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 81

Multiple Choice

Review LaterAdd Note

Review Later

Craigmont Company's direct materials costs are $3,000,000, its direct labor costs total $7,000,000, and its factory overhead costs total $5,000,000. -Its conversion costs total:

A) $12,000,000.
B) $5,000,000.
C) $15,000,000.
D) $10,000,000.
E) $8,000,000.

F) D) and E)
G) C) and D)

Correct Answer

verified

Show Answer

Question 82

Multiple Choice

Review LaterAdd Note

Review Later

Using the information below for Sundar Company; determine the total manufacturing costs added during the current year: $\begin{array} { l | c } \text { Direct materials used } & \$ 19,000 \\\hline \text { Direct labor used } & 24,500 \\\hline \text { Factory overhead } & 55,100 \\\hline \text { Beginning work in process } & 10,700 \\\hline \text { Ending work in process } & 11,300\end{array}$

A) $98,000.
B) $79,000.
C) $43,500.
D) $98,600.
E) $42,900.

F) C) and E)
G) B) and C)

Correct Answer

verified

Show Answer

Question 83

Multiple Choice

Review LaterAdd Note

Asteroid Industries accumulated the following cost information for the year: $\begin{array} { l | r } \text { Direct materials } & \$ 16,000 \\\hline \text { Indirect materials } & 4,000 \\\hline \text { Indirect labor } & 8 , 5 0 0 \\\hline \text { Factory depreciation } & 12,800 \\\hline \text { Direct labor } & 3 7 , 0 0 0 \end{array}$ Using the above information, total factory overhead costs would be:

Calculate the cost of goods manufactured using the following information: $\begin{array} { l c } \text { Direct materials } & \$ 298,500 \\\text { Direct labor } & 132,000 \\\text { Factory overhead costs } & 264,000 \\\text { General and administrative expenses } & 85,500 \\\text { Selling expenses } & 48,800 \\\text { Work in Process inventory, January } & 1118,500 \\\text { Work in Process inventory, December 31 } & 125,900 \\\text { Finished goods inventory, January 1 } & 232,100 \\\text { Finished goods inventory, December 31 } & 238,700\end{array}$

Period costs can refer to expenditures necessary to finish products during the time period.

If beginning and ending work in process inventories are $5,000 and $15,000, respectively, and cost of goods manufactured is $170,000, what is the total manufacturing cost for the period?

Which of the following items appears only in a manufacturing company's financial statements?

The schedule of cost of goods manufactured is also known as a manufacturing statement.

Total quality management (TQM) is a system that acquires inventory and produces only when needed.

Goals of a Total Quality Management process include all of the following except:

One of the usual differences between financial and managerial accounting is the timeliness of the information reported.

Using the information below for Laurels Company; determine the cost of goods manufactured during the current year: $\begin{array} { l | r } \text { Direct materials used } & \$ 5 , 0 0 0 \\\hline \text { Direct Labor } & 7,000 \\\hline \text { Total Factory overhead } & 5,100 \\\hline \text { Beginning work in process } & 3,000 \\\hline \text { Ending work in process } & 4,000\end{array}$

Using the information below, compute the Days' sales in raw materials inventory: $\begin{array}{lr}\text { Raw Materials Used } & \$ 85,500 \\\text { Beginning Raw Materials Inventory } & 8,000 \\\text { Ending Raw Materials Inventory } & 9,000\end{array}$

Raw materials inventory should not include indirect materials.

Use the following information to compute the cost of goods manufactured. Assume that all raw materials used were traceable to specific units of product. $\begin{array} { l | r } \text { Beginning raw materials } & \$ 5,500 \\\hline \text { Ending raw materials } & 4,000 \\\hline \text { Direct labor } & 12,250 \\\hline \text { Raw material purchases } & 7,400 \\\hline \text { Depreciation on factory equipment } & 6,500 \\\hline \text { Factory repairs and maintenance } & 3,300 \\\hline \text { Beginning finished goods inventory } & 10,200 \\\hline \text { Ending finished goods inventory } & 8,900 \\\hline \text { Beginning work in process inventory } & 5,700 \\\hline \text { Ending work in process inventory } & 6,300\end{array}$

An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:

A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called:

Just-in-time manufacturing is a system that acquires inventory and produces product only when needed for an order.

The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period: $\begin{array} { l c } \text { Beginning Raw Materials } &\$ 30,000 \\\text { Ending Raw Materials } & 70,000 \\\text { Beginning Work in Process Inventory } & 40,000 \\\text { Ending Work in Process Inventory } & 46,000 \\\text { Beginning Finished Goods Inventory } & 72,000 \\\text { Ending Finished Goods Inventory } & 68,000 \\\text { Cost of Goods Manufactured for the period } & \$ 246,000\end{array}$

The three major cost components of manufacturing a product are: