Hernando Manufacturing,Inc.reported the following information for the year: \[\begin{array} { | l | r | } \hline \text { Number of Units Produced } & 152,000 \\ \hline \text { Number of Units Sold } & 62,000 \\ \hline \text { Cost of Goods Manufactured } & \$ 268,000 \\ \hline \text { Cost of Goods Sold } & 52,900 \\ \hline \text { Sales Revenue } & 130,000 \\ \hline \text { Gross Profit } & 72,940 \\ \hline \text { Operating Expense } & 727,000 \\ \hline \end{array}\] What was the unit product cost? (Round your answer to the nearest cent.)

A) $4.32 B) $0.86 C) $0.85 D) $1.76 A) $4.32 B) $0.86 C) $0.85 D) $1.76

Franklin Manufacturing provided the following information for the month ended March 31: $\begin{array}{|l|r|} \hline \text { Sales Revenue } & \$ 15,000 \\ \hline \text { Beginning Finished Goods Inventory } & 11,000 \\ \hline \text { Ending Finished Goods Inventory } & 9500 \\ \hline \text { Cost of Goods Manufactured } & 19,600\\\hline \end{array}$ Compute cost of goods sold.

A) $19,600 B) $18,100 C) $21,100 D) $29,100 A) $19,600 B) $18,100 C) $21,100 D) $29,100

The following information is available from Avery Company,a manufacturer of security cameras: \[\begin{array} { | l | l | } \hline \text { Cost of Goods Manufactured } & \$ 312,000 \\ \hline \text { Total Units Produced } & 1200 \\ \hline \text { Number of Units Sold } & 850 \\ \hline \text { Cost of Goods Sold } & \$ 275,000 \\ \hline \end{array}\] The unit product cost for a security camera is:

A) $260 B) $286 C) $1 D) $324 A) $260 B) $286 C) $1 D) $324

Exam 16: Introduction to Managerial Accounting

Hernando Manufacturing,Inc.reported the following information for the year: Number of Units Produced 152,000 Number of Units Sold 62,000 Cost of Goods Manufactured \ 268,000 Cost of Goods Sold 52,900 Sales Revenue 130,000 Gross Profit 72,940 Operating Expense 727,000 What was the unit product cost? (Round your answer to the nearest cent.)

(Multiple Choice)

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Question 61

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 62

________ is a philosophy of continuous improvement of products and processes.

(Multiple Choice)

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Question 63

Franklin Manufacturing provided the following information for the month ended March 31: Sales Revenue \ 15,000 Beginning Finished Goods Inventory 11,000 Ending Finished Goods Inventory 9500 Cost of Goods Manufactured 19,600 Compute cost of goods sold.

(Multiple Choice)

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Question 64

In order to reach new markets,many companies are moving operations to other countries.

(True/False)

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Question 65

Anika,a division manager,is purchasing materials to ensure she has enough to meet customers' demands.Anika is engaging in the ________.

(Multiple Choice)

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Question 66

In a manufacturing plant,indirect materials costs from lubricants and cleaning fluids are product costs.

(True/False)

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Question 67

Total manufacturing costs to account for during the year minus the ending Work-in-Process Inventory equals the cost of goods manufactured.

(True/False)

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Question 68

Which of the following is a part of manufacturing overhead?

(Multiple Choice)

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Question 69

Which of the following is true of service companies?

(Multiple Choice)

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Question 70

In a manufacturing company,accounting,legal,and administrative costs are typical examples of product costs.

(True/False)

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Question 71

An Enterprise Resource Planning system (ERP)________.

(Multiple Choice)

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Question 72

The following information is available from Avery Company,a manufacturer of security cameras: Cost of Goods Manufactured \ 312,000 Total Units Produced 1200 Number of Units Sold 850 Cost of Goods Sold \ 275,000 The unit product cost for a security camera is:

(Multiple Choice)

4.9/5

(37)

Question 73

In a manufacturing company,wages and benefits of assembly line workers are period costs.

(True/False)

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Question 74

Period costs are the ________.

(Multiple Choice)

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Question 75

Goods that are produced by a manufacturing company and are ready to sell are recorded in the _______ account.

(Multiple Choice)

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Question 76

Repair and maintenance costs for manufacturing equipment are product costs.

(True/False)

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Question 77

Costs are transferred from the balance sheet to the income statement as cost of goods sold when ________.

(Multiple Choice)

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Question 78

Unit cost per service is calculated by dividing total costs by the total number of services provided.

(True/False)

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Question 79

Which of the following is an example of a period cost for a manufacturing company?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 230

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

________ is a philosophy of continuous improvement of products and processes.

Franklin Manufacturing provided the following information for the month ended March 31: Sales Revenue \ 15,000 Beginning Finished Goods Inventory 11,000 Ending Finished Goods Inventory 9500 Cost of Goods Manufactured 19,600 Compute cost of goods sold.

In order to reach new markets,many companies are moving operations to other countries.

Anika,a division manager,is purchasing materials to ensure she has enough to meet customers' demands.Anika is engaging in the ________.

In a manufacturing plant,indirect materials costs from lubricants and cleaning fluids are product costs.

Total manufacturing costs to account for during the year minus the ending Work-in-Process Inventory equals the cost of goods manufactured.

Which of the following is a part of manufacturing overhead?

Which of the following is true of service companies?

In a manufacturing company,accounting,legal,and administrative costs are typical examples of product costs.

An Enterprise Resource Planning system (ERP)________.

The following information is available from Avery Company,a manufacturer of security cameras: Cost of Goods Manufactured \ 312,000 Total Units Produced 1200 Number of Units Sold 850 Cost of Goods Sold \ 275,000 The unit product cost for a security camera is:

In a manufacturing company,wages and benefits of assembly line workers are period costs.

Period costs are the ________.

Goods that are produced by a manufacturing company and are ready to sell are recorded in the _______ account.

Repair and maintenance costs for manufacturing equipment are product costs.

Costs are transferred from the balance sheet to the income statement as cost of goods sold when ________.

Unit cost per service is calculated by dividing total costs by the total number of services provided.

Which of the following is an example of a period cost for a manufacturing company?

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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