Exam 2: Basic Managerial Accounting Concepts

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

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Which of the following are production costs?

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A company's beginning work-in-process inventory is $120,000,its ending work-in-process inventory is $160,000,its cost of goods manufactured is $400,000,and its direct materials used are $100,000.What are the conversion costs?

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ComPrint Co. had the following beginning and ending inventory balances for the year ended December 31: January 1 December 31 Materials \ 10,000 \ 8,000 Work in Process \ 18,000 \ 17,000 Finished Goods \ 21,000 \ 16,500 In addition, direct labour costs of $30,000 were incurred, overhead equalled $42,000, materials purchased were $27,000, and selling and administrative costs were $22,000. ComPrint Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit. -Refer to the Figure.What was the amount of cost of goods sold for the year?

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Select the appropriate definition for each of the items listed below. -The cost of units unfinished at the end of the current period

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The cost of maintenance personnel in a factory building would be classified as direct labour.

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Denim used when making jeans would normally be classified as a variable cost.

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Period costs are those costs associated with the manufacture of goods or the providing of services.

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Select the appropriate classification for each of the items listed below. -Factory supervisor's salary

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Select the appropriate item for each of the definitions listed below. -Number of units sold multiplied by sales price per unit

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Which of the following is a period cost?

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What is the definition of assigning costs?

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TechCom Inc. manufactures laptops. Last month, direct materials (e.g., computer components) costing $600,000 were put into production. Direct labour of $900,000 was incurred, overhead equalled $500,000, and selling and administrative costs totalled $400,000. The company manufactured 10,000 laptops during the month. Assume the company had no beginning or ending work-in-process balances. -Refer to the Figure.What was the per-unit conversion cost last month?

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Costs incurred to produce future benefits are usually liabilities.

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Select the appropriate classification for each of the costs incurred by a manufacturer of bicycles. -Cost of carbon frames used in the production process

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Select the appropriate definition for each of the items listed below. -A benefit given up when one alternative is chosen over another

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What is the behaviour pattern of a variable cost?

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What is characteristic of a period cost?

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Screws used in the manufacture of cabinets are an example of a variable cost.

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Select the appropriate definition of each of the items listed below. -Gross margin − selling and administrative expenses

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