Econo Company In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. Manufacturing overhead totalled $32,000 for the month. Information on inventories was as follows: $\begin{array}{lrr}&\text { July } 1& \text { July } 31\\ \text { Materials } & \$ 6,200 & \$ 7,100 \\ \text { Work-in-process } & \$ 700 & \$ 1,200 \\ \text { Finished goods } & \$ 3,300 & \$ 2,700 \end{array}$ -Refer to Bowring Company. What was the sales price per unit?

A) $10 B) $20 C) $30 D) $50 A) $10 B) $20 C) $30 D) $50

Econo Company In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. Manufacturing overhead totalled $32,000 for the month. Information on inventories was as follows: $\begin{array}{lrr}&\text { July } 1& \text { July } 31\\ \text { Materials } & \$ 6,200 & \$ 7,100 \\ \text { Work-in-process } & \$ 700 & \$ 1,200 \\ \text { Finished goods } & \$ 3,300 & \$ 2,700 \end{array}$ -Refer to Ballard Company. Suppose each set of portable speakers has a per-unit product cost of $112. What would be the cost of goods sold last year?

A) $10,839,360 B) $10,864,000 C) $11,224,640 D) $11,555,120 A) $10,839,360 B) $10,864,000 C) $11,224,640 D) $11,555,120

Exam 2: Basic Managerial Accounting Concepts

Selected data concerning the past year's operations of the Intelligent Creatures Corporation are as follows: Selling and administrative expenses $225,000 Direct materials used 397,500 Direct labour 450,000 Inventories Dec) 1 Dec. 31 Direct materials $36,000 $42,000 Work-in-process 75,000 84,000 Finished goods 69,000 57,000 What is the cost of direct materials purchased?

(Multiple Choice)

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Question 61

Which of the following reflects the formula to calculate gross margin percent?

(Multiple Choice)

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Question 62

While it is necessary to assign direct costs to cost objects, it is NOT necessary to assign indirect costs.

(True/False)

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Question 63

Cost is a dollar measure of the resources used to achieve a given benefit.

(True/False)

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Question 64

What are expired costs?

(Multiple Choice)

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Question 65

Econo Company In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. Manufacturing overhead totalled $32,000 for the month. Information on inventories was as follows: July 1 July 31 Materials \ 6,200 \ 7,100 Work-in-process \ 700 \ 1,200 Finished goods \ 3,300 \ 2,700 -Refer to Bowring Company. What was the sales price per unit?

(Multiple Choice)

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Question 66

Econo Company In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. Manufacturing overhead totalled $32,000 for the month. Information on inventories was as follows: July 1 July 31 Materials \ 6,200 \ 7,100 Work-in-process \ 700 \ 1,200 Finished goods \ 3,300 \ 2,700 -Refer to Ballard Company. Suppose each set of portable speakers has a per-unit product cost of $112. What would be the cost of goods sold last year?

(Multiple Choice)

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Question 67

Which statement best describes the income statement of a manufacturer?

(Multiple Choice)

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Question 68

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Controller's salary

(Multiple Choice)

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Question 69

Cost of goods sold is the total product cost of the units manufactured during a period.

(True/False)

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Question 70

Prime cost is the sum of direct materials and direct labour.

(True/False)

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Question 71

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Factory manager's salary

(Multiple Choice)

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Question 72

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Sugar used in cookie production

(Multiple Choice)

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Question 73

Which statement best describes indirect costs?

(Multiple Choice)

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Question 74

Select the appropriate classification of the output generated by each of the following industries.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Car manufacturer

(Multiple Choice)

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Question 75

What is an example of an intangible product?

(Multiple Choice)

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Question 76

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Depreciation on vans used by the sales staff

(Multiple Choice)

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Question 77

Describe the purpose of the three inventory accounts used by a manufacturer.

(Essay)

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Question 78

Production costs include direct materials, direct labour, and manufacturing overhead.

(True/False)

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Question 79

Which of the following best describes the term assigning costs?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 217

Which of the following reflects the formula to calculate gross margin percent?

While it is necessary to assign direct costs to cost objects, it is NOT necessary to assign indirect costs.

Cost is a dollar measure of the resources used to achieve a given benefit.

What are expired costs?

Which statement best describes the income statement of a manufacturer?

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Controller's salary

Cost of goods sold is the total product cost of the units manufactured during a period.

Prime cost is the sum of direct materials and direct labour.

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Factory manager's salary

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Sugar used in cookie production

Which statement best describes indirect costs?

Select the appropriate classification of the output generated by each of the following industries.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Car manufacturer

What is an example of an intangible product?

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all. -Depreciation on vans used by the sales staff

Describe the purpose of the three inventory accounts used by a manufacturer.

Production costs include direct materials, direct labour, and manufacturing overhead.

Which of the following best describes the term assigning costs?

Introduction to Managerial Accounting

Cost Behaviour

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Budgeting, Production, Cash, and Master Budget

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

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