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Exam 18: Introduction to Managerial Accounting

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Question 91

True/False

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Product costs include direct labor and advertising expense.

A) True
B) False

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Question 92

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The following are costs incurred by a lawn mower manufacturer. Identify them as either: -Wages of assemblers

A) Direct materials
B) Direct labor
C) Factory overhead

D) B) and C)
E) None of the above

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Question 93

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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. -Factory machinery repairs and maintenance

Accounting designed to meet the needs of decision makers inside the business is

A report analyzing the dollar savings of purchasing new equipment to speed up the production process is a managerial accounting report.

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

Period (nonmanufacturing) costs are classified into two categories: selling and administrative.

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)Direct materials used

For each of the following costs, classify them as either: -Materials traceable to specific products

The primary goal of managerial accounting is to provide information to

Sienna Company has the following information for January:​ $\begin{array}{lr}\text { Cost of materials used in production } & \$ 20,000 \\\text { Direct labor } & 15,000 \\\text { Factory overhead } & 24,000 \\\text { Work in process inventory, January 1 } & 2,900 \\\text { Work in process inventory, January 31 } & 3,500\end{array}$ Calculate the cost of goods manufactured.

Which of the following may not be a factory overhead cost?

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Depreciation on factory machinery

Planning is the process of developing the company's objectives or goals and translating these objectives into courses of action.

Given the following data:?? $\begin{array}{lr}\text { Cost of materials used } & \$ 45,000 \\\text { Direct labor costs } & 48,000 \\\text { Factory overhead } & 39,000 \\\text { Work in process, beginning } & 28,000 \\\text { Work in process, ending } & 18,000 \\\text { Finished goods, beginning } & 28,000 \\\text { Finished goods, ending } & 18,000\end{array}$ What is the cost of goods sold?

Match the items below for a bakery to the type of cost (a-d) . Answers may be used more than once. -Frosting

Prime costs are the combination of direct materials and direct labor costs.

The Sustainability Accounting Standards Board (SASB) standards are required, just as GAAP standards are required.

Managers use managerial information to evaluate performance of a company's operation.

Match the items below for a bakery to the type of cost (a-d) . Answers may be used more than once. -Salesperson commissions