Question 1

Using the following data for August,calculate the cost of goods manufactured:   The cost of goods manufactured was:

Accepted Answer

A) $106,000 
B) $92,000 
C) $95,000 
D) $89,000 
A) $106,000 
B) $92,000 
C) $95,000 
D) $89,000 D

Question 2

Micro Computer Company has set up a toll-free telephone line for customer inquiries regarding computer hardware produced by the company.The cost of this toll-free line would be classified as which of the following?

Accepted Answer

A) Product cost 
B) Manufacturing overhead 
C) Direct labor 
D) Period cost 
A) Product cost 
B) Manufacturing overhead 
C) Direct labor 
D) Period cost D

Question 3

Cost of goods manufactured will usually include:

Accepted Answer

A) only costs incurred during the current period. 
B) only direct labor and direct materials costs. 
C) some costs incurred during the prior period as well as costs incurred during the current period. 
D) some period costs as well as some product costs. 
A) only costs incurred during the current period. 
B) only direct labor and direct materials costs. 
C) some costs incurred during the prior period as well as costs incurred during the current period. 
D) some period costs as well as some product costs. C

Question 4

Twichell Inc. ,a local retailer,has provided the following data for the month of December:  
-The cost of goods sold for December was:

Accepted Answer

A) $131,000 
B) $128,000 
C) $134,000 
D) $200,000 
A) $131,000 
B) $128,000 
C) $134,000 
D) $200,000

Question 5

During the month of August,direct labor cost totaled $13,000 and direct labor cost was 20% of prime cost.If total manufacturing costs during August were $88,000,the manufacturing overhead was:

Accepted Answer

A) $75,000 
B) $23,000 
C) $65,000 
D) $52,000 
A) $75,000 
B) $23,000 
C) $65,000 
D) $52,000

Question 6

Buford Company rents out a small unused portion of its factory to another company for $1,000 per month.The rental agreement will expire next month,and rather than renew the agreement Buford Company is thinking about using the space itself to store materials.The term to describe the $1,000 per month is:

Accepted Answer

A) sunk cost. 
B) period cost. 
C) opportunity cost. 
D) variable cost. 
A) sunk cost. 
B) period cost. 
C) opportunity cost. 
D) variable cost.

Question 7

Managerial accounting is primarily concerned with the organization as a whole rather than with segments of the organization.

Accepted Answer

A) True 
 B)False

Question 8

At a sales volume of 37,000 units,Bonham Corporation's property taxes (a cost that is fixed with respect to sales volume) total $555,000.
-To the nearest whole cent,what should be the average property tax per unit at a sales volume of 38,600 units? (Assume that this sales volume is within the relevant range. )

Accepted Answer

A) $15.00 
B) $14.38 
C) $15.90 
D) $14.69 
A) $15.00 
B) $14.38 
C) $15.90 
D) $14.69

Question 9

In a manufacturing firm,all costs are product costs.

Accepted Answer

A) True 
 B)False

Question 10

The cost of goods manufactured for a period is the amount transferred from work in process inventory to finished goods inventory during the period.

Accepted Answer

A) True 
 B)False

Question 11

Direct materials used in production totaled $330,000.Direct labor was $415,000 and manufacturing overhead was $220,000.What were the total manufacturing costs incurred for the month?

Accepted Answer

A) $530,000 
B) $965,000 
C) $745,000 
D) $635,000 
A) $530,000 
B) $965,000 
C) $745,000 
D) $635,000

Question 12

An opportunity cost is:

Accepted Answer

A) the difference in total costs which results from selecting one alternative instead of another. 
B) the benefit forgone by selecting one alternative instead of another. 
C) a cost which may be saved by not adopting an alternative. 
D) a cost which may be shifted to the future with little or no effect on current operations. 
A) the difference in total costs which results from selecting one alternative instead of another. 
B) the benefit forgone by selecting one alternative instead of another. 
C) a cost which may be saved by not adopting an alternative. 
D) a cost which may be shifted to the future with little or no effect on current operations.

Question 13

The three basic elements of manufacturing cost are direct materials,direct labor,and:

Accepted Answer

A) cost of goods manufactured. 
B) cost of goods sold. 
C) work in process. 
D) manufacturing overhead. 
A) cost of goods manufactured. 
B) cost of goods sold. 
C) work in process. 
D) manufacturing overhead.

Question 14

Management of Solman Corporation has asked your help as an intern in preparing some key reports for June.The beginning balance in the raw materials inventory account was $20,000.During the month,the company made raw materials purchases amounting to $69,000.At the end of the month,the balance in the raw materials inventory account was $32,000.Direct labor cost was $24,000 and manufacturing overhead was $71,000.The beginning balance in the work in process account was $24,000 and the ending balance was $19,000.The beginning balance in the finished goods account was $53,000 and the ending balance was $58,000.Selling expense was $20,000 and administrative expense was $35,000.
-The conversion cost for June was:

Accepted Answer

A) $95,000 
B) $140,000 
C) $93,000 
D) $152,000 
A) $95,000 
B) $140,000 
C) $93,000 
D) $152,000

Question 15

Ruggeri Corporation reported the following data for the month of July:  
-The cost of goods sold for July was:

Accepted Answer

A) $196,000 
B) $120,000 
C) $148,000 
D) $244,000 
A) $196,000 
B) $120,000 
C) $148,000 
D) $244,000

Question 16

Management of Parrent Corporation has asked your help as an intern in preparing some key reports for April.The company started the month with raw materials inventories of $32,000.During the month,the company made raw materials purchases amounting to $68,000.At the end of the month,raw materials inventories totaled $35,000.Direct labor cost was $43,000 and manufacturing overhead was $62,000.The beginning balance in the work in process account was $19,000 and the ending balance was $12,000.The beginning balance in the finished goods account was $35,000 and the ending balance was $58,000.Sales totaled $240,000.Selling expense was $18,000 and administrative expense was $42,000.
-The net operating income for April was:

Accepted Answer

A) $26,000 
B) $86,000 
C) $75,000 
D) $7,000 
A) $26,000 
B) $86,000 
C) $75,000 
D) $7,000

Question 17

At a sales volume of 37,000 units,Bonham Corporation's property taxes (a cost that is fixed with respect to sales volume) total $555,000.
-To the nearest whole dollar,what should be the total property taxes at a sales volume of 34,900 units? (Assume that this sales volume is within the relevant range. )

Accepted Answer

A) $539,250 
B) $588,395 
C) $523,500 
D) $555,000 
A) $539,250 
B) $588,395 
C) $523,500 
D) $555,000

Question 18

Lavell Corporation reported the following data for the month of February:  
-The total manufacturing cost for February was:

Accepted Answer

A) $174,000 
B) $171,000 
C) $70,000 
D) $108,000 
A) $174,000 
B) $171,000 
C) $70,000 
D) $108,000

Question 19

Standford Corporation has provided the following data for the month of February:   Required:
a.Prepare a Schedule of Cost of Goods Manufactured in good form for February.
b.Prepare an Income Statement in good form for February.

Accepted Answer

The answer of Standford Corporation has provided the following data...

Question 20

Management of Parrent Corporation has asked your help as an intern in preparing some key reports for April.The company started the month with raw materials inventories of $32,000.During the month,the company made raw materials purchases amounting to $68,000.At the end of the month,raw materials inventories totaled $35,000.Direct labor cost was $43,000 and manufacturing overhead was $62,000.The beginning balance in the work in process account was $19,000 and the ending balance was $12,000.The beginning balance in the finished goods account was $35,000 and the ending balance was $58,000.Sales totaled $240,000.Selling expense was $18,000 and administrative expense was $42,000.
-The total manufacturing cost for April was:

Accepted Answer

A) $170,000 
B) $173,000 
C) $62,000 
D) $105,000 
A) $170,000 
B) $173,000 
C) $62,000 
D) $105,000

Using the following data for August,calculate the cost of goods manufactured: The cost of goods manufactured was:

Micro Computer Company has set up a toll-free telephone line for customer inquiries regarding computer hardware produced by the company.The cost of this toll-free line would be classified as which of the following?

Cost of goods manufactured will usually include:

Twichell Inc. ,a local retailer,has provided the following data for the month of December: -The cost of goods sold for December was:

During the month of August,direct labor cost totaled $13,000 and direct labor cost was 20% of prime cost.If total manufacturing costs during August were $88,000,the manufacturing overhead was:

Managerial accounting is primarily concerned with the organization as a whole rather than with segments of the organization.

In a manufacturing firm,all costs are product costs.

The cost of goods manufactured for a period is the amount transferred from work in process inventory to finished goods inventory during the period.

Direct materials used in production totaled $330,000.Direct labor was $415,000 and manufacturing overhead was $220,000.What were the total manufacturing costs incurred for the month?

An opportunity cost is:

The three basic elements of manufacturing cost are direct materials,direct labor,and:

Ruggeri Corporation reported the following data for the month of July: -The cost of goods sold for July was:

Lavell Corporation reported the following data for the month of February: -The total manufacturing cost for February was:

Standford Corporation has provided the following data for the month of February: Required: a.Prepare a Schedule of Cost of Goods Manufactured in good form for February. b.Prepare an Income Statement in good form for February.

Managerial Accounting and the Business Environment

Cost Behavior: Analysis and Use

Cost-Volume-Profit Relationships

Systems Design: Job-Order Costing

Variable Costing: a Tool for Management

Activity-Based Costing: a Tool to Aid Decision Making

Profit Planning

Flexible Budgets and Performance Analysis

Standard Costs and Operating Performance Measures

Segment Reporting,decentralization,and the Balanced Scorecard

Relevant Costs for Decision Making

Capital Budgeting Decisions

Pricing Products and Services

Profitability Analysis

Least-Squares Regression Computations

The Predetermined Overhead Rate and Capacity

Abc Action Analysis

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

Transfer Pricing

Service Department Charges

The Concept of Present Value

Income Taxes in Capital Budgeting Decisions

Filters

Exam 2: Managerial Accounting and Cost Concepts

Using the following data for August,calculate the cost of goods manufactured: The cost of goods manufactured was:

Micro Computer Company has set up a toll-free telephone line for customer inquiries regarding computer hardware produced by the company.The cost of this toll-free line would be classified as which of the following?

Cost of goods manufactured will usually include:

Twichell Inc. ,a local retailer,has provided the following data for the month of December: -The cost of goods sold for December was:

During the month of August,direct labor cost totaled $13,000 and direct labor cost was 20% of prime cost.If total manufacturing costs during August were $88,000,the manufacturing overhead was:

Managerial accounting is primarily concerned with the organization as a whole rather than with segments of the organization.

In a manufacturing firm,all costs are product costs.

The cost of goods manufactured for a period is the amount transferred from work in process inventory to finished goods inventory during the period.

Direct materials used in production totaled $330,000.Direct labor was $415,000 and manufacturing overhead was $220,000.What were the total manufacturing costs incurred for the month?

An opportunity cost is:

The three basic elements of manufacturing cost are direct materials,direct labor,and:

Ruggeri Corporation reported the following data for the month of July: -The cost of goods sold for July was:

Lavell Corporation reported the following data for the month of February: -The total manufacturing cost for February was:

Standford Corporation has provided the following data for the month of February: Required: a.Prepare a Schedule of Cost of Goods Manufactured in good form for February. b.Prepare an Income Statement in good form for February.

Managerial Accounting and the Business Environment

Cost Behavior: Analysis and Use

Cost-Volume-Profit Relationships

Systems Design: Job-Order Costing

Variable Costing: a Tool for Management

Activity-Based Costing: a Tool to Aid Decision Making

Profit Planning

Flexible Budgets and Performance Analysis

Standard Costs and Operating Performance Measures

Segment Reporting,decentralization,and the Balanced Scorecard

Relevant Costs for Decision Making

Capital Budgeting Decisions

Pricing Products and Services

Profitability Analysis

Least-Squares Regression Computations

The Predetermined Overhead Rate and Capacity

Abc Action Analysis

Predetermined Overhead Rates and Overhead Analysis in a Standard Costing System

Transfer Pricing

Service Department Charges

The Concept of Present Value

Income Taxes in Capital Budgeting Decisions

Filters