Question 1

___________________ is the cost of the partially completed goods that are still on the factory floor at the end of a time period.

Accepted Answer

Work in process

Question 2

Select the appropriate classification for each of the following costs.
-Advertising costs

Accepted Answer

A) Period 
B) Product 
A) Period 
B) Product A

Question 3

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles.
-cost of tires

Accepted Answer

A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense 
A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense A

Question 4

________________ are those costs, both direct and indirect, of producing a product in a manufacturing firm or of acquiring a product in a merchandising firm and preparing it for sale.

Accepted Answer

The answer of ________________ are those costs, both direct and...

Question 5

Select the appropriate item for each of the definitions listed below.
-price x units sold

Accepted Answer

A) gross margin 
B) selling expenses 
C) sales revenue 
D) cost of goods sold 
E) operating income 
A) gross margin 
B) selling expenses 
C) sales revenue 
D) cost of goods sold 
E) operating income

Question 6

The difference between sales revenue and cost of goods sold is known as the ______________.

Accepted Answer

The answer of The difference between sales revenue and cost...

Question 7

In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800.Manufacturing overhead totaled $35,200 for the month.Information on inventories was as follows:

- 
 
What was the cost of goods sold for July?

Accepted Answer

A)   $77,220 
B)  $69,600 
C)   $71,300 
D)  $71,100 
A)   $77,220 
B)  $69,600 
C)   $71,300 
D)  $71,100

Question 8

________________ and _________________ costs are considered period costs.

Accepted Answer

Selling and administ

Question 9

Select the appropriate classification for each of the following costs.
-Cost of shipping products to customers

Accepted Answer

A) Period 
B) Product 
A) Period 
B) Product

Question 10

Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31:  
  In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200.Hendrix & Franks Co.sold 27,500 units of product during the year at a sales price of $5.25 per unit.
- What were the total manufacturing costs for the year?

Accepted Answer

A)  $111,100 
B)  $102,000 
C)  $123,000 
D)  $106,500 
A)  $111,100 
B)  $102,000 
C)  $123,000 
D)  $106,500

Question 11

Sales revenue equals the product cost per unit times the number of units sold.

Accepted Answer

A) True 
 B)False

Question 12

Select the appropriate definition for each of the items listed below.
-(direct labor + overhead)/units produced

Accepted Answer

A) per-unit prime cost 
B) per-unit conversion cost 
C) per-unit cost of goods manufactured 
A) per-unit prime cost 
B) per-unit conversion cost 
C) per-unit cost of goods manufactured

Question 13

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles.
-depreciation of vehicles used by sales personnel

Accepted Answer

A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense 
A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense

Question 14

Seaview Company took the following data from their income statement at the end of the current year.  
What was the sales price per unit?

Accepted Answer

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

Question 15

Select the appropriate classification for each of the following costs.
-Factory supervisor's salary

Accepted Answer

A) Period 
B) Product 
A) Period 
B) Product

Question 16

Select the appropriate item for each of the definitions listed below.
-gross margin − selling and administrative expenses

Accepted Answer

A) gross margin 
B) selling expenses 
C) sales revenue 
D) cost of goods sold 
E) operating income 
A) gross margin 
B) selling expenses 
C) sales revenue 
D) cost of goods sold 
E) operating income

Question 17

In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800.Manufacturing overhead totaled $35,200 for the month.Information on inventories was as follows:

- 
If Noel &Vang Company sold 10,300 units during July and its gross margin totaled $32,780, what was the sales price per unit? (Note: Round answer to two decimal places.)

Accepted Answer

A)  $9.94 
B)  $10.68 
C)  $10.09 
D)  $10.11 
A)  $9.94 
B)  $10.68 
C)  $10.09 
D)  $10.11

Question 18

A(n)_________________ is the benefit given up or sacrificed when one alternative is chosen over another.

Accepted Answer

The answer of A(n)_________________ is the benefit given up or...

Question 19

Prime cost is

Accepted Answer

A)  indirect materials cost and direct labor cost. 
B)  direct materials cost and direct labor cost. 
C)  direct labor cost and indirect labor cost. 
D)  direct materials cost and indirect labor cost. 
A)  indirect materials cost and direct labor cost. 
B)  direct materials cost and direct labor cost. 
C)  direct labor cost and indirect labor cost. 
D)  direct materials cost and indirect labor cost.

Question 20

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles.
-factory janitorial costs

Accepted Answer

A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense 
A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense

___________________ is the cost of the partially completed goods that are still on the factory floor at the end of a time period.

Select the appropriate classification for each of the following costs. -Advertising costs

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -cost of tires

________________ are those costs, both direct and indirect, of producing a product in a manufacturing firm or of acquiring a product in a merchandising firm and preparing it for sale.

Select the appropriate item for each of the definitions listed below. -price x units sold

The difference between sales revenue and cost of goods sold is known as the ______________.

In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800.Manufacturing overhead totaled $35,200 for the month.Information on inventories was as follows: - What was the cost of goods sold for July?

and _ costs are considered period costs.

Select the appropriate classification for each of the following costs. -Cost of shipping products to customers

Sales revenue equals the product cost per unit times the number of units sold.

Select the appropriate definition for each of the items listed below. -(direct labor + overhead)/units produced

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -depreciation of vehicles used by sales personnel

Seaview Company took the following data from their income statement at the end of the current year. What was the sales price per unit?

Select the appropriate classification for each of the following costs. -Factory supervisor's salary

Select the appropriate item for each of the definitions listed below. -gross margin − selling and administrative expenses

A(n)_________________ is the benefit given up or sacrificed when one alternative is chosen over another.

Prime cost is

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -factory janitorial costs

Introduction to Managerial Accounting

Cost Behavior, Cost Forecasting, and Segmented Income Statements

Job-Order Costing and Normal Cost Overhead Application

Activity-Based Costing and Management

Process Costing

Cost-Volume-Profit Analysis

Tactical Decision-Making and Relevant Costing

Profit Planning and Flexible Budgets

Standard Costing and Variance Analysis

Performance Evaluation and Decentralization

Capital Investment Decisions

Emerging Topics in Managerial Accounting: Sustainability, Quality Cost, Lean Accounting, International Issues, Enterprise Risk Management, the Managerial Accountant in Forensicfraud Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 2: Basic Managerial Accounting Concepts

___________________ is the cost of the partially completed goods that are still on the factory floor at the end of a time period.

Select the appropriate classification for each of the following costs. -Advertising costs

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -cost of tires

________________ are those costs, both direct and indirect, of producing a product in a manufacturing firm or of acquiring a product in a merchandising firm and preparing it for sale.

Select the appropriate item for each of the definitions listed below. -price x units sold

The difference between sales revenue and cost of goods sold is known as the ______________.

In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800.Manufacturing overhead totaled $35,200 for the month.Information on inventories was as follows: - What was the cost of goods sold for July?

________________ and _________________ costs are considered period costs.

Select the appropriate classification for each of the following costs. -Cost of shipping products to customers

Sales revenue equals the product cost per unit times the number of units sold.

Select the appropriate definition for each of the items listed below. -(direct labor + overhead)/units produced

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -depreciation of vehicles used by sales personnel

Seaview Company took the following data from their income statement at the end of the current year. What was the sales price per unit?

Select the appropriate classification for each of the following costs. -Factory supervisor's salary

Select the appropriate item for each of the definitions listed below. -gross margin − selling and administrative expenses

A(n)_________________ is the benefit given up or sacrificed when one alternative is chosen over another.

Prime cost is

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -factory janitorial costs

Introduction to Managerial Accounting

Cost Behavior, Cost Forecasting, and Segmented Income Statements

Job-Order Costing and Normal Cost Overhead Application

Activity-Based Costing and Management

Process Costing

Cost-Volume-Profit Analysis

Tactical Decision-Making and Relevant Costing

Profit Planning and Flexible Budgets

Standard Costing and Variance Analysis

Performance Evaluation and Decentralization

Capital Investment Decisions

Emerging Topics in Managerial Accounting: Sustainability, Quality Cost, Lean Accounting, International Issues, Enterprise Risk Management, the Managerial Accountant in Forensicfraud Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters

and _ costs are considered period costs.