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 gross margin for the year?

A) $40,000 B) $50,000 C) $60,000 D) $100,000 A) $40,000 B) $50,000 C) $60,000 D) $100,000

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 Econo Company. What was the cost of goods manufactured for July?

A) $69,100 B) $69,600 C) $70,500 D) $70,700 A) $69,100 B) $69,600 C) $70,500 D) $70,700

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. How many units were sold during the year?

A) 1,000 B) 1,500 C) 2,000 D) 3,333 A) 1,000 B) 1,500 C) 2,000 D) 3,333

Becker Corporation Information from the records of Becker Corporation for December is as follows: $\begin{array}{lr} \text { Sales } & \$ 1,230,000 \\ \text { Selling and administrative expenses } & 210,000 \\ \text { Direct materials used } & 300,000 \\ \text { Direct labour } & 350,000 \\ \text { Manufacturing overhead } & 455,000 \end{array}$ $\text { Inventories }$ $\begin{array}{lrr} & \text { Dec. } 1 & \text { Dec. } 31 \\ \text { Direct materials }& \$ 36,000 & \$ 42,000 \\ \text { Work-in-process } & 75,000 & 84,000 \\ \text { Finished goods } & 69,000 & 57,000 \end{array}$ -Refer to Becker Corporation. What are the conversion costs?

A) $564,000 B) $805,000 C) $960,000 D) $1,179,000 A) $564,000 B) $805,000 C) $960,000 D) $1,179,000

Exam 2: Basic Managerial Accounting Concepts

Jackson Grills has supplied the following information from its accounting records for the month of August. Direct labour cost $11,500 Purchases of raw materials 20,000 Factory depreciation 7,500 Advertising 10,000 Factory property taxes 6,500 Materials inventory, 8/1 1,250 Materials inventory, 8/31 2,500 Work-in-process inventory, 8/1 ? Work-in-process inventory, 8/31 1,500 Cost of goods manufactured 45,850 Sales revenue ? Executive salary cost 25,000 Finished goods inventory, 8/1 5,500 Finished goods inventory, 8/31 4,250 Operating income 67,900 Gross margin ? Required: Solve for the missing amounts (?).

(Essay)

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Question 101

Fairchild Group's accountant prepared the following Income Statement for the month of August. Fairchild Group Income Statement For the month of August Sales revenue $912,200 Cost of goods sold 601,920 Gross margin 310,080 Less: Selling expense 164,160 Administrative expense 63,840 Operating income $ 82,080 Required: A. Calculate the sales revenue percent. B. Calculate the cost of goods sold percent. C. Calculate the gross margin percent. D. Calculate the selling expense percent. E. Calculate the administrative expense percent. F. Calculate the operating income percent.

(Essay)

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Question 102

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 gross margin for the year?

(Multiple Choice)

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Question 103

See the following separate cases. Case #1 Case #2 Sales $1,000 $1,300 Cost of goods manufactured A 500 Finished goods inventory (beginning balance) 100 D Finished goods inventory (ending balance) 150 200 Cost of goods sold B 600 Gross margin 300 E Selling expenses C 75 Administrative expenses 50 40 Operating income 200 F Required: Solve for the missing amounts (A, B, C, D, E, and F).

(Essay)

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Question 104

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. -CEO's salary

(Multiple Choice)

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Question 105

Pigeon Company supplied the following information for the month of December. Operating income percentage 10.5% Gross margin percentage 30% Required: Solve for the following amounts assuming that Pigeon Company's operating income in December was $44,100. A. sales revenue B. cost of goods sold C. total selling and administrative expenses

(Essay)

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Question 106

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. -Research and development costs

(Multiple Choice)

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Question 107

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. -Wood used in the production process

(Multiple Choice)

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Question 108

Refer to TechCom Inc. What was the per-unit conversion cost last month?

(Multiple Choice)

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Question 109

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 Econo Company. What was the cost of goods manufactured for July?

(Multiple Choice)

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Question 110

Which of the following is an example of a direct materials cost?

(Multiple Choice)

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Question 111

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. -iTunes

(Multiple Choice)

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Question 112

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. How many units were sold during the year?

(Multiple Choice)

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Question 113

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 security costs

(Multiple Choice)

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Question 114

Becker Corporation Information from the records of Becker Corporation for December is as follows: Sales \ 1,230,000 Selling and administrative expenses 210,000 Direct materials used 300,000 Direct labour 350,000 Manufacturing overhead 455,000 $\text { Inventories }$ Dec. 1 Dec. 31 Direct materials \ 36,000 \ 42,000 Work-in-process 75,000 84,000 Finished goods 69,000 57,000 -Refer to Becker Corporation. What are the conversion costs?

(Multiple Choice)

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Question 115

When are product costs expensed?

(Multiple Choice)

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Question 116

How is per-unit cost of goods manufactured calculated?

(Multiple Choice)

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Question 117

Accumulating costs is the way that costs are measured and recorded.

(True/False)

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Question 118

Which statement best describes a period cost?

(Multiple Choice)

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Question 119

Which of the following is an example of a period cost?

(Multiple Choice)

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Question 120

Showing 101 - 120 of 217

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. -CEO'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. -Research and development costs

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. -Wood used in the production process

Refer to TechCom Inc. What was the per-unit conversion cost last month?

Which of the following is an example of a direct materials cost?

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. -iTunes

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 security costs

When are product costs expensed?

How is per-unit cost of goods manufactured calculated?

Accumulating costs is the way that costs are measured and recorded.

Which statement best describes a period cost?

Which of the following is an example of a period cost?

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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