Exam 18: Introduction to Managerial Accounting

Doggie Delights manufactures its own brand of pet toys.At the end of June,2019 the accounting records showed the following: Inventories: Beginning Ending Direct Materials \ 14,200 \ 9,600 Work-in-Process 0 3,600 Finished Goods 0 6,800 Other Information: Direct materials purchases 40,000 Plant janitorial services 4,200 Sales salaries 6,000 Delivery costs 2,900 Sales revenue 206,000 Utilities for plant 10,200 Rent on plant 27,000 Customer service hotline costs 3,000 Direct labor 29,000 (a)Prepare a schedule of cost of goods manufactured for Doggie Delights and (b)Prepare an income statement for Doggie Delights for the year ended June 30,2019

Match each term with its correct definition. -Job that is directly involved in providing goods or services to customers.

Which of the following is one of the key standards of ethical practice published by the Institute of Management Accountants (IMA)?

At the end of the year,Mary's supervisor asked her to record sales transactions for products that would not ship until the following year,and she complied.Mary has violated IMA ethical standards.

The cost of goods sold is added to net sales revenue to determine gross profit.

Match each term with its correct definition. -The role managers play when they evaluate why results were different from expectations.

Stone Beauty,Inc.is a merchandiser of stone ornaments.The company sold 8000 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?

Identify each cost as a period cost or a product cost. -Depreciation on the office equipment

Which of the following is the primary focus of managerial accounting?

The cost of goods sold for Frye Manufacturing in the year was $297,000.The January 1 Finished Goods Inventory balance was $31,600,and the December 31 Finished Goods Inventory balance was $25,600.Calculate the cost of goods manufactured during the year.

Sales commissions are included in manufacturing overhead.

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

Quinton Corporation provided the following information for the year: Beginning Balance - Work-in-Process Inventory \ 27,000 Ending Balance - Work-in-Process Inventory 57,000 Beginning Balance - Direct Materials 87,000 Ending Balance - Direct Materials 61,000 Purchases - Direct Materials 358,000 Direct Labor 469,000 Indirect Labor 21,000 Depreciation on Factory Plant and Equipment 22,000 Plant Utilities and Insurance 271,000 What was the total manufacturing costs incurred during the year?

In a manufacturing company,the salary of the sales staff is an example of a period cost.

Match each term with its correct definition. -The role managers play when they are motivating employees

Given the following information,determine the cost of goods manufactured. Direct Labor Incurred \ 62,000 Manufacturing Overhead Incurred 177,000 Direct Materials Used 151,000 Finished Goods Inventory, Jan. 1 197,000 Finished Goods Inventory, Dec. 31 99,000 Work-in-Process Inventory, Jan. 1 221,000 Work-in-Process Inventory, Dec. 31 108,000

In a manufacturing company,advertising and marketing costs are examples of period costs.

The United States Bureau of Labor Statistics predicts that the manufacturing sector will account for the majority of projected job growth from 2014-2024.

Evaluating a company's performance by its economic,social and environmental impact is called the ________.

Which of the following represents the combined sum of direct materials costs and direct labor costs?