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Exam 1: Introduction to Managerial Accounting

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Question 31

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Direct costs can be specifically traced to a cost object.

A) True
B) False

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Question 32

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Identify the following costs as (a) direct materials, (b) direct labor, or (c) factory overhead for a lawn mower manufacturer. 1. _____ Wheels 2. _____ Depreciation on worker's tools 3. _____ Wages of assemblers 4. _____ Grease for wheel axles

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1. Direct material
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Question 33

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Which of the following is most associated with managerial accounting?

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

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

Keeton Company had the following data: Cost of materials used    $ 60,000 Direct labor costs              58,000 Factory overhead              33,000 Work in process, beg.       29,000 Work in process, end.       18,000 Finished goods, beg.          32,000 Finished goods, end.         18,000 Calculate the cost of goods sold.

A plant manager's salary is

Product costs

Manufacturers use machinery and labor to convert direct materials into finished products.

Which of the following is an example of direct materials cost for an automobile manufacturer?

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

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

The payment of dividends is an example of a cost.

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

Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

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

Eco-efficiency measures are a form of managerial accounting information that helps managers evaluate the savings generated by using fewer natural resources in a company's operations.

What is decision making? Who is responsible for decision making in a managerial situation?

The cost of wages paid to employees directly involved in converting materials to finished product is classified as direct labor cost.

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