Exam 16: Introduction to Managerial Accounting

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

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Which of the following is a product cost?

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Which of the following formulas represents cost of goods sold for a merchandising business?

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The balance sheet of a ________ company will include Work-in-Process Inventory as a line item.

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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 - Raw Materials Inventory 269,000 Ending Balance - Raw Materials Inventory 53,700 Purchases - Raw 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?

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Riverside Manufacturing provided the following information for the month ended March 31: Sales Revenue \ 27,000 Beginning Finished Goods Inventory 17,000 Ending Finished Goods Inventory 7,500 Cost of Goods Manufactured 11,600 Compute gross profit.

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Define direct cost.

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In a manufacturing company,administrative costs are included in period costs.

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

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Classify each cost of a furniture manufacturer as either product cost (PR)or period cost (PE). Cost PR or PE Vice president of marketing's salary Delivery expense Wood used to make tables Depreciation on office equipment Production supervisor's salary Factory insurance Corporate office rent

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Managerial accounting information for a company is primarily used by ________.

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ERP systems can integrate all of a company's functions,departments,and data into a single system.

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Which of the following statements is true of financial accounting?

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Managerial accounting reporting by a public firm is required to follow the rules of GAAP and guidelines of the Securities and Exchange Commission.

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In a manufacturing company,wages and benefits of factory managers are considered as product costs.

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Kentucky,Inc.purchases and sells widgets.The following information summarizes the company's operating activities for the year: Selling and Administrative Expenses \ 5,300 Purchases 157,000 Sales Revenue 785,000 Merchandise Inventory, January 1 2,350 Merchandise Inventory, December 31 38,350 If the company sold 7,900 units of widgets during the year,how much is the cost for one widget? (Round your answer to the nearest cent. )

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Viva,Inc.has provided the following information for the year: Cost of Goods Manufactured \ 1,261,000 Beginning Balance - Finished Goods Inventory 99,000 Ending Balance - Finished Goods Inventory 85,000 How much is the cost of goods sold?

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Robbinsdale,Inc.is a merchandiser of stone ornaments.The company sold 8,000 units during the year.The company has provided the following information: Sales Revenue \ 559,000 Purchases (excluding freight in) 303,000 Selling and Administrative Expenses 67,000 Freight In 14,000 Beginning Merchandise Inventory 46,000 Ending Merchandise Inventory 43,000 What is the cost of goods available for sale for the year?

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How does a merchandise company calculate unit cost per item? Why do managers need to know the unit cost per item?

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For each of the following,indicate whether the statement relates to managerial accounting (MA)or financial accounting (FA): Statement Applies to MA or FA How reports will affect employee behavior is a concern. Summary reports are prepared primarily on the company as a whole, usually on a quarterly or annual basis. Relevant information and focus on the future. Primary users include investors, creditors, and government authorities. There is no requirement to follow GAAP.

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