Corby Distilleries supplied the following data at the end of the current year. Required: $\begin{array}{lr} \text { Finished goods inventory, Jan } 1 . & 12,000 \\ \text { Finished goods inventory, Dec. } 31 & 7,500 \\ \text { Cost of goods manufactured } & 152,380 \\ \text { Sales revenue } & 212,000 \\ \text { Sales commissions } & 19,080 \\ \text { Research and development costs } & 15,900 \end{array}$ A. Calculate the cost of goods sold percent. B. Calculate the gross margin percent. C. Calculate the selling expense percent. D. Calculate the administrative expense percent. E. Calculate the operating income percent.

The answer of Corby Distilleries supplied the following data at...

Arche produces a product with the following per unit costs. Last year,Arche produced and sold 3,000 units at a sales price of $80 each.Total selling and administrative expenses were $25,000. Required: Solve for the following: $\begin{array}{lr} \text { Direct materials } & \$ 17 \\ \text { Direct labour } & 11 \\ \text { Overhead } & 12 \end{array}$ A. total cost of goods sold for last year B. operating income for last year C. total gross margin for last year D. prime cost per unit

The answer of Arche produces a product with the following...

Ballard Company makes portable speakers. During the year Ballard manufactured 100,000 sets of portable speakers. Finished goods inventory had the following units on hand: $\begin{array}{ll} \text { January } 1 & 1,260 \\ \text { December } 31 & 1,040 \end{array}$ -Refer to the Figure.Suppose each set of portable speakers has a per-unit product cost of $112.What would be the cost of goods sold last year?

A) $10,839,360 B) $10,864,000 C) $11,222,400 D) $11,555,120 A) $10,839,360 B) $10,864,000 C) $11,222,400 D) $11,555,120

Ballard Company makes portable speakers. During the year Ballard manufactured 100,000 sets of portable speakers. Finished goods inventory had the following units on hand: $\begin{array}{ll} \text { January } 1 & 1,260 \\ \text { December } 31 & 1,040 \end{array}$ -Refer to the Figure.Suppose each set of portable speakers has a per-unit product cost of $112.What would be the cost of finished goods inventory on December 31?

A) $24,640 B) $116,480 C) $124,640 D) $141,120 A) $24,640 B) $116,480 C) $124,640 D) $141,120

Exam 2: Basic Managerial Accounting Concepts

Corby Distilleries supplied the following data at the end of the current year. Required: Finished goods inventory, Jan 1. 12,000 Finished goods inventory, Dec. 31 7,500 Cost of goods manufactured 152,380 Sales revenue 212,000 Sales commissions 19,080 Research and development costs 15,900 A. Calculate the cost of goods sold percent. B. Calculate the gross margin percent. C. Calculate the selling expense percent. D. Calculate the administrative expense percent. E. Calculate the operating income percent.

(Essay)

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Question 61

Select the appropriate classification of the output generated by each of the following industries. -Car manufacturer

(Multiple Choice)

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Question 62

Prime cost is the sum of direct materials and direct labour.

(True/False)

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Question 63

Arche produces a product with the following per unit costs. Last year,Arche produced and sold 3,000 units at a sales price of $80 each.Total selling and administrative expenses were $25,000. Required: Solve for the following: Direct materials \ 17 Direct labour 11 Overhead 12 A. total cost of goods sold for last year B. operating income for last year C. total gross margin for last year D. prime cost per unit

(Essay)

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Question 64

Ballard Company makes portable speakers. During the year Ballard manufactured 100,000 sets of portable speakers. Finished goods inventory had the following units on hand: January 1 1,260 December 31 1,040 -Refer to the Figure.Suppose each set of portable speakers has a per-unit product cost of $112.What would be the cost of goods sold last year?

(Multiple Choice)

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Question 65

Select the appropriate classification for each of the items listed below. -Fees paid to the radio station for advertising

(Multiple Choice)

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Question 66

As costs are used up in the production of revenues,they are said to expire.Expired costs are called expenses.

(True/False)

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Question 67

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

(Multiple Choice)

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Question 68

Big Blue Bubble Company produces a product with the following per-unit costs: Last year, Gateway produced and sold 750 units at a sales price of $80 each. Total selling and administrative expense was $25,000. Direct materials \ 15 Direct labour 10 Overhead 15 -Refer to the Figure.What was the prime cost per unit?

(Multiple Choice)

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Question 69

During the month of March,Cara,Inc.had total manufacturing costs of $130,000 and incurred $40,000 in direct labour costs and $30,000 in overhead costs.The materials inventory on January 1 was $3,000 less than the materials inventory on March 31.What was the cost of materials purchased during the month?

(Multiple Choice)

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Question 70

Product costs are carried in inventory until the goods are finished.

(True/False)

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Question 71

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

(True/False)

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Question 72

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 ComPrint's operating income or loss for the year?

(Multiple Choice)

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Question 73

Ganz,Inc.had materials inventory at July 1 of $12,000.The materials inventory at July 31 was $15,000,and the cost of direct materials used in production was $20,000.What was the cost of materials purchased during the month?

(Multiple Choice)

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Question 74

Ballard Company makes portable speakers. During the year Ballard manufactured 100,000 sets of portable speakers. Finished goods inventory had the following units on hand: January 1 1,260 December 31 1,040 -Refer to the Figure.Suppose each set of portable speakers has a per-unit product cost of $112.What would be the cost of finished goods inventory on December 31?

(Multiple Choice)

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Question 75

Which of the following expenses is included in overhead?

(Multiple Choice)

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Question 76

How is prime cost calculated?

(Multiple Choice)

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Question 77

Rizzuto Company supplied the following information for the month of January. Required: Reconstruct Rizzuto's Income Statement for January assuming that the total sales revenue for the month equalled $500,000. Cost of goods sold percentage 62\% Selling expense percentage 6\% Administrative expense 13\%

(Essay)

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Question 78

How is conversion cost calculated?

(Multiple Choice)

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Question 79

Select the appropriate classification of the output generated by each of the following industries. -Medical clinic

(Multiple Choice)

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Question 80

Showing 61 - 80 of 222

Select the appropriate classification of the output generated by each of the following industries. -Car manufacturer

Prime cost is the sum of direct materials and direct labour.

Select the appropriate classification for each of the items listed below. -Fees paid to the radio station for advertising

As costs are used up in the production of revenues,they are said to expire.Expired costs are called expenses.

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

Product costs are carried in inventory until the goods are finished.

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

Ganz,Inc.had materials inventory at July 1 of $12,000.The materials inventory at July 31 was $15,000,and the cost of direct materials used in production was $20,000.What was the cost of materials purchased during the month?

Which of the following expenses is included in overhead?

How is prime cost calculated?

How is conversion cost calculated?

Select the appropriate classification of the output generated by each of the following industries. -Medical clinic

Introduction to Managerial Accounting

Cost Behaviour

Costvolumeprofit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Budgeting, production, cash, and Master Budget

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

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