Exam 2: Basic Managerial Accounting Concepts

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Select the appropriate definition for each of the items listed below. -A cost that is difficult to trace to a cost object

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Which of the following is an example of a tangible product?

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A cost object is any item,such as products,customers,departments,regions,and so on,for which costs are measured and assigned.

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Select the appropriate classification for each of the items listed below. -Factory security costs

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What is the formula to calculate gross margin?

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Select the appropriate definition of each of the items listed below. -The difference between sales revenue and cost of goods sold

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Which of the following is characteristic of indirect costs?

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What is the term for the cost of the partially completed goods at the end of the period?

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Select the appropriate classification of the items listed below. -Salary of chief executive officer

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In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. 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 the Figure.What was the cost of goods sold for July?

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List the types of inventory accounts that a service business,retailer,and manufacturer would have in their accounting records.

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Select the appropriate classification of the items listed below. -Cost of shipping goods to customers

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Blue Water Inc.had a gross margin for the month of February totalling $92,000.The company sold 6,000 units during the month at a sales price of $30 per unit.What was the amount of cost of goods sold for the month?

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Select the appropriate definition for each of the items listed below. -A cost that is not inventoried

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Select the appropriate definition of each of the items listed below. -Cost of partially completed goods

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Allocation means that an indirect cost is assigned to a cost object using a reasonable and convenient method.

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See the following separate cases. Required: Solve for the missing amounts (A,B,C,and D). Case \#1 Case \#2 Purchase of materials \ 5,000 Materials inventory (beginning bal ance) 220 Materials inventory (ending balance) 1,000 350 Direct labour 7,000 4,250 Factory supervision 1,500 1,100 Factory supplies 1,250 900 Total manufacturing costs 14,500 Work-in-process inventory (beginning bal ance) 1,200 1,230 Work-in-process inventory (ending balance) B 650 Cost of goods manufactured 14,600 10,200

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Select the appropriate classification for each of the following costs. -Product shipping costs

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Select the appropriate classification for each of the costs incurred by a manufacturer of bicycles. -Controller's salary costs

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

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