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Exam 14: Managerial Accounting

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Question 41

Multiple Choice

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The principal difference between a merchandising and a manufacturing income statement is the

A) cost of goods sold section.
B) extraordinary item section.
C) operating expense section.
D) revenue section.

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Question 42

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Planning is a function that involves

A) hiring the right people for a particular job.
B) coordinating the accounting information system.
C) setting goals and objectives for an entity.
D) analyzing financial statements.

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Question 43

Multiple Choice

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Penner Company reported total manufacturing costs of $450,000, manufacturing overhead totaling $78,000, and direct materials totaling $96,000. How much is direct labor cost?

Directing includes

If the ending work in process inventory is greater than the beginning work in process inventory, then the cost of goods manufactured will be less than total manufacturing costs for the period.

Which of the following are period costs?

Which of the following is not a separate management function?

Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of $686,000. If cost of goods manufactured is $660,000, what is the cost of the ending work in process inventory?

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

Sales commissions are classified as

Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting and indicate those characteristics which are more closely associated with managerial accounting.

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

Financial statements for external users can be described as

The following costs and inventory data were taken from the accounts of Simon Company for 2016: Instructions a. Prepare a schedule showing the amount of direct materials used in production during the year. b. Compute the amount of manufacturing overhead incurred during the year. c. Prepare a schedule of Cost of Goods Manufactured for Simon Company for the year ended December 31, 2016 in good form. d. Prepare the Cost of Goods Sold section of the Income Statement for Simon Company for the year ended December 31, 2016 in good form.

A manufacturing company usually has three inventory accounts which are (1)___________________, (2)___________________, and (3)___________________.

Presented below are incomplete 2016 manufacturing cost data for Supreme Corporation. Instructions Determine the missing amounts.

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

Managerial accounting is applicable to

The management function that requires managers to look ahead and establish objectives is

Glavine Corporation incurred the following costs while manufacturing its product. Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold.