Exam 14: Managerial Accounting Concepts and Principles

Indirect labor refers to the cost of workers who assist or supervise manufacturing,but they are not clearly identified with specific product units.

All of the following statements regarding manufacturing costs are true except:

The raw materials inventory turnover ratio is raw materials purchased divided by the average raw materials inventory.

Which of the following statements is correct concerning the days' sales in raw materials inventory ratio?

Total manufacturing costs incurred during the year do not include:

Factory overhead is charged to expense as it is incurred because it is a period cost.

Direct materials are not easily traced to a product.

The schedule of cost of goods manufactured is divided into four parts consisting of all of the following except:

If beginning and ending work in process inventories are $5,000 and $15,000,respectively,and cost of goods manufactured is $170,000,what is the total manufacturing cost for the period?

What are prime costs? What are conversion costs?

A cost can be classified as either ________ or ________based how it changes,in total,with changes in the volume of activity.

Using the information below: -Calculate cost of goods sold for the period:

Direct labor refers to employees who physically convert materials to finished product.

The three major cost of manufacturing a product are:

-Calculate the cost of goods manufactured using the above information:

Prime costs consist of direct labor and factory overhead.

________ inventory consists of goods a company acquires to use in making products.

Just-in-time manufacturing techniques can be useful in ________ days' sales in raw materials inventory.

Total quality management (TQM)is a system that acquires inventory and produces only when needed.

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is: