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Exam 2: An Introduction to Cost Terms and Purposes

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Question 111

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Inventoriable costs are reported as a liability on the balance sheet when incurred and expensed on the income statement when the product is sold.

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Question 112

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Francis Kenney is paid $26 an hour for straight-time and $31 an hour for overtime.One week she worked 46 hours,which included 6 hours of overtime.What is the overtime premium incurred to the company?

A) $186
B) $72
C) $31
D) $432

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Question 113

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What is the operating income for 2018?

A manufacturing plant produces two product lines: golf equipment and soccer equipment.An example of a direct cost for the golf equipment line is ________.

If a worker is paid for 40 hours,but is idle for 5 of those 40 hours,the 5 hour of idle time would be considered a component of direct labor.

Banks provide services or what some might call "intangible products" to their customers.

The following information pertains to the Ruby Corp: What is cost of goods sold?

One possible item that some companies include as direct manufacturing labor include ________.

All costs reported on the income statement of a service-sector company are inventoriable costs.

Expert Manufacturing reported the following: What is Expert's operating income?

For a manufacturing-sector company,the cost of factory depreciation is classified as a ________.

Prime costs include ________.

Millworks Company manufactured 100,000 units in 2018 and reported the following costs: Required: a.What is the amount of direct materials used during 2018? b.What manufacturing costs were added to WIP during 2018? c.What is cost of goods manufactured for 2018? d.What is cost of goods sold for 2018?

A cost is a resource sacrificed or forgone to achieve a specific objective.

Lucas Manufacturing has three cost objects that it uses to accumulate costs for its manufacturing plants.They are: The following manufacturing overhead cost categories are found in the accounting records: Required: Assign each of the above costs to the most appropriate cost object.

The determination of a cost as either direct or indirect depends upon the ________.

Designing,marketing,customer services,research and development expenses are all examples of operating costs.

What are the factors that affect the classification of a cost as direct or indirect?

Which of the following is a fixed cost with respect to units produced in a factory?

Which of the following companies is part of the manufacturing sector of our economy?