Exam 2: Basic Managerial Accounting Concepts

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An opportunity cost is the benefit given up or sacrificed when one alternative is chosen over another.

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Services are intangible and perishable.

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Select the appropriate classification for each of the costs incurred by a manufacturer of bicycles. -Cost of rims

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What three categories separate the expenses on a manufacturer's income statement?

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A fixed cost is a cost that does NOT increase in total as output increases and does NOT decrease in total as output decreases.

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Global Inc.manufactured 6,000 units during the month of April and incurred a direct materials cost of $110,000 and an overhead cost of $50,000.Suppose the per-unit prime cost was $30.00 per unit.How much direct labour cost did Global incur during April?

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Accumulating costs is the way that costs are measured and recorded.

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Katz Group had the following income statement for the month of May. Sales revenue \4 28,000 Cost of goods sold 205,440 Gross margin 222,560 Less: Selling expenses 81,320 Administrative expenses 72,760 Operating income \6 8,480 -Refer to the Figure.What was the operating income percentage?

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Cost of goods manufactured represents the cost of direct materials,direct labour,and overhead incurred during the current accounting period.

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Direct costs are those costs that can be easily and accurately traced to a cost object.

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Select the appropriate classification for each of the items listed below. -Fees paid to an accounting firm for annual audit

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Which of the following would be found on the balance sheet of a manufacturer?

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

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A cost object is any item for which costs are measured and assigned.

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Select the appropriate classification for each of the following costs. -Plant manager's salary

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List and describe the three categories of manufacturing costs.

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Last year Quest Company incurred the following costs: Quest produced and sold 2,000 units at a sales price of $125 each. Assume that beginning and ending inventories of materials, work in process, and finished goods were 0. Direct materials \ 40,000 Direct labour 60,000 Overhead 90,000 Selling expenses 24,000 Administrative expenses 22,000 -Refer to the Figure.What was the conversion cost per unit?

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Select the appropriate item for each of the definitions listed below. -Marketing and distributing costs

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Selected data concerning the past year's operations of the Intelligent Creatures Corporation are as follows: What is the cost of direct materials purchased? Selling and administrative expenses \ 225,000 Direct materials used 397,500 Direct labour 450,000 \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad Inventories \text { Inventories } Dec. Dec. 31 Direct materials \ 36,000 \ 42,000 Work in process 75,000 84,000 Finished goods 69,000 57,000

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What is the definition of cost of goods manufactured?

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