Olde Tyme Beverage Company's operating activities for the year are listed below. \[\begin{array} { | l | r | } \hline \text { Purcheses } & \$ 132,000 \\ \hline \text { Operating expenses } & 80,000 \\ \hline \text { Bepinging inventory } & 12,000 \\ \hline \text { Ending inventory } & 16,000 \\ \hline \text { Sales revenue } & 275,000 \\ \hline \end{array}\] -What is the cost of goods sold for the year?

A) $144,000 B) $132,000 C) $128,000 D) $ 63,000 A) $144,000 B) $132,000 C) $128,000 D) $ 63,000

Sunnybrook Orange Groves processes a variety of fresh juices.The company has the following expenses for July: \[\begin{array} { | l | c | } \hline \text { Depreciation expense an bottling machines } & \$ 63,000 \\ \hline \text { Glass juice bottles } & \$ 54,000 \\ \hline \text { Comrissions for salespeople } & \$ 27,000 \\ \hline \text { Salaries of mutrition researchers } & \$ 89,000 \\ \hline \text { Costs of maintaining website used for custamer orders } & \$ 4,000 \\ \hline \text { Wages of factory workers } & \$ 75,000 \\ \hline \text { Freshess seals/caps for juice battles } & \$ 3,000 \\ \hline \text { Reconfiguring the factory layout } & \$ 102,000 \\ \hline \text { Custamer help line } & \$ 2,000 \\ \hline \text { Costs of refrigerated trucks used to deliver juice } & \$ 17,000 \\ \hline \end{array}\] -What is the total cost for the research and development category of the value chain?

A) $92,000 B) $57,000 C) $89,000 D) $191,000 A) $92,000 B) $57,000 C) $89,000 D) $191,000

Towpath Tennis & Recreation's operating activities for the year are listed below. \[\begin{array} { | l | r | } \hline \text { Purcheses } & \$ 150,000 \\ \hline \text { Operating expenses } & 62,000 \\ \hline \text { Bepinging inventory } & 27,000 \\ \hline \text { Ending inventory } & 32,000 \\ \hline \text { Sales revenue } & 302,000 \\ \hline \end{array}\] - What is the gross profit for the year?

A) $157,000 B) $152,000 C) $ 90,000 D) $302,000 A) $157,000 B) $152,000 C) $ 90,000 D) $302,000

Match between columns Premises: Rent expense on factory building Sales supplies used Factory supplies used Indirect materials used Wages of assembly line personnel Cost of primary material used to make product Depreciation expense on office equipment Rent expense on office facilities Insurance expired on factory equipment Utilities incurred in the office Advertising expense Taxes paid on factory building

The Answer of Direct materials and Selling and general expenses is...

Exam 2: Building Blocks of Managerial Accounting

Olde Tyme Beverage Company's operating activities for the year are listed below. Purcheses \ 132,000 Operating expenses 80,000 Bepinging inventory 12,000 Ending inventory 16,000 Sales revenue 275,000 -What is the cost of goods sold for the year?

(Multiple Choice)

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Question 121

Which of the following statements is correct concerning product costs?

(Multiple Choice)

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Question 122

Research and development is needed to improve products and to design new products.

(True/False)

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Question 123

Receipt of materials is part of the firm's value chain.

(True/False)

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Question 124

Sunnybrook Orange Groves processes a variety of fresh juices.The company has the following expenses for July: Depreciation expense an bottling machines \ 63,000 Glass juice bottles \ 54,000 Comrissions for salespeople \ 27,000 Salaries of mutrition researchers \ 89,000 Costs of maintaining website used for custamer orders \ 4,000 Wages of factory workers \ 75,000 Freshess seals/caps for juice battles \ 3,000 Reconfiguring the factory layout \ 102,000 Custamer help line \ 2,000 Costs of refrigerated trucks used to deliver juice \ 17,000 -What is the total cost for the research and development category of the value chain?

(Multiple Choice)

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Question 125

Which of the following,in addition to cost of goods manufactured,is needed to compute the cost of goods sold for a manufacturer?

(Multiple Choice)

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Question 126

Subtracting the costs of one alternative from the costs of the other alternative would be called the ____________ cost.

(Multiple Choice)

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Question 127

When manufacturing products,which of the following is an example of an inventoriable cost?

(Multiple Choice)

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Question 128

Towpath Tennis & Recreation's operating activities for the year are listed below. Purcheses \ 150,000 Operating expenses 62,000 Bepinging inventory 27,000 Ending inventory 32,000 Sales revenue 302,000 - What is the gross profit for the year?

(Multiple Choice)

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Question 129

Inventoriable product costs for a manufactured product include:

(Multiple Choice)

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Question 130

The cost of making one more unit is called:

(Multiple Choice)

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Question 131

When determining the cost of a manufactured product,the cost of lighting the factory would be classified as:

(Multiple Choice)

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Question 132

Before these materials are used to manufacture its cars,Honda classifies steel,glass,and plastic as:

(Multiple Choice)

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Question 133

When manufacturing products,which of the following is an example of a period cost?

(Multiple Choice)

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Question 134

Smythe Manufacturing produces food processors.Their total fixed costs are $50,000.Its variable costs are $75.00 per food processor.As production of food processors increases,fixed costs will:

(Multiple Choice)

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Question 135

A product support hot line would be considered:

(Multiple Choice)

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Question 136

A company's total costs are calculated by:

(Multiple Choice)

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Question 137

Backyards,Inc.,sells lawn furniture.Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $32,000. Ending merchandise inventory on December 31 was $37,000. Purchases during the year were $101,000. Selling and administrative expenses were $75,000. Sales for year were $257,000. - What was gross profit?

(Multiple Choice)

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Question 138

All of the following would be considered a direct material for a mattress EXCEPT:

(Multiple Choice)

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Question 139

Use the correct choice to designate each item below.Assume a manufacturer.

Rent expense on factory building

Direct materials

Sales supplies used

Selling and general expenses

Factory supplies used

Manufacturing overhead

Correct Answer:

Verified

Rent expense on factory building

Sales supplies used

Factory supplies used

Indirect materials used

(Matching)

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Question 140

Olde Tyme Beverage Company's operating activities for the year are listed below. Purcheses \ 132,000 Operating expenses 80,000 Bepinging inventory 12,000 Ending inventory 16,000 Sales revenue 275,000 -What is the cost of goods sold for the year?

Which of the following statements is correct concerning product costs?

Research and development is needed to improve products and to design new products.

Receipt of materials is part of the firm's value chain.

Which of the following,in addition to cost of goods manufactured,is needed to compute the cost of goods sold for a manufacturer?

Subtracting the costs of one alternative from the costs of the other alternative would be called the ____________ cost.

When manufacturing products,which of the following is an example of an inventoriable cost?

Towpath Tennis & Recreation's operating activities for the year are listed below. Purcheses \ 150,000 Operating expenses 62,000 Bepinging inventory 27,000 Ending inventory 32,000 Sales revenue 302,000 - What is the gross profit for the year?

Inventoriable product costs for a manufactured product include:

The cost of making one more unit is called:

When determining the cost of a manufactured product,the cost of lighting the factory would be classified as:

Before these materials are used to manufacture its cars,Honda classifies steel,glass,and plastic as:

When manufacturing products,which of the following is an example of a period cost?

Smythe Manufacturing produces food processors.Their total fixed costs are $50,000.Its variable costs are $75.00 per food processor.As production of food processors increases,fixed costs will:

A product support hot line would be considered:

A company's total costs are calculated by:

All of the following would be considered a direct material for a mattress EXCEPT:

Introduction to Managerial Accounting

Job Costing

Activity-Based Costing, lean Production, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Short Term Business Decisions

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

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