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Exam 19: Managerial Accounting

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Question 21

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Which of the following is not a manufacturing cost category?

A) Cost of goods sold
B) Direct materials
C) Direct labor
D) Manufacturing overhead

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Question 22

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Which one of the following costs would not be inventoriable?

A) Period costs
B) Factory insurance costs
C) Indirect materials
D) Indirect labor costs

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Question 23

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Managerial accounting information is generally prepared for

What term describes all activities associated with providing a product or service?

On the costs of goods manufactured schedule, depreciation on factory equipment

The function that pertains to keeping the activities of the enterprise on track is

Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation, a manufacturer of recreational vehicles. ____ 1. Property taxes on the factory land ____ 2. Nails and glue used in production ____ 3. Cabinet maker's wages ____ 4. Factory supervisors' salaries ____ 5. Metal used in manufacturing ____ 6. Depreciation on factory machines ____ 7. Factory utilities ____ 8. Carpeting for the recreational vehicles ____ 9. Property taxes on the factory building ____ 10. Insurance on factory equipment Instructions Classify the above items into the following categories: DM - Direct Materials DL - Direct Labor MO - Manufacturing Overhead

Laflin Manufacturing Company reported the following year-end information: Laflin Manufacturing Company's cost of goods manufactured for the year is

Presented below are incomplete 2010 manufacturing cost data for Tardy Corporation. Instructions Determine the missing amounts.

The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively

A major difference between the income statements of a merchandising company and a manufacturing company is that the cost of goods sold section of a merchandising company shows cost of goods______________, whereas a manufacturing company shows cost of goods ______________.

Assuming that the total manufacturing costs are $2,700,000, compute the cost of goods manufactured using the information below.

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

Assuming the cost of direct materials used is $1,300,000, compute the total manufacturing costs using the information below.

A manager that is establishing objectives is performing which management function?

The following information is available for Elliot Company. Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit.

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

Exercising good judgment in performing the managerial functions and choosing among alternative courses of action is called ______________.

Using $2,240,000 as the cost of goods manufactured, compute the cost of goods sold using the following information.

Cost of goods manufactured in a manufacturing company is analogous to