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Exam 18: Introduction to Managerial Accounting

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Question 1

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The phases of the management process are listed below. Match each phase to the appropriate description. -Used by management to develop the organization's objectives and goals

A) Planning
B) Directing
C) Controlling
D) Improving
E) Decision making

F) D) and E)
G) C) and D)

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Question 2

Multiple Choice

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For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Accountant salaries

A) Product
B) Period

C) A) and B)
D) undefined

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Question 3

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Conversion cost is the combination of direct labor cost and factory overhead cost.

Conversion costs are

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

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

Direct labor and direct materials are

Match each description to the appropriate term (a-d) . Answers may be used more than once. -Rent expense on factory building

Given the following data:?Beginning raw materials inventory$30,000Materials purchased65,000Ending raw materials inventory40,000?What is the amount of raw materials used?

Use the information below for Jensen Company to answer the questions that follow. ​ $\begin{array} { l r } \text { Direct materials used } & \$ 345,000 \\\text { Direct labor incurred } & 250,000 \\\text { Factory overhead incurred } & 400,000 \\\text { Operating expenses } & 175,000\end{array}$ -Jensen Company's period costs are

Materials must have which two qualities in order to be classified as direct materials?

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

Conversion costs consist of product costs and period costs.

The phases of the management process are listed below. Match each phase to the appropriate description. -Monitoring the operating results of implemented plans and comparing actual results to expected results

Factory overhead cost is sometimes referred to as factory burden.

In most business organizations, the chief accountant is called the treasurer.

Putney Company reports the following information:​​ $\begin{array} { l r } \text { Sales } & \$ 76,500 \\\text { Cost of direct materials used in production } & 7,300 \\\text { Depreciation on factory equipment } & 4,700 \\\text { Indirect labor } & 5,900 \\\text { Direct labor } & 10,500 \\\text { Factory rent } & 4,200 \\\text { Factory utilities } & 1,200 \\\text { Sales salaries expense } & 15,600 \\\text { Office salaries expense } & 8,900 \\\text { Indirect materials } & 1,200\end{array}$ Compute: (a)Product costs (b)Period costs

Watson Company has the following data:? $\begin{array} { l r } \text { Work in process inventory, beginning } & \$ 18,000 \\\text { Work in process inventory, ending } & 25,000 \\\text { Direct labor costs } & 5,000 \\\text { Cost of goods manufactured } & 9,000 \\\text { Factory overhead } & 7,000\end{array}$ Calculate the amount of direct materials used.

Managerial accounting uses only past data in reports to aid management in the decision-making process.

Goods that are partially completed by a manufacturer are