Exam 14: Managerial Accounting Concepts and Principles
Exam 1: Introducing Accounting in Business257 Questions
Exam 2: Analyzing and Recording Transactions216 Questions
Exam 3: Adjusting Accounts and Preparing Financial Statements236 Questions
Exam 4: Accounting for Merchandising Operations200 Questions
Exam 5: Inventories and Cost of Sales197 Questions
Exam 6: Cash and Internal Controls198 Questions
Exam 7: Accounts and Notes Receivable170 Questions
Exam 8: Long-Term Assets205 Questions
Exam 9: Current Liabilities191 Questions
Exam 10: Long-Term Liabilities189 Questions
Exam 11: Corporate Reporting and Analysis200 Questions
Exam 12: Reporting Cash Flows175 Questions
Exam 13: Analysis of Financial Statements185 Questions
Exam 14: Managerial Accounting Concepts and Principles198 Questions
Exam 15: Job Order Costing and Analysis155 Questions
Exam 16: Process Costing191 Questions
Exam 17: Activity-Based Costing and Analysis183 Questions
Exam 18: Cost-Volume-Profit Analysis181 Questions
Exam 19: Variable Costing and Performance Reporting178 Questions
Exam 20: Master Budgets and Performance Planning164 Questions
Exam 21: Flexible Budgets and Standard Costs179 Questions
Exam 22: Decentralization and Performance Measurement154 Questions
Exam 23: Relevant Costing for Managerial Decisions140 Questions
Exam 24: Capital Budgeting and Investment Analysis144 Questions
Exam 25: Accounting With Special Journals160 Questions
Exam 26: Time Value of Money58 Questions
Exam 27: Investments and International Operations181 Questions
Exam 28: Accounting for Partnerships126 Questions
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Reference: 14_02
The following information is available for Talking Toys, Inc. for the current year:
Direct materials used \ 12,500 Goods in process, January 1 50,000 Goods in process, December 31 37,000 Total Factory overhead 5,500 Direct labor used 26,500
-The total manufacturing costs incurred during the year were:
(Multiple Choice)
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Compute cost of goods manufactured for this period given the following amounts.
Endinig finished goods inventory \ 66,000 Cost of goods sold 54,000 Beginning Finished goods 60,000 inventory
(Multiple Choice)
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Bourne Crafts manufactures specialty key chains for tourist attractions.On December 31,2013,the firm had 200 souvenir attraction disks used in the production of the chains that cost $3 each; and 600 completed key chains that cost $6 each.During year 2013 Bourne Crafts purchased 1,500 souvenir disks costing $3 each and produced 1,100 key chains.
Required:
Determine the total cost of raw materials inventory at December 31,2013.
(Essay)
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The management concept of customer orientation encourages a company to set up its production system to produce large quantities of the same product for all customers.
(True/False)
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Match the following definitions with the appropriate terms
Correct Answer:
Premises:
Responses:
(Matching)
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Manufacturers usually have three inventories: raw materials,goods in process,and finished goods.
(True/False)
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Current information for the Austin Company follows:
Beginning raw materials inventory \ 15,200 Beginning goods in process inventory 22,400 Ending raw materials inventory 16,600 Ending goods in process inventory 28,000 Direct labor 42,800 Total factory overhead 30,000 Raw material purchases 60,000
All raw materials used were traceable to specific batches of product.Austin Company's cost of goods manufactured for the year is:
(Multiple Choice)
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____________________ inventory consists of products in the process of being manufactured but not yet complete.
(Short Answer)
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Reference: 14_02
The following information is available for Talking Toys, Inc. for the current year:
Direct materials used \ 12,500 Goods in process, January 1 50,000 Goods in process, December 31 37,000 Total Factory overhead 5,500 Direct labor used 26,500
-The total cost of goods manufactured for the year was:
(Multiple Choice)
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Raw materials used divided by average raw materials inventory is the ____________________.
(Short Answer)
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An out-of-pocket cost requires a future cash outlay and is relevant for decision making.
(True/False)
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Ajax Company accumulated the following account information for the year:
Beginning raw materials inventory \ 6,000 Indirect materials cost 2,000 Indirect labor cost 5,000 Maintenance of factory equipment 2,800 Direct labor cost 7,000
Using the above information,total factory overhead costs would be:
(Multiple Choice)
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Use the following data to determine the cost of goods manufactured.
Beginning finished goods inventory \ 6,200 Direct labor 15,100 Beginning goods in process inventory 1,500 General and administrative expenses 20,500 Direct materials used 20,500 Ending goods in process inventory 4,000 Indirect labor 7,300 Ending finished goods inventory 5,000 Indirect materials 3,400 Depreciation - factory equipment 2,000
(Multiple Choice)
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Control is the process of setting goals and determining ways to achieve them.
(True/False)
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Total quality management and just-in-time manufacturing are two modern systems designed to improve the quality of management and the products and services offered.
(True/False)
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A _________________ cost changes in proportion to changes in the volume of activity.
(Short Answer)
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Raw materials that physically become part of the product and can be traced to specific units or batches of product are called:
(Multiple Choice)
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The total cost of goods completed during the accounting period for a manufacturer is called:
(Multiple Choice)
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