & 33,000 \\ \hline \text { Indirect Materials Used } & 800,000\\\hline \end{array}$ How much is the total product costs for the year?

A) $800,000 B) $1,825,000 C) $1,858,000 D) $1,025,000 A) $800,000 B) $1,825,000 C) $1,858,000 D) $1,025,000

Exam 16: Introduction to Managerial Accounting

Castillo Corporation,a manufacturer,reports costs for the year as follows: Direct Materials Used \ 735,000 Wages to Line Workers 510,000 Office Rent 26,000 Indirect Materials Used 700,000 How much is the total period costs for Castillo?

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

C

Which of the following is a philosophy designed to integrate all organizational areas in order to provide customers with superior products and services,while meeting organizational goals throughout the value chain?

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

D

Comparing actual results to expected results is part of the

Free

(Multiple Choice)

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Question 3

Correct Answer:

Verified

A

Financial accounting prepares reports for internal purposes,whereas managerial accounting provides information to external stakeholders.

(True/False)

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Question 4

Planning requires managers to look to the future and establish goals for the business.

(True/False)

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Question 5

Which of the following correctly describes the accounting for factory depreciation?

(Multiple Choice)

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Question 6

Define planning.List and briefly discuss the two types of planning managers perform.

(Essay)

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Question 7

Which of the following is true of Just-in-Time (JIT)Management?

(Multiple Choice)

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Question 8

Arturo Manufacturing,Inc.provided the following information for the year: Beginning Balance - Work-in-Process Inventory \ 150,000 Ending Balance - Work-in-Process Inventory 62,500 Beginning Balance - Direct Materials 269,000 Ending Balance - Direct Materials 53,700 Purchases - Direct Materials 133,000 Direct Labor 74,380 Indirect Materials 52,350 Indirect Labor 132,500 Depreciation on Factory Plant and Equipment 72,160 Plant Utilities and Insurance 70,980 How much is the cost of goods manufactured?

(Multiple Choice)

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Question 9

Artisan Inspiration,Inc.is a merchandiser of stone ornaments.The company sold 8000 units during the year.The company has provided the following information: Sales Revenue \ 593,000 Purchases (excluding Freight In) 304,000 Selling and Administrative Expenses 68,000 Freight In 14,000 Beginning Merchandise Inventory 46,000 Ending Merchandise Inventory 42,000 What is the operating income for the year? (Round your answer to the nearest whole dollar.)

(Multiple Choice)

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Question 10

Citrine Manufacturing provided the following information for the month ended March 31: Sales Revenue \ 22,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 6,500 Cost of Goods Manufactured 10,600 Selling and Administrative Expenses 5,125 Prepare the income statement.

(Essay)

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Question 11

Which of the following is most likely a service company?

(Multiple Choice)

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Question 12

Regarding the flow of costs through the inventory accounts,which of the following statements is incorrect?

(Multiple Choice)

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Question 13

Which of the following is a prime cost and a conversion cost?

(Multiple Choice)

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Question 14

Managerial accounting provides financial statements that report results of operations,financial position,and cash flows both to managers and to external stockholders.

(True/False)

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Question 15

Which of the following correctly describes the accounting for advertising costs?

(Multiple Choice)

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Question 16

The following information was obtained from Moreau Manufacturing,Inc.: Advertising Costs \ 9900 Indirect Labor 53,000 CEO's Salary 620,000 Direct Labor 40,000 Indirect Materials Used 7500 Direct Materials Used 65,000 Factory Utilities 760 Factory Janitorial Costs 1200 Manufacturing Equipment Depreciation 3100 Delivery Vehicle Depreciation 1000 Administrative Wages and Salaries 24,000 Calculate Moreau Manufacturing's total product costs.

(Multiple Choice)

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Question 17

Most companies structure their organizations along departments or divisions.

(True/False)

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Question 18

Managerial accounting reporting by a public firm is required to follow the rules of GAAP.

(True/False)

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Question 19

Rios Corporation reports costs for the year as follows: Direct Materials Used \ 780,000 Wages to Line Workers 245,000 Office Rent 33,000 Indirect Materials Used 800,000 How much is the total product costs for the year?

(Multiple Choice)

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Question 20

Castillo Corporation,a manufacturer,reports costs for the year as follows: Direct Materials Used \ 735,000 Wages to Line Workers 510,000 Office Rent 26,000 Indirect Materials Used 700,000 How much is the total period costs for Castillo?

Which of the following is a philosophy designed to integrate all organizational areas in order to provide customers with superior products and services,while meeting organizational goals throughout the value chain?

Comparing actual results to expected results is part of the

Financial accounting prepares reports for internal purposes,whereas managerial accounting provides information to external stakeholders.

Planning requires managers to look to the future and establish goals for the business.

Which of the following correctly describes the accounting for factory depreciation?

Define planning.List and briefly discuss the two types of planning managers perform.

Which of the following is true of Just-in-Time (JIT)Management?

Citrine Manufacturing provided the following information for the month ended March 31: Sales Revenue \ 22,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 6,500 Cost of Goods Manufactured 10,600 Selling and Administrative Expenses 5,125 Prepare the income statement.

Which of the following is most likely a service company?

Regarding the flow of costs through the inventory accounts,which of the following statements is incorrect?

Which of the following is a prime cost and a conversion cost?

Managerial accounting provides financial statements that report results of operations,financial position,and cash flows both to managers and to external stockholders.

Which of the following correctly describes the accounting for advertising costs?

Most companies structure their organizations along departments or divisions.

Managerial accounting reporting by a public firm is required to follow the rules of GAAP.

Rios Corporation reports costs for the year as follows: Direct Materials Used \ 780,000 Wages to Line Workers 245,000 Office Rent 33,000 Indirect Materials Used 800,000 How much is the total product costs for the year?

Accounting Information Systems

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based, just-In-Time, and Quality Management Systems

Cost-Volume-Profit Analysis

Variable Costing

Master Budgets

Flexible Budgets and Standard Cost Systems

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

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