Question 1

A ________ cost changes in total in proportion to changes in the volume of activity.

Accepted Answer

The answer of A ________ cost changes in total in...

Question 2

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

Accepted Answer

A) True 
 B)False

Question 3

Identify and describe the three categories of manufacturing costs.

Accepted Answer

The three basic cost elements in account

Question 4

Use the following information to calculate the cost of goods sold for the period: $\begin{array}{lr}
\text { Beginning Finished Goods Inventory } & \$ 19,500 \
\text { Ending Finished Goods Inventory } & 18,000 \
\text { Cost of Goods Manufactured } & 126,800
\end{array}$

Accepted Answer

A)  $164,300. 
B)  $126,800. 
C)  $125,300. 
D)  $146,300. 
E)  $128,300. 
A)  $164,300. 
B)  $126,800. 
C)  $125,300. 
D)  $146,300. 
E)  $128,300.

Question 5

A cost can be classified as either ________ or ________based how it changes, in total, with changes in the volume of activity.

Accepted Answer

fixed; var

Question 6

Just-in-time manufacturing is a system that acquires inventory and produces product only when needed for an order.

Accepted Answer

A) True 
 B)False

Question 7

The cost of partially completed products is included in the balance of the Work in Process Inventory account.

Accepted Answer

A) True 
 B)False

Question 8

Materials a company acquires to use in making products are called:

Accepted Answer

A)  Cost of goods sold. 
B)  Raw materials inventory. 
C)  Finished goods inventory. 
D)  Work in process inventory. 
E)  Conversion costs. 
A)  Cost of goods sold. 
B)  Raw materials inventory. 
C)  Finished goods inventory. 
D)  Work in process inventory. 
E)  Conversion costs.

Question 9

Waters, Inc. reported the following data regarding costs and inventories for the current year: beginning finished goods inventory, $5,000; cost of goods manufactured, $21,500; ending finished goods inventory, $4,000. Cost of goods sold for Waters, Inc. equals ________.

Accepted Answer

$22,500
Beginning Finished Goo

Question 10

________ are beliefs that distinguish right from wrong.

Accepted Answer

The answer of ________ are beliefs that distinguish right from...

Question 11

Use the following data to compute total manufacturing costs for the month: $\begin{array}{lr}
\text { Sales commissions } & \$ 10,800 \
\text { Direct labor } & 39,600 \
\text { Indirect materials } & 15,200 \
\text { Factory manager salaries } & 7,200 \
\text { Factory supplies } & 9,000 \
\text { Indirect labor } & 6,300 \
\text { Depreciation-office equipment } & 5,000 \
\text { Direct materials } & 40,500 \
\text { Corporate office salaries } & 42,500 \
\text { Depreciation-factory equipment } & 7,500
\end{array}$

Accepted Answer

A)  $141,100. 
B)  $125,300. 
C)  $45,200. 
D)  $84,800. 
E)  $58,300. 
A)  $141,100. 
B)  $125,300. 
C)  $45,200. 
D)  $84,800. 
E)  $58,300.

Question 12

Just-in-time manufacturing (JIT) focuses on quality improvement and applies this standard to all aspects of business activities.

Accepted Answer

A) True 
 B)False

Question 13

Total fixed costs change in proportion to changes in the volume of activity.

Accepted Answer

A) True 
 B)False

Question 14

Calculate Cost of Goods Sold for the following two companies:
 $$\begin{array} { | l | r | r | } 
\hline & \text { LEWIS INC. } & \text { MERCER CO. } \
\hline \text { Merchandise } & \$ 250,000 & \
\hline \text { Finished Goods } & & \$ 550,000 \
\hline \text { Cost of Goods Purchased } & 460,000 & \
\hline \text { Cost of Goods Manufactured } & & 688,000 \
\hline \text { Ending Inventory: } & & \
\hline \text { Merchandise } & 128,000 & \
\hline \text { Finished Goods } & & 350,000 \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate Cost of Goods Sold for the...

Question 15

Information for Eastman Industries is presented below. Compute the cost of goods manufactured.
 $\begin{array}{|l|r|}
\hline \text { Beginning work in process inventory } & 21,200\
\hline \text { Ending work in process inventory } & 20,000 \
\hline \text { Direct materials used in production } & \$ 46,800 \
\hline \text { Direct labor } & 81,000 \
\hline \text { Total factory overhead } & 106,000 \
\hline
\end{array}$

Accepted Answer

The answer of Information for Eastman Industries is presented below....

Question 16

Which of the following is not part of the production activity in the flow of manufacturing activities?

Accepted Answer

A)  Beginning Work in Process Inventory. 
B)  Cost of goods manufactured. 
C)  Direct labor. 
D)  Factory overhead. 
E)  Total finished goods available for sale. 
A)  Beginning Work in Process Inventory. 
B)  Cost of goods manufactured. 
C)  Direct labor. 
D)  Factory overhead. 
E)  Total finished goods available for sale.

Question 17

Which of the following is not a direct cost for a scooter manufacturer?

Accepted Answer

A)  Office rent. 
B)  Wheels. 
C)  Handle bars. 
D)  Brakes. 
E)  Grip tape. 
A)  Office rent. 
B)  Wheels. 
C)  Handle bars. 
D)  Brakes. 
E)  Grip tape.

Question 18

Expenditures incurred in the process of converting raw materials to finished goods, that include direct labor and factory overhead are known as ________.

Accepted Answer

The answer of Expenditures incurred in the process of converting...

Question 19

Products that are in the process of being manufactured but are not yet complete are called:

Accepted Answer

A)  Raw materials inventory. 
B)  Conversion costs. 
C)  Cost of goods sold. 
D)  Work in process inventory. 
E)  Finished goods inventory. 
A)  Raw materials inventory. 
B)  Conversion costs. 
C)  Cost of goods sold. 
D)  Work in process inventory. 
E)  Finished goods inventory.

Question 20

Marketing managers can use managerial accounting information to decide whether to advertise on social media.

Accepted Answer

A) True 
 B)False

A ________ cost changes in total in proportion to changes in the volume of activity.

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

Identify and describe the three categories of manufacturing costs.

Use the following information to calculate the cost of goods sold for the period: Beginning Finished Goods Inventory \ 19,500 Ending Finished Goods Inventory 18,000 Cost of Goods Manufactured 126,800

A cost can be classified as either or based how it changes, in total, with changes in the volume of activity.

Just-in-time manufacturing is a system that acquires inventory and produces product only when needed for an order.

The cost of partially completed products is included in the balance of the Work in Process Inventory account.

Materials a company acquires to use in making products are called:

Waters, Inc. reported the following data regarding costs and inventories for the current year: beginning finished goods inventory, $5,000; cost of goods manufactured, $21,500; ending finished goods inventory, $4,000. Cost of goods sold for Waters, Inc. equals ________.

________ are beliefs that distinguish right from wrong.

Just-in-time manufacturing (JIT) focuses on quality improvement and applies this standard to all aspects of business activities.

Total fixed costs change in proportion to changes in the volume of activity.

Calculate Cost of Goods Sold for the following two companies: LEWIS INC. MERCER CO. Merchandise \ 250,000 Finished Goods \ 550,000 Cost of Goods Purchased 460,000 Cost of Goods Manufactured 688,000 Ending Inventory: Merchandise 128,000 Finished Goods 350,000

Information for Eastman Industries is presented below. Compute the cost of goods manufactured. Beginning work in process inventory 21,200 Ending work in process inventory 20,000 Direct materials used in production \ 46,800 Direct labor 81,000 Total factory overhead 106,000

Which of the following is not part of the production activity in the flow of manufacturing activities?

Which of the following is not a direct cost for a scooter manufacturer?

Expenditures incurred in the process of converting raw materials to finished goods, that include direct labor and factory overhead are known as ________.

Products that are in the process of being manufactured but are not yet complete are called:

Marketing managers can use managerial accounting information to decide whether to advertise on social media.

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Lean Principles and Accounting

Accounting for Business Transactions

Filters

Exam 1: Managerial Accounting Concepts and Principles

A ________ cost changes in total in proportion to changes in the volume of activity.

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

Identify and describe the three categories of manufacturing costs.

Use the following information to calculate the cost of goods sold for the period: Beginning Finished Goods Inventory \ 19,500 Ending Finished Goods Inventory 18,000 Cost of Goods Manufactured 126,800

A cost can be classified as either ________ or ________based how it changes, in total, with changes in the volume of activity.

Just-in-time manufacturing is a system that acquires inventory and produces product only when needed for an order.

The cost of partially completed products is included in the balance of the Work in Process Inventory account.

Materials a company acquires to use in making products are called:

Waters, Inc. reported the following data regarding costs and inventories for the current year: beginning finished goods inventory, $5,000; cost of goods manufactured, $21,500; ending finished goods inventory, $4,000. Cost of goods sold for Waters, Inc. equals ________.

________ are beliefs that distinguish right from wrong.

Just-in-time manufacturing (JIT) focuses on quality improvement and applies this standard to all aspects of business activities.

Total fixed costs change in proportion to changes in the volume of activity.

Calculate Cost of Goods Sold for the following two companies: LEWIS INC. MERCER CO. Merchandise \ 250,000 Finished Goods \ 550,000 Cost of Goods Purchased 460,000 Cost of Goods Manufactured 688,000 Ending Inventory: Merchandise 128,000 Finished Goods 350,000

Information for Eastman Industries is presented below. Compute the cost of goods manufactured. Beginning work in process inventory 21,200 Ending work in process inventory 20,000 Direct materials used in production \ 46,800 Direct labor 81,000 Total factory overhead 106,000

Which of the following is not part of the production activity in the flow of manufacturing activities?

Which of the following is not a direct cost for a scooter manufacturer?

Expenditures incurred in the process of converting raw materials to finished goods, that include direct labor and factory overhead are known as ________.

Products that are in the process of being manufactured but are not yet complete are called:

Marketing managers can use managerial accounting information to decide whether to advertise on social media.

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Lean Principles and Accounting

Accounting for Business Transactions

Filters

A cost can be classified as either or based how it changes, in total, with changes in the volume of activity.