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Exam 13: Managerial Accounting

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Question 51

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Which of the following is not a separate management function?

A) Planning
B) Directing
C) Decision-making
D) Controlling

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Question 52

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Direct materials and direct labor are the only product costs.

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Question 53

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Molina Company has beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturing costs are $680,000, what is the total cost of goods manufactured?

Laflin Company reported the following year-end information: $\begin{array} { l r } \text { Beginning work in process inventory } & \$ 1,080,000 \\\text { Beginning raw materials inventory } & 300,000 \\\text { Ending work in process inventory } & 900,000 \\\text { Ending raw materials inventory } & 480,000 \\\text { Raw materials purchased } & 960,000 \\\text { Direct labor } & 900,000 \\\text { Manufacturing overhead } & 720,000\end{array}$ Laflin Company's cost of goods manufactured for the year is

Which of the following is not a manufacturing cost category?

Dolan Company's accounting records reflect the following inventories: $\begin{array}{lrr}&\text { Dec.31,2017 } &\text { Dec. 31,2016 }\\\text { Raw materials inventory } & \$ 310,000 & \$ 260,000 \\\text { Work in process inventory } & 300,000 & 160,000 \\\text { Finished qoods inventory } & 190,000 & 150,000\end{array}$ During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. If Dolan Company's cost of goods manufactured for 2017 amounted to $1,890,000, its cost of goods sold for the year is

The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the

In an analogous sense, external user is to internal user as generally accepted accounting principles are to

As inventoriable costs expire, they become

Total period costs are deducted from total cost of work in process to calculate cost of goods manufactured.

Using the following information, compute the cost of direct materials used. $\begin{array}{ll}\text { Raw materials inventory, January 1 } & \$ 30,000 \\\text { Raw materials inventory, December 31 } & 60,000 \\\text { Work in process, January 1 } & 27,000 \\\text { Work in process, December 31 } & 18,000 \\\text { Finished goods, January 1 } & 60,000 \\\text { Finished goods, December 31 } & 48,000\\\text { Raw materials purchases } & 1,800,000 \\\text { Direct labor } & 890,000 \\\text { Factory utilities } & 225,000 \\\text { Indirect labor } & 75,000 \\\text { Factory depreciation } & 500,000 \\\text { Operating expenses } & 630,000\end{array}$

Managerial accounting applies to each of the following types of businesses except

Which of the following is not another name for the term manufacturing overhead?

Costas Company has beginning and ending raw materials inventories of $64,000 and $80,000, respectively. If direct materials used were $310,000, what was the cost of raw materials purchased?

Cost of goods manufactured in a manufacturing company is analogous to

Managerial accounting is applicable to

Managerial accounting is primarily concerned with managers and external users.

Which one of the following is not considered as material costs?

Manufacturing costs that cannot be classified as either direct materials or direct labor are known as

Assuming that the total manufacturing costs are $3,400,000, compute the cost of goods manufactured using the information below. $\begin{array}{lr}\text { Raw materials inventory, January 1 } & 30,000 \\\text { Raw materials inventory, December 31 } & 60,000 \\\text { Work in process, January 1 } & 27,000 \\\text { Work in process, December } 31 & 18,000 \\\text { Finished goods, January 1 } & 60,000 \\\text { Finished goods, December } 31 & 48,000 \\\text { Raw materials purchases } & 1,800,000\\\text { Direct labor } & 890,000 \\\text { Factory utilities } & 225,000 \\\text { Indirect labor } & 75,000 \\\text { Factory depreciation } & 500,000 \\\text { Operating expenses } & 630,000\end{array}$