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Exam 16: Managerial Accounting Concepts and Principles

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Question 91

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Finished goods inventory is reported on the

A) income statement as a period cost
B) balance sheet as a long-term asset
C) balance sheet as a current asset
D) income statement as revenue

E) A) and C)
F) A) and D)

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Question 92

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The following information is available for Carter Corporation: 1) Materials inventory decreased $4,000. 2) Materials inventory on December 31 was 50% of materials inventory on January 1. 3) Beginning work in process inventory was $145,000. 4) Ending finished goods inventory was $65,000. 5) Purchases of direct materials were $154,700. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were $246,400, 80% of cost of goods manufactured and $156,000 less than cost of goods sold. Compute: a) Finished goods inventory on January 1 b) Work in process inventory on December 31 c) Direct labor incurred d) Factory overhead incurred e) Materials inventory on January 1 f) Materials inventory on December 31 g) Direct materials used

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a) Cost of goods sold = $246,400 + $156,...

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Question 93

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The following are all product costs except

Managerial accountants could prepare all of the following reports except

Indirect costs can be specifically traced to a cost object.

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory.

Rent expense on a factory building would be treated as an)

Managerial accounting reports must be useful to the user of the information.

A company manufactured 50,000 units of a product at a cost of $450,000. It sold 45,000 units at $15 each. The gross profit is

Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?

The Zoe Corporation has the following information for the month March. Determine the a) cost of goods manufactured, and b) cost of goods sold.

Identify the following costs as a) prime cost, b) conversion cost, or c) both for a cake factory. 1. Frosting 2. Wages of the baker 3. Sprinkles for the topping considered an indirect material) 4. Depreciation on oven

The controller's staff often consists of several management accountants. All of the following would most likely be on the controller's staff except

Period costs can be found on both the balance sheet and the income statement.

Which of the following manufacturing costs is an indirect cost of producing a product?

Differentiate between period and product costs, including examples of each type of cost.​

Insurance expense incurred on a factory building would be treated as a

All of the following are examples of indirect labor except

Match the items below for a bakery to the type of cost a-d) . -Baker's wages

Prime costs consists of direct materials, indirect materials, and direct labor.