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Exam 2: Basic Cost Management Concepts

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Question 1

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Indirect costs:

A) can be traced to a cost object.
B) cannot be traced to a particular cost object.
C) are not important.
D) are always variable costs.
E) may be indirect with respect to theme park but direct with respect to one of its major

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Question 2

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The total cost of direct material, direct labor, and manufacturing overhead transferred from work-in- process inventory to finished-goods inventory is called the cost of goods manufactured.

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Question 3

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Which type of production process is likely used for custom yachts built by Hargrave?

How should a company that manufactures automobiles classify its partially completed vehicles?

The fixed cost per unit:

Which type of production process is likely used by a paint manufacturer to produce paint?

Depreciation of factory equipment would be classified as:

Which of the following would not be classified as direct materials by a company that makes automobiles?

As activity increases, unit variable cost:

Cost of goods manufactured for Branson Books for the year was $860,000.Beginning work-in-process inventory was $40,000.Ending work-in-process was $60,000.If the beginning finished goods inventory was $400,000 and the ending finished goods inventory was $990,000 what was the cost of goods sold for the year?

Which of the four items listed below is not a type of production process?

The accounting records of Dixon Company revealed the following costs: direct materials used, $250,000; direct labor, $425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000.Dixon's product costs total:

Out-of-pocket costs are defined as the benefit that is sacrificed when the choice of one action precludes taking an alternative course of action.

Which of the following costs is not a component of manufacturing overhead?

There are three standard categories of manufacturing processes.

Dorsett Technologies had finished goods inventory on January 1, 20X8 of $29,300 and finished goods inventory on December 31, 20X8 of $24,100.If the cost of goods manufactured for the year was $385,000, what was the cost of goods sold for the year?

Which type of production process is ideal for a low production volume and one-of-a-kind products?

The accounting records of Falcon Company revealed the following information: Falcon's cost of goods manufactured is:

The accounting records of Comacho Company revealed the following costs, among others: Costs that would be considered in the calculation of manufacturing overhead total:

Compton Inc.has a beginning materials inventory balance for May of $27,500, and an ending balance for May of $28,750.Materials used during the month were $128,900.As a result, what is the cost of materials purchased during the month?