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Exam 18: Introduction to Managerial Accounting

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Question 81

True/False

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Prime costs are the combination of direct labor costs and factory overhead costs.

A) True
B) False

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Question 82

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. -Tires for the bicycles

A) Product
B) Period

C) A) and B)
D) undefined

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Question 83

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Magnus Industries has the following data:​ $\begin{array}{lr}\text { Beginning raw material s inventory } & \$ 75,000 \\\text { Materials purchased } & 40,000 \\\text { Ending raw materials inventory } & 60,000\end{array}$ Calculate the cost of raw materials used.

All of the following could be considered a direct material except

Factory overhead includes all manufacturing costs except direct materials and direct labor.

Match each description to the appropriate term (a-d) . Answers may be used more than once. -Wages of assembly line personnel

Indirect labor would be included in factory overhead.

Match each description to the appropriate term (a-d) . Answers may be used more than once. -Factory supplies used

The following are some of the costs incurred by a cake factory. Identify them as either: -Frosting

All of the following employees hold line positions except

Which of the following accounts is not an example of a sustainable business activity?

Smith Company reports the following information:?Cost of goods manufactured$68,250Direct materials used27,000Direct labor incurred25,000Work in process inventory, January 111,000?Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is

Another term for factory overhead is

Differentiate between: (a)Direct materials versus indirect materials (b)Direct labor versus indirect labor

Match each description to the appropriate term (a-d) . Answers may be used more than once. -Cost of primary material used to make product

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

The cost of a manufactured product generally consists of which of the following costs?

Zoe Corporation has the following information for the month of March:? $\begin{array}{lr}\text { Purchases } & \$ 92,000 \\\text { Materials inventory, March 1 } & 6,000 \\\text { Materials inventory, March 31 } & 8,000 \\\text { Direct labor } & 25,000 \\\text { Factory overhead } & 37,000 \\\text { Work in process inventory, March 1 } & 22,000 \\\text { Work in process inventory, March 31 } & 23,500 \\\text { Finished goods inventory, March 1 } & 21,000 \\\text { Finished goods inventory, March 31 } & 30,000 \\\text { Sales } & 257,000 \\\text { Selling and administrative expenses } & 79,000\end{array}$ Prepare (a) a schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) the Inventory section of the balance sheet.

For a construction contractor, the wages of carpenters would be classified as factory overhead cost.

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