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Exam 15: Introduction to Managerial Accounting

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Question 21

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The following are some of the costs incurred by Cupcake Company. Identify them as either: -Factory rent A)Prime costs B)Conversion costs C)Both prime and conversion costs D)Neither prime nor conversion costs

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Question 22

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Which of the following terms refers to the cost of changing direct materials into a finished manufactured product?

A) factory overhead cost
B) period cost
C) conversion cost
D) direct labor cost

E) A) and B)
F) None of the above

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Question 23

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Match the items below for a cake factory to the type of cost (a-c). -Frosting A)Prime cost B)Conversion cost C)Both prime cost and conversion cost

Match the items below for a cake factory to the type of cost (a or b). -Advertising fees A)Product cost B)Period cost

Managers use managerial information for all of the following purposes except

Keeton Company had the following data: Determine the cost of goods sold.

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

A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities.

Darwin Company reports the following information: Period costs are

Factory overhead includes all manufacturing costs except direct materials and direct labor.

Match the items below to the appropriate term (a-d). -Rent expense on factory building A)Direct materials B)Selling and administrative expense C)Factory overhead D)Direct labor

Which of the following will not be found on the balance sheet of a manufacturing company?

Match the items below for a lawn mower manufacturer to the type of cost (a-d). -Grease for wheel axles A)Direct materials B)Direct labor C)Factory overhead D)Nonmanufacturing cost

Match the items below to the type of cost (a-c). -Materials not traceable to specific products A)Direct B)Indirect C)Neither direct nor indirect

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

Match the items below to the type of cost (a or b). -Plant insurance expired A)Product cost B)Period cost

Controlling is the process of monitoring operating results and comparing actual results with the expected results.

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

Match the items below to the appropriate term (a-d). -Rent on office facilities A)Direct materials B)Selling and administrative expense C)Factory overhead D)Direct labor

Match the items below to the type of cost (a-c). -Materials traceable to specific products A)Direct B)Indirect C)Neither direct nor indirect