Exam 18: Introduction to Managerial Accounting

South State,Inc.used $150,000 of direct materials and incurred $63,000 of direct labor costs during the year.Indirect labor amounted to $270,000,while indirect materials used totaled $52,500.Other operating costs pertaining to the factory included utilities of $133,500;maintenance of $74,880;repairs of $53,100;depreciation of $131,000;and property taxes of $74,120.There was no beginning or ending finished goods inventory,but Work-in-Process inventory began the year with a $5,600 balance and ended the year with a $7,500 balance. How much is the cost of goods manufactured?

Poodle Grooming Salon provides dog grooming services.In March,the business groomed 245 dogs,earned $10,300 in revenues,and incurred the following operating costs: Compute the cost of one grooming.(Round to two decimal places. )

Kentucky,Inc.purchases and sells widgets.The following information summarizes the company's operating activities for the year: If the company sold 7,000 units of widgets during the year,how much is the cost for one widget? (Round your answer to the nearest cent. )

Managerial accounting information for a company is primarily used by ________.

Kyanite Corporation,a manufacturer,reports costs for the year as follows: How much is the total period costs for Kyanite?

Selected data for Lemon Grass,Inc.for the year are provided below: What is the total manufacturing overhead?

Factory rent,as well as factory property taxes and insurance,are included in manufacturing overhead.

The following information has been provided by New Age,Inc.: Calculate the beginning balance of the Work-in-Process Inventory account.

Financial accounting prepares reports for internal purposes,whereas managerial accounting provides information to external stakeholders.

The primary activity of manufacturing companies is to purchase goods from a wholesaler and resell them.

Barricades Corporation provided the following information for the year: What was the amount of direct materials used in production during the year?

All costs incurred in the manufacture of final products are product costs.

Crystal,Inc.is a merchandiser of stone ornaments.The company sold 6,000 units during the year.The company has provided the following information: What is the operating income for the year? (Round your answer to the nearest whole dollar. )

The entire sequence of activities that add value to a company's products and services is called ________.

The balance sheet of a ________ company will include Work-in-Process Inventory as a line item.

Which of the following is true of service companies?

Which of the following correctly describes Just-in-Time (JIT)Management?

Dreams Manufacturing,Inc.provided the following information for the year: Required: Prepare a statement of the cost of goods manufactured using the following format:

Product costs,such as factory overhead,should be treated as an asset until the product is sold.

Sales commissions are included in manufacturing overhead.