Question 1

Which of the following is an example of direct labor cost for a cell phone manufacturer?

Accepted Answer

A) cost of oil lubricants for factory machinery 
B) cost of wages of assembly worker 
C) salary of plant supervisor 
D) cost of phone components 
A) cost of oil lubricants for factory machinery 
B) cost of wages of assembly worker 
C) salary of plant supervisor 
D) cost of phone components

Question 2

Work in process inventory increased by $20,000 during the current year.Cost of goods manufactured was $180,000.Total manufacturing costs incurred are

Accepted Answer

A) $198,000 
B) $160,000 
C) $189,000 
D) $200,000 
A) $198,000 
B) $160,000 
C) $189,000 
D) $200,000

Question 3

Match the items below for a bakery to the type of cost a-d.
-Frosting

Accepted Answer

A) Direct materials 
B) Direct labor 
C) Factory overhead 
D) Non-manufacturing cost 
A) Direct materials 
B) Direct labor 
C) Factory overhead 
D) Non-manufacturing cost

Question 4

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

Accepted Answer

A) True 
 B)False

Question 5

Bartel Corporation produces bar stools for restaurants.For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given.
-The factory supervisor's salary for the bar stool factory

Accepted Answer

A) Direct 
B) Indirect 
A) Direct 
B) Indirect

Question 6

Identify the following costs as a a product cost or b period cost for a cake factory.
1.Frosting
2._____ Baker's wages
3.Advertising fees
4.Transportation out

Accepted Answer

The answer of Identify the following costs as a a...

Question 7

The cost of materials entering directly into the manufacturing process is classified as factory overhead cost.

Accepted Answer

A) True 
 B)False

Question 8

Prime costs consists of direct materials, indirect materials, and direct labor.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is most associated with financial accounting?

Accepted Answer

A) can have both objective and subjective information 
B) can be prepared periodically, or as needed 
C) prepared in accordance with GAAP 
D) can be prepared for the entity or segment 
A) can have both objective and subjective information 
B) can be prepared periodically, or as needed 
C) prepared in accordance with GAAP 
D) can be prepared for the entity or segment

Question 10

The following are some of the costs incurred by Cupcake Company.Identify them as either:
-Baker's wages

Accepted Answer

A) Prime costs 
B) Conversion costs 
C) Both prime and conversion costs 
D) Neither prime or conversion costs 
A) Prime costs 
B) Conversion costs 
C) Both prime and conversion costs 
D) Neither prime or conversion costs

Question 11

Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

Accepted Answer

A) True 
 B)False

Question 12

Conversion costs consist of product costs and period costs.

Accepted Answer

A) True 
 B)False

Question 13

Classify the following costs as either a product cost or a period cost:

Accepted Answer

a product
b product
c period
d

Question 14

Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.

Accepted Answer

A) $543,800 
B) $187,900 
C) $731,700 
D) $384,200 
A) $543,800 
B) $187,900 
C) $731,700 
D) $384,200

Question 15

The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

Accepted Answer

A) True 
 B)False

Question 16

Product costs

Accepted Answer

A) appear only on the balance sheet 
B) appear only on the income statement 
C) are expensed as costs are incurred for direct labor, direct material, and factory overhead 
D) appear on both the income statement and balance sheet 
A) appear only on the balance sheet 
B) appear only on the income statement 
C) are expensed as costs are incurred for direct labor, direct material, and factory overhead 
D) appear on both the income statement and balance sheet

Question 17

Direct labor costs are included in the conversion costs of a product.

Accepted Answer

A) True 
 B)False

Question 18

Differentiate between period and product costs, including examples of each type of cost.​

Accepted Answer

The answer of Differentiate between period and product costs, including...

Question 19

Smith Company reports the following information:   Factory overhead is 75% of the cost of direct labor.Work in process inventory on December 31, is

Accepted Answer

A) $16,250 
B) $8,500 
C) $18,750 
D) $13,500 
A) $16,250 
B) $8,500 
C) $18,750 
D) $13,500

Question 20

Match the items below for a bakery to the type of cost a-d.
-Cupcake mix

Accepted Answer

A) Direct materials 
B) Direct labor 
C) Factory overhead 
D) Non-manufacturing cost 
A) Direct materials 
B) Direct labor 
C) Factory overhead 
D) Non-manufacturing cost

Which of the following is an example of direct labor cost for a cell phone manufacturer?

Work in process inventory increased by $20,000 during the current year.Cost of goods manufactured was $180,000.Total manufacturing costs incurred are

Match the items below for a bakery to the type of cost a-d. -Frosting

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

Bartel Corporation produces bar stools for restaurants.For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -The factory supervisor's salary for the bar stool factory

Identify the following costs as a a product cost or b period cost for a cake factory. 1.Frosting 2._____ Baker's wages 3.Advertising fees 4.Transportation out

The cost of materials entering directly into the manufacturing process is classified as factory overhead cost.

Prime costs consists of direct materials, indirect materials, and direct labor.

Which of the following is most associated with financial accounting?

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Baker's wages

Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

Conversion costs consist of product costs and period costs.

Classify the following costs as either a product cost or a period cost:

Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.

The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

Product costs

Direct labor costs are included in the conversion costs of a product.

Differentiate between period and product costs, including examples of each type of cost.

Smith Company reports the following information: Factory overhead is 75% of the cost of direct labor.Work in process inventory on December 31, is

Match the items below for a bakery to the type of cost a-d. -Cupcake mix

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 1: Managerial Accounting Concepts and Principles

Which of the following is an example of direct labor cost for a cell phone manufacturer?

Work in process inventory increased by $20,000 during the current year.Cost of goods manufactured was $180,000.Total manufacturing costs incurred are

Match the items below for a bakery to the type of cost a-d. -Frosting

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

Bartel Corporation produces bar stools for restaurants.For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -The factory supervisor's salary for the bar stool factory

Identify the following costs as a a product cost or b period cost for a cake factory. 1.Frosting 2._____ Baker's wages 3.Advertising fees 4.Transportation out

The cost of materials entering directly into the manufacturing process is classified as factory overhead cost.

Prime costs consists of direct materials, indirect materials, and direct labor.

Which of the following is most associated with financial accounting?

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Baker's wages

Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

Conversion costs consist of product costs and period costs.

Classify the following costs as either a product cost or a period cost:

Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.

The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

Product costs

Direct labor costs are included in the conversion costs of a product.

Differentiate between period and product costs, including examples of each type of cost.​

Smith Company reports the following information: Factory overhead is 75% of the cost of direct labor.Work in process inventory on December 31, is

Match the items below for a bakery to the type of cost a-d. -Cupcake mix

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

Statement of Cash Flows

Financial Statement Analysis

Filters

Differentiate between period and product costs, including examples of each type of cost.