Exam 2: Building Blocks of Managerial Accounting

Use the appropriate letter(s) to indicate if the following costs would be found on the income statement of a: A. service company. B. merchandising company. C. manufacturing company. You may use more than one letter for each answer. ________ Revenue ________ Salaries expense ________ Customer service expense ________ Cost of goods manufactured ________ Cost of goods sold

Use the information below to answer the following question(s). Rustic Living Furniture Company manufactures furniture at its Saskatoon Saskatchewan factory. Some of its costs from the past year include: -Direct material for Rustic Living Furniture Company totaled

Use the information below to answer the following question(s). Summerville Company sells office supplies. The following information summarizes the company's operating activities for the year: -What is cost of goods sold at Summerville Company?

Use the information below to answer the following question(s). Olde Tyme Beverage Company's operating activities for the year are listed below. -What is the cost of goods sold for the year at the Olde Tyme Beverage Company?

Conversion costs consist of

Indirect costs can be traced to specific units.

Use the information below to answer the following question(s). Bombardeer, an auto manufacturer, incurred the following costs last month (in thousands of dollars). -The total prime costs for Bombardeer are

Use the information below to answer the following question(s). First Sporting Equipment manufactures sporting goods. Selected costs from the past year include: -Period costs for First Sporting Equipment totaled

Farm Supply plans to make 10,000 tractors at its plant. Fixed costs are $1,000,000 and variable costs are $500 per tractor. What is the average cost per tractor?

Costs resulting from product design are locked in.

Selected information regarding a company's most recent quarter follows (all data in thousands). What was direct materials used for the quarter?

Use the information below to answer the following question(s). Macadamia Co. produced and sold 40,000 units last year. Per unit revenue and costs were as follows: Fixed manufacturing overhead and administrative salaries are fixed costs. The per unit amounts are based on last year's production. -Calculate last year's operating income when the company produced and sold 40,000 units.

Progressive companies incorporate environmental sustainability throughout every function of the value chain.

Intel Corporation makes computer chips. Intel Corporation would be classified as a

What are the differences between direct costs and indirect costs? Give an example of each.

Use the information below to answer the following question(s). Paris Plastics has monthly fixed costs of $90,000, while its variable costs are $4.00 per unit. The sales price per unit is $16.00 and Paris Plastics sold 12,000 units. -Paris Plastics' average fixed costs per unit will be

The activities in the value chain must take place in a specific order.

Which of the following is an example of overhead in a factory?

Selected information regarding a company's most recent quarter follows (all data in thousands). What was the beginning finished goods inventory?

Use the information below to answer the following question(s). Country Furniture Company manufactures furniture at its Halifax, Nova Scotia, factory. Some of its costs from the past year include: -Manufacturing overhead costs for Country Furniture Company totaled