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. \[\begin{array} { l r } \text { Direct materials } & \$ 40,000 \\ \text { Direct labour } & 60,000 \\ \text { Overhead } & 90,000 \\ \text { Selling expenses } & 24,000 \\ \text { Administrative expenses } & 22,000 \end{array}\] -Refer to the Figure.What were the total product costs?

A) $100,000 B) $150,000 C) $190,000 D) $236,000 A) $100,000 B) $150,000 C) $190,000 D) $236,000

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: $\begin{array}{lrr} & \text { July 1 } & \text { July 31 } \\ \text { Materials } & \$ 6,200 & \$ 7,100 \\ \text { Work in process } & \$ 700 & \$ 1,200 \\ \text { Finished goods } & \$ 3,300 & \$ 2,700 \end{array}$ -Refer to the Figure.What was the cost of goods manufactured for July?

A) $69,100 B) $69,600 C) $70,500 D) $70,700 A) $69,100 B) $69,600 C) $70,500 D) $70,700

Ballard Company supplied the following information for the month of December. Required: Solve for the following amounts assuming that Ballard Company's operating income in December was $44,100. \[\begin{array} { l r } \text { Operating income percentage } & 10.5 \% \\ \text { Gross margin percentage } & 30 \% \end{array}\] A. sales revenue B. cost of goods sold C. total selling and administrative expenses

The answer of Ballard Company supplied the following information for...

Katz Group had the following income statement for the month of May. $\begin{array}{l} \text { Sales revenue } &&\$428,000\\ \text { Cost of goods sold } &&205,440\\ \text { Gross margin }&&222,560\\\text { Less: }\\ &\text { Selling expenses }&81,320\\&\text { Administrative expenses }&72,760\\ \text { Operating income }&&\$68,480 \end{array}$ -Refer to the Figure.What was the administrative expense percentage?

A) 15% B) 16% C) 17% D) 19% A) 15% B) 16% C) 17% D) 19%

Exam 2: Basic Managerial Accounting Concepts

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 were the total product costs?

(Multiple Choice)

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Question 101

HaulAll Inc.had a per-unit conversion cost of $4.00 during April and incurred a direct materials cost of $100,000,direct labour costs of $110,000,and overhead costs of $50,000.How many units did HaulAll manufacture during May?

(Multiple Choice)

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Question 102

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 total per-unit prime cost last month?

(Multiple Choice)

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Question 103

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 manufactured for July?

(Multiple Choice)

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Question 104

Costs are directly,NOT indirectly,associated with cost objects.

(True/False)

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Question 105

Which of the following is included in nonmanufacturing costs?

(Multiple Choice)

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Question 106

Select the appropriate definition for each of the items listed below. -Direct materials + direct labour + overhead

(Multiple Choice)

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Question 107

What is the definition of opportunity cost?

(Multiple Choice)

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Question 108

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 total operating income last year?

(Multiple Choice)

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Question 109

Ballard Company supplied the following information for the month of December. Required: Solve for the following amounts assuming that Ballard Company's operating income in December was $44,100. Operating income percentage 10.5\% Gross margin percentage 30\% A. sales revenue B. cost of goods sold C. total selling and administrative expenses

(Essay)

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Question 110

Select the appropriate definition for each of the items listed below. -A cost that increases in total as output increases

(Multiple Choice)

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Question 111

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 administrative expense percentage?

(Multiple Choice)

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Question 112

The T & T Company makes fishing rods.During the current month,direct materials costing $126,000 were put into production.Direct labour costs of $110,000 were incurred and overhead equalled $100,000.Selling and administrative expenses totalled $66,000 for the month,and the company manufactured 3,500 fishing rods.Assume there was no beginning inventory and that 3,000 fishing rods were sold. Required: A. Compute the per-unit product cost. B. Compute the per-unit prime cost. C. Compute the per-unit conversion cost. D. What is cost of goods sold for the month? E. What is the cost of ending finished goods for the month?

(Essay)

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Question 113

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

(Multiple Choice)

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Question 114

Reducing the cost required to achieve a given benefit means that a company is becoming less efficient.

(True/False)

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Question 115

Select the appropriate definition for each of the items listed below. -Product cost per-unit × units sold

(Multiple Choice)

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Question 116

Select the appropriate definition for each of the items listed below. -The cost of units finished but not sold at the end of the current period

(Multiple Choice)

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Question 117

Which of the following would be found on the balance sheet of a manufacturer and not on the balance sheet of a service business?

(Multiple Choice)

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Question 118

Which of the following is characteristic of cost of goods sold?

(Multiple Choice)

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Question 119

Gross margin equals revenue minus cost of goods manufactured.

(True/False)

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Question 120

Showing 101 - 120 of 222

HaulAll Inc.had a per-unit conversion cost of $4.00 during April and incurred a direct materials cost of $100,000,direct labour costs of $110,000,and overhead costs of $50,000.How many units did HaulAll manufacture during May?

Costs are directly,NOT indirectly,associated with cost objects.

Which of the following is included in nonmanufacturing costs?

Select the appropriate definition for each of the items listed below. -Direct materials + direct labour + overhead

What is the definition of opportunity cost?

Select the appropriate definition for each of the items listed below. -A cost that increases in total as output increases

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 administrative expense percentage?

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

Reducing the cost required to achieve a given benefit means that a company is becoming less efficient.

Select the appropriate definition for each of the items listed below. -Product cost per-unit × units sold

Select the appropriate definition for each of the items listed below. -The cost of units finished but not sold at the end of the current period

Which of the following would be found on the balance sheet of a manufacturer and not on the balance sheet of a service business?

Which of the following is characteristic of cost of goods sold?

Gross margin equals revenue minus cost of goods manufactured.

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

Filters