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Exam 2: Basic Managerial Accounting Concepts

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Question 21

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Kutlow Inc.had cost of goods sold of $112,000 for the year ended December 31,2011.The finished goods inventory on January 1,2011 was $28,000 and the finished goods inventory on December 31,2011 was $17,000.What was the amount of cost of goods manufactured for the year?

A) $129,000
B) $101,000
C) $67,000
D) $113,000

E) B) and D)
F) B) and C)

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Question 22

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Any costs associated with storing,selling,and delivering the product are classified as product costs.

A) True
B) False

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Question 23

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______________________ is the sum of direct labor cost and manufacturing overhead cost.

Which of the following can be found on the income statements of both a manufacturing and service organization?

________________ are those costs,both direct and indirect,of producing a product in a manufacturing firm or of acquiring a product in a merchandising firm and preparing it for sale.

___________________ is the cost of the partially completed goods that are still on the factory floor at the end of a time period.

Figure 2-8. 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 zero. Refer to Figure 2-8.Conversion cost per unit was?

Expired costs are called

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. Refer to Figure 2-6.How many units were sold during the year?

Which of the following would not be a period cost?

Price is not:

Information from the records of Place,Inc.,for December 2011 is as follows: Net income for the month of December is:

The process of assigning an indirect cost to a cost object by using a reasonable and convenient method is called _____________.

The ____________________________ represents that total product cost of goods completed during the current period and transferred to finished goods inventory.

_________________ equals the sum of direct materials,direct labor,and manufacturing overhead.

Figure 2-4. Junko Company makes financial calculators.During the year Junko manufactured 97,000 financial calculators.Finished goods inventory had the following units on hand: Refer to Figure 2-4.How many financial calculators did Junko sell during the year?

________________ and _________________ costs are considered period costs.

Figure 2-6. Seaview Company took the following data from their income statement at the end of the current year. Refer to Figure 2-6.What was cost of goods sold for the year?

Which of the following would not be included in overhead?

Which of the following would not be found on the income statement of a manufacturer?