Exam 2: Basic Managerial Accounting Concepts

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Select the appropriate classification for each of the items listed below. -Cost of conference for sales team

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Select the appropriate classification for each of the following costs. -Line worker's wages

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Select the appropriate definition of each of the items listed below. -Covers a particular period of time

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Cost is a dollar measure of the resources used to achieve a given benefit.

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Thompson Company,a manufacturing firm,has supplied the following information from its accounting records for the month of November: Required: Factory supplies used \ 18,000 Depreciation on factory building 17,000 Sal ary of company controller 6,000 Factory janitorial costs 5,000 Marketing and promotion 4,500 Direct labour cost 22,000 Purchases of raw materials 10,000 Finished goods inventory, Nov. 1 2,250 Finished goods inventory, Nov. 30 3,750 Work-in-process inventory, Nov. 1 4,200 Work-in-process inventory, Nov. 30 2,750 Materials inventory, Nov. 1 3,500 Materials inventory, Nov. 30 5,100 A. Prepare a statement of cost of goods manufactured. B. Prepare a statement of cost of goods sold.

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Bowring Company took the following data from their income statement at the end of the current year. Per-unit product cost: \ 30 Gross margin percentage: 40\% Selling and admini strative expenses \ 30,000 Operating income \ 10,000 -Refer to the Figure.What was the gross margin for the year?

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Price must be greater than cost in order for the firm to generate income.

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Sales revenue equals the price per unit times the number of units in inventory.

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Select the appropriate classification for each of the costs incurred by a manufacturer of bicycles. -Salary of Chief Executive Officer

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It is NOT necessary to assign indirect costs to cost objects.

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Nexient Company supplied the following data and information on inventories at the end of the current year. January 1 December 31 Materials \ 21,000 \ 23,500 Work in process 17,500 8,500 Finished goods 26,000 27,000 Required: Prepare an income statement of Nexient Company for the current year Direct labour \ 0,000 Selling expenses 31,000 Sales revenue 400,000 Administrative expenses 14,500 Purchases of raw materials 62,000 Factory supervision 50,000 Factory supplies used 25,000

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Describe the purpose of the three inventory accounts used by a manufacturer.

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Which of the following expenses is included in manufacturing overhead?

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

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Jackson Grills has supplied the following information from its accounting records for the month of August. Required: Solve for the missing amounts (?). Direct labour cost \ 11,500 Purchases of raw materials 20,000 Factory depreciation 7,500 Advertising 10,000 Factory property taxes 6,500 Materials inventory, 8/1 1,250 Materials inventory, 8/31 2,500 Work-in-process inventory, 8/1 ? Work-in-process inventory, 8/31 1,500 Cost of goods manufactured 45,850 Sales revenue ? Executive salary cost 25,000 Finished goods inventory, 8/1 5,500 Finished goods inventory, 8/31 4,250 Operating income 67,900 Gross margin ?

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Select the appropriate classification of the items listed below. -Cost of lubricating factory robotic arms

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Select the appropriate classification of the items listed below. -Cost of engines in the manufacture of airplanes

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Select the appropriate classification for each of the items listed below. -Sugar used in cookie production

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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 direct materials used in July?

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Select the appropriate item for each of the definitions listed below. -Gross margin − period costs

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