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Exam 16: Managerial Accounting Concepts and Principles

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Question 41

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Managerial accounting information includes both historical and estimated data.

A) True
B) False

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Question 42

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Magnus Industries has the following data: Show how you would calculate Raw Materials Used.

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$75,000 + $40,000 - ...

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Question 43

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Cost of Materials Used $45,000 Direct Labor costs $48,000 Factory Overhead $39,000 Work in Process, beg. $28,000 Work in Process, end. $18,000 Finished Goods,beg. $28,000 Finished Goods, end. $18,000 What is Cost of Goods Sold?

Conversion costs are

Managerial information is for external as well as internal stakeholders.

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

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

Product costs include direct labor and advertising expense.

What is the amount of Direct Materials used?

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

Cost of Materials Used $45,000 Direct Labor costs $48,000 Factory Overhead $39,000 Work in Process, beg. $28,000 Work in Process, end. $18,000 What is Cost of Goods Manufactured?

Identify the following costs as (a) prime cost, (b) conversion cost, (c) or both for a cake factory. 1. _____ Frosting 2. _____ Wages of the baker 3. _____ Sprinkles for the topping (considered an indirect material) 4. _____ Depreciation on oven

Classify the following costs as either a product cost or a period cost:

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

A cost can be a payment of cash for the purpose of generating revenues.

Rosalba Manufacturing Company had the following account balance for 2012: Collections on account were $625,000 in 2012. Cost of goods sold was 68% of sales. Direct materials purchased amounted to $90,000. Factory overhead was 300% of the cost of direct labor. Compute: a) sales revenue (all sales were on account) b) cost of goods sold c) cost of goods manufactured d) direct labor incurred e) direct materials used f) factory overhead incurred

Product costs are not expensed until the product is sold.

What is the amount of Raw Materials Used?

Nonmanufacturing costs are classified into two categories: selling and administrative.

Control is the process of monitoring operating results and comparing actual results with the expected results.