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Exam 15: Introduction to Managerial Accounting

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Question 71

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

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Question 72

Multiple Choice

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Cost of goods manufactured during the year is $240,000, and work in process inventory on December 31 is $50,000. Work in process inventory during the year decreased by 60%. Total manufacturing costs incurred are

A) $190,000
B) $165,000
C) $290,000
D) $315,000

E) All of the above
F) B) and D)

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Question 73

True/False

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While no two company structures are identical, most large companies are organized in terms of verticals and diagonals.

Controlling deals with choosing goals and deciding how to achieve them.

Which of the following statements is false?

Product costs

Match the items below for a bakery to the type of cost (a-d). -Sprinkles for decoration (indirect material) A)Direct materials B)Direct labor C)Factory overhead D)Nonmanufacturing cost

Lower utilization rates are considered favorable, while higher utilization rates are considered unfavorable.

Putney Company reports the following information: Compute: a. product costs b. period costs

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct b.Indirect -Lubricants used on the bar stool manufacturing equipment

Period (nonmanufacturing) costs are classified into two categories: selling and administrative.

Work in process inventory on December 31 is $42,000. Work in process inventory decreased by 40% during the year. Total manufacturing costs incurred amount to $260,000. The cost of goods manufactured is

Laramie Technologies had the following data: Determine the cost of goods manufactured.

Zoe Corporation has the following information for the month of March: Prepare (a) a statement of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) the "Inventory" section of the balance sheet.

The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

Conversion costs are

The payment of dividends is an example of a cost.

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory.

On the income statement of a manufacturing company, which of the following replaces purchases in the "Cost of goods sold" section of a retail company?

All of the following could be considered a direct material except