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Exam 15: Managerial Accounting Concepts and Principles

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Question 41

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Work in process inventory increased by $20,000 during 2011. Cost of goods manufactured was $180,000. Total manufacturing costs incurred in 2011 are:

A) $198,000
B) $160,000
C) $189,000
D) $200,000

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Question 42

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A cost object indicates how costs are related or identified.

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Question 43

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The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

The cost of goods sold for Heedy manufacturing in 2011 was $233,000. The January 1, 2011, finished goods inventory balance was $31,600, and the December 31, 2011, finished goods inventory balance was $24,200. Cost of goods manufactured during the period was:

Direct labor costs are included in the conversion costs of a product.

The payment of dividends is an example of a cost.

If the cost of direct materials is a small portion of total production cost, it may be classified as part of:

Which of the following is most associated with managerial accounting?

All of the following are examples of indirect labor except:

Watson Company has the following data:

Cost of Materials Used $45,000 Direct Labor costs $48,000 Factory Overhead $39,000 Work in Process, beg. $28,000 Work in Process, end. $18,000 What is Cost of Goods Manufactured?

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

What is the amount of Direct Materials used?

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

Rosalba Manufacturing Company had the following account balance for 2012:

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

Prime costs consist of factory overhead and direct labor.

Rent expense incurred on a factory building would be treated as a(n) :

Managerial accounting

The Sharpe Company reports the following information for 2015: Determine period costs for 2015.