FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 18: Managerial Accounting Concepts and Principles

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 61

Multiple Choice

Review LaterAdd Note

Review Later

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

Correct Answer

verified

Show Answer

Question 62

True/False

Review LaterAdd Note

Review Later

A performance report that identifies the amount of employee downtime is a financial accounting report.

Correct Answer

verified

Show Answer

Question 63

True/False

Review LaterAdd Note

Prime costs consists of direct materials, indirect materials, and direct labor.

Which of the following is not a factory overhead cost?

The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. Required: (Present all reports and calculations in thousands of dollars) (a) What was the cost of the raw materials used in production during the year? (b) What was the cost of goods manufactured (finished) for the year? (c) What was the cost of goods sold for the year? (d) What was the net income for the year?

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

Which of the following is not a prime cost?

Sienna Company has the following information for January. Show your calculations to find the cost of goods manufactured.

A product cost is:

Keeton Company had the following data: Cost of Materials Used $60,000 Direct Labor costs $58,000 Factory Overhead $33,000 Work in Process, beg. $29,000 Work in Process, end. $18,000 Finished Goods,beg. $32,000 Finished Goods, end. $18,000 Show your calculations to determine the Cost of Goods Sold.

The cost of materials entering directly into the manufacturing process is classified as factory overhead cost.

Managerial accountants would most likely prepare all of the following reports except:

Which of the following is most associated with managerial accounting?

For a construction contractor, the wages of carpenters would be classified as factory overhead cost.

All of the following would be reported on the balance sheet as a current asset except:

A report analyzing the dollar savings of purchasing new equipment to speed up the production process is a managerial accounting report.

Which of the following are basic phases of the management process?

A cost can be a payment of cash for the purpose of generating revenues.

Sineath Industries had a fire and some of its accounting records were destroyed. Available information is presented below for the year ended December 31, 2011. Additional information is as follows: Factory overhead is 150% of direct labor cost. Finished goods inventory decreased by $18,000 during the year. Work in process inventory increased by $12,000 during the year. Calculate: a) materials inventory, January 1, 2011 b) direct labor cost c) factory overhead incurred d) cost of goods sold

The Zoe Corporation has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet.