Exam 2: Basic Managerial Accounting Concepts

Hill & Scott Company makes financial calculators.During the current year, Hill & Scott manufactured 106,700 financial calculators.Finished goods inventory had the following units on hand: - How many financial calculators did Hill & Scott sell during the year?

Which of the following would be an example of a direct materials cost?

For external reporting purposes, costs must be classified into only three categories.

Cost of goods manufactured equals

A(n) __________________ is any item such as a product, customer, department, project, geographic region, and so on, for which costs are measured and assigned.

Wooten & McMahon Enterprises produces a product with the following per-unit costs: - Last year, Wooten & McMahon Enterprises produced and sold 825 units at a sales price of $74.80 each.Total selling and administrative expense was $24,200.What was the cost of goods sold last year? (Note: Round answer to two decimal places.)

All manufacturing costs are classified as overhead.

Select the appropriate item for each of the definitions listed below. -Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory

Which of the following would not be a period cost?

Employees who convert direct materials into a product or who provide a service to customers are classified as indirect labor.

Costs are subdivided into what two major functional categories?

Select the appropriate classification of the output generated by each of the following industries. -CPA firm

The unit cost

Select the appropriate classification of the output generated by each of the following industries. -Professional sports franchise

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

Which of the following is true of expired costs?

It is beneficial to assign indirect costs to cost objects.

Marketing costs would be classified as period costs.

Overhead includes

Select the appropriate classification of the items listed below. -Chief of surgery's salary at a hospital