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Exam 18: Introduction to Managerial Accounting

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Question 101

Multiple Choice

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On the income statement of a manufacturing company, what replaces purchases in the Cost of goods sold section of a retail company?

A) finished goods
B) cost of merchandise available
C) cost of goods manufactured
D) work in process

E) None of the above
F) All of the above

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Question 102

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Which of the following is part of factory overhead cost?

A) sales commissions
B) depreciation of factory equipment and machines
C) depreciation of salesperson's vehicle
D) direct materials used

E) All of the above
F) B) and D)

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Question 103

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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. -Salespersons' commissions

Managerial accounting information includes both historical and estimated data.

The phases of the management process are listed below. Match each phase to the appropriate description. -Used by managers for continuous improvement

For each of the following costs, classify them as either: -Office equipment depreciation

Operating expenses are product costs and are expensed when the product is sold.

Managers use managerial information for all of the following except to

Finished goods inventory is reported on the

Costs on the income statement for both a merchandiser and a manufacturer would be

In most business organizations, the chief management accountant is called the controller.

Match each description to the appropriate term (a-d) . Answers may be used more than once. -Insurance expired on factory equipment

Goods that are part way through the manufacturing process, but not yet complete, are referred to as materials inventory.

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Delivery costs to take the bicycles to stores

Controlling deals with choosing goals and deciding how to achieve them.

Which of the following is an example of a factory overhead cost?

A product cost is

Use the information below for Darwin Company to answer the questions that follow. ​ $\begin{array} { l r } \text { Sales } & \$ 76,500 \\\text { Direct materials used } & 7,300 \\\text { Depreciation on factory equipment } & 4,700 \\\text { Indirect labor } & 5,900 \\\text { Direct labor } & 10,500 \\\text { Factory rent } & 4,200 \\\text { Factory utilities } & 1,200 \\\text { Sales salaries expense } & 15,600 \\\text { Office salaries expense } & 8,900 \\\text { Indirect materials } & 1,200\end{array}$ -Darwin Company's period costs are

Cost of goods manufactured during the year is $240,000, and work in process inventory on December 31 is $50,000. Work in process inventory during the year decreased by 60%. Total manufacturing costs incurred are

At the beginning of the current year, Grant Company's work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in Work in Process Inventory on December 31 is