Question 1

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

Accepted Answer

The answer of Zoe Corporation has the following information for...

Question 2

Indirect labor and indirect materials would be part of factory overhead.

Accepted Answer

A) True 
 B)False

Question 3

Conversion costs are the combination of direct labor, direct material, and factory overhead costs.

Accepted Answer

A) True 
 B)False

Question 4

Factory overhead cost is sometimes referred to as factory burden.

Accepted Answer

A) True 
 B)False

Question 5

Magnus Industries has the following data:  Determine the cost of raw materials used.

Accepted Answer

Raw Materials Used =...

Question 6

For an automotive repair shop, the wages of mechanics would be classified as direct labor cost.

Accepted Answer

A) True 
 B)False

Question 7

Match each description below to the appropriate phase of the manufacturing process (a-e).
-Used by managers for continuous improvement
A)Planning
B)Directing
C)Controlling
D)Improving
E)Decision making

Accepted Answer

d

Question 8

Given the following data:  What is the amount of raw materials used?

Accepted Answer

A)  $5,000
B)  $55,000
C)  $75,000
D)  $30,000E) B) and D)
F) A) and D)

Question 9

Which of the following is not a prime cost?

Accepted Answer

A)  plant janitor's wages
B)  direct labor wages
C)  machine operator wages
D)  assembly line wagesE) A) and B)
F) C) and D)

Question 10

Indirect labor and indirect materials are classified as

Accepted Answer

A)  factory overhead and product costs
B)  factory overhead and period costs
C)  operating costs and period costs
D)  operating costs and product costsE) A) and D)
F) B) and D) A

Question 11

Product costs include direct labor and advertising expense.

Accepted Answer

A) True 
 B)False

Question 12

Although finance and accounting professionals often work within verticals and other horizontals, they do not normally report directly to the heads of those units or departments.

Accepted Answer

A) True 
 B)False

Question 13

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product
b.Period
-Electricity costs to run the factory

Accepted Answer

The answer of Bartow Company manufactures bicycles. For each of...

Question 14

Which of the following is not a characteristic of useful managerial accounting reports?

Accepted Answer

A)  accurate
B)  GAAP-adhering
C)  historical and estimated data
D)  prepared as neededE) All of the above
F) None of the above

Question 15

Darwin Company reports the following information:  Product costs are

Accepted Answer

A)  $24,500
B)  $30,300
C)  $29,200
D)  $35,000E) None of the above
F) B) and C) D

Question 16

Work in process inventory increased by $20,000 during the current year. Cost of goods manufactured was $180,000. Total manufacturing costs incurred are

Accepted Answer

A)  $198,000
B)  $160,000
C)  $189,000
D)  $200,000E) B) and D)
F) All of the above

Question 17

Which of the following items would not be classified as part of factory overhead?

Accepted Answer

A)  direct labor used
B)  amortization of manufacturing patents
C)  production supervisors' salaries
D)  factory supplies usedE) B) and C)
F) None of the above

Question 18

Rent expense on a factory building would be treated as a(n)

Accepted Answer

A)  period cost
B)  product cost
C)  indirect cost
D)  direct materials costE) A) and C)
F) A) and D)

Question 19

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

Accepted Answer

A)  beginning work in process inventory less ending work in process inventory
B)  ending work in process inventory less beginning work in process inventory
C)  beginning finished goods inventory less ending finished goods inventory
D)  ending finished goods inventory less beginning finished goods inventoryE) All of the above
F) B) and C)

Question 20

If the cost of materials is not a significant portion of the total product cost, the materials may be classified as part of factory overhead cost.

Accepted Answer

A) True 
 B)False

Exam 15: Introduction to Managerial Accounting

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

Correct AnswerverifiedShow Answer

Indirect labor and indirect materials would be part of factory overhead.

Correct AnswerverifiedShow Answer

Conversion costs are the combination of direct labor, direct material, and factory overhead costs.

Correct AnswerverifiedShow Answer

Factory overhead cost is sometimes referred to as factory burden.

Correct AnswerverifiedShow Answer

Magnus Industries has the following data: Determine the cost of raw materials used.

Correct AnswerverifiedRaw Materials Used =...View AnswerShow Answer

For an automotive repair shop, the wages of mechanics would be classified as direct labor cost.

Correct AnswerverifiedShow Answer

Match each description below to the appropriate phase of the manufacturing process (a-e). -Used by managers for continuous improvement A)Planning B)Directing C)Controlling D)Improving E)Decision making

Correct Answerverifiedd

Given the following data: What is the amount of raw materials used?

Correct AnswerverifiedShow Answer

Which of the following is not a prime cost?

Correct AnswerverifiedShow Answer

Indirect labor and indirect materials are classified as

Correct AnswerverifiedA

Product costs include direct labor and advertising expense.

Correct AnswerverifiedShow Answer

Although finance and accounting professionals often work within verticals and other horizontals, they do not normally report directly to the heads of those units or departments.

Correct AnswerverifiedShow Answer

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Electricity costs to run the factory

Correct AnswerverifiedShow Answer

Which of the following is not a characteristic of useful managerial accounting reports?

Correct AnswerverifiedShow Answer

Darwin Company reports the following information: Product costs are

Correct AnswerverifiedD

Work in process inventory increased by $20,000 during the current year. Cost of goods manufactured was $180,000. Total manufacturing costs incurred are

Correct AnswerverifiedShow Answer

Which of the following items would not be classified as part of factory overhead?

Correct AnswerverifiedShow Answer

Rent expense on a factory building would be treated as a(n)

Correct AnswerverifiedShow Answer

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

Correct AnswerverifiedShow Answer

If the cost of materials is not a significant portion of the total product cost, the materials may be classified as part of factory overhead cost.

Correct AnswerverifiedShow Answer

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Raw Materials Used =...
View Answer

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d

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A

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D

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